PROVIDENCE – NTK Holdings Inc., the parent of Nortek Holdings Inc. and Nortek Inc., yesterday 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.
At year’s end, NTK had about $57 million in cash and cash equivalents and $10 million of outstanding borrowing against its $200 million line of credit.
Among other highlights, the company mentioned its acquisitions on Dec. 12 of Gefen Inc. of Woodland Hills, Calif., which designs and sells products for audio and video systems; and on Nov. 11 of 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.
NTK Holdings Inc., a Delaware corporation based in Providence, is the parent of Nortek Holdings Inc. and Nortek Inc. NTK is a maker of branded residential and commercial ventilation, HVAC and home technology products including range hoods, bath fans, central vacuums, medicine cabinets, heating and air conditioning, and audio, video, access control and security products. Additional information can be found at www.norteck-inc.com.
