Summer Infant, Inc (SUMR) saw its loss widen to $4.48 million, or $0.24 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $3.10 million, or $0.17 a share. On the other hand, adjusted net loss for the quarter widened to $1.47 million, or $0.08 a share from a loss of $1.09 million or $0.06 a share, a year ago. Revenue during the quarter dropped 10.33 percent to $45.53 million from $50.78 million in the previous year period. Gross margin for the quarter expanded 68 basis points over the previous year period to 31.40 percent. Operating margin for the quarter stood at negative 10.70 percent as compared to a negative 5.19 percent for the previous year period.
Operating loss for the quarter was $4.87 million, compared with an operating loss of $2.64 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.87 million compared with $1.84 million in the prior year period. At the same time, adjusted EBITDA margin contracted 171 basis points in the quarter to 1.90 percent from 3.62 percent in the last year period.
“Looking back on 2016, we accomplished a great deal and took the necessary steps to position the Company for even better operating performance going forward,” said Mark Messner, President and Chief executive office. “Using $8.8 million of cash generation, we paid down $6.5 million of debt ��" further strengthening the balance sheet ��" and lowered our interest expense in tandem. At the same time, even including certain one-time expenses, we reduced G&A by more than 10%, and the Company’s prior litigation issue is now behind us. All in all, Summer Infant is stronger now than it’s been in years.
Debt comes down
Summer Infant, Inc has recorded a decline in total debt over the last one year. It stood at $45.71 million as on Dec. 31, 2016, down 12.25 percent or $6.38 million from $52.08 million on Jan. 02, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
