WOONSOCKET – Summer Infant Inc., creator of infant and juvenile products, reported a $2.2 million loss in 2017, driven by a one-time $1.7 million non-cash charge due to the Tax Cuts and Jobs Act, compared with a net loss of $4.3 million in 2016.
In results announced Tuesday, the company reported that revenue declined 2.3 percent to $189.9 million in 2017, due to declining demand from a “major brick and mortar retailer” that declared bankruptcy in 2017 (while the company was not specific in its earnings release, Toys R Us, and its Babies R Us stores, would seem likely to be the referenced retailer). The company also cited increased competition in the monitor market offset by higher safety product sales.
Net loss per diluted share for the year was 12 cents, compared with a loss of 23 cents one year prior.
“This past year was a difficult one given a customer’s bankruptcy and price pressure within the monitor space, but we reduced costs significantly, held gross margins steady, and brought many new products to market,” said President and CEO Mark Messner in the earnings release. “By executing on the business strategy now in place, we are confident we’ll be on the right path to better bottom line performance.”
Summer Infant sells proprietary products in a number of different categories including nursery, audio/video monitors, safety gates, durable bath products, bed rails, nursery products, strollers, booster and potty seats, swaddling blankets, bouncers, travel accessories, highchairs, swings, and infant feeding products.
Chris Bergenheim is the PBN web editor.