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    Spectrum Brands 4Q loss widens on charge

    AP – Wed, Nov 16, 2011

    MADISON, Wis. (AP) — Spectrum Brands Holdings Inc., whose products include Rayovac batteries and Remington shavers, said Wednesday that its fiscal fourth-quarter loss widened, dragged down by an impairment charge.

    Its adjusted results fell short of Wall Street estimates.

    In addition to batteries and grooming items, the company's products include household items sold under the George Foreman, Black & Decker and Farberware names, Cutter insect repellants and specialty pet supplies.

    The company reported a net loss of $33.8 million, or 65 cents per share, for the three months ended Sept. 30. That compares with a loss of $24.3 million, or 48 cents per share, a year earlier.

    Spectrum Brands' current quarter included an impairment charge of $32.5 million.

    Excluding the charge and other items, earnings were 47 cents per share.

    Analysts predicted earnings of 56 cents per share, according to a FactSet poll.

    Revenue increased 5 percent to $827.3 million from $789 million on better sales in all of its segments, which include global batteries and appliances, global pet supplies and home and garden.

    The results missed Wall Street's estimate of $836 million.

    For the full year, Spectrum Brands' loss narrowed to $75.2 million, or $1.47 per share, from a loss of $190.1 million, or $5.28 per share, in the previous year. Annual revenue climbed 24 percent to $3.19 billion from $2.57 billion, buoyed by its Russell Hobbs buyout and better sales of personal care products.

    Spectrum Brands said it expects fiscal 2012 sales to increase at or above the rate of gross domestic product.

    The Madison, Wis.. company now expects to have annual cost savings of $35 million to $40 million from its Russell Hobbs acquisition. It previously anticipated $30 million to $35 million in savings. It also expects $10 million to $15 million in savings from its global pet supplies restructuring, up from a range of $7 million to $11 million in anticipated savings.

     

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