WOONSOCKET – Summer Infant Inc., maker of infant and toddler products, reported net income of $919,000 in the second quarter, down from $2.19 million as seen in the same 2010 quarter.
Earnings per diluted share were 5 cents, as compared with 13 cents a year earlier.
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Nevertheless, revenue was $61 million for the three months ended June 30, an increase from the $49.48 million seen a year earlier.
Six-month net income was $2.08 million, down from $3.95 million for the same 2010 period, as revenue advanced to $119.46 million from $93.6 million.
“We were pleased with our second quarter operating performance, particularly given some of the external challenges facing the company, including the current retail/consumer environment, and high commodity costs,” said Jason Macari, chairman and CEO of Summer Infant, in a news release on Monday.
“We continue to focus on the areas of our business that we can control, namely increasing retail distribution for our product portfolio and developing innovative new products that we believe will appeal to our target consumers,” he added.
Summer Infant recognized three items during the second quarter, including: a $500,000 charge associated with additional custom duties owed on a product; $400,000 in legal fees and an inventory write down related to the settlement of an intellectual property lawsuit; and $800,000 in transition costs related to the March 24 acquisition of BornFree.
BornFree, a BPA-free baby feeding brand, contributed $4 million to sales in the second quarter.
The company said it had about $2.9 million of cash and $67.4 million of debt on the June 30 balance sheet.
