PROVIDENCE, R.I., Nov. 9, -- Nortek, Inc. （"Nortek"） （OTC QB: NTKS）, a leading diversified global manufacturer of innovative, branded residential and commercial ventilation, HVAC and home technology convenience and security products, today announced third-quarter financial results. Nortek reported sales of $497 million and operating earnings of $26.7 million for the third quarter ended October 2, 2010.
Key financial highlights for the third quarter of 2010 included: -- Net sales increased 9.9 percent to $497 million compared to the $452 million recorded in the third quarter of 2009. -- Operating earnings of $26.7 million compared to operating earnings of $27.7 million in the third quarter of 2009. -- Depreciation and amortization expense of $19.2 million compared to $14.2 million in last year's third quarter （the increase is substantially all related to fresh-start accounting）. Key financial highlights for the first nine months of 2010 included: -- Net sales of $1,437 million compared to $1,379 million recorded in the first nine months of 2009. -- Operating earnings of $58.0 million compared to an operating loss of $173.4 million （including the impact of an estimated $250 million non-cash goodwill impairment charge） in the first nine months of 2009. -- Depreciation and amortization expense of $72.7 million compared to $45.8 million in the first nine months of 2009 （the increase is substantially all related to fresh-start accounting）.
As of October 2, 2010, Nortek had approximately $53 million in unrestricted cash, cash equivalents and marketable securities and had $10 million of borrowings outstanding under its revolving credit facility.
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