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Sunbeam's earnings bright
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October 22, 1997: 7:21 p.m. ET
New products, international expansion pull manufacturer out of red
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NEW YORK (CNNfn) - In an impressive turnaround, home-products maker Sunbeam Corp. on Wednesday reported solid earnings for its latest period.
Profits for the third quarter ended Sept. 30 totaled $34.5 million, or 39 cents per share, compared with a loss of $18.1 million, or 19 cents a share, in the same period a year ago.
Sales for the quarter climbed to $289 million, up 28.3 percent from last year.
"This is the first time in the company's history that it has achieved double-digit sales growth, each quarter, without an acquisition," said Sunbeam Chairman and CEO Al Dunlap, who has been credited with the company's dramatic comeback.
"In the past 15 months, we have been able to turn around a great old company that had lost its way, reposition it for tremendous, profitable growth and build a great management team that is focused on increasing shareholder value," said Dunlap. (165K WAV) or (165K AIFF)
The Delray Beach, Fla.-based company said its growth was boosted by a 50.8 percent expansion in international sales, which included the introduction of 50 new products abroad and the signing of 20 new distribution and license agreements over the past year.
Domestic sales grew 23.7 percent, aided by improved distribution and new product introductions, among them a soft serve ice- cream maker, a redesigned Oster blender and a deep fryer line, the company said.
"Sales to our top 10 domestic customers were up over 30 percent in the third quarter, reflecting our strategic initiative to significantly improve shipping performance and fill out of stocks at retail," Dunlap said.
Dunlap told CNNfn's "Street Sweep" he believes the "best is still to come." (122K WAV) or (122K AIFF)
The company unveiled a line of air and water products earlier this month that alone are expected to generate $100 million of sales in 1998, said Dunlap.
Sunbeam shares ended the day down 1/2 at 48-3/8 in New York Stock Exchange trading.
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Sunbeam
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