SL Industries Reports 1999 Financial Results
SL Industries Inc. (Mt. Laurel, NJ) announced financial results for the two-month and five-month periods of its "stub" year ended December 31, 1999.
Revenue for the two months ended December 31, 1999, increased 47 percent to $28,814,000, a new record for the period, from $19,569,000 for the same two-month period of 1998. Net income was $214,000, or $0.04 per diluted share, prior to an additional restructuring charge of $47,000, or 0.01 per diluted share. This compares to net income of $748,000, or $0.13 per dilute share, compared to net income of $1,961,000, or $0.33 per diluted share, a year earlier.
During the five-month period ended December 31, 1999, the company recorded charges of $2,592,000 net, or $0.46 per diluted share, for restructuring, inventory writedowns and losses on commitments recognized by its SL Waber subsidiary. These charges were offset by a non-recurring gain of $1,111,000 net, or $0.20 per diluted share, which was realized from the demutualization of a life insurance company. Including these factors, the net loss for the five-month period was $684,000, or $0.12 per diluted share.
Owen Farren, president and CEO, stated, "We are pleased with the strong gains in revenue of 47 percent for the two-month, and 42 percent for the five-month periods ending December 31, 1999. These increases are attributable to the acquisitions of RFL and Todd, as well as internal growth. We are encouraged by the opportunity for continued growth in the new year for a number of reasons. Our continued strong commitment to product development, even during the recent business slowdown, is generating new sales. Also, we are seeing an improvement in business as the world economy recovers, particularly in the semiconductor industry, as well as in the aerospace industry where we have secured significant long-term contracts. Our recent acquisitions are performing well, and our Compact PCI line of power supplies for the telecommunications industry, acquired as part of the Todd acquisition, is being favorably received." In closing, Farren said, "Order intake remains strong, and we continue to be optimistic about the outlook for the year ahead."