(Feb. 3) Towson, Md.-based Black & Decker reported fourth-quarter net income of $33.4 million, down 22.4% from $43.7 million as reported for the same quarter in the prior year. Sales were $1.301 billion, down 5.5% from $1.377 billion as reported last year.

For the full year, the company reported net income of $132.5 million, down 54.9% from $293.6 million for 2008. Sales for the year were $4.77 billion, down 21.5% from $6.08 billion as reported for 2008.

"Sales in the quarter exceeded our expectations in all three of our business segments," said Nolan Archibald, chairman and CEO. "While our end markets generally remain difficult, we benefited from improved economic activity in selected regions and businesses, as well as inventory restocking in some channels." Archibald also commented on the company’s position heading into the merger with Stanley, which was announced last November.

“As we prepare to merge with the Stanley Works, Black & Decker is well-positioned to take advantage of the economic recovery and to achieve profitable growth,” he said. “We are excited to be joining forces with Stanley, another company with iconic brands and a long tradition of excellence. Both companies continue to make progress toward closing of the transaction, and integration planning is under way.  We enter this new era with outstanding products, strong distribution, low-cost operations and a healthy financial position. We believe that the combination will both preserve Black & Decker's legacy and create new opportunities for our customers, shareholders and employees."

Archibald said the company predicted modest improvement over the next year.