Spectrum Emerges From Bankruptcy Protection
Spectrum Brands Inc. (Atlanta), which completed a financial restructuring while under bankruptcy protection in 2009, reported net income of $1.152 billion for the 2009 fourth quarter.
Spectrum, the umbrella company for pet brands like Instant Ocean, 8-in-1 Pet Products and Tetra, reported consolidated net sales at $589.4 million for the quarter and $2.230 billion for the year, down from $668 million and $2.427 billion from the previous year.
Even though the numbers were down, the company called it a “watershed year” because the results were from just part of the year—after the company’s emergence from bankruptcy on Aug. 28.
Spectrum reported net sales of global pet supplies at $154.8 million for the quarter, down from $159.2 million for the same period the previous year. Net sales of global pet supplies were $573.9 million for the full year, compared with $598.6 million for fiscal 2008. [March 2010 PET AGE]
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