Spectrum Brands Reports Second Quarter 2008 Financial Results

Business Wire, May 6, 2008

(k) For the three and six months ended March 30, 2008, reflects $83.0 million and $108.3 million, respectively, adjustment to income tax expense to exclude the impact of the valuation allowance against deferred taxes and other tax related items in order to reflect a normalized ongoing effective tax rate.

(l) For the three and six months ended March 30, 2008, general and administrative expenses include a net of tax benefit of $1.9 million and $5.6 million, respectively, related to expiring taxes and related penalties, associated with the Company's provision for presumed credits applied to the Brazilian excise tax on manufactured products, which expired in the current period. For the three and six months ended March 30, 2008, interest expense includes a net of tax benefit of $0.8 million and $2.8 million, respectively, related to interest charges associated with the Company's provision for presumed credits applied to the Brazilian excise tax on manufactured products. For the three and six months ended April 1, 2007, general and administrative expenses include a net of tax benefit of $.8 million and $2.4 million, respectively, related to expiring taxes and related penalties, associated with the Company's provision for presumed credits applied to the Brazilian excise tax on manufactured products, which expired in the current period. For the three and six months ended April 1, 2007, interest expense includes a net of tax benefit of $0.3 million and $.9 million, respectively, related to interest charges associated with the Company's provision for presumed credits applied to the Brazilian excise tax on manufactured products.

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