SL Industries Reports Fourth-Quarter OutlookJanuary 16, 2002 by Jeff Shepard
SL Industries Inc. (Mt. Laurel, NJ) announced that net sales from continuing operations for the fourth quarter ended December 31, 2001, were $34,437,000, compared to net sales from continuing operations of $33,968,000 in the third quarter of 2001, and $35,638,000 for the same period in 2000.
The company anticipates that income from continuing operations in the fourth quarter of 2001 will be positive. Additionally, the company will be recording at least a $1,000,000 pre-tax reduction in losses from discontinued operations in the fourth quarter due to the reversal of charges previously taken on the sale of SL Waber. This is due primarily to the disposition of liabilities for less than their full amount.
Owen Farren, president and CEO, commented, "Over the course of the last quarter, SL Industries experienced greater stability in all of its served markets even in the aftermath of September 11. With its restructuring plan almost complete, we believe the company is well positioned to move forward, and we are optimistic that the company will record positive earnings throughout 2002 based upon the current level of business activity. Substantially all of the charges incurred in connection with the restructuring plan were recorded in 2001."