(1) Basis of
Presentation and Nature of Operations
Harbinger Group Inc., a
Delaware corporation (“HGI” and, collectively with its
subsidiaries, the “Company”), is a diversified holding
company, the outstanding common stock of which is 92.6% owned,
collectively, by Harbinger Capital Partners Master Fund I,
Ltd. (the “Master Fund”), Global Opportunities
Breakaway Ltd. and Harbinger Capital Partners Special Situations
Fund, L.P. (together, the “Principal Stockholders”),
not giving effect to the conversion rights of the Series A
Participating Convertible Preferred Stock (the “Series A
Preferred Stock”) or the Series A-2 Participating
Convertible Preferred Stock (the “Series A-2 Preferred
Stock”, together the “Preferred Stock”). Such
common stock ownership by the Principal Stockholders represents a
voting interest of 69% in relation to the existing voting rights of
all HGI’s common and preferred stockholders. HGI’s
shares of common stock trade on the New York Stock Exchange
(“NYSE”) under the symbol “HRG.”
HGI is focused on obtaining
controlling equity stakes in companies that operate across a
diversified set of industries and growing acquired businesses. In
addition to acquiring controlling interests, HGI may make
investments in debt instruments, acquire minority equity interests
in companies and expand its operating businesses. The Company also
owns 97.9% of Zap.Com Corporation (“Zap.Com”), a public
shell company that may seek assets or businesses to acquire or may
sell assets and/or liquidate.
On January 7, 2011,
HGI completed the acquisition (the “Spectrum Brands
Acquisition”) of a controlling financial interest in Spectrum
Brands Holdings, Inc., a Delaware corporation (“Spectrum
Brands”), under the terms of a contribution and exchange
agreement (the “Exchange Agreement”) with the Principal
Stockholders. The Principal Stockholders contributed approximately
54.5% of the then outstanding Spectrum Brands common stock to the
Company and, in exchange for such contribution, the Company issued
to the Principal Stockholders 119,910 shares of its common stock.
Subsequently, HGI has directly and indirectly through a
wholly-owned subsidiary, acquired additional Spectrum Brands stock.
The Company’s beneficial ownership of the outstanding common
stock of Spectrum Brands was 57.4% and 53.1% at September 30,
2012 and 2011, respectively.
Spectrum Brands
is a global and diversified consumer products company and a leading
supplier of batteries, small household appliances, specialty pet
supplies, home and garden control products, shaving and grooming
products, personal care products and portable lighting. Spectrum
Brands offers a broad portfolio of brands including
Rayovac ® ,
Remington ® ,
VARTA ® ,
George Foreman ® ,
Black & Decker ® ,
Toastmaster ® ,
Farberware ® ,
Tetra ® ,
Marineland ® ,
Nature’s Miracle ® ,
Dingo ® ,
8-in-1 ® ,
FURminator ® ,
Littermaid ® ,
Spectracide ® ,
Cutter ® ,
Repel ® ,
Hot Shot ®
and Black Flag ® . Spectrum
Brands trades on the NYSE under the symbol
“SPB.”
Spectrum Brands was formed
in connection with the combination (the “SB/RH Merger”)
of Spectrum Brands, Inc. (“SBI”), a global branded
consumer products company, and Russell Hobbs, Inc. (“Russell
Hobbs”), a global branded small appliance company. The SB/RH
Merger was consummated on June 16, 2010. As a result of the
SB/RH Merger, both SBI and Russell Hobbs are wholly-owned
subsidiaries of Spectrum Brands and Russell Hobbs is a wholly-owned
subsidiary of SBI. Prior to the SB/RH Merger, the Principal
Stockholders owned approximately 40% and 100% of the outstanding
common stock of SBI and Russell Hobbs, respectively. Spectrum
Brands issued an approximately 65% controlling financial interest
to the Principal Stockholders and an approximately 35%
noncontrolling financial interest to other stockholders (other than
the Principal Stockholders) in the SB/RH Merger.
Immediately prior to the
Spectrum Brands Acquisition, the Principal Stockholders held
controlling financial in
Free historical financial statements for Spectrum Brands Holdings Inc.
See how revenue, income, cash flow, and balance sheet financials have changed over 52 quarters since 2011. Compare with SPB stock chart to see long term trends.
Data imported from Spectrum Brands Holdings Inc SEC filings. Check original filings before making any investment decision.