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 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.
In related news, USI has reduced its total net debt and letters of credit outstanding to about $751 million since June 30, 2001. The debt reduction includes pay down of the company's senior debt and the credit facilities of Rexair Holdings and Rexair Inc., which were acquired in August 2001.