Spectrum Brands gives financial projections through fiscal year 2013

By Caroline Salls

Pittsburgh, April 13 - Spectrum Brands Inc. said it will update its financial projections in connection with the filing of an amended plan of reorganization and disclosure statement, according to an 8-K filed with the Securities and Exchange Commission.

Under the projections, Spectrum said it expects to have EBITDA of $285 million for fiscal year 2009; $332 million for fiscal year 2010; $342 million for fiscal year 2011; $358 million for fiscal year 2012; and $374 million for fiscal year 2013.

The revenue projections include $2.285 billion for 2009; $2.264 billion for 2010; $2.354 billion for 2011; $2.448 billion for 2012; and $2.545 billion for 2013.

In addition, the company is projecting a $30 million net income for 2009; an $88 million net income for 2010; a $107 million net income for 2011; a $120 million net income for 2012; and a $139 million net income for 2013.

The company said it expects to have $60 million in cash and cash equivalents at the end of 2009 and $50 million for each of the fiscal years 2010 through 2013.

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.

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