NTK posts $57.7M profit in sales of $2.22B for ’06

PROVIDENCE – NTK Holdings Inc., the parent of Nortek Holdings Inc. and Nortek Inc., posted a 1.4-percent increase in profit to $57.7 million in 2006.
Net sales surged 13.2 percent to $2.22 billion. Operating earnings grew 11.6 percent to $265 million. Acquisitions contributed about $213 million in sales and $23 million in operating earnings in 2006, the company said.
On Dec. 12, the company acquired Gefen Inc. of Woodland Hills, Calif., which designs and sells products for audio and video systems, and on Nov. 11 it bought Zephyr Corp. and Pacific Zephyr Range Hood Inc. of San Francisco, which design and sell upscale built-in exhaust hoods for home kitchens.
For the quarter ended Dec. 31, net income plunged 49 percent, to $35.5 million, on sales of $541 million, which were 7.6 percent higher than the same period a year ago. The 2006 fourth-quarter results included a $16 million expense related to certain suppliers in Italy and Poland and a $2.5 million write-off on a not-yet-completed IPO.