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

Stocks in this article: SPB

Spectrum Brands swung to net income of $5.5 million, or $0.10 per diluted share, for the fourth quarter of fiscal 2012 on average shares and common stock equivalents outstanding of 53.1 million, compared to a net loss of $33.8 million, or $0.65 diluted loss per share, a year ago on average shares and common stock equivalents outstanding of 51.9 million, which included a pre-tax, non-cash intangibles impairment charge of $32.5 million. Adjusted for certain items in both years’ fourth quarters, which are presented in Table 3 of this press release, the Company reported adjusted diluted earnings per share of $0.50, a non-GAAP measure, for the fourth quarter of fiscal 2012, an increase of 6.4 percent compared to $0.47 last year.

Fiscal 2012 Fourth Quarter Segment Level Data

Global Batteries & Appliances

The Global Batteries & Appliances segment reported fiscal 2012 fourth quarter net sales of $580.0 million, a decline of 2.2 percent versus $592.9 million a year ago. The net sales increase in the segment’s global batteries category was more than offset by decreased revenues in the personal care products and small electrical appliance products categories. Fiscal 2012 fourth quarter segment sales were negatively impacted by $25.3 million of foreign exchange. Excluding the foreign exchange impact, net sales for the segment grew 2.1 percent quarter-over-quarter.

Global battery sales for the fourth quarter were $264.4 million, a 1.5 percent increase compared to $260.5 million a year ago. Excluding the negative foreign exchange impact of $15.7 million, global battery sales increased 7.5 percent in the fourth quarter. In North America, Rayovac market share expansion continued as a result of distribution gains at several new and existing retail accounts. The European battery business, on a constant currency basis, achieved customer gains in all core products and continued its distribution gains in all regions, reinforcing the effectiveness of its market segmentation strategy. The Latin America battery business delivered an improved fourth quarter performance, driven primarily by increased volumes and pricing in Brazil.

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