Harbinger Group Inc. ("HGI"; NYSE:HRG), a diversified holding company focused on acquiring and growing businesses that are undervalued or fairly valued with attractive financial or strategic characteristics, today announced its consolidated results for the fourth quarter and full year period ended on September 30, 2013 ("Fiscal 2013"). 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 ("FGL") and Front Street Re, Ltd. ("FSR");
- Energy, which includes the company's interest in an oil and gas joint venture with EXCO Resources, Inc. (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, “We are pleased with our performance in fiscal 2013, including strong top line growth and profitability, solid operational performance, and the successful completion of key initiatives - such as the HHI acquisition in our Consumer Products segment and the establishment of our Energy business - that position us for continued success. Our performance demonstrates the value of our diversified holding company model and patient capital approach. It also reflects the strength of our operating subsidiaries, all of which are rooted in industries that have attractive long-term fundamentals and market dynamics. We are committed to building upon the progress made this year and further enhancing shareholder value.”
Omar Asali, HGI President, said, “Each of our market segments performed well in fiscal 2013. In particular, Consumer Products grew revenues by 26% and operating profit by 16%, reflecting the benefits of the HHI acquisition and power of Spectrum Brands’ ‘Same Performance, Less Price/Better Value’ proposition in today’s economic environment. Operating income in our Insurance segment has performed strongly and grown to $522.9 million due to a more favorable economic environment and our solid market position, while our financial and newly-established energy businesses continued to gain scale and positive momentum. Our focus remains on value and patient capital allocation as we continue to build upon our disciplined strategy of seeking opportunities in industries we know well and operating businesses with strong management teams and strong free cash flow potential over the long term.”