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SUMR Brands reported its fiscal first quarter results with net sales of $36.2 million, down from $40.3 million year-over-year, affected by supply chain challenges. The company posted a net income of $0.3 million or $0.12 per share, a significant improvement from a net loss of $1.2 million or $(0.57) per share in the previous year. Adjusted EBITDA rose to $2.1 million, up from $1.8 million in the same quarter last year. Expenses decreased, with a focus on cost management despite ongoing issues with freight and inventory due to supply constraints.
SUMR Brands (NASDAQ: SUMR) will host a conference call on May 19, 2021, at 9:00 a.m. ET to discuss its fiscal 2021 first-quarter financial results. Interested parties can join the call by visiting the Investor Relations section of SUMR's website or by dialing in at 844-834-0642. An archived version of the call will be made available on the website after the event. The company is recognized for its commitment to delivering premium juvenile products and is focused on enhancing family life through innovative offerings.
SUMR Brands reported a net loss of $1.1 million for fiscal 2020, improved from a loss of $4.2 million in fiscal 2019. For Q4, net sales were $36.0 million, down from $42.7 million year-over-year, impacted by COVID-19 and supply chain issues. Adjusted EBITDA grew to $12.2 million, up 72% from fiscal 2019. The company reduced its debt by $17.7 million, ending with $30.9 million. Despite a challenging fourth quarter, management highlighted a commitment to operational efficiency and cost discipline amid ongoing market constraints.
SUMR Brands (NASDAQ: SUMR) will host a conference call on March 17, 2021, at 9:00 a.m. ET to discuss its financial results for the fiscal 2020 fourth quarter. This call will be accessible via the Investor Relations section of their website or by dialing 844-834-0642. A replay will be available post-call. The company emphasizes its commitment to quality and innovation in premium juvenile products, striving to improve family life through diverse, proprietary offerings.
SUMR Brands (NASDAQ: SUMR) announced the retirement of CFO Edmund J. Schwartz, effective March 19, 2021, after the completion of the fiscal year 2020 audit. Bruce Meier, managing director at Winter Harbor, LLC, will serve as Interim CFO. Meier brings over 20 years of experience and has been consulting with SUMR since December 2019. The transition aims to ensure continuity in executing profitable growth strategies amidst ongoing challenges such as the COVID-19 pandemic's impact on supply chains and consumer demand.
SUMR Brands has appointed Stuart Noyes as Chief Executive Officer, transitioning from his role as Interim CEO since December 2019. Under his leadership, the company has made significant strides in operational excellence and cultural transformation. Noyes expressed gratitude towards the board and highlighted the team’s dedication during challenging times. The announcement reflects a commitment to enhancing financial performance as the company navigates an evolving market landscape.
SUMR Brands (NASDAQ: SUMR) announced its Q3 2020 results, showing net sales of $40.7 million, a slight drop from $41.5 million in Q3 2019. However, net income rose to $2.2 million from a loss of $1.7 million, with earnings per share at $1.03, benefiting from tax changes under the U.S. Cares Act. Adjusted EBITDA increased to $4.7 million, reflecting improved margins despite COVID-19 impacts. The company successfully refinanced debt with Bank of America, aiming for a $2 million reduction in annual interest expenses. Challenges lie ahead due to ongoing supply chain issues and potential revenue declines.
SUMR Brands, a leader in premium juvenile products, will host a conference call on November 12, 2020, at 9:00 a.m. Eastern Time to discuss its fiscal 2020 third-quarter financial results. Interested parties can listen via the Company's website or by dialing designated phone numbers. The results will be released prior to the call. The Company emphasizes its commitment to improving family life through innovative, proprietary products.
SUMR Brands has entered a new credit agreement with Bank of America, replacing its previous $48 million asset-based revolving credit facility and a $17.5 million term loan. This refinancing is expected to reduce annual interest costs by approximately $2 million, providing enhanced liquidity with a new facility totaling $50 million. Interim CEO Stuart Noyes emphasized that this agreement supports ongoing growth and operational efficiency improvements. Following debt repayment, the company retains about $9 million in availability, setting a solid foundation for strategic investments in e-commerce and product development.
SUMR Brands (NASDAQ: SUMR) reported second-quarter financial results for 2020, showing net sales of $38.2 million, down from $46.4 million last year, affected by COVID-19. However, net income rose to $1.3 million or $0.61 per share, compared to a net loss in 2019. Adjusted EBITDA improved to $4.3 million, up from $2.4 million, with a gross margin increase to 36.7%. Operating cash generation was $9.6 million, and total debt decreased by $9.3 million to $35.2 million. The company anticipates a robust third quarter as supply chain issues have eased.
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