WOONSOCKET – Summer Infant Inc., doing business as SUMR Brands, earned $1.7 million in the second quarter of 2020, or 61 cents per diluted share.
One year prior, the company lost $224,000, or 11 cents per diluted share.
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Revenue for the quarter was $38.2 million, a decline from $46.4 million one year prior.
The infant- and juvenile-product company said that the profit for the quarter was indicative of successful restructuring efforts at the company aimed at reducing expenses.
“While COVID-19 negatively impacted revenue growth – primarily through supply-chain constraints and certain lower brick & mortar traffic – we saw G&A costs fall over 20% year-over-year, generated $9.6 million in cash from operations, and reduced debt to the lowest levels in recent history,” said Stuart Noyes, interim CEO.
The company said that the COVID-19 impact on manufacturing has “largely been corrected” and that the company has a positive outlook for the third quarter.
