Marysville, Ohio-Net earnings at ScottsMiracle-Gro were off 12 percent in the second quarter ending March 31, 2007, to $83.4 million ($1.23 per diluted share) on sales of $993.3 million, compared to the year-ago $94.8 million ($1.36 per share) on sales of $907.5 million. The quarter included $17.9 million in interest expense, up 43 percent, as well as $18.3 million in one-time refinancing costs. Scotts reported a strong lawn and garden season in nearly all parts of its business, and it remains confident of another year of record performance. The company also noted a significant increase in its international business in the first half, with those sales up 15 percent YTD. Six-month net income was $24.0 ($.35 per share) on sales of $1.26 billion, versus the year-ago $42.1 million ($.60 per share) and $1.16 billion, respectively.
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