Home decor products company Blyth, Inc. (BTH) Monday updated its fourth-quarter and fiscal 2009 results that reflect the impact of a favorable tax adjustment related to the third quarter impairment of intangible assets.
Blyth's fiscal year results, announced on April 3 is revised to reflect the impact of a $3.6 million or $0.40 per share related to favorable tax adjustment. The Greenwich, Connecticut-based company noted that the tax adjustment was non-operating related and will not affect its cash position.
According to the company, fourth quarter net income was increased by $3.6 million and includes $2.7 million of the favorable tax adjustment, related to the third quarter impairment of intangible assets. The revised earnings were $13.27 million or $1.49 per share, compared to a loss of $10.41 million or $1.12 per share in the earlier year.
Excluding the impact of goodwill and other intangibles impairment charges in both years, as well as restructuring charges related to Blyth HomeScents International for the current year and its prior year losses, fourth quarter earnings remain unchanged from previously reported figure of $12.69 million or $1.42 per share, compared to $35.67 million or $3.84 per share a year ago.
For the full year, net loss reflecting the $3.6 million favorable adjustment was $15.5 million, in comparison with net income of $11.1 million reported last year. The company posted a revised per share loss of $1.73, compared to earnings of $1.14 per share in the preceding year.
Excluding impairment and restructuring charges, earnings for the year remain unchanged from those previously reported and would have been $29.38 million or $3.28 per share, in comparison with $64.91 million or $6.67 per share last year.
BTH is currently trading at $34.70, down $2.01 or 5.70% on a volume of 13,600 shares.
For comments and feedback: editorial@rttnews.com