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It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Chris Witty VP, Investor Relations Darrow Associates, Inc New York, NY tel: 646-438-9385 cwitty@darrowir.com. This release and the referenced webcast include presentations of non-GAAP financial measures, including Adjusted EBITDA, adjusted net loss and adjusted loss per diluted share. Our analysis of Summer Infant insider transactions leaves us cautious. list of growing companies with recent insider purchasing, could be just the ticket. The reduction could indicate that the company is selling some assets, and considering returns are up, they appear to be selling the right ones. Concerned about the content? Interest expense was $0.4 million in the fourth quarter of 2021 versus $0.5 million in 2020. Information about the Company's directors and executive officers and their ownership of Company common stock is set forth in its definitive proxy statement for its 2021 annual meeting of stockholders filed with the SEC on April 16, 2021. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Net sales for the three months ended January 1, 2022 were $35.3 million compared with $36.0 million for the three months ended January 2, 2021, with the slight decrease year-over-year primarily reflecting ongoing supply chain disruptions. General and administrative expenses (G&A) were $6.7 million in the second quarter of 2020 versus $8.5 million in the second quarter of 2019, declining to 17.6% of net sales from 18.4% last year. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Summer Infant Company Profile - Craft Find company research, competitor information, contact details & financial data for Summer Infant (usa), Inc. of Woonsocket, RI. The Kids2 brand portfolio includes the leading infant, baby, and toddler brands comprised of world-renowned brands Baby Einstein, Ingenuity and Bright Starts, as well as a privately owned media company, a venture capital firm to invest in like-minded startups, a vertically-integrated manufacturing facility, and various joint-venture partnershipsKids2 sets out to create holistic solutions that create more tiny wins and bright futures for all families. These non-GAAP measures should not be considered in isolation or as an alternative to such GAAP measures as net income, cash flows provided by or used in operating, investing or financing activities or other financial statement data presented in the Company's consolidated financial statements as an indicator of financial performance or liquidity. Given that our supply chain constraints are largely behind us, I believe the Company is well positioned for a strong finish to fiscal 2020 and am proud of all weve accomplished in transforming SUMR Brands into a lean, customer-centric, profitable organization.. Summer Infant Announces Upcoming Investor Events - GlobeNewswire Company Contact: Chris Witty . Summer Infant Announces Upcoming Investor Events | Markets Insider Selling expense was $3.7 million in the second quarter of 2020 versus $4.0 million in 2019, and selling expense as a percent of net sales was 9.8% in 2020 versus 8.7% last year. -, Kids2 Acquires Summer Infant, Creating Powerhouse of Parenting Solutions. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. Summer Infant Inc - Financial Info - SEC Filings - SEC Filings Details The average salary for Investor Relations Director at companies like SUMMER INFANT INC in the United States is $166,193 as of April 26, 2022, but the range typically falls between $143,095 and $192,005. The tariff exclusions resulted in a $1.8 million benefit to cost of goods sold in the fiscal 2020 second quarter, of which $1.7 million related to prior periods. Adjusted EBITDA, as defined in the Companys credit agreements, for the second quarter of 2020 was $4.3 million versus $2.4 million for the second quarter of 2019, and Adjusted EBITDA as a percent of net sales was 11.4% in the second quarter of 2020 versus 5.3% last year. Certain statements in this release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and the Company intends that such forward-looking statements be subject to the safe harbor created thereby. We continue to see consolidation in our industry and macro consumer trends with the next generation of parents that require us to do more. Additionally, our global supply chain will be complemented by Summer Infant's capabilities which will allow us to drive wider global distribution. In addition, copies of the proxy statement and other relevant materials and documents filed by the Company with the SEC will also be available free of charge on the Investor Relations page of the Companys website located at https://www.sumrbrands.com. These statements are accompanied by words such as anticipate, expect, project, will, believes, estimate and similar expressions, and include statements regarding the Companys positive outlook for the third quarter of 2020 and expectations for a strong finish to fiscal 2020. other relevant materials and documents filed by the Company with the SEC will also be available free of charge on the Investor Relations page of . You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. An archive of the webcast will be available on the Company's website. This communication is not intended to be, and is not, a substitute for the proxy statement or any other document that the Company may file with the SEC in connection with the proposed transaction. Summer Infant, Inc. , a global leader in premium juvenile products, today announced that is has retained Sharon Merrill , a nationally recognized investor relations and corporate communications . There haven't been any insider transactions in the last three months -- that doesn't mean much. Consumer Staples > Household & Personal Products. Summer Infant, Inc. Reports First Quarter 2013 Results - Yahoo Finance position based on the latest research. Ultimately, that's a low return and it under-performs the Personal Products industry average of 18%. consumers interested in well-designed essentials that are irresistible These symbols will be available throughout the site during your session. Adjusted EBITDA means earnings before interest and taxes plus depreciation, amortization, non-cash stock-based compensation expenses and other items added back as detailed in the reconciliation table included in this release. The gross margin percent increase reflected a favorable mix of higher margin product categories and additional tariff exclusions on certain products, partially offset by increased volume of lower margin direct import sales. Summer Infant Inc - SUMR Brands Reports 2021 Fourth Quarter Results The margin decline largely reflects increases in transportation and raw material costs related to the aforementioned supply chain constraints. Copyright 2023 Surperformance. The transaction is subject to customary closing conditions, including Company stockholder approval, as well as the closing of debt financing by Kids2 to fund the acquisition. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. Delayed Nasdaq The webcast may be accessed by visiting the Investor Relations section of Summer Infant's website at www.summerinfant.com . In connection with the proposed transaction, the Company will prepare and file relevant materials with the Securities and Exchange Commission (the SEC), including a proxy statement on Schedule 14A and a proxy card, to be mailed to Company stockholders entitled to vote at the special meeting relating to the proposed transaction. The increase year-over-year as a percent of sales was primarily due to higher cooperative advertising expenses, freight, and royalty costs. Get the latest business insights from Dun & Bradstreet. And it doesn't have much cash, so its net debt is about the same. To listen to the call, visit the Investor Relations section of the Companys website at www.sumrbrands.com or dial 844-834-0642. Summer Infant does have some risks, we noticed 5 warning signs (and 1 which is concerning) we think you should know about. It is with great pleasure that I announce SUMR Brands posted earnings of $1.3 million this quarter, or $0.61 per share, reflecting the many steps taken this past year to reduce costs, streamline our operations, increase cash flow, and improve overall performance, said Stuart Noyes, Interim CEO. WOONSOCKET, R.I., March 16, 2022 (GLOBE NEWSWIRE) -- Summer Infant, Inc., doing business as SUMR Brands ("SUMR Brands" or the "Company") (NASDAQ: SUMR), a leader in premium infant and juvenile products, today announced that it and Kids2, Inc. (Kids2), a global company that designs solutions to help early-stage parents and families, have entered into a definitive merger agreement pursuant to which Kids2 will acquire all of the issued and outstanding common stock of the Company for cash. Summer Infant, Inc. : Termination of a Material Definitive Agreement, Completion of Acquisition or Disposition of Assets, Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Material Modification to Rights of Security Holders, Changes in Control or Regis.. Summer Infant, Inc.(NasdaqCM:SUMR) dropped from NASDAQ Composite Index. Over the past year, insiders sold US$468k worth of Summer Infant, Inc. (NASDAQ:SUMR) stock at an average price of US$19.24 per share allowing them to get the most out of their money. The year-over-year change reflects higher distribution center costs as well as increases in customer-related chargebacks as a result of order cuts when demand could not be met. 438-9385cwitty@darrowir.com, Summer Infant, Now Known as SUMR Brands: Launches New Brand and Product Strategy, Internet Explorer presents a security risk. It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. The Company is made up of a diverse group of experts with a passion to make family life better by selling proprietary, innovative products across several core categories. Its new line The Companys actual results may differ materially from those indicated in the forward-looking statements. INVESTORS AND STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE PROPOSED TRANSACTION. Kids2 is a global purpose-driven company that designs solutions to help early-stage parents and families create tiny wins that build bright futures. Lincoln International, LLC is acting as financial advisor to Kids2 and Foley & Lardner LLP is serving as its legal counsel. SUMR Brands Announces Upcoming Investor Events | MarketScreener . However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. The increase year-over-year and as a percent of sales was primarily due to higher freight-out costs (accounted for as selling expense). To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The economics of scale and diversity of solutions that come with this acquisition will help us continue to create more tiny wins and added value for our partners and the parents we serve across the globe. Total liabilities and stockholders equity, Net sales were $38.2 million in the second quarter versus $46.4 million in the prior-year period, reflecting the impact of COVID-19 on certain retail availability as well as supplier constraints in a few locations, which have since substantially improved, Reflecting the Companys ongoing restructuring initiatives and cost-cutting activities, G&A declined to $6.7 million in the second quarter from $8.1 million in the first quarter and $8.5 million in last years comparable period, SUMR Brands reported net income of $1.3 million, or $0.61 per share, in the second quarter of 2020 compared with a net loss of $0.2 million, or $(0.11) per share, in the prior-year period, Adjusted EBITDA rose to $4.3 million from $2.4 million in the second quarter of 2019, and Adjusted EBITDA as a percent of net sales was 11.4% in 2020 versus 5.3% last year, SUMR Brands generated $9.6 million in operating cash during the second quarter, compared to $2.4 million in the prior-year period, reflecting improved operating results and working capital management; debt was reduced by $9.3 million, to $35.2 million, in the quarter.

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