Spectrum Brands Holdings, Inc. (NYSE:SPB), a global and diversified consumer products company with market-leading brands, today announced selected preliminary, unaudited financial results for fiscal 2012, which ended on September 30, 2012, and achievement of financial guidance for the 2012 fiscal year.
- Net income of $48.6 million in fiscal 2012 compared to a net loss of $75.2 million in fiscal 2011.
- Record net sales of $3.25 billion in fiscal 2012 increased 2.1 percent versus $3.19 billion a year ago; excluding negative foreign exchange impact, net sales grew 4.3 percent versus prior year.
- Record adjusted EBITDA of $485.3 million in fiscal 2012 increased 6.2 percent versus $457.1 million in the prior year; excluding unfavorable foreign exchange impact, adjusted EBITDA grew 9.7 percent versus a year ago.
- Fiscal 2012 net cash provided from operating activities after purchases of property, plant and equipment (free cash flow) was approximately $208 million, surpassing the Company’s goal of at least $200 million of free cash flow and its fiscal 2011 free cash flow of $191 million.
- Global Batteries & Appliances segment net sales of $2.25 billion in fiscal 2012 were essentially unchanged versus prior year; excluding negative foreign exchange impact, net sales grew 2.7 percent. Adjusted EBITDA of $307.7 million increased slightly compared with $306.9 million a year ago; excluding negative foreign exchange impact, adjusted EBITDA grew 6.5 percent to $327.0 million versus prior year.
- Global Pet Supplies segment net sales of $615.5 million in fiscal 2012 grew 6.3 percent versus $578.9 million in fiscal 2011; excluding unfavorable foreign exchange impact, net sales increased 7.7 percent compared with the previous year. Adjusted EBITDA of $113.1 million increased 14.1 percent versus $99.1 million a year ago.
- Home and Garden segment net sales of $387.0 million in fiscal 2012 increased 9.4 percent versus $353.9 million in the prior year. Adjusted EBITDA of $86.9 million grew 12.0 percent compared with $77.6 million last year.
- Strong liquidity position at fiscal 2012 year-end with a cash balance of approximately $158 million and zero cash drawn on ABL facility.
- Total debt at fiscal 2012 year-end was approximately $1,665 million.
- Fiscal 2012 year-end target leverage ratio (total debt to adjusted EBITDA) of approximately 3.4 times was achieved with cumulative Senior Secured Term Loan voluntary prepayments of $150 million in the fourth quarter.
- Cash interest expense in fiscal 2012 was approximately $154 million, excluding the cash tender of the 12% Senior Subordinated Notes of approximately $25 million.
The Company issued certain preliminary, unaudited results for fiscal 2012 in advance of its near-term plans to secure funding for its proposed $1.4 billion cash acquisition of the Hardware & Home Improvement Group of Stanley Black & Decker (NYSE: SWK), which was announced on October 9, 2012. Spectrum Brands does not currently expect to update this information prior to the release of its fiscal 2012 results.
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