Providence-based Nortek, Inc., an international designer, manufacturer and marketer of
building products, announced Tuesday it increased third-quarter sales from
continuing operations as its core residential housing and home-improvement
markets remained strong.
On August 27, 2004, corporations affiliated with Thomas H. Lee Partners
L.P., in partnership with certain members of Nortek’s management purchased all
of the outstanding capital stock of Nortek’s parent company, the former Nortek
Holdings, Inc., in a transaction valued at approximately
$1.74 billion before fees and expenses from affiliates
of Kelso and Company L.P. and certain other parties.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
Net sales for the period from July 4 to August 27 and the
period from August 28 to October 2 were $267 million and $161
million, respectively.
Nortek sales for the combined periods from July 4, 2004 to October 2, 2004
from continuing operations totaled $428 million, up 8 percent from the
comparable period in 2003. The results from continuing operations exclude
Nortek’s formerly owned subsidiary, Ply Gem Industries, Inc.,
which has been sold and accordingly treated as a discontinued operation.
Expenses and charges arising from the THL transaction of approximately
$83.7 million were charged to operating earnings in the third quarter of 2004.
In addition, Nortek incurred a loss during the 2004 third quarter of $119
million from early retirement of debt as new financing was put in place.
Key financial highlights from continuing operations for the combined
periods from January 1, 2004 to October 2, 2004 included:
Net sales of $1,279 million, an increase of 12 percent compared to the
$1,142 million recorded for the combined period in 2003.
Operating earnings of $48.1 million, compared to $46.2 million for the
combined period in 2003.
