Spectrum Brands Inc. (Atlanta, GA), formerly known as Rayovac Corp. (Madison, WI), announced fiscal 2005 third-quarter diluted earnings per share of $0.46 and pro-forma diluted earnings per share of $0.76. The results compare to diluted earnings per share of $0.36 and pro-forma diluted earnings per share of $0.39 for the comparable prior-year period.
Third-quarter net sales were $730.4 million, as compared to $308.3 million for the same period last year. Gross profit for the quarter was $276.6 million versus $134.7 million for the same period last year. Operating income increased to $73.4 million compared with fiscal 2004's third-quarter operating income of $37.5 million. Pro-forma operating income for the third quarter was $95.8 million, or 13.1 percent of sales, compared to $39.2 million, or 12.7 percent of sales last year.
Third-quarter net income was $23.7 million, or $0.46 per share, compared with net income of $12.8 million, or $0.36 per share, in the prior year. Pro-forma diluted earnings per share were $0.76 as compared with pro-forma diluted earnings per share of $0.39 for the comparable period last year.
Fiscal 2005 battery sales, gross profits, and margins were negatively impacted by the transition from Rayovac's "50-Perecnt More" battery marketing campaign to a new performance-based marketing strategy.
