Jacuzzi Brands Reports Nine Months Results
Income from continuing operations for the first nine months of fiscal 2003 increased to $26 million, or $0.35 per diluted share, from $1.8 million, or $0.02 per diluted share, for the same period last year.
The net loss for the 2003 nine-month period was $14.3 million, or $0.19 per diluted share, vs. net income of $18 million, or $0.24 per diluted share, for the same period last year.
The net loss for the 2003 nine-month period included a loss from discontinued operations of $40.3 million, or $0.54 per diluted share, while net income for the corresponding period in 2002 included income from discontinued operations of $16.2 million, or $0.22 per diluted share.
"We are pleased with our performance despite economic weakness in a number of our markets," David H. Clarke, chairman/CEO of Jacuzzi Brands, said in a statement. "We are continuing to take proactive steps to improve operating and cost structures. In particular, the company is reviewing its EljerR product line with a view to making significant changes to improve the product mix and restore profitability. Although weather, higher insurance costs and the investments we are making in the Lowe's roll-out impacted the bath segment's performance in the quarter, we remain confident of its future.
"The steps taken by the management at our plumbing segment have allowed Zurn to report favorable comparisons, although commercial construction remains sluggish," Clarke said. "Rexair continues as expected with excellent cash generation. We are particularly pleased to have completed a refinancing of the company in July, and look forward to the benefits of our fortified capital structure."
Based on the company's performance in the past nine months, Jacuzzi Brands expects full-year sales of about $1.18 billion and earnings per share from continuing operations of about $0.28 per share.