Summer Infant, Inc. Announces Executive Changes; Provides Earnings Guidance for the Fourth Quarter Ended December 31, 2013 and for the First Quarter of 2014
The company also announced preliminary unaudited financial results for the fourth quarter ended December 31, 2013 and expectations for the first quarter of 2014. The company expects to report sales for the fourth quarter of 2013 of approximately $45.0 million and a net loss in the range of $1.5 to $2.0 million. Expected results reflect slower-than-anticipated sales with a major retailer, product shipment delays and the planned exiting of two major licensing agreements.
The company expects sales for the first quarter of 2014 to be approximately flat with the fourth quarter of 2013. Reflecting progress with the company's restructuring and cost reduction efforts, the company expects to report an improvement in its bottom-line performance for the first quarter of 2014 compared with the fourth quarter of 2013.