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Spectrum Brands Reports Net Gains For 2012 Following 2011 Losses

Monday October 22nd, 2012 - 12:36PM

In a preliminary report on its fiscal year ended September 30, 2012, Spectrum Brands has reported a net income of $48.6 million in fiscal 2012 compared with a net loss of $75.2 million in fiscal 2011.

The company also reported record net sales of $3.25 billion in fiscal 2012, an increase of  2.1% as compared with last year’s $3.19 billion. Excluding negative foreign exchange impact, net sales grew 4.3% versus the prior year.

“Spectrum Brands achieved strong results in fiscal 2012, including record sales, adjusted EBITDA and free cash flow, and met or exceeded our financial guidance for the year,” said Dave Lumley, Spectrum Brands CEO. “In the face of extraordinary, negative foreign currency impacts, challenging European economies, and ongoing commodity and Asian supply chain cost increases, we delivered outstanding fiscal 2012 results."

“These preliminary results reflect the strength of our brands and the value they provide to retailers and consumers, as well as our focus on operational efficiency and execution,” Lumley said. “We look forward to announcing our final results in November.”

Spectrum Brands plans to issue its fiscal 2012 full-year and fourth quarter results on November 14, to be followed by an investor conference call. Details for the conference call will be announced in early November.