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Spectrum Brands Holdings Reports Record Fiscal 2013 Results, Meets Or Exceeds Full Year Financial Guidance

Stocks in this article: SPB

With segment net income, as adjusted, of $54.8 million, the Global Batteries & Appliances segment reported adjusted EBITDA of $77.3 million for the fourth quarter of fiscal 2013 compared to adjusted EBITDA of $77.1 million in the year-earlier quarter, when segment net income was $55.2 million. Excluding an unfavorable foreign exchange impact of $6.8 million, segment adjusted EBITDA increased 9.1 percent in the fourth quarter of fiscal 2013.

Global Pet Supplies

The Global Pet Supplies segment reported net sales of $165.2 million for the fourth quarter of fiscal 2013 compared to $166.5 million last year. Higher North American and European companion animal net sales were more than offset by lower North American aquatics due to category softness. Excluding an unfavorable foreign exchange impact of $0.7 million, net sales were essentially unchanged versus the prior year’s quarter.

Segment net income, as adjusted, was $25.9 million for the fourth quarter of fiscal 2013 versus $23.1 million a year ago. Fourth quarter adjusted EBITDA of $35.8 million increased slightly compared to $35.7 million in fiscal 2012. The adjusted EBITDA margin as a percentage of net sales improved to 21.7 percent in the fourth quarter versus 21.4 percent last year. Excluding a negative foreign exchange impact of $1.1 million, segment adjusted EBITDA increased 3.4 percent in this year’s fourth quarter.

The Global Pet Supplies segment achieved record net sales of $621.8 million and record adjusted EBITDA of $120.0 million in fiscal 2013, resulting in a record annual adjusted EBITDA margin of 19.3 percent.

Home and Garden

The Home and Garden segment reported record fourth quarter net sales of $101.4 million, an increase of 17.8 percent compared to $86.1 million in fiscal 2012. Revenues increased in each of the segment’s three product categories – lawn and garden controls, household insect controls, and outdoor repellents – as a result of strong POS and related retailer orders driven by the extended selling season and favorable weather conditions.

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