Last10K.com

Spectrum Brands Holdings, Inc. (SPB) SEC Filing 10-K Annual Report for the fiscal year ending Friday, September 30, 2022

SEC Filings

SPB Annual Reports

Spectrum Brands Holdings, Inc.

CIK: 109177 Ticker: SPB
Exhibit 99.1
imagea.jpg
3001 Deming Way
Middleton, WI 53562-1431
P.O. Box 620992
Middleton, WI 53562-0992
(608) 275-3340
For Immediate Release
Investor/Media Contact:
Faisal Qadir 608-278-6207

Spectrum Brands Holdings Reports Fiscal 2022 Fourth Quarter
Net Sales Decreased 1.1% with Significant Unfavorable Foreign Currency Impact, Largely in Line with Company's Previous Expectations
Fourth Quarter Net Loss from Continuing Operations was $24.8 Million with a Reduction in Adjusted EBITDA from Continuing Operations to $74.7 million
The Company Expects to Deliver Low Single-Digit Net Sales Growth and Low Double-Digits Adjusted EBITDA Growth for Fiscal 2023 from Continuing Operations, with Adjusted EBITDA Growth in All Business Units
Additional Pricing Actions Expected to Offset Projected Inflationary Increases and Unfavorable Currency Impact
The Company Expects to Return to Free Cash Flow Generation in Fiscal 2023 with over $200 Million of Inventory Reduction
The Company Expects to Collect $4.3 Billion Upon Completion of the Sale of HHI, Anticipated to Close no Later Than the End of June 2023
Middleton, WI, November 18, 2022 - Spectrum Brands Holdings, Inc. (NYSE: SPB; “Spectrum Brands” or the “Company”), a leading global branded consumer products and home essentials company focused on drivi
ng innovation and providing exceptional customer service, today reported results from continuing operations for the fourth quarter ended September 30, 2022.
“Our latest financial results for the fourth quarter complete a challenging year for our business where we faced high input cost inflation, supply chain disruptions, and cost headwinds related to currency changes. We were further challenged by retailers' focus on reducing high inventory levels, which led to reduced replenishment orders. Reported net sales declined 1.1% or 7.3% organically, excluding the impact of fx and acquisition. The results were also impacted by a stronger U.S. dollar that led to unfavorable translation impact both versus last year and compared to our expectations. The cost reduction actions we initiated during the previous quarter are continuing and are partly offsetting the impact of the sales decline. We are also implementing further price increases around the globe to help offset the additional pressure from the strengthening U.S. dollar,” said David Maura, Chairman and Chief Executive Officer of Spectrum Brands.
Continuing, Mr. Maura commented, “The team and I are excited for fiscal 2023 as this year we will transform our capital structure, and grow profitability in all our business units. In light of the macro-economic trends I highlighted, we have shifted our focus towards maximizing free cash flow and deleveraging the balance sheet. We are seeing tangible benefits from this shift as we reduced inventory by over $100 million during the fourth quarter, including HHI. Although we expect the difficult macro-economic environment to continue in fiscal 2023, we have taken all the right actions to set ourselves up for success. We are targeting low-single digit net sales growth and low double-digit EBITDA growth for
1

The following information was filed by Spectrum Brands Holdings, Inc. (SPB) on Friday, November 18, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Spectrum Brands Holdings, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Spectrum Brands Holdings, Inc..

Continue

Assess how Spectrum Brands Holdings, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Spectrum Brands Holdings, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows - Sb/Rh
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income - Sb/Rh
Consolidated Statements Of Financial Position
Consolidated Statements Of Financial Position (Parenthetical)
Consolidated Statements Of Financial Position - Sb/Rh
Consolidated Statements Of Income
Consolidated Statements Of Income - Sb/Rh
Consolidated Statements Of Shareholder's Equity
Consolidated Statements Of Shareholder's Equity - Sb/Rh
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Tables)
Accumulated Other Comprehensive Income - Reclassifications Out Of Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income - Schedule Of Accumulated Other Comprehensive Income (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Schedule Of Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Schedule Of Intangible Assets And Weighted Average Useful Lives (Details)
Acquisitions - Schedule Of Pro Forma Information (Details)
Acquisitions - Schedule Of Purchase Price Allocation (Details)
Commitment And Contingencies (Tables)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Expected Payments For Environmental Remediation (Details)
Debt
Debt (Tables)
Debt - Aggregate Scheduled Maturities Of Debt And Capital Lease Obligations (Details)
Debt - Narrative (Details)
Debt - Schedule Of Debt (Details)
Derivatives
Derivatives (Tables)
Derivatives - Narrative (Details)
Derivatives - Schedule Of Fair Value Of Outstanding Derivative Instruments (Details)
Derivatives - Schedule Of Net Investment Hedge (Details)
Derivatives - Summary Of Gain (Loss) On Derivatives Not Designated As Hedges (Details)
Derivatives - Summary Of Impact Of Designated Hedges And Gain (Loss) (Details)
Description Of Business
Description Of Business (Details)
Description Of Business (Tables)
Divestitures
Divestitures (Tables)
Divestitures - Narrative (Details)
Divestitures - Significant Non-Cash Items And Capital Expenditures Of Discontinued Operations (Details)
Divestitures - Summary Of Assets And Liabilities Held For Sale (Details)
Divestitures - Summary Of Components Of Income From Discontinued Operations Before Income Taxes (Details)
Divestitures - Summary Of Components Of Income From Discontinued Operations, Net Of Tax (Details)
Divestitures - Summary Of Transaction Service Agreements (Details)
Earnings Per Share ??? Sbh
Earnings Per Share ??? Sbh (Details)
Earnings Per Share ??? Sbh (Tables)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Additional Information On Pension Plans (Details)
Employee Benefit Plans - Components Of Net Periodic Benefit Cost (Details)
Employee Benefit Plans - Fair Value Of Pension Plan Assets By Asset Category (Details)
Employee Benefit Plans - Narrative (Details)
Employee Benefit Plans - Schedule Of Benefit Payments Expected To Be Paid (Details)
Employee Benefit Plans - Summary Of Allocation Of Pension Plan Assets (Details)
Employee Benefit Plans - Summary Of Projected Benefit Obligations, Accumulated Benefit Obligations, And Fair Value Of Plan Assets (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Narrative (Details)
Fair Value Of Financial Instruments - Schedule Of Carrying Values And Fair Values For Financial Instruments (Details)
Fair Value Of Financial Instruments - Summary Of Income Recognized From Equity Investments (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Changes In The Carrying Amount Of Goodwill By Reporting Segment (Details)
Goodwill And Intangible Assets - Narrative (Details)
Goodwill And Intangible Assets - Schedule Of Carrying Value And Accumulated Amortization For Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of Future Amortization Expense (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Deferred Tax Liabilities (Details)
Income Taxes - Schedule Of Income Tax Expense (Details)
Income Taxes - Schedule Of Reconciliation Of Income Tax Expense (Details)
Income Taxes - Schedule Of Unrecognized Tax Benefits (Details)
Inventory
Inventory (Details)
Inventory (Tables)
Leases
Leases (Tables)
Leases - Cash Flow Activity For Leases (Details)
Leases - Components Of Lease Cost (Details)
Leases - Lease Term And Discount Rate (Details)
Leases - Leases Recognized In Balance Sheet (Details)
Leases - Narrative (Details)
Leases - Schedule Of Future Lease Payments (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Narrative (Details)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (Details)
Receivables
Receivables (Tables)
Receivables - Narrative (Details)
Receivables - Schedule Of Allowance For Doubtful Accounts (Details)
Restructuring Charges
Restructuring Charges (Tables)
Restructuring Charges - Narrative (Details)
Restructuring Charges - Rollforward Of Restructuring Accrual (Details)
Restructuring Charges - Summary Of Costs Incurred And Cumulative Costs By Cost Type (Details)
Restructuring Charges - Summary Of Exit And Disposal Charges (Details)
Restructuring Charges - Summary Of Restructuring And Related Charges (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Rollforward Of Allowance For Product Returns (Details)
Segment Information
Segment Information (Tables)
Segment Information - Capital Expenditures Relating To Segments (Details)
Segment Information - Depreciation And Amortization Relating To Segments (Details)
Segment Information - Long-Lived Assets By Geographic Area (Details)
Segment Information - Narrative (Details)
Segment Information - Net Sales By Geographic Area (Details)
Segment Information - Net Sales Relating To Segments (Details)
Segment Information - Schedule Of Segment Information (Details)
Segment Information - Segment Total Assets Relating To Segments (Details)
Share Based Compensation
Share Based Compensation (Tables)
Share Based Compensation - Narrative (Details)
Share Based Compensation - Summary Of Activity Of The Rsus Granted (Details)
Share Based Compensation - Summary Of Award Plans (Details)
Share Based Compensation - Summary Of Rsu Activity (Details)
Share Based Compensation - Summary Of Share Based Compensation Expense (Details)
Share Based Compensation - Summary Of Stock Options (Details)
Shareholder???S Equity
Shareholder???S Equity (Tables)
Shareholder???S Equity - Narrative (Details)
Shareholder???S Equity - Summary Of Activity Of Common Stock Repurchase Program (Details)
Significant Accounting Policies And Practices
Significant Accounting Policies And Practices (Policies)
Significant Accounting Policies And Practices (Tables)
Significant Accounting Policies And Practices - Narrative (Details)
Significant Accounting Policies And Practices - Schedule Of Range And Weighted Average Useful Lives For Definite-Lived Intangible Assets (Details)
Significant Accounting Policies And Practices - Useful Lives For Property, Plant And Equipment (Details)
Ticker: SPB
CIK: 109177
Form Type: 10-K Annual Report
Accession Number: 0000109177-22-000034
Submitted to the SEC: Tue Nov 22 2022 4:14:37 PM EST
Accepted by the SEC: Tue Nov 22 2022
Period: Friday, September 30, 2022
Industry: Miscellaneous Electrical Machinery Equipment And Supplies

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/spb/0000109177-22-000034.htm