Spectrum Brands Holdings Reports Record Results For Fiscal 2012, Meets Or Exceeds Full-Year Financial Guidance

Spectrum Brands Holdings, Inc. (NYSE:SPB), a global and diversified consumer products company with market-leading brands, today announced a record performance for fiscal 2012 ended September 30, 2012, with results that met or exceeded financial guidance and strong growth in net income, earnings per share, net sales and adjusted EBITDA.

• Net income of $48.6 million in fiscal 2012 compared to a net loss of $75.2 million in fiscal 2011.
• Diluted earnings per share of $0.91 in fiscal 2012 versus a diluted loss per share of $1.47 last year; adjusted earnings per share in fiscal 2012 of $2.28 increased 24.6 percent compared to $1.83 a year ago, the third consecutive year of adjusted EPS growth.
• 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.
• Operating income increased 32.4 percent to $301.8 million in fiscal 2012 versus $227.9 million a year ago.
• 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.
• Strong liquidity position at fiscal 2012 year-end with a cash balance of approximately $158 million and zero cash drawn on ABL facility.
• 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.

Today’s earnings report followed the Company’s release of certain preliminary, unaudited results for fiscal 2012 on October 22, 2012 in advance of its plans to secure funding for its proposed $1.4 billion cash acquisition of the Hardware & Home Improvement Group (HHI) of Stanley Black & Decker (NYSE:SWK), which was announced on October 9, 2012.

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