Fox Market Wire
biz bulletin
  Corporate
Financial
Healthcare
Technology
insider
  Stock of the Day
Tip of the Day
Periscope

Indices Chart
Click on index
for more information
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


© , Fox Market Wire. All Rights Reserved
Sitemap | Terms