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
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