Safety Products Holdings announces Q3 results

15/11/2005

US designer and manufacturer of branded products in the personal protection equipment industry Safety Products Holdings, Inc., as successor to NSP Holdings L.L.C., and Norcross Safety Products L.L.C., has announced increased sales for the third quarter ended October 1, 2005. Net sales were $119.5 million compared with $114.5 million in the third quarter of 2004. The net sales increase of $5 million, or 4.4%, was attributable to increased sales in each of its three operating segments.

Gross profit decreased by $1 million, or 2.6%, due to the impact of a $3.3 million charge related to inventory purchase accounting adjustments. Excluding these adjustments, the company's gross profit increased $2.3 million, or 5.6%.

For the first nine months of 2005, net sales of the company were $358.8 million compared with $330.6 million in the first nine months of 2004. Net sales experienced an increase of $28.2 million, or 8.5%. Gross profit increased by $10.4 million, or 8.8%.

Safety Products Holdings manufacture and market a full line of personal protection equipment for workers in the general industrial, fire service and utility/high voltage industries. It sells products under trusted, long-standing and well-recognised brand names including North, Morning Pride, Ranger, Servus, Pro-Warrington and Salisbury. The broad product offering includes among other things respiratory protection, protective footwear, hand protection, bunker gear and linemen equipment.