News

SL Industries Announces 2011 Full Year and Fourth Quarter Results

April 01, 2012 by Jeff Shepard

SL Industries Inc. announced that its net sales from continuing operations for the year ended December 31, 2011, were $212.3 million, up 12% compared with net sales from continuing operations for the year ended December 31, 2010 of $189.8 million.

For the year ended December 31, 2011, net income from continuing operations was $12.8 million, or $2.80 per diluted share, a 31% increase over net income from continuing operations of $9.8 million, or $1.68 per diluted share, for the year ended December 31, 2010.

Net income for the year ended December 31, 2011 was $8.2 million, or $1.79 per diluted share, compared to net income of $2.6 million, or $0.44 per diluted share, for the year ended December 31, 2010. Net income for the year ended December 31, 2011 included a net loss from discontinued operations, after tax, of $4.6 million, or $1.01 per diluted share, compared to a net loss of $7.2 million, or $1.24 per diluted share, for the year ended December 31, 2010. The majority of the loss in discontinued operations for the year ended December 31, 2011 related to an after-tax charge for environmental remediation recorded in the fourth quarter of 2011 totaling $5.2 million related to the Company’s Pennsauken site. The loss in discontinued operations was partially offset by a $0.8 million non-cash gain from a favorable tax settlement associated with the Company’s former German subsidiary, which was sold in January 2003. The net loss from discontinued operations also benefited from a change in the estimated effective state tax rates. The majority of the loss in discontinued operations for the year ended December 31, 2010 related to after-tax charges for environmental remediation recorded in the second and fourth quarters of 2010 totaling $5.9 million related to the Company’s Pennsauken and Camden sites.

The Company’s net sales from continuing operations and income from continuing operations for the full year ended December 31, 2011 were record highs for the Company.

For the quarter ended December 31, 2011, net sales from continuing operations were $51.4 million, up 1% compared to net sales for the fourth quarter 2010 of $50.7 million.

Net income from continuing operations for the quarter ended December 31, 2011 was $3.1 million, or $0.67 per diluted share, a 25% decrease over net income from continuing operations of $4.1 million, or $0.83 per diluted share, for the fourth quarter 2010.

Net loss for the quarter ended December 31, 2011 was $1.7 million, or $0.37 per diluted share, compared to a net loss of $1.6 million, or $0.33 per diluted share, for the fourth quarter 2010. Net loss for the quarter ended December 31, 2011 included a net loss from discontinued operations of $4.8 million, or $1.04 per diluted share, compared to a net loss of $5.8 million, or $1.17 per diluted share, for the fourth quarter 2010. In 2011, the majority of the loss in discontinued operations was related to a $5.2 million, after-tax charge for environmental remediation related to the Company’s Pennsauken site. The net loss from discontinued operations in 2011 was partially offset by a change in the estimated effective state tax rates. The change increased the benefit on losses incurred in discontinued operations. In 2010, the majority of the loss in discontinued operations was related to a $5.1 million after-tax charge for environmental remediation related to the Company’s Pennsauken site.