U.S. Industries Reports Improved Results In 2002
Net income for the fourth quarter and the year ended Sept. 30 were $23.6 million and $41.6 million, vs. net losses of $277.6 million and $524.6 million respectively for comparable periods last year.
Fourth quarter results benefited from increased operating income at the company's Rexair and Bath & Plumbing segments, lower corporate costs and lower non-operating expenses.
The Bath & Plumbing segment reported a decrease in sales for the year but an increase in sales for the fourth quarter. The sales decrease for the year was attributed to disposal of the segment's European HVAC businesses and discontinued product lines in the segment's U.S. Brass operations. Decreased sales in the non-premium spa, whirlpool bath and above-ground pools businesses were largely offset by sales increases in the United Kingdom bath and sink and the domestic premium spa businesses. The non-premium spa and whirlpool bath businesses were affected by reduced sales to home center mass merchants. The increase in the fourth quarter for the Bath and Plumbing segment was attributed primarily to sales increases at the company's premium spa business, Eljer and United Kingdom bath and sink businesses, partially offset by declines in the company's whirlpool bath business.