Printer Friendly

TOASTMASTER REPORTS THIRD QUARTER RESULTS

 COLUMBIA, Mo., Oct. 20 /PRNewswire/ -- Toastmaster Inc. (NYSE: TM), manufacturer of electrical consumer appliances and time pieces, today reported increased sales for the third quarter of 1993.
 Sales for the quarter ended Sept. 30, 1993 increased 7 percent to $45.4 million in 1993 from $42.5 million in 1992. Net income for the three months ended Sept. 30, 1993 was $1.1 million or 15 cents per share, compared to net income of $1.5 million or 20 cents per share for the three months ended Sept. 30, 1992. Sales for the nine months ended Sept. 30, 1993 decreased 2 percent from $112.9 million in 1992 to $110.7 million in 1993. Net income for the nine months ended Sept. 30, 1993 was $1.1 million or 15 cents per share, compared to net income of $3.7 million or 51 cents per share for the nine months ended Sept. 30, 1992. Net income for both the three months and the nine months of 1992 is after an extraordinary loss related to the early retirement of debt.
 "We made progress on our inventory reduction program and continued to experience strong sales of the Bread Box(TM) breadmakers, the Cool Edge Grill(TM) and new clocks," said Robert H. Deming, chairman of the board of directors. "Other kitchen countertop appliances showed good gains as well, but were offset by reduced sales of Grilleries(TM). The third quarter of last year included strong shipments of the Grillerie which were not repeated this year. Continued tight inventory controls implemented by some retailers have delayed some expected third quarter sales until the fourth quarter of 1993. While sales of environmental products are up significantly, continued mild weather and a slight delay in the startup of production on new models of heaters and humidifiers have pushed some sales into the fourth quarter of 1993. We are hopeful that order rates for all appliances and environmental products will continue to improve in the fourth quarter."
 Daniel J. Stubler, president and chief operating officer, said, "Inventories have been reduced below the levels of September 30, 1992 and we expect to further reduce inventories throughout the fourth quarter. We continue to adjust production schedules to bring inventory levels in line with current demand for kitchen countertop appliances and environmental products. This is likely to continue to affect margins during the fourth quarter of 1993. The improved inventory situation and improved operating results from the first two quarters of 1993 have given us an opportunity to improve our balance sheet in another area. We have reached a verbal agreement with our senior lender to restructure our Revolving and Term Loan Agreement effective November 1, 1993. The renegotiated agreements will allow us to reduce future interest expense and convert some of our revolving debt to fixed, long-term debt. Documentation is expected to be completed by October 30, 1993."
 TOASTMASTER INC.
 Financial Summary and Comparisons
 (dollars in thousands, except per share)
 (unaudited)
 Three Month Results
 1993 1992
 Net sales $ 45,416 $ 42,465
 Net income (loss)
 before extraordinary loss $ 1,109 $ 2,047
 Net income per share
 before extraordinary loss $ .15 $ .27
 Net income (loss)
 after extraordinary loss $ 1,109 $ 1,493
 Net income per share
 after extraordinary loss $ .15 $ .20
 Weighted average common
 and common equivalent shares
 outstanding (in thousands) 7,589 7,687
 Nine Month Results
 1993 1992
 Net sales $ 110,712 $ 112,891
 Net income (loss)
 before extraordinary loss $ 1,140 $ 4,280
 Net income per share
 before extraordinary loss $ .15 $ .59
 Net income (loss)
 after extraordinary loss $ 1,140 $ 3,728
 Net income per share
 after extraordinary loss $ .15 $ .51
 Weighted average common
 and common equivalent shares
 outstanding (in thousands) 7,655 7,232
 Toastmaster, headquartered in Columbia, designs, manufactures, markets and services a wide array of electrical consumer appliances and time pieces under the brand names of Toastmaster(R) and Ingraham(R). For further information, contact John E. Thompson, executive vice president, Toastmaster Inc., 1801 North Stadium Blvd., Columbia, MO 65202. The telephone number is 314-445-8666.
 -0- 10/20/93
 /CONTACT: John E. Thompson of Toastmaster, 314-445-8666/
 (TM)


CO: Toastmaster Inc. ST: Missouri IN: HOU SU: ERN

MC -- DV007 -- 4789 10/20/93 17:03 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 20, 1993
Words:702
Previous Article:FAYETTE TUBULAR PRODUCTS APPOINTS NEW SALES MANAGER
Next Article:ECHO BAY MINES ELECTS CLIFFORD J. DAVIS TO HEAD ITS ALASKAN OPERATIONS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters