SL Industries Inc. (Mt. Laurel, NJ) announced that net sales from continuing operations for the second quarter, ended June 30, 2001, were $32.5 million, or $35.4 million inclusive of discontinued operations. In comparison, the company had net sales of $39.1 million, or $44.1 million inclusive of discontinued operations, for the second quarter last year. This is a decrease of $6.6 million, or 17 percent; $8.7 million, or 20 percent, inclusive of discontinued operations.
Pro-forma net loss from continuing operations was $0.1 million for the second quarter ended June 30, 2001, compared to pro-forma net income of $1.8 million for the same period last year. Pro-forma net loss from continuing operations for the second quarter, ended June 30, 2001, excludes the effects of restructuring costs of $0.7 million, net of taxes, and write down of inventory of continuing operations of $1.9 million, net of taxes. Pro-forma net income from continuing operations for the second quarter, ended June 30, 2000, excludes the effects of operating losses of discontinued operations of $1.0 million, net of taxes.
Actual net loss for the second quarter, ended June 30, 2001, was $5.3 million, or $0.93 per diluted share. In comparison, actual net income was $0.8 million, or $0.14 per diluted share, for the same period last year.
Net sales from continuing operations for the six months ended June 30, 2001, were $70.1 million, or $79.1 million inclusive of discontinued operations. In comparison, net sales were $76.5 million, or $87.7 million inclusive of discontinued operations, for the six months ended June 30, 2000. This is a decrease of $6.4 million, or eight percent ($8.6 million or 10 percent, inclusive of discontinued operations).
Pro-forma net income from continuing operations was $0.4 million for the six months ended June 30, 2001, compared to pro-forma net income of $3.4 million for the same period last year. Pro-forma net income from continuing operations excludes the effects of restructuring costs of $0.7 million, net of taxes, and write down of inventory of continuing operations of $1.9 million, net of taxes. Pro-forma net income from continuing operations for the six months ended June 30, 2000, excludes the effects of operating losses of discontinued operations of $2 million, net of taxes.
Actual net loss for the six months ended June 30, 2001, was $4.8 million, or $0.85 per diluted share, compared with actual net income of $1.3 million, or $0.23 per diluted share, for the same period last year.
Commenting on the results, Owen Farren, president and CEO of SL Industries, said, "As we have previously reported, SL Industries has been and continues to be adversely affected in its Condor, Teal and Waber business units by the sudden and substantial decline in telecommunications and semiconductor capital spending. Both Condor and Teal, however, have been awarded a number of important new OEM programs from medical, semiconductor, telecommunications and other industrial equipment manufacturers."
