Blyth, Inc., a direct-to-consumer manufacturer and distributor of home fragrance, household products and accessories, today will name Harry Slatkin as Chief Executive Officer and member of the Board of Directors. Blyth, Inc. was recently acquired by The Carlyle Group, a global investment firm, in partnership with Mr. Slatkin.
Carlyle Managing Director David Stonehill said, “Nobody knows home fragrance like Harry Slatkin. He has a strong legacy of innovation, product development and market expansion. We are confident Blyth and its business units PartyLite and Silver Star will thrive under Harry’s inspired leadership. We are very excited to welcome Dan Chard, whose operational expertise in the direct selling sector will help fuel Blyth’s expansion.”
Slatkin is one of the world’s most successful leaders in the home fragrance industry. As the founder and creative force behind Slatkin & Co, the premier
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Blyth Reports Quarterly Earnings At $9 Million Loss
by Tina Williams • • 0 Comments
Blyth, Inc. reports preliminary financial results for the quarter ended June 30, 2015.
We analyze the earnings along side the following peers of Blyth, Inc. – Lifetime Brands, Inc., GNC Holdings, Inc. Class A, Jarden Corporation, Vitamin Shoppe, Inc. and Tupperware Brands Corporation (LCUT-US, GNC-US, JAH-US, VSI-US and TUP-US) that have also reported for this period.
Highlights
Summary numbers: Revenues of USD 87.99 million, Net Earnings of USD -8.83 million, and Earnings per Share (EPS) of USD -0.55.
Gross margins narrowed from 64.24% to 61.48% compared to the same quarter last year, operating (EBITDA) margins now -4.32% from 0.74%.
Year-on-year change in operating cash flow of -88.46% is about the same as the change in earnings, likely no significant movement in accruals or reserves.
Narrowing of operating margins contributed to decline in earnings.
Company Profile
Blyth, Inc. designs, manufactures, markets
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Blyth Being Investigated For Breach Of Fiduciary Responsibilities
by Tina Williams • • 0 Comments
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Blyth, Inc. (“Blyth” or the “Company”) (BTH) for potential breaches of fiduciary duties in connection with the sale of the Company to The Carlyle Group LP for approximately $98 million in a cash transaction.
The Company’s stockholders will only receive $6.00 for each share of Company common stock they own. However, the offer represents an inadequate premium since it is lower than both the 52-week high of $10.27 per share and considerably lower than at least one Wall Street analyst price target of $40.00 per share
The investigation focuses on whether Blyth’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct a fair sales process and whether
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The Carlyle Group To Acquire Blyth In $98 Million Deal
by Tina Williams • • 0 Comments
The Carlyle Group (NASDAQ: CG) and Blyth, Inc. (NYSE: BTH), a direct-to-consumer manufacturer and seller of candles and home fragrance products, today announced they have entered into a definitive agreement under which The Carlyle Group will acquire all of Blyth’s outstanding shares of common stock in a transaction valuing Blyth at $98 million, equating to $6.00 per share, which represents a premium of approximately 105 percent over the closing price of Blyth common stock on Friday, August 28, 2015 and a premium of 65 percent over Blyth’s 30-day average share price as of such date.
The transaction has been unanimously approved by Blyth’s board of directors and will be completed by means of a tender offer followed by a merger.
Under the terms of the definitive agreement, an affiliate of The Carlyle Group will commence
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Blyth Earnings Down 16% In Second Quarter
by Tina Williams • • 0 Comments
Greenwich-based home fragrance and decor company Blyth (NYSE: BTH) announced last week a 16 percent decline in net sales for the second quarter of 2015 over the same period a year ago.
Net sales were $88 million compared to $104 million a year ago. The performance is only the latest in a string of poor quarterly reports from the company, and as a result shares have continued to plummet. Shares hit a 52-week low of $2.90 Wednesday and were up 0.59 percent at the end of trading Wednesday, still down almost 63 percent over a year ago.
Operating losses for the company totaled $7.1 million for the second quarter, compared to $2.1 million a year ago. The company recorded restructuring and impairment costs of $2.4 million at PartyLite’s manufacturing plant in Cumbria, England, related to the
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Blyth Quarterly Sales Down From $118 Million To $103 Million
by Tina Williams • • 0 Comments
Blyth, Inc. (NYSE: BTH), a direct-to-consumer company and leading designer and marketer of candles and accessories for the home and health, wellness and beauty products, household convenience items and personalized gifts sold through the direct selling and direct marketing channels, today reported sales and earnings for the first quarter of 2015.
Net sales for the three months ended March 31, 2015 decreased approximately 12% to $103.7 million from $118.2 million for the comparable prior year period. Sales for the quarter were negatively impacted by the strengthening U.S. Dollar, particularly against the euro, by approximately 9%, or $10.7 million.
Commenting on the first quarter results, Robert B. Goergen, Jr., Chief Executive Officer noted, “While our Catalog & Internet segment sales gained over the prior year period, our Candles & Home Decor segment sales were negatively affected by the increasing strength of the U.S. dollar
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Blyth Reports Over $12Million In Loss In 4th Quarter
by Tina Williams • • 0 Comments
Blyth Inc. (BTH) on Monday reported a loss of $12.2 million in its fourth quarter.
On a per-share basis, the Greenwich, Connecticut-based company said it had a loss of 75 cents. Earnings, adjusted for non-recurring costs and asset impairment costs, came to 88 cents per share.
The candle seller posted revenue of $176.8 million in the period.
For the year, the company reported net income of $86.8 million, or $5.37 per share, swinging to a profit in the period. Revenue was reported as $490 million.
Blyth shares have fallen 23 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $7.07, a decline of 22 percent in the last 12 months.
First Nine Months Fiscal Performance
Net Sales for the nine months ended September 30, 2014 declined 7% to $313.2 million versus $336.0 million for the
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Blyth Reports 3rd Quarter Results, Decreased Profits Of 6%
by Tina Williams • • 0 Comments
Blyth, Inc. (NYSE: BTH), a direct to consumer company and leading designer and marketer of candles and accessories for the home and health, wellness and beauty products, household convenience items and personalized gifts sold through the direct selling and direct marketing channels, today reported sales and earnings for the third quarter of 2014.
Net sales for the three months ended September 30, 2014 decreased approximately 6% to $90.8 million from $97.0 million for the comparable prior year period.
Blyth’s operating loss for the third quarter was $11.4 million this year versus a loss of $11.5 million last year. Net Earnings Attributable to Blyth, Inc. were $106.2 million for the three months ended September 30, 2014 compared to a loss of $8.5 million in the prior year period. Diluted Net Earnings per Share Attributable to Blyth, Inc. were $6.57 per share for the three months ended September 30, 2014 compared to a loss of $0.53 per share in the prior year period.
During the third quarter, the Company recorded after-tax expenses of $0.04 per share related to the refinancing of its 6% Senior Notes and an after-tax profit from discontinued operations for ViSalus of $7.16 per share this year and $0.04 last year. Normalized earnings from continuing operations were a loss of $9.0 million, or $0.55 per share, in this year’s third quarter versus a loss of $9.1 million, or $0.57 per share, in
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Blyth And ViSalus Founders Complete ViSalus Transaction
by Ted Nuyten • • 0 Comments
ViSalus and Other Preferred Shareholders Now Own Approximately 90% of ViSalusTransaction Extinguished 2017 Redemption Obligation
Blyth, Inc. today announced that it and the Founders and certain other preferred stockholders of its ViSalus network marketing subsidiary have completed the exchange of all of the Redeemable Convertible Preferred Stock of ViSalus for shares of ViSalus Common Stock.
On September 2, 2014, Blyth had announced that it and ViSalus’s Founders had reached an agreement in principle to effect the exchange which reduced Blyth’s ownership interest in ViSalus from 80.9% to approximately 10%, and increased ViSalus’s Founders and its other preferred stockholders ownership from 19.1% to approximately 90%.
In addition, the transaction extinguished the obligation of ViSalus to redeem the ViSalus Redeemable Convertible Preferred Stock on December 31, 2017 for an aggregate price of $143.2 million which obligation had been guaranteed by Blyth.
In connection with this transaction, Blyth amended the indenture governing its 6.00% Senior Notes due 2017 to provide for the mandatory redemption of the Senior Notes on the earlier of March 4, 2015 and the date, if any, that Blyth consummates a new financing. Cowen and Company, LLC acted as exclusive financial advisor to Blyth in connection with such amendment.
In addition, as a
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ViSalus Founders Buy Back The Company From Blyth
by Tina Williams • • 0 Comments
Congratulations to the ViSalus Founders, that is “All In” ! Ted Nuyten
ViSalus, Inc, the weight-loss and fitness company known for its mission of Challenging the World… 10 lbs. at a Time through the PROJECT 10TM Challenge, a personal health and lifestyle transformation platform, announced today that its Co-Founders and key stockholders have reached an agreement in principle to complete a transaction with Blyth, Inc. (NYSE: BTH) in which all shares of ViSalus redeemable convertible preferred stock will be exchanged for ViSalus common stock.
ViSalus’ Founders’, employees’ and early stockholders’ ownership of ViSalus will increase to 90%.
Blyth will continue to be an equity holder, retaining 10% of ViSalus common stock. The transaction will also eliminate ViSalus’ obligation to redeem approximately $143 million of its preferred stock, most of which is owed to the company’s three Co-Founders, as well as Blyth’s guarantee of that obligation.
“The Co-Founders and I are very excited to go ‘all in’ on a business that we started and the future prospects of which we believe in wholeheartedly.
I am also personally grateful to the Goergens and to Blyth for nearly 10 years of mentoring and support,” stated Ryan Blair, ViSalus Co-Founder and CEO.
ViSalus Co-Founder and Global Ambassador Nick Sarnicola, and ViSalus Co-Founder