SL Industries Inc. (Mt. Laurel, NJ) announced that net sales from continuing operations for the third quarter ended September 30, 2001, were $34.0 million, compared to net sales of $36.3 million for the third quarter last year, a decrease of $2.3 million or six percent.
Pro-forma net income from continuing operations was $63,000 for the third quarter ended September 30, 2001, compared to pro-forma net income of $973,000 for the same period last year. Pro-forma net income from continuing operations for the third quarter ended September 30, 2001, excludes the effects of restructuring costs of $1.1 million, net of taxes, and the write-down of inventory of continuing operations of $33,000, net of taxes. Pro-forma net income from continuing operations for the third quarter ended September 30, 2000, excludes a gain on the settlement of a class action lawsuit of $0.9 million.
Actual net loss for the third quarter ended September 30, 2001, was $2.7 million, or $0.47 per diluted share, which includes a net loss of $1.6 million from the discontinued operations of SL Waber, compared with actual net income of $0.7 million, or $0.13 per diluted share, for the same period last year, which includes a net loss of $1.1 million from the discontinued operations of SL Waber.
Owen Farren, president and CEO of SL Industries, said, "As we have been reporting throughout the year, SL Industries has been, and continues to be, adversely affected by the downturn in capital spending in the telecommunications and semiconductor industries. In response, the company implemented a restructuring plan to conserve cash and reduce fixed costs. As a result of these measures, it appears the company's financial condition and results have improved.”
