MADISON, WI (WTAQ) - The Madison company that makes Ray-o-Vac batteries and Black and Decker tools is making a profit again.
Spectrum Brands reports a net income of $5.5 million from July through September, the final quarter of its fiscal year. The company lost almost $34 million at the same time a year ago.
Earnings totaled 10 cents a share in the last quarter, compared to a loss of 65 cents a share the previous year.
Spectrum also reported record sales for its recently-completed fiscal year. Product sales totaled almost $833 million for the year ending September 30th. That’s up from last year’s sales of $827 million.
For the entire fiscal year, Spectrum Brands said it made almost $49 million, or 91 cents a share. It lost $75 million the previous year, of $1.47 per share.
CEO Dave Lumley said the numbers reflect the strength of its replacement products and brands – and consumers appreciate Spectrum’s strategy of offering the same performance from its products at lower prices.