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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

Global Pet Supplies

The Global Pet Supplies segment reported net sales of $139.8 million for the first quarter of fiscal 2013, an increase of 3.6 percent versus $134.9 million in the first quarter of fiscal 2012. The net sales improvement was attributable to higher sales of companion animal products, driven predominantly by revenues of $6.4 million from the FURminator® acquisition. Excluding an unfavorable foreign exchange impact of $1.5 million, net sales grew 4.7 percent versus the prior year’s quarter.

Segment net income, as adjusted, was $10.1 million for the first quarter of fiscal 2013 versus $13.2 million last year. First quarter adjusted EBITDA of $23.1 million, including adjusted EBITDA of $3.0 million from the FURminator® acquisition, increased 5.0 percent compared with $22.0 million a year ago. Foreign exchange did not have a material impact on the segment’s first quarter adjusted EBITDA.

Home and Garden Business

The Home and Garden segment reported record first quarter net sales of $30.5 million, an increase of 23.5 percent compared with $24.7 million in the first quarter of fiscal 2012. The higher revenues were attributable to an increase in both lawn and garden and household insect control sales as a result of distribution gains, stronger retail inventory replenishment and the Black Flag®/ TAT® brands acquisition completed on November 1, 2012. The first quarter of the fiscal year is generally a period of building inventory in advance of the Home and Garden segment’s major selling season, which occurs in the spring and summer months. First quarter net sales for the Home and Garden segment are typically less than 10 percent of full-year net sales.

The segment recorded a lower first quarter net loss, as adjusted, of $4.5 million compared with a net loss of $6.4 million in fiscal 2012’s first quarter. As a result of cost improvement initiatives, operating expense management and favorable product mix, the Home and Garden segment improved its adjusted EBITDA by 54.9 percent to a loss of $1.4 million in the first quarter of fiscal 2013 from a loss of $3.1 million in the same period last year.

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