News

SL Industries Reports Q4, Year 2001 Results

April 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.