News

SL Industries Announces 2011 Second Quarter Results

August 07, 2011 by Jeff Shepard

SL Industries Inc. announced that its net sales from continuing operations for the quarter ended June 30, 2011, were $56.3 million, up 18% compared with net sales from continuing operations for the second quarter 2010 of $47.8 million.

Net income from continuing operations for the quarter ended June 30, 2011 was $3.6 million, or $0.79 per diluted share, a 75% increase over net income from continuing operations of $2.1 million, or $0.34 per diluted share, for the second quarter 2010.

Net income for the quarter ended June 30, 2011 was $4.2 million, or $0.92 per diluted share, compared to net income of $1.0 million, or $0.17 per diluted share. Net income for the quarter ended June 30, 2011 included net income from discontinued operations of $0.6 million, or $0.13 per diluted share, compared to a net loss of $1.0 million, or $0.17 per diluted share, for the second quarter 2010. Net income from discontinued operations for the second quarter 2011 was generated by a $0.8 million non-cash gain from a tax settlement associated with the company’s German subsidiary, which was sold in January 2003. This income was partially off-set by losses related to environmental remediation, net of tax. The majority of the loss in the second quarter 2010 was related to a $1.3 million pre-tax charge for environmental remediation at the Company’s closed facility located in Camden, New Jersey.

For the six months ended June 30, 2011, net sales from continuing operations were $108.9 million, up 21% compared with net sales from continuing operations for the six months ended June 30, 2010 of $89.9 million.

For the first six months of 2011, net income from continuing operations was $7.2 million, or $1.58 per diluted share, compared to net income from continuing operations of $3.3 million, or $0.55 per diluted share, for the six months ended June 30, 2010.

Net income for the first six months ended June 30, 2011 was $7.6 million, or $1.67 per diluted share, compared to net income of $2.1 million, or $0.35 per diluted share, for the first six months ended June 30, 2010. Net income for the first six months ended June 30, 2011 included net income from discontinued operations of $0.4 million, or $0.09 per diluted share, compared to a net loss of $1.2 million, or $0.20 per diluted share, for the first six months ended June 30, 2010. The majority of the net income from discontinued operations for the first six months ended June 30, 2011 was a non-cash gain mentioned previously. The majority of the net loss for the first six months ended June 30, 2010 was related to charges booked in the second quarter of 2010 for environmental remediation at the company’s closed facility located in Camden, New Jersey.