Harbinger Group Inc. ("HGI"; NYSE: HRG), a diversified holding company focused on acquiring and growing attractive businesses, today announced its consolidated results for the third quarter of Fiscal 2013 ended on June 30, 2013 (the "Fiscal 2013 Quarter"). The results include HGI's four segments:
- Consumer Products, which consists of Spectrum Brands Holdings, Inc. (“Spectrum Brands”; NYSE: SPB);
- Insurance, which includes Fidelity & Guaranty Life Holdings, Inc. (“FGL”) and Front Street Re, Ltd. ("FSR");
- Energy, which includes the company's EXCO/HGI Joint Venture (the "EXCO/HGI JV"); and
- Financial Services, which includes Salus Capital Partners, LLC (“Salus”) and Five Island Asset Management, LLC ("Five Island").
Philip Falcone, HGI Chairman and Chief Executive Officer, said, “HGI performance this quarter demonstrates the value of our diversified holding company model and the strength of our underlying operating subsidiaries, as they continue to execute on their business strategies. HGI remains well positioned for the future and we look forward to continuing to grow the powerful platform we have built and increasing shareholder value.”
Omar Asali, President of HGI, said, “We had a strong quarter operationally as evidenced by the 39% increase in revenues and a 124% increase in operating income. Operating income at our Consumer Products segment increased by 22% as a result of the continued positive performance of Spectrum Brands, including the successful integration of the Hardware and Home Improvement business ("HHI"). The Insurance segment generated operating income of just over $78.5 million, compared to a small loss in the Fiscal 2012 quarter. Additionally, both the Energy segment, which we established in February, and Financial Services continue to ramp up nicely. We see significant value in each of our operating businesses and strong growth potential, and we expect that HGI will continue to benefit from their success."