Moving Comfort owner Russell Corp. shows double-digit growth

Russell Corp. (NYSE: RML), new owners of Moving Comfort as of August, announced double-digit sales in its fiscal 2002 third quarter results. Sales were up $35.7 million to $387.0 million, a 10 percent increase over last year’s third quarter sales of $351.3 million. Net income for the 2002 third quarter was $23.4 million, or $.72 per share, versus a net loss of $15.4 million, or (48 cents) per share, in the comparable period last year. Excluding the 2001 restructuring charges, net income in the 2002 third quarter was up 30 percent to $23.4 million, or 72 cents per share, from $18.0 million, or 56 cents per share, in the 2001 third quarter. For the nine months ended Sept. 29, sales were up $9.7 million to $855.9 million, a 1 percent increase over the prior year’s sales of $846.2 million. For the first nine months of fiscal 2002, net income was $19.8 million, or 62 cents per share, versus a net loss of $24.7 million, or (77 cents) per share, in the comparable period last year. Excluding the extraordinary charge associated with the early retirement of debt in the 2002 second quarter and the 2001 restructuring charges, net income for the first nine months of fiscal 2002 was $32.5 million, or $1.01 per share, versus $26.8 million, or 83 cents per share, in 2001.