Spectrum Brands reports $53.7 million EBITDA for quarter ended Dec. 28

By Caroline Salls

Pittsburgh, Feb. 9 - Spectrum Brands Inc. reported $53.7 million in EBITDA for the quarter ended Dec. 28 on $564.2 million in net sales, according to a company news release.

The figures compared to $57 million in EBITDA reported for the same period of 2007 on $604.7 million in net sales.

Spectrum said the EBITDA numbers for the most recent quarter benefited from the eighth consecutive quarter of adjusted EBITDA growth in its global batteries and personal care segments.

In addition, the company reported a $42.6 million operating loss for the quarter ended Dec. 28 and a $112.7 million net loss, both declining from the $31.5 million operating income and $43.4 million net loss recorded in the quarter ended Dec. 30, 2007.

According to the release, the company's $52.7 million in restructuring and related charges were primarily associated with its strategy to exit the growing products portion of its home and garden business, its decision to exit Ningbo Baowang, a battery manufacturing facility in China, and company-wide cost reduction and integration initiatives.

The company had $100.7 million in cash at Dec. 28, compared with $84.9 million at Dec. 30, 2007.

Spectrum Brands is an Atlanta-based consumer products company and supplier of batteries, lawn and garden products, pet supplies, shaving and grooming products, household insect control products, personal care products and portable lighting.

The company filed for bankruptcy on Feb. 3 in the U.S. Bankruptcy Court for the Western District of Texas. Its Chapter 11 case number is 09-50455.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.