Window and door group adds new member
The Window and Door Manufacturers Association (WDMA) has announced that The Rodon Group, a company that promotes a “Cheaper than China” pricing policy, is its newest member.
The WDMA says it defines the standards of excellence in the residential and commercial window, doorand skylight industry, and advances these standards among industry members while providing advocacy resources, educational and professional programs, and ideas for members to provide greater value for their customers.
The Rodon Group is a high-volume, small plastic parts specialist. The Rodon Group is an ISO 9001:2008 certified, landfill-free plastic injection molder. With more than 106 injection molding presses, Rodon is one of the largest family-owned and operated injection molders in the United States and serves a diverse group of industries, including windows and doors, consumer products, construction, medical and toys.
In business since 1956, The Rodon Group makes billions of parts each year in its 125,000-sq.-ft. facility.
Rodon has been on the forefront promoting American Manufacturing, offers a "Cheaper than China" pricing policy and has reshored billions of manufactured parts back to the United States. Just two months ago, President Obama and White House Staff converged at The Rodon Group’s facility to show support for American manufacturing companies.
"Our membership in WDMA provides us with an ideal resource to connect with the leaders in the window and door manufacturing industry," said Michael Araten, Rodon’s president and CEO. "We look forward to building relationships with these companies and expanding our footprint in the industry."
Scotts Miracle-Gro Q1 sales rise
Scotts Miracle-Gro posted first-quarter net sales of $205.8 million, up 3% from $199.6 million during the same quarter a year ago.
Sales in the Global Consumer segment in the quarter ended Dec. 29, 2012, were up 3% to $153.2 million, compared with $149.1 million a year ago, attributable to increased volume during the quarter.
Scotts LawnService sales were up 19% to $44.8 million in the first quarter, compared with $37.6 million during the same quarter a year ago, primarily due to a 6% increase in customer count and a weather-driven delay of sales from the fiscal fourth quarter of 2012 to the fiscal first quarter of 2013.
"Continued consumer engagement, coupled with solid execution, leaves us well-positioned for the 2013 lawn and garden season," said Jim Hagedorn, chairman and CEO. "We are on plan with our initiatives designed to drive meaningful and sustainable growth in earnings and cash flow, while continuing to maintain a strong consumer focus."
The loss from continuing operations was $68.3 million, compared with a loss of $73.1 million, during the same quarter a year ago. The adjusted loss from continuing operations for the first quarter of 2013 was $68.5 million, which excludes impairment, restructuring and other charges. The company has historically reported a loss in its first quarter, due to the seasonal nature of the lawn and garden category.
Scotts continues to expect company-wide net sales to increase by about 1% to 3% in fiscal 2013 on flat unit volume, modest price increases in its core business and the continued strong performance of Scotts LawnService.
Spectrum Brands reports record Q1 sales
The acquisition of Stanley’s Hardware and Home Improvement (HHI) division loomed large over Spectrum Brand’s first-quarter report, boosting sales to new heights while generating a net-loss on one-time costs.
Spectrum reported record net sales of $870.3 million, including the HHI and FURminator acquisitions, up 2.5% in the first quarter of fiscal 2013, which consisted of two fewer shopping days, versus $848.8 million a year ago. Excluding negative foreign exchange impact, net sales grew 3.2%.
On the bottom line, the company’s net loss of $13.4 million was driven by one-time acquisition and integration costs of $20.8 million and interest expense of $28.8 million, primarily from the impact of the HHI acquisition.
Spectrum’s brand names include Rayovac, Kwikset, Weiser, Baldwin, National Hardware, Pfister and Remington.
“We delivered record results in the first quarter, again putting us on track to achieve a fourth consecutive record year of financial performance from the legacy business with improvements weighted to the second half of the year,” said Dave Lumley, CEO of Spectrum Brands Holdings. “In the face of holiday and global retail environment softness, negative foreign currency impacts, cautious consumer spending heightened by fiscal cliff worries and fewer shopping days, our businesses performed well and demonstrated again that our Spectrum Value Model is working effectively and resonating with retailers and consumers."
The company said HHI has become its fourth operating segment, bringing "significant, accelerated financial growth in fiscal 2013 and beyond." It’s products include residential locksets, residential builders’ hardware and faucets with largely number-one market positions in North America, Spectrum said.
The Hardware & Home Improvement (HHI) business was acquired Dec. 17. In the first quarter, the segment recorded net sales of $34.0 million, a net loss, as adjusted, of $3.5 million, and adjusted EBITDA of $3.2 million.
Adjusted EBITDA was negatively impacted by a $1.6 million accrual adjustment necessary due to a change in contractual terms relative to product returns with a large unnamed retailer.