SL Industries Reports Unaudited Results for the Fourth Quarter of 2000
SL Industries Inc. (Mt. Laurel, NJ) announced unaudited financial results for the fourth quarter of 2000. The company said that it expects to report a net loss of approximately $373,000, or $0.06 per diluted share, on revenue of approximately $39.2 million. Net income for the fourth quarter will include a restructuring charge for SL Waber of $146,000, or $0.03 per diluted share, after tax. This compares to a net loss of $960,000, or $0.16 per diluted share, on revenue of $43.3 million for the quarter ended December 31, 1999.
For 2000 as a whole, the company says that it expects to report net income of approximately $1.7 million, or $0.30 per diluted share, on revenue of approximately $167.7 million. Net income for the twelve-month period will include 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,
and a restructuring charge for SL Waber of $481,000, or $0.08 per diluted share, after tax. This compares to a net income of $2.7 million, or $0.48 per diluted share, on revenue of $146.3 million for the twelve month period ended December 31, 1999.
Owen Farren, president and CEO of the company, stated, “Results for 2000 were negatively impacted by operating losses, inventory write-downs and restructuring changes at SL Waber." He added, “Shortages and associated higher prices for key electronic components impacted the entire electronics industry, including SL Industries." However, Farren expressed hope for the new year. “In 2001, barring a sustained economic downturn, we expect
revenue to increase between five and ten percent, even with the elimination of retail and mass merchandise sales. We forecast earnings for the year to be in the range of $0.95 to $1.15 per diluted share.