For the full year ended December 31, sales were $1.3 billion, up slightly, while operating profit was down to $14.6 million compared to $28 million.
Looking ahead to 2014, executives expect sales to be between $1.2 billion and $1.5 billion and the operating profit margin is expected to be 2-5%.
“Improving our financial performance is our highest priority this year,” says Jan Lang, president and CEO. “I’m confident that our enhanced product offering, in combination with our rightsizing program will improve our results in 2014 and beyond. We are well on track to achieve our long-term target of 20% of net sales from new products, which will enhance our product mix and margins.”