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NATION / WORLD: CONSUMER PRODUCTS

Sunbeam Had a Profitable '97 After All

November 13, 1998|Bloomberg News

Sunbeam Corp. indicated that it was profitable last year under ousted Chairman Al Dunlap, contrary to its Oct. 20 announcement of plans to restate results. The troubled company issued another revision of its 1996 and '97 results in an amended filing of its 1997 annual report. After its accounting review, Sunbeam showed a profit of $6.8 million for 1997, contrasted with a previously reported loss of $6.4 million, excluding the reversal of restructuring charges, the filing shows. For 1996, it lost $33.9 million, excluding restructuring charges, contrasted with a previously reported profit of $10.8 million. The figures were adjusted a second time because of the identification of additional charges and the adjustment of figures for taxes, Sunbeam said. Sunbeam, the largest U.S. maker of small appliances, also said its 1998 results will be hurt by charges related to excess inventory built up before it fired Dunlap in June as well as charges related to its management change, restructuring of its operations, litigation costs and higher interest costs from debt to finance acquisitions. The Delray Beach, Fla.-based company did not disclose the size of the 1998 charges. Sunbeam shares fell 6 cents to close at $7.25 on the NYSE. The filing was disclosed after the close of U.S. trading.

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