Summer Infant Inc. (SUMR, Financial) filed Amended Quarterly Report for the period ended 2009-06-30.
Based in Woonsocket Rhode Island SUMMER INFANT INC. is a designer marketer and distributor of branded durable juvenile health safety and wellness products (for ages upto three years) which are sold principally to large U.S. retailers. The Company currently sells proprietary products in a number of different categories including nursery audio/video monitors safety gates durable bath products bed rails infant thermometers and related nursery health and safety products booster and potty seats soft goods bouncers strollers travel accessories highchairs and swings. Summer Infant Inc. has a market cap of $68.8 million; its shares were traded at around $4.47 with a P/E ratio of 14.4 and P/S ratio of 0.5.
EBITDA (as defined) increased from approximately $3,702,000 for the three months ended June 30, 2008 to approximately $3,984,000 for the three months ended June 30, 2009, an increase of approximately 8%. This increase was primarily attributable to the increased sales and gross profit dollars as described above.
Net sales increased from approximately $62,407,000 in the six months ended June 30, 2008 to approximately $73,210,000 for the six months ended June 30, 2009, a 17% increase. This sales increase was primarily attributable to increased distribution of Summers products throughout Summers customer base, plus new product introductions. Increases were noted in most of the significant customers. In addition, the year to date sales in 2009 includes six months of activity for the products acquired from Kiddopotamus and Basic Comfort (businesses which were acquired in March and April of 2008), while the prior year numbers only include approximately three months of activity for these products, which accounts for approximately $5,000,000 of the year to date increase.
Gross profit increased from approximately $22,253,000 for the six months ended June 30, 2008 to approximately $25,274,000 for the six months ended June 30, 2009. The gross profit as a percentage of sales decreased to 34.5% from 35.7% in the prior year. The decrease as a percentage of sales is due to increased costs of finished goods from the Companys vendors in Asia and the US. The increase in these costs is due to increased raw material and labor costs, in addition to the devaluation of the US dollar relative to the Chinese RMB.
EBITDA tabled from approximately $6,311,000 for the six months ended June 30, 2008 to approximately equal to the $6,347,000 for the six months ended June 30, 2009.
Based on the above factors, the net cash increase for the six months ended June 30, 2009 was $1,469,000, resulting in a cash balance of $2,457,000 at June 30, 2009.
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Based in Woonsocket Rhode Island SUMMER INFANT INC. is a designer marketer and distributor of branded durable juvenile health safety and wellness products (for ages upto three years) which are sold principally to large U.S. retailers. The Company currently sells proprietary products in a number of different categories including nursery audio/video monitors safety gates durable bath products bed rails infant thermometers and related nursery health and safety products booster and potty seats soft goods bouncers strollers travel accessories highchairs and swings. Summer Infant Inc. has a market cap of $68.8 million; its shares were traded at around $4.47 with a P/E ratio of 14.4 and P/S ratio of 0.5.
Highlight of Business Operations:
Gross profit increased from approximately $12,317,000 for the three months ended June 30, 2008 to approximately $13,617,000 for the three months ended June 30, 2009. The gross profit as a percentage of sales decreased to 35.5% from 36.2% in the prior year. The decrease as a percentage of sales is due to increased costs of finished goods from the Companys vendors in Asia and the US. The increase in these costs is due to increased raw material and labor costs, in addition to the devaluation of the US dollar relative to the Chinese RMB.EBITDA (as defined) increased from approximately $3,702,000 for the three months ended June 30, 2008 to approximately $3,984,000 for the three months ended June 30, 2009, an increase of approximately 8%. This increase was primarily attributable to the increased sales and gross profit dollars as described above.
Net sales increased from approximately $62,407,000 in the six months ended June 30, 2008 to approximately $73,210,000 for the six months ended June 30, 2009, a 17% increase. This sales increase was primarily attributable to increased distribution of Summers products throughout Summers customer base, plus new product introductions. Increases were noted in most of the significant customers. In addition, the year to date sales in 2009 includes six months of activity for the products acquired from Kiddopotamus and Basic Comfort (businesses which were acquired in March and April of 2008), while the prior year numbers only include approximately three months of activity for these products, which accounts for approximately $5,000,000 of the year to date increase.
Gross profit increased from approximately $22,253,000 for the six months ended June 30, 2008 to approximately $25,274,000 for the six months ended June 30, 2009. The gross profit as a percentage of sales decreased to 34.5% from 35.7% in the prior year. The decrease as a percentage of sales is due to increased costs of finished goods from the Companys vendors in Asia and the US. The increase in these costs is due to increased raw material and labor costs, in addition to the devaluation of the US dollar relative to the Chinese RMB.
EBITDA tabled from approximately $6,311,000 for the six months ended June 30, 2008 to approximately equal to the $6,347,000 for the six months ended June 30, 2009.
Based on the above factors, the net cash increase for the six months ended June 30, 2009 was $1,469,000, resulting in a cash balance of $2,457,000 at June 30, 2009.
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