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In Brief: Sunrise Medical

This article was originally published in The Gray Sheet

Executive Summary

Sunrise Medical: Sells its Comfort Clinic division to Crain Industries for $14 mil. in cash. Comfort Clinic, which produces therapeutic sleep products such as foam mattress overlays and pillows, generated sales of $44 mil. in Sunrise's fiscal 1996 (ended June 28). The unit was one of two Sunrise divisions found to have employed improper accounting practices in an internal company investigation that led Sunrise to restate downward its fiscal 1994 and 1995 results ("The Gray Sheet" Jan. 8, I&W-11). Crain Industries is a manufacturer of polyurethane foam and a "major supplier" to Comfort, Sunrise says. Sunrise also reports that its fiscal 1996 sales were up 11% to $667.1 mil. The firm took a net loss of $40.9 mil. for the year, including $65.2 mil. in charges...
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