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Spectrum Brands Holdings Reports Record Fiscal 2013 First Quarter Results, Reiterates Outlook For Fourth Consecutive Year Of Record Performance From Legacy Business

Stocks in this article: SPB

“Our vision and strategy are sound, our opportunities and resources are many, our brands are powerful and enduring, and our commitment to greater value creation has never been stronger,” Mr. Lumley said. “We remain committed to operating our business to maximize sustainable free cash flow.”

Fiscal 2013 First Quarter Consolidated Financial Results

Spectrum Brands Holdings reported consolidated record net sales of $870.3 million for the first quarter of fiscal 2013, an increase of 2.5 percent compared to $848.8 million for the first quarter of fiscal 2012. Higher revenues for the Home and Garden and Global Pet Supplies segments, including net sales from the Black Flag®/TAT® brands and FURminator® acquisitions, and revenues from the HHI acquisition more than offset lower net sales for the Global Batteries & Appliances segment, which was primarily due to the planned exit from certain low margin North American small appliances promotional business of nearly $20 million. Excluding the negative foreign exchange impact of $6.0 million, fiscal 2013 first quarter net sales improved 3.2 percent.

Gross profit and gross profit margin for the first quarter of fiscal 2013 of $288.2 million and 33.1 percent, respectively, compared to $284.0 million and 33.5 percent last year. The decrease in gross profit margin was driven by increased cost of goods sold due to the sale of inventory which was revalued in connection with the HHI acquisition, which more than offset gross profit improvement resulting from the planned and previously announced exit of low margin products in the small appliances category of nearly $20 million. Excluding HHI, the gross profit margin in the first quarter of fiscal 2013 was 34.0 percent for Spectrum Brands’ legacy business.

Spectrum Brands reported a net loss of $13.4 million, or $0.26 diluted loss per share, for the first quarter of fiscal 2013 on average shares and common stock equivalents outstanding of 51.8 million. The loss was driven by $20.8 million of acquisition and integration costs and $28.8 million of interest expense primarily related to the HHI acquisition. In the first quarter of fiscal 2012, the Company reported net income of $13.1 million, or $0.25 per diluted share, on average shares and common stock equivalents outstanding of 52.6 million. Adjusted for certain items in both years’ first quarters, which are presented in Table 3 of this press release, the Company reported adjusted diluted earnings per share of $0.72, a non-GAAP measure, for the first quarter of fiscal 2013, an increase of 4.3 percent compared to $0.69 last year.

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