Kid Brands Inc. (KID) reported that its fourth-quarter net loss narrowed to $3.9 million, or $0.18 per share, from $35.4 million, or $1.63 per share in the same quarter last year.
Non-GAAP adjusted net loss for the quarter was $0.7 million, or $0.03 per share, compared to non-GAAP adjusted net loss of $0.2 million, or $0.01 per share last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.
Non-GAAP adjusted net loss and adjusted net loss per diluted share for the fourth-quarter 2011 reflect adjustments to net loss, as reported, to exclude the effect of the following items and to apply an assumed tax rate of 39% to the resulting adjusted pre-tax loss: the $7.0 million income tax benefit; the Kids Line Impairment of $19.0 million; an aggregate non-cash impairment charge of $11.7 million in the fourth-quarter 2011 to write-off goodwill recorded in connection with the restatement of specified historical financial statements and the related recording of a liability for potential LaJobi earnout consideration; the LaJobi Impairment of $9.9 million; Customs Compliance Costs of $1.0 million; a portion of the 2011 TRC Lease Settlement of $0.4 million; and $0.1 million of Customs Interest.
Net sales for the quarter decreased 8.1% to $57.9 million, from $63.0 million in the year ago quarter. The decrease in net sales was primarily the result of sales declines of 27.6% at Kids Line, 8.5% at LaJobi and 6.6% at CoCaLo, in each case primarily due to lower sales volume at certain large customers. These declines were partially offset by an increase in sales of 26.4% at Sassy, primarily due to increases at two large customers and increased sales of Carter's®-branded products.
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