- Consumer Products segment sales increased 8% year on year for the second quarter due to volume growth, retail distribution gains, new products and bolt-on acquisitions.
- Consumer Products operating income grew 17% and adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) grew 9% on higher sales, synergy benefits and cost reduction initiatives; replacement of debt lowers cost of capital.
- Strong Insurance segment product sales of $573 million and market share gains driven by recently-launched Prosperity Elite SM indexed annuities return Fidelity Guaranty & Life (“FGL”) to a top-ten fixed index annuities (“FIA”) player.
- Underlying value of Insurance segment reflected in net GAAP book value of $802 million (including accumulated other comprehensive income (“AOCI”) of $238 million) as of April 1, 2012.
- Net loss attributable to HGI common and participating preferred stockholders narrowed to ($3.9 million) or ($0.02) per common share compared to ($62.0 million) or ($0.45) per common share in second quarter of Fiscal 2011.
- Strong HGI cash and short-term investments position of approximately $470 million supports HGI’s business strategy and growth of existing businesses.
- The non-cash accretion rate on HGI’s preferred stock reduced from 4% for the second fiscal quarter to 2% commencing in the third fiscal quarter of 2012 due to an increase in HGI’s net asset value as calculated in accordance with the terms of the certificates of designation of HGI’s preferred stock.
Harbinger Group Inc. Announces $1.1 Billion In Revenues And Continued Operational Progress At Operating Subsidiaries For Second Quarter Fiscal 2012
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