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Article Excerpt
CAMP HILL, Pa., May 8 /PRNewswire/ -- ATT Holding Co., parent of Ames True Temper, Inc., reported today the results of Q2 2009 (thirteen week period ended March 28, 2009).
Second Quarter 2009 Results
Net sales for Q2 2009 were $142.3 million, a 3.3 percent decrease over $147.1 million in Q2 2008 (thirteen week period ended March 29, 2008). Net income for Q2 2009 was $2.2 million, compared to net income of $3.3 million for Q2 2008. Adjusted EBITDA (which is reconciled to net income on the attached table) for Q2 2009 was $17.2 million compared to $20.8 million for Q2 2008.
"While lawn and garden continues to outperform many other categories at retail, sales are still soft to prior year. In addition, the retailers' renewed emphasis on their inventory levels further impacted Q2 results," stated President and CEO Duane Greenly.
Borrowings outstanding under our revolving credit facility were $82.1 million at March 28, 2009. Additional availability under our revolving credit facility was $45.2 million at March 28, 2009.
"We are pleased with our revolver availability at the end of Q2," stated CFO Dave Nuti. "Our efforts to reduce expenses and improve working capital have been successful in Q2 and YTD towards maintaining significant credit facility availability."
Year-to-Date 2009 Results
Net sales for YTD 2009 (twenty-six week period ended March 28, 2009) were $234.6 million, a 4.6 percent decrease compared to $245.9 million for YTD 2008 (twenty-six week period ended March 29, 2008). Net loss for YTD 2009 was $8.1 million, compared to a $0.5 million net loss for YTD 2008. Adjusted EBITDA (which is reconciled to net loss on the attached table) for YTD 2009 was $34.9 million compared to Adjusted EBITDA for YTD 2008 of $29.8 million.
Ames True Temper, Inc. is a global provider of non-powered landscaping products that make work easier...
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