Summer Infant posts 1Q earnings of 2¢/share

 /
/

WOONSOCKET – For the quarter ended March 31, Summer Infant Inc. (Nasdaq: SUMR, SUMRU, SUMRW) posted net income of $200,000 or 2 cents per share, on revenue of $4.8 million.

The results do not include the entire quarter of the recently reconstituted children products company. Rather, they reflect only the operations of KBL Healthcare Acquisition Corp. II from Jan. 1 through March 6 – the date of its acquisition of the Summer Infant Operating Companies (Summer Infant operations in the United States, Europe and Asia) – plus the subsequent combined operations of both companies, which are now known collectively as Summer Infant.

The company did provide pro-forma quarterly results for Summer Infant operations only, in order that the operations of the major component of the company be more easily understood. Pro-forma income before taxes totaled $1.2 million, an increase of 29.0 percent compared with the first quarter of 2006, on revenue of $17.2 million, an increase of 29.2 percent.

The company cited strong sales growth in video monitors; new product introductions, including a “baby gear” line that includes strollers, high chairs and swings, which helped boost sales to existing customers; penetration into a larger number of stores within customers’ networks; and U.K. sales growth of 46 percent.

- Advertisement -

“The Summer Operating Companies’ strong growth continued in the first quarter of 2007,” said CEO Jason Macari. “We have organically grown revenues from just over $13 million in the first quarter of 2006 to more than $17 million in the first quarter of 2007 by continuing to develop innovative products in all of our core categories, as well as new ones. In addition, we continue to broaden our relationships with existing and new customers.”

Summer Infant Inc. (Nasdaq: SUMR, SUMRU, SUMRW) designs and makes audio-video monitors, safety gates, bed rails, infant thermometers, booster and potty seats and other toddler and infant products.

No posts to display