Kryptonite Parent Company Takes $10 Million Hit from Lock Snafu…

October 25, 2004
SGB Executive
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Ingersol Rand, parent company to Kryptonite Locks, took a $10 million write down in conjunction with the BIC pen issue reported last month in SEW_0438. Operating margins for the company’s Safety & Security segment declined from 21.2% of sales in Q3 2003 to 16.5% in Q3 2004 because of the issue.

In a conference call with analysts, Ingersol Rand’s chairman, president, & CEO Herb Henkel said that the company is estimating the roughly 500,000 Kryptonite locks remain in use today and the company is anticipating “a very, very large percentage of those coming back.” To date, Kryptonite has had 38,900 locks returned.

Kryptonite Parent Company Takes $10 Million Hit from Lock Snafu…

SGB Update

Ingersol Rand, parent company to Kryptonite Locks, took a $10 million write down in conjunction with the BIC pen issue reported last month in BOSS_0438. Operating margins for the company’s Safety & Security segment declined from 21.2% of sales in Q3 2003 to 16.5% in Q3 2004 because of the issue.

In a conference call with analysts, Ingersol Rand’s chairman, president, & CEO Herb Henkel said that the company is estimating the roughly 500,000 Kryptonite locks remain in use today and the company is anticipating “a very, very large percentage of those coming back.” To date, Kryptonite has had 38,900 locks returned.

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