May 28, 2012
Spectrum Brands Holdings reports US$28 million net loss in Q2
A net loss of US$28.7 million or US$0.56 loss per share, for the second quarter ended April 1, 2012 has been reported by Spectrum Brands Holdings, Inc, manufacturer of herbicides, insecticides and repellants, compared to a net loss of US$50.2 million or US$0.99 loss per share for the same period last year.
Net sales for the second quarter of fiscal 2012 were US$746.3 million, compared to US$693.9 million for the second quarter of fiscal 2011.
Net loss for the six months ended April 1, 2012 was US$15.6 million, or US$0.30 loss per share, compared to a net loss of US$69.9 million, or US$1.38 loss per share, for the six months ended April 3, 2011.
Net sales for the first six months of fiscal 2012 were US$1.59 billion, compared to US$1.55 billion for the first six months of fiscal 2011.
"With the improved second-quarter results reported today, we remain on target to deliver another year of growth and shareholder value creation in fiscal 2012," said Dave Lumley, CEO of Spectrum Brands Holdings.
"Each of our three segments contributed to our solid performance globally, which was driven by a combination of volume growth, retail distribution gains, new products, select pricing initiatives, continued stringent cost and expense control programmes, and successful execution on a number of cost reduction programmes."