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TheStreet Open House

Spectrum Brands Holdings Reports Record Fiscal 2013 Third Quarter Results

The small appliances product category reported net sales in the third quarter of fiscal 2013 of $168.7 million, a decrease of 2.6 percent compared to $173.2 million in the third quarter of fiscal 2012. Higher net sales in Europe and Latin America nearly offset expected lower revenues in North America, which were attributable to the planned and continued elimination of low margin promotions totaling nearly $10 million. The elimination of low margin promotions contributed significantly to a nearly 350 basis point improvement in North American small appliance gross margins quarter-over-quarter, which followed 330 basis point and 450 basis point improvements in gross margin percentage from this strategic initiative in the first and second quarters of fiscal 2013, respectively. Excluding the negative foreign exchange impact of $0.6 million, net sales for the small appliances product category decreased 2.2 percent.

With segment net income, as adjusted, of $32.2 million, the Global Batteries & Appliances segment reported adjusted EBITDA of $58.7 million for the third quarter of fiscal 2013 compared to adjusted EBITDA of $61.2 million in the year-earlier quarter, when segment net income was $40.9 million. Excluding an unfavorable foreign exchange impact of $1.8 million, segment adjusted EBITDA decreased 1.1 percent in this year’s third quarter.

Global Pet Supplies

The Global Pet Supplies segment reported net sales of $156.4 million for the third quarter of fiscal 2013 compared to $157.5 million last year. Increased North America aquatics net sales were offset by lower European aquatics revenues, while companion animal product net sales were unchanged. Excluding an unfavorable foreign exchange impact of $1.7 million, net sales were essentially unchanged versus the prior year’s quarter.

Segment net income, as adjusted, was $24.5 million for the third quarter of fiscal 2013 versus $18.8 million a year ago. Third quarter adjusted EBITDA of $33.7 million increased 15.0 percent compared to $29.3 million in fiscal 2012 as a result of aggressive spending controls and reductions, an increase in cost improvements and select pricing actions. The adjusted EBITDA margin as a percentage of net sales improved to 21.5 percent in the third quarter versus 18.6 percent last year. Excluding a negative foreign exchange impact of $0.9 million, segment adjusted EBITDA increased 18.1 percent in this year’s third quarter.

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