WOONSOCKET – Summer Infant Inc., a maker of infant and juvenile products, reported first-quarter net income of $170,000, a reversal of a $333,000 loss it posted in the same 2016 period.
Net sales experienced a year-over-year decrease of 4.7 percent to $47,340. The company reported dropping sales of its Bornfree line, swaddles and summer monitors despite an increase in sales of safety and gear products.
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The company reported that general and administrative expenses decreased 13.8 percent year over year to $9.3 million due to a resolution to litigation with former officers of the company in December.
Summer Infant also reported that first-quarter earnings per diluted share were 1 cent, compared with a net loss of 2 cents per diluted share last year.
Despite a retail revenue decline, particularly in brick and mortar retail, President and CEO Mark Messner feels, “confident that steps already taken will positively impact financial results though the remainder of 2017 and beyond.”
Chris Bergenheim is a PBN staff writer
