Spectrum Brands Slips To Loss In Q4 - Quick Facts

(RTTNews) - Spectrum Brands Holdings Inc. (SPB) said that GAAP net loss for the fourth quarter of fiscal 2013 was $36.7 million or $0.70 per share, compared to GAAP net income of $5.5 million or $0.10 per share in the fourth quarter of fiscal 2012.

Due entirely to $122.2 million of costs and expenses related to the extinguishment of $950 million of senior secured notes, the company reported loss in the latest-quarter.

Adjusted for certain items in both years' fourth quarter, the company generated adjusted diluted earnings per share of $0.88 in the fourth quarter of fiscal 2013, an increase of 6.0 percent compared to $0.83 last year.

Consolidated net sales of $1.14 billion for the fourth quarter of fiscal 2013 increased 36.6 percent compared to $832.6 million for the same period in fiscal 2012. The increase was predominantly the result of the HHI acquisition and, to a lesser degree, higher revenues in the Home and Garden segment.

Including the full prior year's fourth quarter results for HHI on a pro forma basis, net sales of $1.14 billion in the fourth quarter of fiscal 2013 increased 4.4 percent compared to $1.09 billion in the year-ago quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share and revenues of $1.13 billion for the quarter. Analysts' estimates typically exclude special items.

Spectrum Brands expects fiscal 2014 net sales, as reported and at current foreign exchange rates, to increase at or above the rate of GDP compared to fiscal 2013 net sales, including HHI in the prior year period on a pro forma basis. Fiscal 2014 free cash flow is expected to be at least $350 million and capital expenditures are projected to be approximately $70 million to $75 million. The Company expects to reduce term debt by at least $250 million in fiscal 2014.