This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Spectrum Brands Holdings Reports Record Fiscal 2013 Third Quarter Results

Adjusted EBITDA, a non-GAAP measure, of $188.5 million in the third quarter of fiscal 2013 increased 2.0 percent compared to $185.0 million a year ago, including the acquired HHI business in the prior year period on a pro forma basis. Adjusted EBITDA as a percentage of net sales was 17.3 percent compared to 17.2 percent in last year’s third quarter. Legacy Spectrum Brands’ adjusted EBITDA of $135.5 million in the third quarter of 2013 represented the 11 th consecutive quarter of year-over-year adjusted EBITDA growth, starting with the first quarter of fiscal 2011. Excluding the negative impact of $2.1 million of foreign exchange, legacy Spectrum Brands adjusted EBITDA in the third quarter of 2013 increased 3.9 percent versus $132.5 million in the prior year. Adjusted EBITDA as a percentage of net sales for legacy Spectrum Brands in the third quarter improved to a record quarterly level of 16.8 percent compared to 16.1 percent last year. Adjusted 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 Nine Months Consolidated Financial Results

Consolidated net sales of $2.95 billion for the nine months of fiscal 2013 increased 21.8 percent compared with $2.42 billion for the same period in fiscal 2012. The increase was the result of the HHI acquisition. Including HHI as if part of the Company in both years’ nine months, pro forma net sales of $3.14 billion were essentially unchanged compared with last year.

The Company reported a GAAP net loss of $18.5 million, or $0.36 diluted loss per share, for the nine months of fiscal 2013 on average shares and common stock equivalents outstanding of 52.0 million. In the nine months of fiscal 2012, the Company reported net income of $43.1 million, or $0.83 diluted income per share, on average shares and common stock equivalents outstanding of 52.1 million. Adjusted for certain items in both years’ nine months, 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 $2.12, a non-GAAP measure, for the nine months of fiscal 2013 compared with $2.44 in last year’s nine months. The decrease was primarily due to an increase in non-cash stock compensation expense driven by employee stock-based award programs.

4 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs