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Spectrum Brands Reports Fiscal Q3 Gains

Tuesday August 7th, 2012 - 9:19AM

For the fiscal 2012 third quarter, Spectrum Brands Holdings reported consolidated net sales of $824.8 million, an increase of 2.5% over net sales of $804.6 million in the prior year. The company's Home and Garden and Global Pet Supplies segments reported higher revenues in the third quarter, which included $18.9 million of net sales from the Black Flag/TAT brands and FURminator acquisitions completed on November 1, 2011 and December 22, 2011, respectively.

Excluding revenues from these acquisitions, net sales in the third quarter of fiscal 2012 were unchanged from last year.

The company reported gross profit of $291.7 million for its fiscal third quarter versus $293.6 million in the comparable year-ago period. Gross profit margin decreased to 35.4% in the third quarter from 36.5% last year. The company reported net income of $58.7 million for the quarter.

"We turned in a solid third quarter performance, and we reiterate our 
expectations for fiscal 2012 to be another year of growth and record
 financial results," said Dave Lumley, CEO of
 Spectrum Brands Holdings. "In the face of increasing, negative foreign 
currency translation impacts, challenging European economies, and 
ongoing commodity and Asian supply chain cost increases, we delivered 
higher net sales, operating income and adjusted EBITDA in the third
 quarter. On a constant currency basis, our third quarter net sales and
 adjusted EBITDA grew more than twice as fast as prior year levels."