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Harbinger Group 4th-quarter loss widens
Created on Wednesday, 14 December 2011 08:22Category: Earnings
NEW YORK (AP) -- Harbinger Group Inc.'s fiscal fourth-quarter loss widened, hindered by acquisition-related costs and higher operating costs and expenses.
The company whose holdings include Spectrum Brands, maker of Rayovac batteries and George Foreman grills, said Wednesday that it lost $107.1 million, or 77 cents per share, for the period ended Sept. 30. It lost $21 million, or 15 cents per share, in the prior-year period.
Operating costs and expenses rose to $932.5 million from $752.2 million.
Revenue increased 13 percent to $888.5 million from $789 million due to an increase in consumer products revenue as well as revenue from its insurance segment thanks to its acquisition of insurer Fidelity & Guaranty Life. There was no insurance revenue a year ago.
For the year, Harbinger earned $15 million, or 4 cents per share. That compares with a loss of $151.9 million, or $1.15 per share, in the previous year.
Annual revenue climbed 35 percent to $3.48 billion from $2.57 billion.
Shares of Harbinger, based in New York, fell 21 cents, or 4.9 percent, to $4.11 in morning trading. Over the past year, the stock has traded in a range of $2.75 to $6.60.
Courtesy Yahoo Financial News