In related news, the company reported increased sales for the second quarter of fiscal year 2003 of $283.8 million, a 12 percent rise from 2002 figures of $254.4 million. These increases are primarily due to higher sales in the bath and plumbing segment, which had increased sales of $29.4 million (a 12.9 percent increase from 2002) and increased income of $27.3 million. The second quarter shows a net loss for USI of $33.3 million, or 54 cents per diluted share, compared to the net income of $3 million in fiscal year 2002's second quarter. The loss includes an impairment charge recorded in discontinued operations.
U.S. Industries To Sell Swimming Pool, Pool Equipment Businesses
U.S. Industries, parent company of Jacuzzi and Zurn, announced it will sell its noncore swimming pool and pool equipment businesses to Polyair Inter Pack Inc. of Toronto. Included in the sale are the above-ground swimming pool company Atlantic Pools, and the pool equipment businesses of Jacuzzi Leisure Products Inc. and Jacuzzi Bros. The cost of the transaction, subject to closing conditions, is about $41 million (US).