All rights reserved. Based in Woonsocket, Rhode Island, the Company is a global leader of premium juvenile brands driven by a commitment to people, products, and purpose. So we'd watch its balance sheet closely, without a doubt. Based in Woonsocket, Rhode Island, the Company is a global leader of premium juvenile brands driven by a commitment to people, products, and purpose. 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 . Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. Company Contact:Chris WittyInvestor Relations646-438-9385cwitty@darrowir.com, 2022 GlobeNewswire, Inc., source Press Releases. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are neither historical facts nor assurances of future performance. Summer Infant Stock Price $12 2022-07-04 Market Capitalization $26 M 2022-06-22 Revenue $143.7 M FY, 2021 Company summary Overview Summer Infant is an infant and juvenile products company, which provides mothers and caregivers a range of products to care for babies and toddlers. This call is being webcast and can be accessed by visiting the "Investor Relations" section of the Company's website at www.summerinfant.com. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. 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. These documents may be obtained free of charge at the SEC's web site at www.sec.gov and on the Investor Relations page of the Company's website located at https://www.sumrbrands.com. Company is actively adapting to meet consumer expectations and needs. We currently account for open market transactions and private dispositions, but not derivative transactions. SwaddleMe is a trusted brand which resonates with Interest expense was $0.4 million in the fourth quarter of 2021 versus $0.5 million in 2020. 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. 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. To listen to the call, visit the Investor Relations section of the Companys website at www.sumrbrands.com or dial 844-834-0642. Written by To the extent that holdings of the Company's securities have changed since the amounts reflected in the Company's proxy statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. its wide variety of product offerings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. 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. Includes Ownership Percent, Buy versus Sell comparison, Put-Call ratio and more, Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports, https://last10k.com/sec-filings/sumr/0001171843-20-005826.htm, Plus: non-cash stock based compensation expense, Tax impact of items impacting comparability, Adjusted earnings/(loss) per diluted share (Non-GAAP). Click here for an interactive snapshot. An explanation is included under the heading below "Use of Non-GAAP Financial Information," and reconciliations to GAAP measures can be found in the tables at the end of this release. The Company is made up of a diverse group of experts with a passion to It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. The definitive proxy statement, the preliminary proxy statement, and other relevant materials in connection with the transaction (when they become available) and any other documents filed or furnished by the Company with the SEC, may be obtained free of charge at the SECs website (www.sec.gov). These documents may be obtained free of charge at the SEC's web site at www.sec.gov and on the Investor Relations page of the Company's website located at https://www.sumrbrands.com. Management will host a conference call to discuss the financial results tomorrow, March 17, at 9:00 a.m. Eastern. 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. Therefore, you should not rely on any of these forward-looking statements. Its Headquartered in Atlanta, Kids2 spans globally serving customers in more than 90 countries and has been inventing and reinventing baby products for 50 years. So it may not tell us anything about how insiders feel about the current share price. Under the terms of the agreement, the Companys stockholders will receive $12.00 in cash for each share of Company common stock that they own, implying a 41.2% premium to the closing price of the Companys common stock on March 15, 2022. The Company is holding its fourth quarter and full year investor conference call at 9:00 a.m. Eastern Time on March 17, 2022 and will also address the Kids2 transaction. 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. Additional Information about the Kids2 Merger and Where to Find It. Lincoln International, LLC is acting as financial advisor to Kids2 and Foley & Lardner LLP is serving as its legal counsel. You may also request copies of the proxy materials from our Company as described in the enclosed proxy statement. 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 Companys consolidated financial statements as an indicator of financial performance or liquidity. When we did our research, we found 3 warning signs for Summer Infant (1 is concerning!) Historically the company was generating losses but as we can see from the latest figures referenced above, they're now earning 7.5% on their capital employed. New Facilities Expected to Result in Savings of $0.04 Per Share Annually Summer Infant, Inc. ("Summer Infant" or the "Company") (Nasdaq:SUMR), global leader in premium juvenile products, today announced that it has completed a restructuring of its debt to include a $60 million revolving credit facility, a $5 million "first in last out" (FILO) facility and $10 million term loan facility . The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' MarketScreener: Created by Investors for Investors! 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 firm based . make family life better. Adjusted EBITDA, as defined in the Company's credit agreements, for the fourth quarter of 2021 was negative $2.0 million versus $1.4 million for the fourth quarter of 2020, and Adjusted EBITDA as a percent of net sales was (5.8)% in 2021 versus 3.9% last year. But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. The Company recorded a tax provision of $0.6 million in the fiscal 2021 fourth quarter, which included a $1.5 million valuation allowance on its deferred tax asset, versus a provision of $0.2 million in the comparable period of fiscal 2020. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believes," "estimate" and similar expressions, and include statements regarding the Company's expectations regarding ongoing supply chain and logistics challenges in 2022 and the pending acquisition of the Company by Kids2, Inc.. The Company 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. 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 . Upon completion of the transaction, the Company will become a privately-held company and its common stock will no longer be listed on the Nasdaq Capital Market. An archive of the webcast will be available on the Company's website. consumer purchasing behaviors evolve, Summer Infant, now known as SUMR Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today. 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. Additional information regarding the participants in the solicitation and their interests in the proposed transaction will be included in the proxy statement and other materials relating to the proposed transaction when they are filed with the SEC. "As expected, the steps we've taken this past year to streamline and focus the Company are beginning to bear fruit . When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. But ultimately, every company can contain risks that exist outside of the balance sheet. 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. We can see that Summer Infant, Inc. (NASDAQ:SUMR) does use debt in its business. 438-9385cwitty@darrowir.com, Summer Infant, Now Known as SUMR Brands: Launches New Brand and Product Strategy, Internet Explorer presents a security risk. The first step when considering a company's debt levels is to consider its cash and debt together. has you. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. WOONSOCKET, R.I., May 24, 2018 (GLOBE NEWSWIRE) -- Summer Infant, Inc. ("Summer Infant" or the "Company") (NASDAQ:SUMR), a global leader in premium infant and juvenile products, today announced . So while it's helpful to know what insiders are doing in terms of buying or selling, it's also helpful to know the risks that a particular company is facing. 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. Although we don't think shareholders should simply follow insider transactions, logic dictates you should pay some attention to whether insiders are buying or selling shares. The Company provides reconciliations of these non-GAAP measures in its press releases of historical performance. 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. first-time expectant and experienced parents alike. Have feedback on this article? So on that note, Summer Infant (NASDAQ:SUMR) looks quite promising in regards to its trends of return on capital. MEDIA CONTACTAdam RitchieSUMR Brands Public Relations(617) CONTACTChris WittySUMR Brands Investor Relations(646) While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. Forward-looking statements are neither historical facts nor assurances of future performance. We're delighted to see that Summer Infant is reaping rewards from its investments and has now broken into profitability. Kids II, Inc. completed the acquisition of Summer Infant, Inc. from Wynnefield Partners.. Summer Infant : SUMR Brands Stockholders Approve Acquisition by Kids2 - Form 8-K. Summer Infant, Inc. : Submission of Matters to a Vote of Security Holders, Other Events, F.. Summer Infant Shareholders Approve Pending Acquisition by Kids2, SUMR Brands Stockholders Approve Acquisition by Kids2, Summer Infant, Inc. : Other Events, Financial Statements and Exhibits (form 8-K), Secretary, SVP, General Counsel & Compliance. The transaction has been unanimously approved by the Companys Board of Directors, and Wynnefield Capital and Jason Macari, significant stockholders of the Company, have signed voting agreements in support of the transaction. Ultimately, that's a low return and it under-performs the Personal Products industry average of 18%. Have feedback on this article? The increase year-over-year as a percent of sales was primarily due to higher cooperative advertising expenses, freight, and royalty costs. You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, risks related to disruption of managements attention from ongoing business operations due to the pending transaction; the risk that one or more closing conditions to the transaction may not be satisfied or waived, on a timely basis or otherwise; the risk that the transaction does not close when anticipated, or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; potential adverse reactions or changes to employee or business relationships resulting from the announcement or completion of the proposed merger; the risk of litigation or legal proceedings related to the proposed transaction; unexpected costs, charges or expenses resulting from the proposed transaction; and other factors discussed in the Risk Factors section of the Companys most recent Annual Report on Form 10-K, and the Companys subsequent Quarterly Reports on Form 10-Q and in other filings the Company makes with the SEC from time to time. Lincoln International, LLC is acting as financial advisor to Kids2 and Foley & Lardner LLP is serving as its legal counsel. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. The Company, Kids2, Inc. and their respective directors and executive officers, management and employees may be deemed to be participants in the solicitation of proxies from the Companys stockholders in connection with the proposed transaction. After all, Summer Infant would likely require a major re-capitalisation if it had to pay its creditors today. "The fourth quarter of 2021 continued to be challenging across a number of fronts, with supply chain constraints and higher material costs negatively impacting our ability to meet demand and maintain margins," said Stuart Noyes, CEO. Summer Infant Inc, 1275 Park East Drive, Woonsocket 02895, United States. These symbols will be available throughout the site during your session. For more information about the Company, please visit www.sumrbrands.com. -, Kids2 Acquires Summer Infant, Creating Powerhouse of Parenting Solutions. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. 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. Elevated container rates, demurrage, and related logistics expense, along with air freight - to better serve customers - have been constant headwinds against our efforts to efficiently manage supply. Written by Get the latest business insights from Dun & Bradstreet. Through its operating subsidiaries, Summer Infant develops and markets health and safety, and wellness products for children from birth to 3 years old mostly under the Summer Infant and Born Free brand names. If you'd like to look at how Summer Infant has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow. Concerned about the content? 819-4237pr@sumrbrands.comINVESTOR But we do like the fact that insiders own a fair chunk of the company. 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. You have us. Summer products will be sold on 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. The transaction is expected to close in the second quarter of 2022. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. As of January 1, 2022 the Company had approximately $0.5 million of cash and $40.6 million of bank debt compared with $0.5 million of cash and $30.9 million of bank debt as of January 2, 2021. When analysing debt levels, the balance sheet is the obvious place to start. Cautionary Note Regarding Forward-Looking Statements. As you can see below, at the end of October 2021, Summer Infant had US$35.5m of debt, up from US$32.8m a year ago. Bruce is a managing director at Winter Harbor and has more than 20 years of diversified experience . Adjusted EBITDA in 2021 included $1.2 million in bank permitted add-back charges compared with $0.7 million during the prior-year period. Distributed by Public, unedited and unaltered, on 17 March 2022 10:10:27 UTC. Adjusted EBITDA, adjusted net loss, and adjusted loss per share are non-GAAP metrics. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Our analysis of Summer Infant insider transactions leaves us cautious. The Company reported a net loss of $4.8 million, or $(2.20) per share, in the fourth quarter of 2021 compared with a net loss of $3.4 million, or $(1.59) per share, in the prior-year period. Because these measures are not determined in accordance with GAAP and are susceptible to varying calculations, these non-GAAP measures, as presented, may not be comparable to other similarly titled measures of other companies. The Company assumes no obligation to update the information contained in this release. Copy and paste multiple symbols separated by spaces. Please wait while we load the requested 8-K report or click the link below: https://last10k.com/sec-filings/report/1314772/000117184320005826/f8k_081120.htm. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. WOONSOCKET, R.I.--(BUSINESS WIRE)--SUMR Brands (SUMR Brands or the "Company") (NASDAQ: SUMR) announced But the real question . Offsetting these obligations, it had cash of US$389.0k as well as receivables valued at US$34.4m due within 12 months. Our results this quarter in the middle of a global pandemic reflect not only our strategic focus on right-sizing the business but, in tandem, the ongoing demand for the innovative and essential products we bring to market. To listen to the live call, visit the Investor Relations section of the Company's website at www.sumrbrands.comor dial 844-834-0642 or 412-317-5188. Bruce Meier first joined SUMR Brands as a consultant with Winter Harbor overseeing the operational and financial side of the Company's business in December 2019 and has since taken over as Interim Chief Financial Officer as of March 2021. . The reduction could indicate that the company is selling some assets, and considering returns are up, they appear to be selling the right ones. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Insiders in Summer Infant didn't buy any shares in the last year. While COVID-19 negatively impacted revenue growth primarily through supply chain constraints and certain lower brick & mortar traffic we saw G&A costs fall over 20% year-over-year, generated $9.6 million in cash from operations, and reduced debt to the lowest levels in recent history. As A live audio webcast of the Company's presentation will be accessible via the Summer Infant website. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. Analysts use this formula to calculate it for Summer Infant: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) (Total Assets - Current Liabilities). Permitted add-backs for the six months ended June 29, 2019 include severance $511 ($144 tax impact), board fees $201 ($56 tax impact) and special projects $26 ($7 tax impact). . Over the last two years, Summer Infant actually produced more free cash flow than EBIT. This means we'd consider it to have a heavy debt load. These documents may be obtained free of charge at the SECs web site at www.sec.gov and on the Investor Relations page of the Companys website located at https://www.sumrbrands.com. 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. Type a symbol or company name. Summer Infant, Inc. ("Summer Infant" or the "Company") (NASDAQ:SUMR), a global leader in premium infant and juvenile products, today announced that management will present at the B. Riley & Co. Retail & Consumer Conference on September 16, 2015 in New York City . Company Contact: Chris Witty . 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. Simply Wall St has no position in any stocks mentioned. Such information is supplemental to information presented in accordance with GAAP and is not intended to represent a presentation in accordance with GAAP. Simply Wall St->. We help you make informed decisions by giving you access to institutional quality data and analysis presented visually. Kids2 is a global purpose-driven company that designs solutions to help early-stage parents and families create tiny wins that build bright futures. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. These documents may be obtained free of charge at the SECs web site at www.sec.gov and on the Investor Relations page of the Companys website located at https://www.sumrbrands.com. that we believe deserve your full attention. The born free brand will be relaunched this spring for This article by Simply Wall St is general in nature. All information provided in this release is as of the date hereof and the Company undertakes no duty to update this information except as required by law. As of June 27, 2020, the Company had approximately $0.8 million of cash and $35.2 million of bank debt compared with $0.4 million of cash and $48.6 million of bank debt as of December 28, 2019. Investor Relations Intelligence ; Nasdaq Direct Listings; Optimize Governance Practices. Find company research, competitor information, contact details & financial data for Summer Infant (usa), Inc. of Woonsocket, RI. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. Alternatively, email editorial-team (at) simplywallst.com. Simply Wall St has no position in any stocks mentioned. WOONSOCKET, R.I., Aug. 11, 2020 (GLOBE NEWSWIRE) -- SUMR Brands ("SUMR Brands" or the "Company") (NASDAQ: SUMR), a global leader in premium infant and juvenile products, today announced financial results for the second quarter ended June 27, 2020.
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