Summer Infant doubles second-quarter profit

WOONSOCKET – Summer Infant Inc. (Nasdaq: SUMR, SUMRU, SUMRW) reported pro forma net income of its “Summer Operating Companies” of $929,000 for the recently concluded second quarter, more than double the $446,000 in profit it reported a year ago. Revenue for its second quarter was $18.7 million, an increase of 45.4 percent compared with the same three-month period in 2006.
The company’s earnings release included 2006 and 2007 results only from the Summer Operating Companies in order that a more direct comparison of operations year over year may be made. Summer Infant is the product of the merger between the Summer Operating companies and KBL Healthcare Acquisition Corp. which closed March 6 of this year. Full results for the company, including all KBL contributions to operations, will be included in its SEC 10-Q filing.
Jason Macari, CEO of Summer Infant and the operating companies, said that “our sales performance this quarter highlights the success and growth opportunity of our business model. … We continue to drive sales by developing innovative products and improved designs in both new and core product categories, expanding shelf space at our key retail customers … In addition, we were encouraged … as we begin to see the benefits of leveraging our fixed cost structure over a larger sales base.”
Maraci added that the company expects to hit its full-year target for revenue of $70 million to $75 million, as well as EBITDA (earnings before interest, taxes, depreciation and amortization) of $7.5 million to $8.0 million.
Summer Infant Inc. is a designer, marketer and distributor of branded juvenile health, safety and wellness products sold principally in the United States. For more information, go to www.summerinfant.com.