Spectrum Brands posts third-quarter loss

The company posted a loss of $283.9 million, or $5.58 a share, in the three months that ended June 29, compared to a loss of $7.5 million, or 15 cents a share, in the same period last year.

Spectrum, which also sells Remington shavers and the Cutter brand of insect repellant, marked down the value of its home and garden and pet supply businesses by $253.7 million, or $4.76 a share.

Excluding that and a $19.1 million tax adjustment, as well as other charges, the company earned 6 cents per share, compared to adjusted earnings of 12 cents a share in the same period last year.

Revenue increased 10.5 percent to $729.6 million from $660 million in the year-ago period.

Analysts polled by Thomson Financial expected earnings of 25 cents a share on $693.9 million in revenue.

Spectrum said increased commodity costs caused earnings in its home and garden business to fall to $25.9 million from $42.3 million in the year-earlier period.

The company had agreed to sell its pet supply business in May to appliance maker Salton Inc. for $692.5 million in cash, but wasn't able to get permission from its senior lenders and the deal fell through.

Spectrum shares fell 3 cents to finish Thursday at $2.61.