Blyth Reports Over $12 Million Loss In 4th Quarter

 

Blyth Inc. (BTH) on Monday reported a loss of $12.2 million in its fourth quarter.

On a per-share basis, the Greenwich, Connecticut-based company said it had a loss of 75 cents. Earnings, adjusted for non-recurring costs and asset impairment costs, came to 88 cents per share.

The candle seller posted revenue of $176.8 million in the period.

For the year, the company reported net income of $86.8 million, or $5.37 per share, swinging to a profit in the period. Revenue was reported as $490 million.

Blyth shares have fallen 23 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $7.07, a decline of 22 percent in the last 12 months.

First Nine Months Fiscal Performance

Net Sales for the nine months ended September 30, 2014 declined 7% to $313.2 million versus $336.0 million for the comparable prior year period.  Operating Loss for the first nine months was $13.7 million this year versus a loss of $16.0 million last year, the improvement principally driven by operational efficiencies at Silver Star Brands.

Net Earnings Attributable to Blyth, Inc. were $99.0 million for the nine months ended September 30, 2014 compared to a loss of $7.2 million in the prior year period. Diluted Earnings per Share Attributable to Blyth, Inc. were $6.13 for the nine months ended September 30, 2014 compared to a loss of $0.45 in the prior year period.   

For the first nine months, the Company recorded an expense of $0.04 for the aforementioned debt refinancing and an after-tax profit from discontinued operations for ViSalus of $6.93 per share this year and $0.40 per share last year.  Normalized earnings from continuing operations were a loss of $12.4 million, or $0.77per share versus a loss of $13.8 million, or $0.85 per share, in the comparable period last year.

Blyth, Inc., headquartered in Greenwich, CT, USA, is a direct to consumer business focused on the direct selling and direct marketing channels.  It designs and markets candles and accessories for the home and also designs and markets health, wellness and beauty products, household convenience items and personalized gifts through the Catalog/Internet channel.  Its products are sold direct to the consumer under the PartyLite® brand and to consumers in the catalog/Internet channel under the Miles Kimball®, Walter Drake®, Easy Comforts®, As We Change® and Exposures® brands.