The maker of the ubiquitous George Foreman Grill continues to get raked over the coals as sales and profits fall. Not only was Salton's (NYSE: SFP) quarterly profit entirely due to various one-time gains, but its sales have also shriveled so much that it's fallen out of compliance with its debt covenants.

First-quarter revenues dropped 27% to $148.4 million, and both domestic and foreign sales fell as well. Gross profits were cut nearly in half, coming in at $29.5 million in contrast to last year's $53.8 million. Salton is undergoing a restructuring, which the company said caused some uncertainty with several customers and one of its suppliers. As a result, there were some product shortages, and demand was weak. Coupled with the higher cost of steel, oil, raw materials, and a handful of hurricanes, Salton's bottom line got burned.

Read more about the financial troubles of Salton - the maker of George Foreman Grill - at http://msnbc.msn.com/id/9992807/.