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SL Industries Announces 2012 Second Quarter Results

Stocks in this article: SLI

SL INDUSTRIES, INC. (NYSE AMEX: SLI) announced today that its net sales from continuing operations for the quarter ended June 30, 2012, were $48.9 million, down 13% compared with net sales from continuing operations for the quarter ended June 30, 2011 of $56.3 million.

Income from continuing operations for the quarter ended June 30, 2012 was $1.4 million, or $0.32 per diluted share, compared to income from continuing operations of $3.6 million, or $0.79 per diluted share, for the quarter ended June 30, 2011. Included in income from continuing operations during the second quarter of 2012 was a pre-tax non-cash stock-based compensation charge of $0.6 million, as compared to a pre-tax charge of $0.1 million in the same period of 2011. Also included in income from continuing operations during the second quarter of 2012 was $0.4 million in costs related to the Company’s investigation regarding a possible violation under the U.S. Foreign Corrupt Practices Act, with respect to the Company’s operations in China, $0.2 million in direct costs related to the Astromec asset acquisition which was entered into on February 27, 2012, and a $0.2 million non-cash unrealized loss on foreign exchange contracts. Included in income from continuing operations during the second quarter of 2011 was a $0.3 million pre-tax non-cash gain related to insurance recoveries.

Net income for the quarter ended June 30, 2012 was $1.2 million, or $0.26 per diluted share, compared to net income of $4.2 million, or $0.92 per diluted share, for the quarter ended June 30, 2011. Net income for the quarter ended June 30, 2012 included a net loss from discontinued operations of $0.2 million, or $0.06 per diluted share, compared to net income from discontinued operations of $0.6 million, or $0.13 per diluted share, for the second quarter 2011. The net loss from discontinued operations for the second quarter of 2012 primarily related to after tax charges for environmental remediation and legal expenses related to environmental remediation. Net income from discontinued operations for the second quarter 2011 was generated by a $0.8 million non-cash gain from a tax settlement associated with the company’s German subsidiary, which was sold in January 2003 partially off-set by losses related to environmental remediation, net of tax.

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