- Record net sales of $870.3 million, including the HHI and FURminator® acquisitions, increased 2.5 percent in first quarter of fiscal 2013, which consisted of two fewer shopping days, versus $848.8 million a year ago; excluding negative foreign exchange impact, net sales grew 3.2 percent.
- Net loss of $13.4 million and diluted net loss per share of $0.26 driven by one-time acquisition and integration costs of $20.8 million and interest expense of $28.8 million, primarily from the impact of the HHI acquisition.
- Adjusted diluted earnings per share, a non-GAAP measure, of $0.72 in first quarter increased 4.3 percent compared to $0.69 in the first quarter of fiscal 2012.
- Adjusted EBITDA, a non-GAAP measure, of $130.7 million, including the HHI and FURminator® acquisitions, represented a fourth consecutive record first quarter, and an increase of 4.5 percent compared to the prior year period.
- Company reiterates expectations for fourth consecutive year of record financial results in fiscal 2013 for legacy business, with improvements weighted to second half of the year.
- Accretive, transformational acquisition of HHI from Stanley Black & Decker completed, and with attractive financing, in December 2012.
- HHI becomes fourth operating segment and brings significant, accelerated financial growth in fiscal 2013 and beyond as a major manufacturer and supplier of residential locksets, residential builders’ hardware and faucets with largely number-one market positions in North America.
- Certain assets of Tong Lung Metal Industry Co. Ltd. (Tong Lung), a Taiwanese manufacturer of residential and commercial locksets with facilities in Taiwan and the Philippines, on schedule to be acquired by March 31, 2013 in connection with the HHI purchase.
- Fiscal 2013 estimate of net cash provided from operating activities after purchases of property, plant and equipment (free cash flow) increased to approximately $240 million, net of HHI acquisition costs, from prior guidance of at least $200 million as a result of HHI acquisition.
- Company expects to use its strong free cash flow, enhanced by the HHI acquisition, to aggressively reduce debt by approximately $200 million and delever its balance sheet in the second half of fiscal 2013, consistent with the seasonality of its cash flows.
- First quarterly common stock dividend of $0.25 per share to be paid on March 12.
Spectrum Brands Holdings Reports Record Fiscal 2013 First Quarter Results, Reiterates Outlook For Fourth Consecutive Year Of Record Performance From Legacy Business
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