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Summer Infant profit beats consensusin fiscal Q2


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Summer Infant profit beats consensusin fiscal Q2

Summer Infant Inc. said its normalized net income for the fiscal second quarter ended July 2 came to 4 cents per share, compared with the S&P Capital IQ consensus estimate of 1 cents per share.

The per-share result swung to a profit from the prior-year loss of 12 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $822,500, compared with a loss of $2.2 million in the year-earlier period.

The normalized profit margin increased to 0.7% from negative 4.2% in the year-earlier period.

Total revenue fell on an annual basis to $50.6 million from $51.8 million, and total operating expenses fell 9.8% on an annual basis to $48.6 million from $53.9 million.

Reported net income came to $184,220, or 1 cents per share, compared to a loss of $3.5 million, or a loss of 19 cents per share, in the year-earlier period.