Source: Blythe, Inc 4/21/2006
Partylite Reports Earnings
Blyth, Inc. Reports 4th Quarter and Full Year Sales and Earnings
GREENWICH, Conn., March 30, 2006 (PRIMEZONE) -- Blyth, Inc. (NYSE:BTH), a leading designer and marketer of home fragrance and home decor products, today reported that Net Sales for the fourth quarter ended January 31, 2006 declined 3.6% to $480.6 million compared to $498.8 million a year earlier. Excluding the adverse impact of foreign currency movement, fourth quarter Net Sales were approximately even with last year. Operating Loss for the quarter was $6.7 million compared to Operating Income of $65.0 million for the prior year period and reflects a one-time non-cash goodwill impairment charge of $53.3 million pre-tax, or $0.94 per share, arising from a re-evaluation of the goodwill associated with the Wholesale segment. The Company also recorded a book loss of $1.6 million, or $0.02 per share, on the sale of the Impact Plastics business during the fourth quarter. Net Loss for the quarter was $12.3 million versus Net Earnings of $39.2 million a year earlier and includes a previously-announced one-time tax expense of $9.1 million, or $0.22 per share, to recognize the income tax liability associated with repatriating $130 million in foreign earnings, previously considered permanently reinvested in non-U.S. legal entities, under the American Jobs Creation Act of 2004. Also reflected in the fourth quarter Net Loss are tax credits of $8.5 million, or $0.21 per share, primarily due to the reversal of contingent tax liabilities and also due to prior year true ups. Diluted Net Earnings Per Share for the quarter was a loss of $0.30 per share compared to earnings of $0.95 for the same period last year. Excluding the adverse effect of the goodwill impairment charge, the sale of the Impact Plastics business and the tax on repatriated European funds, as well as the benefit of the tax liability reversal and true up, fourth quarter Earnings Per Share would have been $0.67 this year versus $0.95 in last year's fourth quarter.
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