WOONSOCKET – Summer Infant Inc. said Monday its earnings topped its own forecast during the final quarter of last year as the company rebounded from a weak fourth quarter in 2008.
Summer Infant posted a profit of $1.8 million, or 11 cents a share, in the three months ended Dec. 31, compared with a profit of $219,000, or 2 cents a share, a year earlier. Revenue rose 14 percent to $39.29 million as more stores began selling the company’s health and safety products for infants and toddlers.
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“Our fourth quarter results exceeded our internal expectations and represent a solid finish to 2009,” Chairman and CEO Jason Macari said in a statement. He credited growing demand for the company’s products and more favorable supplier contracts for the results.
For the full year, Summer Infant posted a profit of $5.65 million, or 36 cents a share, compared with a profit of $4.15 million, or 28 cents a share, in 2008. Annual sales rose 16 percent to $153.48 million.
Macari said the company is confident it can increase its revenue at least 10 percent to $170 million this year. “We begin 2010 with solid momentum in our business,” he said.
Additional information is available at summerinfant.com.
