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Harbinger Group Inc. Reports First Quarter Fiscal 2013 Results

Detail on First Quarter Fiscal 2013 Results:

HGI's consolidated revenues for the first quarter of Fiscal 2013 were $1.22 billion, compared to $1.17 billion for the first quarter of Fiscal 2012. Revenues for Consumer Products, which reflect the Spectrum Brands business, were $870.3 million in first quarter of Fiscal 2013 compared to $848.8 million in the year-ago period, an increase of 2.5% (or 3.2% excluding negative foreign exchange impact). The Insurance and Financial Services Segments contributed $352.0 million to HGI's revenues in the quarter compared to $317.2 million in the first quarter of Fiscal 2012.

HGI's consolidated operating income was $215.4 million for the first quarter of Fiscal 2013 compared to operating income of $111.8 million in the comparable period in Fiscal 2012. HGI reported consolidated net income attributable to common and participating preferred stockholders of $62.0 million, or $0.31 per common share attributable to controlling interest ($0.03 diluted), compared to $23.8 million, or $0.12 per common share attributable to controlling interest ($0.06 diluted), in the Fiscal 2012 first quarter.

Fiscal 2013 first quarter consolidated net income attributable to common and participating preferred stockholders was affected by an $87.2 million increase in interest expense from the first quarter of Fiscal 2012. First quarter Fiscal 2013 interest expense was $143.1 million compared to $55.9 million in the year-ago period. The increase in quarterly interest expense was principally due to $58.9 million of fees incurred by HGI related to the extinguishment of the 10.625% Notes, and $29.0 million of costs incurred by Spectrum Brands associated with the financing of the HHI acquisition.

HGI's first quarter Fiscal 2013 results were also affected by a $68.9 million liability decrease in the fair market value of the equity conversion feature of HGI's preferred stock, which results in a non-cash gain to earnings, in addition to realizing $125.7 million of investment gains in our Insurance Segment.

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