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Summer Infant, Inc. (SUMR) SEC Filing 10-Q Quarterly Report for the period ending Saturday, April 2, 2022

SEC Filings

Summer Infant, Inc.

CIK: 1314772 Ticker: SUMR

 

Exhibit 99.1

 

PRESS RELEASE    

 

SUMR Brands Reports 2021 Fourth Quarter Results

 

Transaction with Kids2 Approved by Company’s Board of Directors;

Closing Expected Second Quarter

 

WOONSOCKET, R.I., March 16, 2022 – SUMR Brands ("SUMR Brands" or the "Company") (NASDAQ: SUMR), a global leader in premium infant and juvenile products, today announced financial results for the fiscal fourth quarter ended January 1, 2022.

 

Recent Highlights

 

The Company announced today that it had reached a definitive merger agreement with Kids2, Inc. (“Kids2”) pursuant to which Kids2 will acquire, subject to satisfaction of certain conditions, all issued and outstanding common stock of SUMR for $12.00 cash per share; the transaction has been unanimously approved by the Company’s Board of Directors

 

Net sales were $35.3 million in the fourth quarter versus $36.0 million in the prior-year period, as ongoing supply chain constraints impacted the Company’s ability to meet demand; however, SUMR saw continued growth across its ecommerce channels, helping to mitigate the impact of shipment delays while supporting pandemic-related shopping trends

 

SUMR reported a net loss of $4.8 million, or $(2.20) per share, for the fourth quarter of 2021 compared with a net loss of $3.4 million, or $(1.59) per share, in the prior-year period, reflecting supply chain inefficiencies; the 2021 fourth quarter included a $1.5 million valuation allowance on its deferred tax asset, while the 2020 fourth quarter included a $1.8 million debt extinguishment charge related to the Company’s refinancing and a $0.7 million impairment charge

 

Adjusted EBITDA was negative $2.0 million in the 2021 fourth quarter versus $1.4 million in the prior-year period

 

After the end of the quarter, in January 2022, the Company reached an agreement with Wynnefield Capital for a subordinate term loan of up to $5 million, providing additional liquidity and financial flexibility

 

“The fourth quarter of 2021 continued to be challenging across a number of fronts, with supply chain constraints and higher material costs negatively impacting our ability to meet demand and maintain margins,” said Stuart Noyes, CEO. “In general, things did not improve as we had hoped, and such conditions have remained as we begin fiscal 2022. Elevated container rates, demurrage, and related logistics expense, along with air freight – to better serve customers – have been constant headwinds against our efforts to efficiently manage supply. Working capital has also been under pressure due to the need for increased inventory and elongated transit times.

 

“While seeing strong demand for many of our products, we have entered into an agreement to sell SUMR to Kids2 to unlock value for shareholders. This will ensure the future of our successful, innovative products within a competitive landscape and uncertain supply chain environment. In the meantime, we are grateful for the support and near-term financial flexibility provided by Wynnefield, our largest shareholder.”

 

Fourth Quarter Results

 

Net sales for the three months ended January 1, 2022 were $35.3 million compared with $36.0 million for the three months ended January 2, 2021, with the slight decrease year-over-year primarily reflecting ongoing supply chain disruptions. While the Company often faced challenges meeting overall demand, revenue across several key product categories rose year-over-year, including potties, bathers, strollers, and boosters. Sales shifted to ecommerce channels during the quarter, with Amazon revenue up over 30% year-over-year.

 


The following information was filed by Summer Infant, Inc. (SUMR) on Thursday, March 17, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Summer Infant, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Summer Infant, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Loss And Income
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Components Of Lease Expense (Details)
Commitments And Contingencies - Lease Maturities (Details)
Commitments And Contingencies - Summary Of Leases (Details)
Debt
Debt (Tables)
Debt - Aggregate Maturities (Details)
Debt - Summary Of Loans (Details)
Intangible Assets
Intangible Assets (Details)
Intangible Assets (Tables)
Revenue
Revenue (Details)
Revenue (Tables)
Share Based Compensation
Share Based Compensation (Details)
Share Based Compensation (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies (Tables)
Weighted Average Common Shares
Weighted Average Common Shares (Tables)
Weighted Average Common Shares - Anti-Dilutive Securities (Details)
Weighted Average Common Shares - Reconciliation Of Basic And Diluted Net Income (Loss) Attributable To Common Stockholders (Details)

Material Contracts, Statements, Certifications & more

Summer Infant, Inc. provided additional information to their SEC Filing as exhibits

Ticker: SUMR
CIK: 1314772
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-22-061255
Submitted to the SEC: Mon May 16 2022 4:01:43 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Saturday, April 2, 2022
Industry: Miscellaneous Manufacturing Industries

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