SL Industries (Mt. Laurel, NJ) announced that net income for the year ended December 31, 2000 was $1,7000,000, or $0.30 per diluted share, meeting the company's previously announced expectations. Net income included a gain of $875,000, or $0.15 per diluted share, from the settlement of a class action suit with one of the company's life insurance carriers, and a restructuring charge for SL Waber of $481,000, or $0.08 per diluted share, after tax.
For the year ended December 31, 1999, net income was $2,760,000, or $0.48 per diluted share. This included a restructuring charge for SL Waber of $689,000, or $0.12 per diluted share, after tax, as well as a write-down of inventory and losses on commitments of $1,922,000, or $0.33 per diluted share, after tax.
Net sales for the year 2000 were $167.7 million, compared with net sales of $146.3 million for the prior year. For the fourth quarter, net sales were $39.2 million, compared with net sales of $43.3 million for the same period in 1999.
President and CEO of the company, Owen Farren, commented, “The results for the fourth quarter and the year reflected the costs associated with the restructuring of SL Waber and the industry-wide shortage of key electronic components. As we stated previously, the restructuring program is now complete. The consolidation of SL Waber, Condor DC Power Supplies and Todd Products will allow the company to achieve further operating efficiencies and take advantage of marketing, engineering and manufacturing synergies." He added, “We see excellent long-term growth opportunities in each of the company's three strategic businesses, and we believe that each is properly structured to take advantage of its opportunities. While we are cautious with respect to the US economic outlook … we are still forecasting earnings for the year to be in the range of $0.95 to $1.15 per diluted share."
