In its third quarter, Hamilton Beach reported that the U.S. consumer market remained strong while shipping capabilities were strained.
Hamilton Beach, in connection with its previously disclosed investigation into certain accounting irregularities at its subsidiary in Mexico, has concluded that the company’s previously issued consolidated financial statements for the years ended December 31, 2019 and 2018, each of the quarters during those years, and other financial data relating to these periods should no longer be relied upon.
Hamilton Beach has filed a Form 12b-25 with the U.S. Securities and Exchange Commission for extension of time to file its quarterly report on Form 10-Q for the three-month period ended March 31. The company said it discovered accounting irregularities with respect to the timing of recognition of selling and marketing expenses and the classification of certain expenditures within the statement of operations at its Mexican subsidiary.
Hamilton Beach is highlighting a broad range of new kitchen appliances with multi-functional, connected and wellness motifs, as well as an expanded range of breakfast and coffee offerings.
Hamilton Beach Brands is launching Brightline, a new personal care brand. Brightline’s ADA-approved electric toothbrushes use sonic technology to lift away plaque and fight surface stains, the company said.
Lower than anticipated reorders from the U.S. e-commerce channel and a decrease in sales at brick-and-mortar stores were key factors in lower than expected fourth quarter sales at Hamilton Beach Brands.
Hamilton Beach Brands has entered into an exclusive multi-year distribution agreement with Bartesian to sell, market and distribute Bartesian-branded appliances.
Third quarter revenue at Hamilton Beach was down as company officials pinned the decrease on sales volumes in the United States mainly attributable to the timing of shipments.