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TheStreet Open House

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

For the fourth consecutive year, the Company delivered record first quarter consolidated adjusted EBITDA, a non-GAAP measure, in fiscal 2013 of $130.7 million, a 4.5 percent increase versus consolidated adjusted EBITDA of $125.1 million in the prior year period. This year’s adjusted EBITDA included $3.2 million from HHI and $3.0 million from the FURminator® acquisition completed on December 22, 2011. Adjusted EBITDA as a percentage of net sales in the first quarter improved to 15.0 percent compared to 14.7 percent last year. EBITDA is a non-GAAP measurement of profitability which the Company believes is a useful indicator of the operating health of the business and its trends.

Fiscal 2013 First Quarter Segment Level Data

Global Batteries & Appliances

The Global Batteries & Appliances segment reported fiscal 2013 first quarter net sales of $666.0 million, a decline of 3.4 percent versus $689.2 million in the year-ago period. The net sales increase in the segment’s global batteries category was more than offset by decreased revenues in the personal care products category as well as the small electrical appliance products category, predominantly from the planned and continued elimination of low margin promotions in North America which totaled nearly $20 million. Fiscal 2013 first quarter segment sales were negatively impacted by $4.5 million of foreign exchange. Excluding the foreign exchange impact, net sales for the segment declined 2.7 percent quarter-over-quarter.

Global battery sales for the first quarter were $271.0 million, a 1.1 percent increase compared to $268.0 million for the first quarter of fiscal 2012. Excluding the negative foreign exchange impact of $4.6 million, global battery sales increased 2.8 percent in the first quarter. In North America, Rayovac® market share increased significantly versus the prior year primarily from distribution gains at existing accounts. A reversal of competitor pricing to deep discounting during the holiday season impacted industry category results. Growth in the European battery business, on a constant currency basis, was driven by new customer listings and promotions and geographic expansion in Eastern Europe. The Latin America battery business was essentially unchanged on a constant currency basis.

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