SUMR - SUMR STOCK NEWS

On June 16, 2022, SUMR Brands (NASDAQ: SUMR) announced that its stockholders approved the merger agreement for the acquisition by Kids2, Inc. The CEO, Stuart Noyes, expressed gratitude for the support from stockholders, which was crucial for the transaction's progression. The merger is anticipated to close around June 22, 2022, pending the satisfaction of remaining closing conditions. SUMR Brands, based in Woonsocket, Rhode Island, is recognized for its premium juvenile products and innovative solutions aimed at enhancing family life.

SUMR Brands (NASDAQ: SUMR) announced its fiscal first quarter results for 2022, reporting net sales of $34.4 million, down from $36.2 million year over year, impacted by supply chain issues. The company faced a net loss of $3.9 million or $(1.81) per share, a decline from a net income of $0.3 million or $0.12 per share in the previous year. Adjusted EBITDA was negative $1.1 million, compared to $2.1 million a year prior. Despite challenges, SUMR remains on track to complete its merger with Kids2 in the second quarter for $12.00 per share.

SUMR Brands (NASDAQ: SUMR) announced a definitive merger agreement with Kids2, acquiring all common stock for $12.00 per share. The Board approved the transaction, expected to close in Q2 2022. For Q4 2021, SUMR reported net sales of $35.3 million, slightly down from $36.0 million due to supply chain issues. A net loss of $4.8 million was reported, increasing from $3.4 million in the prior year. Adjusted EBITDA was negative $2.0 million, revealing ongoing financial challenges amidst rising costs. The deal aims to unlock shareholder value amidst these hurdles.

Summer Infant, Inc. (NASDAQ: SUMR) has announced a definitive merger agreement with Kids2, Inc., wherein Kids2 will acquire all shares of SUMR for $12.00 per share, representing a 41.2% premium over its last closing price. This transaction, unanimously approved by SUMR's Board of Directors, aims to enhance value for shareholders and strengthen brand support globally. The merger is expected to close in Q2 2022, making SUMR a privately-held entity. Both companies anticipate operational synergies and broader global distribution from the merger.

SUMR Brands (NASDAQ: SUMR) reported a revenue increase to $41.6 million in Q3 2021, up from $40.7 million year-over-year, attributed to strong demand despite ongoing supply chain challenges. Net income dropped to $0.3 million, or $0.12 per share, compared to $2.2 million, or $1.03 per share, in the prior year, primarily due to higher transportation and commodity costs. Adjusted EBITDA decreased to $2.4 million from $4.7 million. The company managed supply chain issues by shifting to direct-import sales but anticipates continued challenges in Q4. Debt rose to $36.6 million to fund inventory.

SUMR Brands (NASDAQ: SUMR), a leader in premium juvenile products, will host a conference call on November 11, 2021, at 9:00 a.m. ET to discuss its fiscal 2021 third-quarter financial results. Interested parties can listen via the Investor Relations section of the Company's website or by dialing 844-834-0642. A webcast archive will be available post-call. The Company's commitment to innovation and family-focused products is highlighted as it prepares to release its financial data ahead of the call.

SUMR Brands (NASDAQ: SUMR) reported second-quarter results for the fiscal year ending July 3, 2021, with net sales of $30.6 million, down from $38.2 million in the previous year, attributed to supply chain constraints. Despite these challenges, net income increased to $1.4 million or $0.62 per share, a slight rise from $1.3 million or $0.61 per share a year prior, aided by lower selling and administrative expenses. Adjusted EBITDA was $3.5 million, representing 11.3% of sales. The resulting gross profit was $9.7 million, with a gross margin of 31.6%, impacted by rising costs in transportation and raw materials.

SUMR Brands (NASDAQ: SUMR), a leader in premium juvenile products, has scheduled a conference call to discuss its financial results for the second quarter of fiscal 2021 on August 17, 2021, at 9:00 a.m. Eastern Time. Interested parties can access the call through the Investor Relations section of the company's website or by dialing 844-834-0642 or 412-317-5188. Results will be published before the call. SUMR Brands is committed to enhancing family life through innovative products.

SUMR Brands has appointed Michael Silverman and Kim Ashley as Vice Presidents of Product. Silverman will focus on launching a new pet brand while managing product development for juvenile products. Ashley will drive growth in juvenile categories. Both bring extensive experience in their respective fields, enhancing SUMR's strategic direction in innovative product development. CEO Stuart Noyes emphasized their roles as key to the company’s transformative growth journey. This move signifies a commitment to strengthening SUMR's brand and product strategy.