Cummer Infant Wrts (MM) (NASDAQ:SUMRW)
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From Jun 2019 to Jun 2024
Summer Infant, Inc. (“Company”)
(Nasdaq: SUMR, SUMRU, SUMRW), today announced its outlook for the full
year 2008. Based on customer commitments to date and sales data at the
retail level, the Company expects net revenues for 2008 to be in the
range of approximately $95.0 to $100.0 million and EBITDA for 2008 to be
in the range of $10.2 to $10.6 million, before any acquisitions. The
Company expects earnings per share for 2008 to be in the range of $0.30
to $0.32.
“We are very excited about the opportunities
that lie ahead for Summer Infant in 2008,”
commented Jason Macari, Chief Executive Officer of the Summer Infant,
Inc. “We continue to see significant momentum
in our industry and a very positive response from our retail partners
regarding our 2008 product lineup and placements. Despite facing some
near-term pressure from higher raw material and labor costs in China, we
continue to carefully manage our expenses and to adjust our cost
structure as necessary. Nevertheless, we continue to invest in our
business to ensure we are developing safe, innovative products and
improved designs to help build the Summer Infant brand and to
differentiate our products from our competition.”
About Summer Infant, Inc.
Based in Woonsocket, Rhode Island, the Company is a designer, marketer
and distributor of branded durable juvenile health, safety and wellness
products (for ages 0-3 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
health and safety products, booster and potty seats, soft goods,
bouncers, strollers, highchairs and swings.
Use of Non-GAAP Financial Information
This release includes presentations of EBITDA, which is defined as
income before interest and taxes plus depreciation, amortization and non
cash stock option expense. The Company believes that the presentation of
EBITDA provides useful information to investors as it indicates more
clearly the ability of the Company's assets to generate cash sufficient
to pay interest on its indebtedness, meet capital expenditure and
working capital requirements and otherwise meet its obligations as they
become due. EBITDA is commonly used as a measure of leverage capacity,
debt service ability and liquidity. EBITDA is not considered a measure
of financial performance under U.S. generally accepted accounting
principles (GAAP), and the items excluded from EBITDA are significant
components in understanding and assessing our financial performance.
EBITDA should not be considered in isolation or as an alternative to
such GAAP measures as net income, cash flows provided by or used in
operating, investing or financing activities or other financial
statement data presented in our consolidated financial statements as an
indicator of financial performance or liquidity. The Company provides
reconciliations of EBITDA and any other non-GAAP financial measures in
its press releases of historical performance. However, reconciliation
for forward-looking EBITDA projections presented in this release is not
being provided due to the number of variables in the projected range of
EBITDA. The EBITDA range in this release is calculated in accordance
with the Company's past practices. Since EBITDA is not a measure
determined in accordance with GAAP and is susceptible to varying
calculations, EBITDA, as presented, may not be comparable to other
similarly titled measures of other companies.
Forward Looking Statements
Certain statements in this release that are not historical fact may be
deemed “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995, and the Company intends that these forward-looking statements be
subject to the safe harbor created thereby. These forward-looking
statements include statements regarding expected operating performance,
sales, net revenues, EBITDA and customer commitments for fiscal 2008.
The Company cautions that these statements are qualified by important
factors that could cause actual results to differ materially from those
reflected by these forward-looking statements. These factors include the
concentration of the Company’s business with
retail customers; the ability of the Company to compete in the industry;
the Company’s dependence on key personnel;
the Company’s reliance on foreign suppliers;
and other risks as detailed in the Company’s
Annual Report on Form 10-KSB for the fiscal year ended December 31,
2006, Definitive Proxy filed February 13, 2007, and subsequent filings
with the Securities and Exchange Commission. The Company assumes no
obligation to update the information contained in this presentation.