Spectrum Brands Reports Second Quarter 2008 Financial Results

Business Wire,  May 6, 2008  

Tags: Company, Spectrum Brands Inc.

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Certain matters discussed in this news release, with the exception of historical matters, may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of risks and uncertainties that could cause results to differ materially from those anticipated as of the date of this release. Actual results may differ materially as a result of (1) changes and developments in external competitive market factors, such as introduction of new product features or technological developments, development of new competitors or competitive brands or competitive promotional activity or spending, (2) changes in consumer demand for the various types of products Spectrum Brands offers, (3) unfavorable developments in the global credit markets, (4) the impact of overall economic conditions on consumer spending, (5) fluctuations in commodities prices, the costs or availability of raw materials or terms and conditions available from suppliers, (6) changes in the general economic conditions in countries and regions where Spectrum Brands does business, such as stock market prices, interest rates, currency exchange rates, inflation and consumer spending, (7) the Company's ability to successfully implement manufacturing, distribution and other cost efficiencies and to continue to benefit from its cost-cutting initiatives, (8) unfavorable weather conditions and various other risks and uncertainties, including those discussed herein and those set forth in Spectrum Brands' securities filings, including the most recently filed Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Spectrum Brands also cautions the reader that its estimates of trends, market share, retail consumption of its products and reasons for changes in such consumption are based solely on limited data available to Spectrum Brands and management's reasonable assumptions about market conditions, and consequently may be inaccurate, or may not reflect significant segments of the retail market.

The Company also cautions the reader that undue reliance should not be placed on any forward-looking statements, which speak only as of the date of this release. Spectrum Brands undertakes no duty or responsibility to update any of these forward-looking statements to reflect events or circumstances after the date of this report or to reflect actual outcomes.

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Note: Per share figures calculated prior to rounding.

(a) For the three months ended March 30, 2008, reflects $3.5 million, net of tax, of restructuring and related charges as follows: $1.0 million for the integration of United and Tetra and $2.5 million for the Global restructuring announced January 10, 2007.

(b) For the three months ended April 1, 2007, reflects $12.5 million, net of tax, of restructuring and related charges as follows: (i) $8.6 million for the integration of United and Tetra; (ii) $2.6 million for a series of actions in Europe and Latin America to reduce operating costs and rationalize operating structure; (iii) $1.3 million for the Global restructuring announced January 10, 2007.