Summer Infant: In The Midst Of A Dramatic Turnaround, Yet Still Priced For Distress [Seeking Alpha]
Summer Infant, Inc. (SUMR)
Last summer infant, inc. earnings: 5/7 04:15 pm
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US:NASDAQ Investor Relations:
investor.summerinfant.com/home/default.aspx
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Source: Seeking Alpha
Summer Infant: In The Midst Of A Dramatic Turnaround, Yet Still Priced For DistressSummaryThe stock has retraced its entire 2018 gains and trades near a 10-year low, which makes no sense, as the company is on the cusp of a powerful turnaround.The company, historically an also-ran in its space, has been quietly remaking itself the last few years, with reduced costs, a bevy of new products, and expanded major retailer relationships.Major expenses involving suing former management in 2015-2016 and the TRU bankruptcy in 2017-2018 masked a company earning $10 million of adjusted EBITDA in each of 2015, 2016, and 2017.Previously over-advanced and suffering from constrained liquidity, the company obtained a new credit facility in June 2018, which expanded availability by a whopping $15 million and eliminated solvency risk.Insiders, including the CEO and 37% holder Wynnefield Capital, have bought stock in the open market in recent days. Approximately 2/3 of the float of the stock is effective
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