“We delivered a record performance in fiscal 2012, and met or exceeded our financial guidance for the year, despite extraordinary, negative foreign currency impacts, challenging global economies, cautious consumer spending, and ongoing commodity and Asian supply chain cost increases,” said Dave Lumley, Chief Executive Officer of Spectrum Brands Holdings. “On a constant currency basis, our fiscal 2012 results were especially strong. Our solid growth in net income, earnings per share, operating income, adjusted EBITDA and free cash flow demonstrates we are winning in the marketplace through volume growth, retail distribution gains, new products, geographic expansion, select pricing actions, continued spending controls, and investment paybacks from our global cost improvement programs.
“Our performance underscores the strength of our largely non-discretionary, non premium-priced replacement products and brands, and the value they provide to our retail partners and consumers worldwide, especially in this continuing difficult global economy with sluggish retail activity,” Mr. Lumley continued.
“Our Spectrum Value Model is working effectively and resonating more and more with retailers and consumers,” Mr. Lumley said. “We believe consumers are embracing our ‘same performance for less price’ value brand proposition and are increasingly open to trial and brand conversion. As a result, we are generally outperforming our competition and categories, as significant distribution gains across all of our divisions are driving organic growth and share increases.
“Spectrum Brands is truly on the move, and our record fiscal 2012 performance gives us strong momentum as we focus on delivering another year of steady, measured improvement in fiscal 2013,” he said.“These are especially exciting times for our Company as we remain on track to close our accretive acquisition of HHI by the end of 2012,” Mr. Lumley said. “This transformational acquisition will enhance our Company’s top-line growth, margins and free cash flow profile, while bringing us scale and product diversity, stronger relationships with core retail partners, attractive cross-selling opportunities, and a new platform for significant future global growth. Spectrum Brands’ time is now.”
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