Summer Infant Announces Executive Leadership Changes
Company Appoints Board Member Carol Bramson CEO and President; Ken
Price Named President of Global Sales & Marketing; New Senior Leaders
to Focus on Growing Sales and Creating Long-Term Profitability;
Company Provides Q4 2013 and Q1 2014 Outlook
WOONSOCKET, RI -- (Marketwired) -- 01/16/14 -- Summer Infant, Inc.
(NASDAQ: SUMR), a global leader in premium juvenile products, today
announced that, effective February 1, 2014, Carol Bramson, 49, will
become the Company's new Chief Executive Officer and President,
replacing Jason Macari, who has been the Company's Chief Executive
Officer since 2007. Bramson, a current board member, will lead the
Company as it focuses on growing revenues and establishing a track
record of sustainable profitability. Macari will continue as a member
of the Company's Board of Directors and will serve as a consultant to
In addition, the Company announced that Ken Price, 51, has joined
Summer Infant as President of Global Sales & Marketing reporting to
the CEO. Price will oversee the sales and marketing of Summer
Infant's product lines, manage the sales and marketing staff, and
assist in the preparation of sales projections and operating budgets.
"Together, Carol and Ken provide Summer Infant with the skills and
experience necessary to take the Company to the next level," said Dan
Almagor, Chairman of the Board. "Carol has the strategic vision,
management expertise and financial acumen to lead the Company at this
critical time. She will work closely with Ken as he executes on our
ongoing growth initiatives, including strengthening our relationships
with multinational retailers as well as growing our small- and
mid-sized specialty and alternative channel customer base. Ken's use
of innovation to lead sales teams within the juvenile and toy
industry and the strong relationships he has created with both large
and small multi-national retailers will be assets to Summer Infant."
"Summer Infant has long been known for being at the vanguard of
innovation in the juvenile products market," said Bramson. "I plan to
work closely with Ken and the entire Summer Infant management team,
as well as its dedicated employees, to capitalize on our Company's
strengths to build long-term shareholder value. During my time on the
Board of Directors I have had the opportunity to work directly with
the management team, and I look forward to collectively rolling up
our sleeves to accomplish our goals for the Company."
Almagor added, "As we welcome Carol and Ken to the executive team, we
would like to thank Jason for his commitment and dedication to Summer
Infant. We plan to leverage his deep experience with Summer Infant as
he continues on the Board and as a consultant to the Company." Macari
said, "I look forward to continuing to serve on the Board of
Directors and to work with Carol and the senior management team as we
strive to build the value of Summer Infant for our shareholders and
meet the needs of our customers and consumers."
Summer Infant also announced preliminary unaudited financial results
for the fourth quarter ended December 31, 2013 and expectations for
the first quarter of 2014.
The Company expects to report sales for the fourth quarter of 2013 of
approximately $45.0 million and a net loss in the range of $1.5 to
$2.0 million. Summer Infant's year-end audit is not complete and
preliminary results are subject to adjustments from the financial
audit. Expected results reflect slower-than-anticipated sales with a
major retailer, product shipment delays and the planned exiting of
two major licensing agreements. Summer Infant expects sales for the
first quarter of 2014 to be approximately flat with the fourth
quarter of 2013. Reflecting progress with the Company's restructuring
and cost reduction efforts, Summer Infant expects to report an
improvement in its bottom-line performance for the first quarter of
2014 compared with the fourth quarter of 2013.
The Company plans to report fourth-quarter and year-end 2013 results
the week of March 10, 2014.
About Carol Bramson
Prior to joining Summer Infant, Carol Bramson was Managing Director
of 212 Equity Management, LLC, a private investment firm that she
founded in 2010 focused on the healthy living sector. She has more
than 20 years of experience building strong businesses in a variety
of industries. Her private equity experience began in 1988 with Essex
Venture Partners (now Essex Woodlands Health Ventures), a healthcare
venture capital firm founded in Chicago, and joined Banc One Equity
Capital (formerly First Chicago Equity Capital) in 1992, where she
became a Partner with responsibility for all phases of the investment
process. In 2001, Bramson founded TBG Capital, LLC, which provided
equity capital and advisory services to companies to facilitate
start-up, growth and/or acquisitions. In addition to direct equity
investments, Bramson has provided on-going industry, financial, and
strategic advisory services to several organizations in the consumer
products, wealth management and specialty chemicals sectors. In
addition to serving on the Summer Infant board since 2012, Bramson is
currently a board member of the private company, White Cloud
Nutrition LLC. She holds a B.S. in Finance (with honors) from DePaul
University and an MBA from The University of Chicago.
About Ken Price
Prior to joining Summer Infant, Price co-founded S-K Victory LLC,
where he launched its premier Fairy Tale High doll line at the 2013
New York International Toy Show. From 2001 to 2012, Price was
Executive Vice President of Sales at Jakks Pacific, a leading
designer and marketer of toys and consumer products that feature
popular brands and children's toy licenses. Prior to his tenure at
Jakks, he was Co-Founder and Executive Vice President of Sales at Toy
Max, Inc. Price earned a Master's Degree in Business Administration,
Marketing from Hofstra University and his Bachelor's Degree in
Business Administration and Management from SUNY Albany.
About Summer Infant, Inc.
Based in Woonsocket, Rhode Island, the
Company is a global designer, marketer, and distributor of branded
juvenile health, safety and wellness products (for ages 0-3) which
are sold principally to large North American and European retailers.
The Company currently markets its products in several product
categories such as monitors, safety, nursery, feeding, gear and
furniture. Most products are sold under the core brand names of
Summer(R) and Born Free(R). Significant products include audio/video
monitors, safety gates, bath tubs and bathers, durable bath products,
bed rails, swaddling blankets, baby bottles, warming/sterilization
systems, booster and potty seats, bouncers, travel accessories, high
chairs, swings, car seats, strollers, and nursery furniture. Over the
years, the Company has completed several acquisitions and added
products such as cribs, swaddling, and feeding products. For more
information about the Company, please visit www.summerinfant.com.
Certain statements in this release that
are not historical fact may be deemed "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, and the Company
intends that such forward-looking statements be subject to the safe
harbor created thereby. These statements are accompanied by words
such as "anticipate," "expect," "project," "will," "believes,"
"estimate" and similar expressions, and include statements regarding
the Company's expectations regarding growing revenues and creating
sustainable profitability, strengthening retailer relationships,
building shareholder value, preliminary results of the fourth quarter
of 2013 and its outlook for the first quarter of 2014. The Company
cautions that these statements are qualified by important factors
that could cause actual results to differ materially from those
reflected by such forward-looking statements. Such factors include
the concentration of the Company's business with retail customers;
the ability of the Company to compete in its industry; the Company's
ability to continue to control costs and expenses; the Company's
dependence on key personnel; the Company's ability to develop, market
and launch new products; the Company's ability to grow sales with
existing and new customers; and other risks as detailed in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2012, and subsequent filings with the Securities and
Exchange Commission. The Company assumes no obligation to update the
information contained in this release.
Sharon Merrill Associates, Inc.
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