- Net sales of $4.09 billion, including the acquired HHI business, increased 25.6 percent in fiscal 2013 versus $3.25 billion a year ago; including HHI on a pro forma basis for all of both fiscal 2013 and fiscal 2012, net sales increased 1.2 percent and 1.7 percent excluding the negative impact of foreign exchange.
- Net sales of $1.14 billion in the fourth quarter of fiscal 2013 grew 4.4 percent versus a year ago, including HHI on a pro forma basis for the prior year period; legacy Spectrum Brands, which excludes HHI, reported a 1.4 percent increase in fiscal 2013 fourth quarter net sales, and 2.1 percent excluding the negative impact of foreign exchange.
- Net loss of $55.2 million and diluted loss per share of $1.06 in fiscal 2013, due entirely to $122.2 million of costs and expenses related to the extinguishment of $950 million of senior secured notes in the fourth quarter, compared to net income of $48.6 million and diluted income per share of $0.91 in fiscal 2012.
- Adjusted diluted earnings per share, a non-GAAP measure, of $2.98 in fiscal 2013 decreased from $3.21 last year, including HHI in the prior year period on a pro forma basis, due to a $14.7 million increase in non-cash stock compensation expense driven by employee stock-based award programs.
- Adjusted diluted earnings per share in the fourth quarter of fiscal 2013 increased 6.0 percent to $0.88 versus $0.83 a year earlier, including HHI in the prior year period on a pro forma basis.
- Adjusted EBITDA of $677.1 million in fiscal 2013 grew 1.3 percent compared to last year, including HHI as if acquired at the beginning of fiscal 2012, and 4.7 percent excluding the negative impact of foreign exchange; adjusted EBITDA in fiscal 2013 was $646.8 million, excluding the pre-acquisition earnings of HHI.
- Legacy Spectrum Brands delivered record adjusted EBITDA for the 4 th consecutive year with growth of 2.1 percent to $495.5 million in fiscal 2013 versus fiscal 2012, and 6.1 percent excluding the negative impact of foreign exchange; legacy business fiscal 2013 adjusted EBITDA margin of 15.4 percent was a record annual level.
- Adjusted EBITDA of $184.7 million in the fourth quarter of fiscal 2013 improved 3.3 percent compared to $178.8 million, including HHI in the prior year period on a pro forma basis.
- Legacy business reported a 3.6 percent increase in adjusted EBITDA to $130.3 million in the fourth quarter of fiscal 2013, the 12 th consecutive quarter of year-over-year adjusted EBITDA growth; excluding the negative impact of foreign exchange, legacy Spectrum Brands’ adjusted EBITDA grew 10.2 percent versus $125.8 million last year.
- Strong liquidity position at fiscal 2013 year-end with a cash balance of approximately $207 million and zero cash drawn on ABL facility.
- Fiscal 2014 net cash provided from operating activities after purchases of property, plant and equipment (free cash flow) expected to be at least $350 million compared to $254 million and $208 million in fiscal 2013 and fiscal 2012, respectively.
- Company expects to use its strong free cash flow to reduce debt by at least $250 million and reduce its balance sheet leverage in the second half of fiscal 2014, consistent with the seasonality of its cash flows.
Spectrum Brands Holdings Reports Record Fiscal 2013 Results, Meets Or Exceeds Full Year Financial Guidance
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