Friday August 3rd, 2012 - 11:26AM
Hamilton Beach and Kitchen Collection parent company NACCO Industries today posted second quarter results. Hamilton Beach's net income was $2.2 million versus $1.3 million in the second quarter of 2011.
The company attributed the advance to increased sales of higher-margin products, the absence of $900,000 of pre-tax costs incurred in 2011 related a Hamilton Beach distribution center relocation and lower interest rate expense, all partially offset by higher product costs.
For its Kitchen Collection retail division, the company reported that second quarter net loss increased to $3.2 million from $2.7 million in 2011 primarily as a result of higher store costs.
For the six months ended June 30, Hamilton Beach reported net income of $3.2 million on revenues of $215.6 million versus net income of $2.3 million on revenues of $204.9 million for the first six months of 2011.
For the six months ended June 30, 2012, Kitchen Collection reported a net loss of $6.0 million on revenues of $87.6 million compared with a net loss of $6.0 million on revenues of $80.9 million for the 2011 period.