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Results for the fourth quarter included net sales of $248 million, compared to $253 million in the previous year's quarter, a decrease of 2%. Glassware and Candles sales increased 15% to $30.7 million, primarily due to higher candle sales to the mass market. The segment’s quarterly operating loss improved to less than $0.1 million, compared to $0.9 million a year ago. The benefits from higher sales and greater production volumes were mitigated by higher input costs, especially for paraffin wax. Fourth quarter 2010 net income totaled $22.8 million, or $0.81 per diluted share, vs. the year ago net income of $28.4 million, or $1.01 per diluted share.
“For the year, we achieved record operating income and net income, with meaningful bottom-line improvement in both operating segments," said John B. Gerlach, Jr., chairman and CEO. “We begin the new year with well-positioned food brands, balance sheet flexibility and future growth potential from new product development and greater geographic penetration….We believe that sales growth is achievable in fiscal 2011, but our earnings optimism is tempered by economic hurdles faced by consumers, planned expansion of marketing activities, rising paraffin wax costs and potentially higher food commodity and packaging costs. Our unwavering focus on efficiently providing consumer-pleasing products and strong customer service should help yield continued strong shareholder returns.”
For more information, call (614) 224-7141.