SL Industries Reports Q4, Year 2001 ResultsApril 18, 2002 by Jeff Shepard
SL Industries Inc. (Mt. Laurel, NJ) announced that its net loss for the year ended December 31, 2001, was $10,650,000, or $1.87 per diluted share. Net losses for the year included a loss, after tax, of $3,947,000, or $0.69 per diluted share, from discontinued operations and pre-tax nonrecurring charges aggregating $11,078,000, or $1.21 (net of tax) per diluted share, consisting of restructuring charges of $3,868,000 related to closing down two facilities and laying off 810 employees, inventory write-offs of $2,940,000, and asset impairment write-offs of $4,270,000.
For the year ended December 31, 2000, net income was $1,700,000, or $0.30 per diluted share, which 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. Net sales for 2001 were $138.5 million, compared with net sales of $148.4 million for the prior year.
For the three months ended December 31, 2001, the net loss was $3,107,000, or $0.54 per diluted share. For the 2001 fourth quarter, net sales were $34,438,000, compared with net sales of $35,638,000 for the same period in the prior year.