WOONSOCKET – Summer Infant Inc., known as SUMR Brands, reported a $1.1 million loss in 2020, or 52 cents per diluted share, the company reported Tuesday.
The infant- and juvenile-product company logged a $4.2 million loss in 2019, or $1.98 per diluted share.
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Yearly revenue totaled $155.3 million, a decline from $173.2 million one year prior.
“While the arrival of another government stimulus package may boost consumer demand going forward, February storms and numerous logistical issues – including supply chain bottlenecks as shipments work their way through the system – have continued to impact product availability and our capacity to meet the needs of the company’s channel partners,” said CEO Stuart Noyes. “It is, therefore, difficult to predict the outlook for 2021 as a whole, and first quarter revenue growth has proven challenging while supply chain costs place pressure on margins. We’re addressing these market conditions as effectively as possible and remain committed to cost discipline, strategic investment to support sales growth and improved operational efficiencies to mitigate such issues in the current environment.”
The company reported a $3.4 million loss in the fourth quarter, compared with an $882,000 loss in the fourth quarter of 2019. Quarterly revenue totaled $36 million, a decline from $42.7 million one year prior.
“While achieving a substantial increase in [earnings before interest, taxes, depreciation, and amortization] during fiscal 2020 and significantly reducing our outstanding debt, the fourth quarter was extremely challenging, as expected, due to unprecedented supply chain disruptions, a slower-than-anticipated recovery of our midtier brick and mortar customer base, and the delayed reopening of our international business amid continued concerns related to COVID-19,” said Noyes.
