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Spectrum Brands Holdings Reports Record Fiscal 2013 Third Quarter Results

Stocks in this article: SPB

“We remain committed to creating greater shareholder value,” he continued, “with a focus on growing our adjusted EBITDA, aggressively paying down debt and deleveraging, and maximizing sustainable free cash flow.”

Fiscal 2013 Third Quarter Consolidated Financial Results

Spectrum Brands Holdings reported consolidated net sales of $1.09 billion for the third quarter of fiscal 2013, an increase of 32.1 percent compared to $824.8 million for the same period in fiscal 2012. The increase was the result of the HHI acquisition completed on December 17, 2012. The net sales results were negatively impacted by $3.2 million of foreign exchange. Including the prior year’s third quarter results for HHI, net sales of $1.09 billion in the third quarter of fiscal 2013 increased 1.1 percent compared to the year-ago quarter.

Excluding HHI, net sales for legacy Spectrum Brands of $804.6 million in the third quarter of fiscal 2013 decreased 2.5 percent versus $824.8 million in the prior-year quarter. The sales decline was entirely attributable to the planned and continuing exit of low-margin promotions in North America small appliances which totaled approximately $10 million and a $10 million decline in Home and Garden segment revenues due to timing as the very late arrival of warm, dry weather delayed the start of the spring selling season, pushing revenues into July.

Gross profit and gross profit margin for Spectrum Brands for the third quarter of fiscal 2013 of $382.7 million and 35.1 percent, respectively, compared to $291.7 million and 35.4 percent last year.

Spectrum Brands reported GAAP net income of $36.1 million, or $0.69 diluted income per share, for the third quarter of fiscal 2013 on average shares and common stock equivalents outstanding of 52.7 million. In the third quarter of fiscal 2012, the Company reported net income of $58.7 million, or $1.13 diluted income per share on average shares and common stock equivalents outstanding of 51.8 million. Adjusted for certain items in both years’ third quarters, which are presented in Table 3 of this press release and which management believes are not indicative of the Company’s ongoing normalized operations, the Company generated adjusted diluted earnings per share of $0.90, a non-GAAP measure, for the third quarter of fiscal 2013 compared with $1.12 in last year’s third quarter. The decrease was due to an increase in non-cash stock compensation expense driven by employee stock-based award programs.

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