Sleepy Numbers for Sealy

Sealy (ZZ Quote) posted a 98% plunge in second-quarter profit as it recognized costs related to its initial public offering.

The Archdale, N.C., bedding maker made $126,000, or less than a penny a share, for the quarter ended May 28. That's down from the year-ago $6.4 million, or 9 cents a share.

Latest-quarter numbers included pretax costs of $21 million, or 24 cents a diluted share, related to its April IPO and related debt repayment. Second-quarter results also include $6.4 million of incremental cost related to the launch of Sealy's new products and $1.5 million of incremental expense for stock options vs. the comparable prior-year period. Year-ago results included pretax costs of $3.7 million related to debt refinancing. Analysts surveyed by Thomson Financial were looking for a latest-quarter profit of 18 cents a share.

Sales rose 6% from a year ago to $377 million. Domestic net sales rose 2.5% to $291.5 million, as average unit selling price improved 9% and unit volume declined 5.9%. International net sales increased 19%, 17.4% on a constant-currency basis, to $85.2 million. There, unit volume rose 12.2% and average unit selling price added 6%. ...