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Blyth Expects EPS Loss in 2007
Posted: January 4, 2007Blyth, Inc. announced that earnings per share are expected to be a loss in the range of $2.50 to $2.60 in fiscal year 2007. The estimate includes the effect of a goodwill impairment charge of $0.65 per share recorded in the second quarter, an estimated $2.80 per share loss on the sale and discontinued operations of Blyth's European wholesale businesses and restructuring charges in the North American wholesale mass channel home fragrance business of approximately $0.30 to $0.35 per share. Cash flow from operations of approximately $80 million for the full fiscal year is anticipated, and capital spending of approximately $20 million is expected.
"Numerous initiatives are underway throughout Blyth during fiscal year 2007 that we believe will position us to resume top and bottom line growth next year," said Robert B. Goergen, chairman of the board and CEO, Blyth. "Like most of our competitors, the globalization of the home expressions market has required adjustments to our cost structure. Our management team has made significant efforts to meet those challenges, resulting in the turnarounds underway in several of our businesses."