U.S. Industries Announces Third-Quarter Income Increase
U.S. Industries Inc., parent company of Jacuzzi, Zurn and Eljer, reported an earnings increase of $7 million in the third quarter of 2002 ended June 30.
U.S. Industries Inc., parent company of Jacuzzi, Zurn and Eljer, reported an earnings increase of $7 million (9 cents per diluted share) in the third quarter of 2002 ended June 30, compared to a loss of $115 million ($1.57 per diluted share) in 2001’s third quarter. Included in these figures are restructuring charges of $6.4 million within the bath and plumbing segment.
Sales for the third quarter were $319 million, compared to $308.1 million in 2001. The increases in the third quarter are attributable to the acquisition of Rexair, which was partially offset by a decrease in sales in the bath and plumbing segment. The decrease in sales for bath and plumbing is partly related to decreased sales in the nonpremium spa and whirlpool bath businesses, which was affected by reduced sales of certain product lines for which the company declined requests for price and service concessions.