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[December 2005]
Jacuzzi Brands Fourth Quarter and Fiscal Year
Jacuzzi Brands Inc (West Palm Beach, FL, USA) has announced its results for the fourth quarter and fiscal year ended 30 September 2005. Net sales for the fourth quarter of fiscal year 2005 were US$293.3 million compared to US$308.5 million for Q4 2004. Operating income in Q4 2005 was US$17.1 million compared to US$37.8 million a year ago.
In its divisional round-up, Jacuzzi reported that Plumbing Products sales increased by 17.6% over Q4 2004, offsetting a 2.9% decline in Bath Products sales from the prior year period. Rexair contributed no sales this time as Jacuzzi had divested itself of that company on 30 June 2005.
Operating income for Q4 in the Plumbing Products segment rose by 36.9% while operating income in the Bath Products segment declined by 62.7%.
For the full year, total net sales were up slightly to US$1.21 billion from US$1.2 billion in fiscal 2004. A 14.6% increase in Plumbing Products annual sales was partially offset by a slight decline in Bath Products sales (and the absence of Rexair sales in Q4).
The decrease in the Bath Products segment resulted from the slowdown in the UK market and softness in the Italian bath and US spa markets. Annual Bath Products sales included a $13.5 million benefit from favourable currency exchange rates. Operating income decreased from US$127.2 million to US$94.4 million.
David Clarke, Chairman and CEO, stated: "I am very pleased with the decisive action which Al Marini and our whole team have taken, since our management change in mid-August, to restore profitability and growth at our bath business. We are off to a good start in 2006 and I believe we will see continued growth in the plumbing business and a significant improvement in results in the bath operations this year".
ENDS