This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Spectrum Brands Holdings Reports Record Fiscal 2014 First Quarter Results

The segment reported a significantly smaller first quarter net loss, as adjusted, of $1.2 million, a record low segment loss for a fiscal first quarter, compared to a net loss of $4.5 million in the first quarter of fiscal 2013. The segment delivered its first positive adjusted EBITDA ever for a fiscal first quarter. Adjusted EBITDA of $1.7 million increased from a loss of $1.4 million a year ago due to higher volumes, improved product mix, cost improvement initiatives and operating expense management.

Hardware & Home Improvement

The Hardware & Home Improvement (HHI) segment, which was acquired on December 17, 2012, recorded net sales of $278.4 million in the first quarter of fiscal 2014, an increase of 23.3 percent compared to $225.8 million on a pro forma basis as if HHI was combined with Spectrum Brands for all of last year’s first quarter. The revenue growth was primarily driven by double-digit improvements in the U.S. residential security, builders’ hardware and plumbing categories. The segment recorded net income, as adjusted, of $35.7 million in the first quarter of fiscal 2014 compared to a net loss, as adjusted, of $3.5 million in the first quarter of fiscal 2013. Adjusted EBITDA in the first quarter of fiscal 2014 increased 48.1 percent to $49.6 million versus $33.5 million last year.

Liquidity and Debt

Spectrum Brands completed its fiscal 2014 first quarter on December 29, 2013 with a solid liquidity position, including a cash balance of approximately $132 million and $167 million available on its ABL facility. During the first quarter of fiscal 2014, Spectrum Brands issued $215 million and €225 million of term debt to replace and reprice $513 million of existing term debt. The new term debt will reduce cash interest costs and, in addition, the Euro portion was placed in Germany to better align the Company’s cash inflows with cash outflows related to principal, interest and taxes.

6 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs