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Sunbeam still dim in 2Q
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August 11, 1999: 8:40 a.m. ET
But maker of outdoor grills says Y2K concerns fuel a rise in revenue
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NEW YORK (CNNfn) - Sunbeam Corp. reported Wednesday a wider-than-expected loss during its second quarter as the company restructures, while the producer of coffee makers, outdoor grills and electric blankets said the Y2K glitch lifted sales.
Boca Raton, Fla.-based Sunbeam reported a net loss of $47 million, or 47 cents a diluted share, compared with a loss of $344 million, or $3.41 per share, a year ago.
The consensus analyst estimate was for Sunbeam to post a loss of 33 cents a share, according to earnings research firm First Call Corp.
Revenue rose 14 percent to $661 million.
The year-ago loss figure included a one-time charge of $237 million, or $1.02 a share, for the write-down of debt and accounting changes. Not including $46 million in interest and other expenses tied mainly to aquisitions, Sunbeam said it had earnings of $13 million in the latest period compared with a loss of $193 million a year earlier.
Sunbeam is working to get back on its feet after the ouster last year of CEO "Chainsaw" Al Dunlap.
"We are encouraged by the momentum we see building," Jerry Levin, Sunbeam's chairman and CEO, said.
Levin credited awareness of the Y2K glitch, which has caused some people to fear disruptions to society at the end of the year. It boosted sales in its outdoor stoves, Levin said.
"We are seeing particular strength in the results at our Coleman and Powermate businesses, where we believe heightened consumer sensitivity to the need for emergency preparedness is helping to build awareness for our brands," he said.
Shares of Sunbeam (SOC) fell 1/4 to 5-1/16 Tuesday on the New York Stock Exchange.
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Sunbeam
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