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Spectrum Brands Has Improved Full-Year, 4Q
Nov 17, 2011
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Spectrum Brands Holdings' overall net sales were up 24.1% in fiscal year 2011 compared to fiscal 2010, to $3.2 billion. Net sales growth was 2.4% when including the Russell Hobbs businesses for all of fiscal 2010.

Spectrum Brands expects fiscal 2012 net sales to grow at or above the rate of GDP, with free cash flow goal of at least $200 million

As of Oct. 1, 2010, Spectrum Brands began managing its businesses in three product-focused reporting segments.
• Global Batteries & Appliances
• Global Pet Supplies
• Home and Garden Business - primarily lawn and garden consumables and insect control

Global Batteries & Appliances includes worldwide batteries, shaving and grooming, personal care appliances, small electrical appliances in the kitchen and home product categories, and portable lighting. This segment combined the former Global Batteries & Personal Care segment with nearly all the former Small Appliances segment, which consisted of the Russell Hobbs businesses acquired In June 2010.

Spectrum Brands reported consolidated GAAP net sales of $827.3 million for the fourth quarter of fiscal 2011, up 4.9% from $789.0 million in 4Q fiscal 2010. All three segments contributed to better sales. Spectrum reported a net loss of $33.8 million in 4Q 2011 compared to a net loss of $24.3 million in 4Q 2010. Fiscal 2011 4Q consolidated adjusted EBITDA was $114.5 million, a 14.8% increase versus consolidated adjusted EBITDA in 4Q 2010 of $99.7 million.

Global Batteries & Appliances reported fiscal 2011 4Q net sales of $592.9 million, up 4.5% from $567.6 million in 4Q 2010. The increase was driven by improvements in the personal care and small electrical appliance product categories.

Personal care products saw growth in all geographic regions in 4Q 2011. Overall personal care product net sales were up 10.6% to $121.5 million in 4Q fiscal 2011 from $110.9 million in 4Q 2010. The net sales growth was driven by a combination of new product introductions, line extensions, increased online sales, and expanded in-store promotions.

Small electrical appliances products reported 4Q fiscal 2011 net sales of $211.0 million, up 7.8% from $195.6 million in 4Q 2010. The increase came from higher North American revenues in beverage, cooking, and food preparation appliances, as well as distribution gains and promotional increases at existing retailers. This was partially offset by reduced sales in Europe due to Spectrum's decision to exit low-margin, local secondary brands in France and Germany.

Global Batteries & Appliances reported 4Q fiscal 2011 segment net income of $24.8 million and an adjusted EBITDA of $76.5 million, up 8.7% from adjusted EBITDA of $70.4 million in 4Q 2010's segment net income of $35.5 million.

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