Appliance maker Spectrum Brands Holdings, Inc. (Madison, WI, U.S.) reiterated on July 11, 2011, its fiscal 2011 expectations to deliver an increase in adjusted EBITDA to between $455 million and $465 million with free cash flow improving to between $155 million and $165 million. Spectrum said it remained on track to deliver a cumulative debt reduction on its original $750 million senior secured term loan of at least $200 million by the end of fiscal 2011, with $90 million of voluntary prepayments already made to date for a current term loan balance of $658 million. Spectrum said it now expects fiscal 2011 net sales growth in the range of 1.5 to 2.5%. The revised net sales forecast is primarily due to challenges in the retail marketplace.
Back to Breaking News