SL Industries Announces Loss for 2002April 14, 2003 by Jeff Shepard
SL Industries, Inc. announced its net loss for the year ended December 31, 2002 was $470,000, or $0.08 per diluted share. Net loss for the year included a gain from discontinued operations, after tax, of $777,000, or $0.13 per diluted share. Net loss for the year from continuing operations was $1,247,000, or $0.21 per diluted share. Discontinued operations include former subsidiaries of the company: SL Waber, Inc. that was sold in September 2001 and Electro-Metall Export GmbH, which was sold in January 2003.
For the year ended December 31, 2001, net loss was $10,650,000, or $1.87 per diluted share. The net loss for 2001 included a loss from discontinued operations of $955,000, or $0.17 per diluted share. Net loss from continuing operations for 2001 was $9,695,000, or $1.70 per diluted share.
Net sales from continuing operations for 2002 was $110,149,000, compared with net sales from continuing operations for 2001 of $112,857,000.
Income from operations for 2002 was $427,000 in contrast to a loss from operations in 2001 of $10,969,000. The 2002 income from operations includes restructuring costs of $265,000, impairment of intangibles of $703,000 and special charges of $1,834,000. Excluding these items, 2002 earnings before interest, taxes, depreciation and amortization would have been $6,177,000.
The 2001 loss from operations of $10,969,000 included restructuring costs of $3,888,000 and impairment of intangibles of $4,270,000. Excluding these items, 2001 earnings before interest, taxes, depreciation, and amortization would have been $1,206,000.