Kid Brands, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2013
August 15, 2013 at 05:00 pm IST
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Kid Brands, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2013. For the quarter, the company reported net sales of $44,093,000 compared to $55,470,000 a year ago. Operating loss was $3,625,000 compared to operating income of $873,000 a year ago. Loss from operations before income tax provision was $3,387,000 compared to $761,000 a year ago. Net loss was $3,427,000 or $0.16 per basic and diluted share compared to net income of $209,000 or $0.01 per basic and diluted share a year ago. Adjusted net loss was $880,000 compared to adjusted net income of $153,000 a year ago. Adjusted net loss per diluted share was $0.04 compared to adjusted net income per diluted share of $0.01 a year ago. This decrease in sales was the result of sales declines of 33.9% at CoCaLo, 27.2% at Kids Line and 23.8% at LaJobi.
For the six months, the company reported net sales of $95,532,000 compared to $110,698,000 a year ago. Operating loss was $3,051,000 compared to operating income of $218,000 a year ago. Loss from operations before income tax provision was $4,333,000 compared to $2,035,000 a year ago. Net loss was $4,410,000 or $0.20 per basic and diluted share compared $594,000 or $0.03 per basic and diluted share a year ago. Adjusted net loss was $526,000 compared to adjusted net income of $495,000 a year ago. Adjusted net loss per diluted share was $0.02 compared to adjusted net income per diluted share of $0.02 a year ago.
Kid Brands, Inc. (Kid Brands) is engaged in the design, development and distribution of infant and juvenile consumer products. The Company operates in one segment: the infant and juvenile business. The Company, through its wholly owned operating subsidiaries: Kids Line, LLC (Kids Line); LaJobi, Inc. (LaJobi); Sassy, Inc. (Sassy), and CoCaLo, Inc. (CoCaLo), designs and markets products in a number of categories including, infant bedding and related nursery accessories and decor, nursery appliances, diaper bags, and bath/spa products (Kids Line and CoCaLo); nursery furniture and related products (LaJobi); and developmental toys and feeding products, and bath and baby care items with features that address the various stages of an infantâs early years, including the Kokopax line of baby gear products (Sassy).