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Helen of Troy Limited Message Board

  • bluecheese4u bluecheese4u Jan 9, 2013 8:11 AM Flag

    Helen of Troy Limited Reports Record Net Sales Revenue and Record Net Income for the Third Quarter and Fiscal Year-to-Date Periods

    Helen of Troy Limited Reports Record Net Sales Revenue and Record Net Income for the Third Quarter and Fiscal Year-to-Date Periods

    EL PASO, Texas, Jan. 9, 2013 /PRNewswire/ -- Helen of Troy Limited (NASDAQ, NM: HELE), designer, developer and worldwide marketer of brand-name household, personal care and healthcare/home environment consumer products, today reported record net sales revenue and record net income for the three and nine month periods ended November 30, 2012.

    Fiscal 2013 third quarter net sales revenue was $374,599,000 compared to $338,785,000 in the same period of the prior year, an increase of $35,814,000, or 10.6 percent. Net sales revenue for the nine months ended November 30, 2012 was $962,221,000 versus net sales revenue of $887,672,000 in the same period of the prior year, an increase of $74,549,000, or 8.4 percent.

    Housewares. Fiscal 2013 third quarter net sales revenue in the Housewares segment was $67,787,000 compared to $61,223,000 for the same period last year, an increase of $6,564,000, or 10.7 percent. For the nine months ended November 30, 2012, net sales revenue in the Housewares segment was $192,606,000 compared to $178,017,000 for the same period last year, an increase of $14,589,000, or 8.2 percent.

    Personal Care. Fiscal 2013 third quarter net sales revenue in the Personal Care segment was $148,638,000 compared to $148,984,000 for the same period last year, a decrease of $346,000, or 0.2 percent. For the nine months ended November 30, 2012, net sales revenue in the Personal Care segment was $378,554,000 compared with $386,998,000 for the same period last year, a decrease of $8,444,000, or 2.2 percent.

    Healthcare/Home Environment. Fiscal 2013 third quarter net sales revenue in the Healthcare/Home Environment segment was $158,174,000 compared to $128,578,000 for the same period last year, an increase of $29,596,000, or 23.0 percent, reflecting $28,076,000 of incremental net sales revenue from our acquisition of the PUR® water filtration business on December 30, 2011. For the nine months ended November 30, 2012, net sales revenue in the Healthcare/Home Environment segment was $391,061,000 compared with $322,657,000 for the same period last year, an increase of $68,404,000, or 21.2 percent, reflecting $78,619,000 of incremental net sales revenue from PUR®.

    Net income for the third quarter of fiscal 2013 was $37,719,000, or $1.18 per fully diluted share, compared to $32,879,000, or $1.04 per fully diluted share, in the prior year third quarter, an increase in net income of $4,840,000 or 14.7 percent. For the nine month period ended November 30, 2012, net income was $84,159,000, or $2.64 per fully diluted share, compared to $81,077,000, or $2.56 per fully diluted share, in the same period last year, an increase in net income of $3,082,000 or 3.8 percent.

    Consolidated gross profit margin as a percentage of net sales revenue for the fiscal quarter ended November 30, 2012 was 39.6 percent compared to 39.3 percent for the same period last year, an increase of 0.3 percentage points. The consolidated gross profit margin as a percentage of net sales revenue for the nine months ended November 30, 2012 was 40.2 percent compared to 40.0 percent for the same period last year, an increase of 0.2 percentage points.

    Selling, general and administrative expense as a percentage of net sales revenue was 27.1 percent for the three months ended November 30, 2012 compared to 27.0 percent for the same period last year, an increase of 0.1 percentage point. Selling, general and administrative expense as a percentage of net sales revenue was 28.8 percent for the nine months ended November 30, 2012 compared to 28.5 percent for the same period last year, an increase of 0.3 percentage points.

    Operating income for the third quarter of fiscal 2013 was a record $47,052,000 compared to $41,828,000 in the same period last year, an increase of $5,224,000, or 12.5%. Operating income for the nine month period ended November 30, 2012 was a record $109,041,000 compared to $102,831,000 in the same period last year, an increase of $6,210,000, or 6.0%. EBITDA without share-based compensation for the third quarter of fiscal 2013 was $57,107,000 compared to $50,376,000 in the same period last year, an increase of $6,731,000, or 13.4%. EBITDA without share-based compensation for the nine month period ended November 30, 2012 was $140,032,000 compared to $125,524,000 in the same period last year, an increase of $14,508,000, or 11.6%.

    Gerald J. Rubin, Chairman, Chief Executive Officer and President, commenting on the Company's fiscal 2013 third quarter results, stated "During the third quarter, we achieved record net sales revenue and record net income. In fact, this was the best quarter in the Company's history in terms of net sales and net income. We are pleased that we were able to achieve growth in net sales revenue, net income and EBITDA without share-based compensation in such a challenging retail sales environment. We believe the positive results in the third fiscal quarter validate the strategic vision of Helen of Troy as a leading global consumer product company built on a portfolio of brands that are well-recognized and trusted, and products that are innovative and address the needs and desires of consumers.

    "We are particularly pleased with the performance of the Housewares segment, where the steady influx of new, innovative quality products under the OXO banner led to double-digit organic sales growth during the third quarter. The Healthcare/Home Environment segment also saw improvements, as the current winter weather and the early, strong cold and flu season have lessened the previously felt impact of high inventory levels at retail due to the previous warm winter and mild cold and flu season. The Personal Care segment continues to make a positive contribution to the Company's earnings, but net sales in this segment have been weaker than expected.

    "As a result primarily of the changing product mix resulting from the addition of the PUR® business, our gross margin increased 30 basis points compared to the third quarter last year. With our SG&A remaining relatively flat, our operating income also increased 30 basis points compared to last year's third quarter. Finally, our net income as a percentage of net sales was up 40 basis points, marking a significant improvement over the third quarter of the prior year.

    "As a Company, we continue to have a very strong balance sheet and generate a significant amount of cash, which can be used to further innovate our businesses and make future acquisitions. One year after acquiring PUR® we are pleased with the progress we have made integrating the PUR® business.

    "As part of our strategic initiatives to prepare the necessary infrastructure for planned future growth, we are excited about the recently announced plans to construct a new 1.3 million square foot distribution facility in Olive Branch, Mississippi. This new facility will be owned and managed by Helen of Troy and will replace currently leased space in the area. The facility will supplement the 1.2 million square foot distribution center we already own and manage in Southaven, Mississippi (giving us a total of 2.5 million square feet of distribution capacity in DeSoto County, Mississippi), and will accommodate future growth, both organic and through acquisitions.

    "Like other companies, we continue to do all we can to contain costs and achieve maximum efficiencies. I am pleased to report that a higher percentage of our goods are currently being made outside Asia than has been the case in the past.

    "While we are very pleased with our results for the third quarter of fiscal 2013, we continue to see challenges ahead and are uncertain of the potential impact of changes in consumer spending patterns resulting from recent and pending domestic tax changes and Federal legislation. While we still expect earnings per fully diluted share for the full fiscal year to be in the range of $3.50 to $3.60, we now expect net sales revenue to be in the range of $1.275 billion to $1.3 billion," Rubin concluded.

    The Company will conduct a teleconference in conjunction with today's earnings release. The teleconference begins at 11 a.m. ET today, Wednesday, January 9, 2013

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