- Net sales of $1.10 billion in the first quarter of fiscal 2014, including the acquired HHI business, increased 26.5 percent versus $870.3 million a year ago; including HHI in the full prior year period on a pro forma basis, net sales increased 3.6 percent and 3.8 percent excluding the negative impact of foreign exchange.
- Net income of $54.3 million and diluted income per share of $1.03 in first quarter of fiscal 2014 improved from a net loss of $13.4 million and diluted loss per share of $0.26 in the prior year quarter.
- Adjusted diluted earnings per share, a non-GAAP measure, of $1.09 in the first quarter of fiscal 2014 increased 39.7 percent compared to $0.78 last year, including HHI in the full prior year period on a pro forma basis.
- Adjusted EBITDA, a non-GAAP measure, of $178.8 million in the first quarter of fiscal 2014 grew 36.8 percent versus $130.7 million in fiscal 2013; including HHI as if acquired at the beginning of fiscal 2013, adjusted EBITDA increased 11.4 percent.
- Adjusted EBITDA margin in the first quarter of fiscal 2014 increased to 16.2 percent compared to 15.1 percent in the year-ago quarter, including HHI in the full prior year period on a pro forma basis.
- Legacy Spectrum Brands adjusted EBITDA of $129.2 million in the first quarter of fiscal 2014 increased 1.7 percent versus the prior year, representing the 13 th consecutive quarter of year-over-year adjusted EBITDA growth; legacy business fiscal 2014 first quarter adjusted EBITDA margin grew to 15.7 percent compared to 15.2 percent last year.
- Fiscal 2014 net cash provided from operating activities after purchases of property, plant and equipment (free cash flow, a non-GAAP measure) expected to be at least $350 million compared to $254 million in fiscal 2013 and $208 million in fiscal 2012.
- Company expects to use its strong free cash flow to reduce term debt by approximately $250 million and lower its balance sheet leverage in the second half of fiscal 2014, consistent with the seasonality of its cash flows.
- Spectrum Brands issued $215 million and €225 million of term debt in the first quarter of fiscal 2014 to replace and reprice $513 million of existing term debt, which will reduce cash interest costs and, through the Euro portion placed in Germany, better align cash inflows with cash outflows related to principal, interest and taxes.
- In early January 2014 the Company’s Home and Garden division acquired The Liquid Fence Company, the U.S. leader in the consumer animal repellents market in an immediately accretive transaction that provides a new and complementary position in a rapidly expanding segment of the $1.5 billion U.S. retail lawn and garden controls market.
Spectrum Brands Holdings Reports Record Fiscal 2014 First Quarter Results
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