Blyth Inc. (BTH) reported a fall in first-quarter net earnings attributable to the company to $2.6 million, or $0.16 a share, from $7.5 million, or $0.43 a share, last year.
Net sales for the three months slid around 14% to $233.1 million from $270.2 million in the prior-year period, due mainly to lower sales at ViSalus and, to a lesser extent, at PartyLite, while Miles Kimball reported a sales improvement.
For 2013, earnings per share attributable to Blyth are now expected to be $1.30 - $1.45 compared with its prior range of $1.70 - $1.85, primarily driven by the decline in ViSalus's sales projections and the full year impact of its investment spending on the lower sales base.
Separately, Blyth announced the pricing of $50 million aggregate principal amount of 6.00% Senior Notes due 2017. The company expects the settlement of the notes to take place on or about May 10, 2013. The company plans to use the proceeds from the notes, together with available cash, for the repayment of the company's 5.5% Senior Notes due on November 1, 2013.
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