WINDMERE REPORTS THIRD QUARTER PROFIT
WINDMERE REPORTS THIRD QUARTER PROFIT MIAMI LAKES, Fla., Nov. 5 /PRNewswire/ -- Windmere Corporation
(NYSE: WND) announced today a net profit for the third quarter ending Sept. 30, 1991, of $284,000 or $.02 per share. This compares with net income of $211,000 or $.02 per share reported for the third quarter a year ago. Sales for the third quarter were $44.4 million as compared with sales of $45.9 million reported for the third quarter of 1990.
For the nine months ended Sept. 30, 1991, the company reported a loss of $10.6 million or $.66 per share, which includes a $2.0 million charge for the restructuring of the company's manufacturing operation, compared to a loss of $193,000 or $.01 per share for the same period last year. Sales for the nine months were $94.1 million compared to sales of $115.2 million recorded a year ago. David M. Friedson, president and chief executive officer, commenting on the company's operating results said, "Our profitability in the third quarter was due in large part to the measures we have taken to restructure our manufacturing operations and reduce our expenses. We are encouraged that the changes we have implemented during the past year have started to produce benefits, despite a continuing weak U.S. retail environment. We are hopeful that such positive trends will continue." Windmere Corporation is a leading manufacturer and distributor of personal care products and other merchandise for the home and professional salons, including hairdryers, curling irons, kitchen appliances, and dental care appliances. WINDMERE CORPORATION Operating Results (Unaudited) Three Months ended Sept. 30 1991 1990 Sales $44,371,800 $45,889,200 Net earnings after tax before minority interest 395,100 30,600 Minority interest (110,700) 180,600 Net earnings 284,400 211,200 Average common shares & equivalents outstanding 16,179,363 15,919,100 Net earnings per share .02 .02 Nine Months Ended Sept. 30 1991 1990 Sales $94,075,500 $115,170,100 Net (loss) after tax before minority interest (12,251,900) (1,210,700) Minority interest 1,695,100 1,017,500 Net (loss) (10,556,800) (193,200) Average common shares & equivalents outstanding 16,051,297 15,794,900 Net (loss) per share (.66) (.01) -0- 11/5/91 /CONTACT: John Heinlein of Windmere, 305-362-2611, or Steven J. Barach of G.A. Kraut Company, 212-696-5600, for Windmere/ (WND) CO: Windmere Corporation ST: Florida IN: HOU SU: ERN JT-KW -- NY032 -- 1188 11/05/91 10:59 EST
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|Date:||Nov 5, 1991|
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