Corporate Profile
Salton, Inc. designs and markets an
extensive line of kitchen and home
appliances, personal and beauty care
products and decorative quartz wall and
alarm clocks under the brand names
Salton®, Toastmaster®, Breadman®,
Juiceman®, Salton Creations®, Ingraham®,
Salton Time®, White-Westinghouse®, and
Farberware®. The Company also designs
and markets a broad range of tabletop
products, including china, crystal and
glassware, under the brand names Block®
China, Atlantis® Crystal, and Gear®.
History of Company
Ingraham® brand name on time
products used since 1831
1st pop-up toaster introduced by
Toastmaster in 1926
Salton brand introduced in 1947
Current Corporation founded in 1988
Initial public offering in 1991
Breadman® and Juiceman®
acquired in 1993
Block China acquisition in 1996
Completed recapitalization in July
1998
Completed Toastmaster acquisition
in January 1999
Latest Earnings Release
Reported results for its fiscal 1999 fourth
quarter and year ended June 26, 1999:
For the quarter, net sales increased 93.6% to
a record $134.7 million, compared with $69.6
million in the same period last year. Net
income increased 104.8% to $6.9 million,
compared to $3.4 million in the same quarter
a year ago, before a non-recurring after-tax
gain of approximately $4.9 million ($8.2
million before taxes), or $0.24 per diluted
share in the comparable quarter a year-ago
from the sale of shares held as marketable
securities by Salton, as well as after-tax
costs of approximately $681,000 ($1.1 million
before taxes), or $0.03 per diluted share,
associated with the refinancing of Salton's
credit facility. Diluted earnings per share
increased to a record $0.48 from $0.16 in the
prior year's period, before the previously
mentioned non-recurring after tax gain and
refinancing costs. The weighted average
common and common equivalent shares
outstanding for the quarter were 14,391,275,
compared with 20,427,867 in last year's
quarter; both share counts reflect the recent
three-for-two stock split.
For the year, net sales increased 65.6% to a
record $506.1 million, compared with $305.6
million in the same period last year. Net
income increased 126.1% to $34.5 million,
compared to $15.3 million in the same period
last year, excluding a non-recurring after-tax
gain of approximately $5.4 million ($9.0
million before taxes), or $0.27 per diluted
share in the comparable period a year-ago
from the sale of shares held as marketable
securities by Salton, and after-tax costs of
approximately $681,000 ($1.1 million before
taxes), or $0.03 per diluted share, associated
with the above mentioned refinancing.
Certain matters discussed in this news release are
forward-looking statements that are subject to certain
risks and uncertainties that could cause actual results to
differ materially from those set forth in the
forward-looking statements. These factors include: the
integration of Toastmaster, including the failure to
realize anticipated revenue enhancements and cost
savings; the Company's relationship and contractual
arrangements with key customers, suppliers and
licensors; the risks relating to pending legal proceedings;
cancellation or reduction of orders; the timely
development, introduction and customer acceptance of the
Company's products; dependence on foreign suppliers
and supply and manufacturing constraints; competitive
products and pricing; economic conditions and the retail
environment; the availability and success of future
acquisitions; the Company's degree of leverage; the risks
related to intellectual property rights; year 2000 issues
and other risks and uncertainties detailed from time to
time in the Company's Securities and Exchange
Commission filings.
Shareholder Information
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