Sealy Posts $2.6 Million Net Income in Fourth Quarter
Posted on January 14, 2010 by
TRINITY, N.C.-Reversing a $41.4 million loss from the fourth quarter of last year, Sealy ended 2009 on a much more positive note with a bottom-line reading of $2.6 million.
The nation's largest mattress manufacturer pushed fourth-quarter net sales up 2 percent to $332.1 million. The company's financials also benefited from a 2.7 percent drop in selling, general and administrative expenses and a 3.3 percent decline in cost of goods sold. In another key item, Sealy reported a goodwill impairment loss of $1.2 million in the 2009 fourth quarter, compared to a loss of $27.5 million in the fourth quarter of 2008.
For the full year, Sealy's net income totaled $13.5 million, compared to a 2008 loss of $3.8 million. Net sales finished 2009 at $1.3 billion, down 14 percent from the previous year. SG&A; expenses were trimmed by 14 percent, and cost of goods sold fell 16 percent.