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Sunbeam Announces Wider Loss, Divest Plan

BOCA RATON, Fla. — Consumer products maker Sunbeam Corp. on Monday reported a second-quarter loss of $80 million before unusual items, much worse than expected, and announced plans to divest its Oster professional products business, which makes barber, beauty and animal-grooming products.

Sunbeam, whose best-known products include Mr. Coffee coffee-makers and First Alert smoke alarms, said the loss amounted to 75 cents per diluted share. Analysts had expected a loss of 33 cents a share, according to First Call/Thomson Financial.

A year earlier, the company lost $47 million, or $0.47 per diluted share, before unusual items.

Sales fell to $610 million from $661 million a year earlier.

Including unusual items, Sunbeam's (SOC.N) second-quarter loss was $54 million, or 50 cents a share, compared with a loss of $37 million, or 37 cents a share, a year earlier.

The company said its results were hurt by lower sales of Y2K-related products and unusual charges related primarily to increased restatement-related litigation reserves and facility closures. It said it was selling it Oster unit because it was not a good strategic fit.

Sunbeam said it had amended its credit agreements with



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