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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

Net sales for the global personal care product category of $119.7 million in the fourth quarter of fiscal 2012 declined 1.5 percent versus $121.5 million last year. Increased revenues in Latin America were more than offset by lower net sales in Europe. North America revenues were essentially unchanged. Excluding an unfavorable foreign exchange impact of $5.4 million, global personal care product category net sales increased 2.9 percent for the fourth quarter.

The small electrical appliances product category reported net sales in the fourth quarter of fiscal 2012 of $195.9 million, a decrease of 7.1 percent compared to $211.0 million last year. Higher net sales in Europe and Latin America, driven by market share gains, geographic expansion, new customers and pricing, were more than offset by lower revenues in North America, which were due largely to the planned and continued elimination of low margin promotions. Excluding a negative foreign exchange impact of $4.2 million, net sales for the small electrical appliances product category declined 5.1 percent in the fourth quarter of 2012.

With segment net income, as adjusted, of $55.2 million, the Global Batteries & Appliances segment reported adjusted EBITDA of $77.1 million for the fourth quarter of fiscal 2012 compared to adjusted EBITDA of $76.5 million in the year-earlier quarter, when segment net income was $24.8 million, which included a pre-tax, non-cash intangible asset impairment charge of $23.2 million. Excluding an unfavorable foreign exchange impact of $7.2 million, segment adjusted EBITDA increased 10.2 percent in this year’s fourth quarter.

Global Pet Supplies

The Global Pet Supplies segment reported net sales of $166.5 million for the fourth quarter of fiscal 2012, an increase of 8.3 percent versus $153.8 million last year. The net sales improvement was attributable to higher companion animal net sales, driven primarily by revenues of $11.6 million from the FURminator® acquisition. Excluding an unfavorable foreign exchange impact of $4.0 million, net sales grew 10.9 percent versus the prior year’s quarter.

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