Quarter was $0.7 million, a decrease of $5.1 million from the Fiscal 2015 Quarter. The decrease was primarily attributable to the decrease in average sales prices and volume during the Fiscal 2016 Quarter.
| | • | Our Asset Management segment recorded an operating loss of $1.7 million for the Fiscal 2016 Quarter compared to operating loss of $14.2 million for the Fiscal 2015 Quarter. The decrease in operating loss was mainly as a result of reversal of bad debt expenses associated with the partial repayment on the loan to RadioShack and a reduction in operating expenses, partially offset by lower revenues and the impairment to CorAmerica’s goodwill. |
| | • | During the Fiscal 2016 Nine Months, we received cash dividends of approximately $47.0 million from our subsidiaries, including $37.3 million, $9.3 million and $0.4 million from Spectrum Brands, FGL and CorAmerica, respectively, which does not give effect to the net impact from interest payments made by HRG on behalf of our Energy segment with respect to certain intercompany notes issued by HGI Energy. |
Results of Operations Fiscal 2016 Quarter and Fiscal 2016 Nine Months Compared to the Fiscal 2015 Quarter and Fiscal 2015 Nine Months Presented below is a table that summarizes our results of operations and compares the amount of the change between the fiscal periods (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | Fiscal Quarter | | Fiscal Nine Months | | 2016 | | 2015 | | Increase / (Decrease) | | 2016 | | 2015 | | Increase / (Decrease) | Revenues: | | | | | | | | | | | | Consumer Products | $ | 1,361.6 |
| | $ | 1,247.5 |
| | $ | 114.1 |
| | $ | 3,790.0 |
| | $ | 3,382.3 |
| | $ | 407.7 |
| Insurance | 70.2 |
| | (68.0 | ) | | 138.2 |
| | 99.8 |
| | (72.4 | ) | | 172.2 |
| Energy | 9.7 |
| | 24.3 |
| | (14.6 | ) | | 36.0 |
| | 84.6 |
| | (48.6 | ) | Asset Management | 1.2 |
| | 7.2 |
| | (6.0 | ) | | 8.8 |
| | 20.3 |
| | (11.5 | ) | Intersegment elimination | 4.4 |
| | 14.0 |
| | (9.6 | ) | | 15.5 |
| | 57.2 |
| | (41.7 | ) | Consolidated segment revenues | 1,447.1 |
| | 1,225.0 |
| | 222.1 |
| | 3,950.1 |
| | 3,472.0 |
| | 478.1 |
| Corporate and Other | — |
| | 2.2 |
| | (2.2 | ) | | — |
| | 42.7 |
| | (42.7 | ) | Total revenues | $ | 1,447.1 |
| | $ | 1,227.2 |
| | $ | 219.9 |
| | $ | 3,950.1 |
| | $ | 3,514.7 |
| | $ | 435.4 |
| Operating income (loss): | | | | | | | | | | | | Consumer Products | $ | 206.8 |
| | $ | 135.7 |
| | $ | 71.1 |
| | $ | 497.8 |
| | $ | 339.7 |
| | $ | 158.1 |
| Insurance | 3.6 |
| | (28.6 | ) | | 32.2 |
| | 1.8 |
| | (79.3 | ) | | 81.1 |
| Energy | (22.0 | ) | | (114.3 | ) | | 92.3 |
| | (113.2 | ) | | (470.6 | ) | | 357.4 |
| Asset Management | (1.7 | ) | | (14.2 | ) | | 12.5 |
| | (20.0 | ) | | (82.7 | ) | | 62.7 |
| Intersegment elimination | 39.0 |
| | (12.0 | ) | | 51.0 |
| | 33.2 |
| | 15.7 |
| | 17.5 |
| Total segment operating income (loss) | 225.7 |
| | (33.4 | ) | | 259.1 |
| | 399.6 |
| | (277.2 | ) | | 676.8 |
| Corporate and Other and eliminations | (17.0 | ) | | (41.1 | ) | | 24.1 |
| | (39.8 | ) | | (189.4 | ) | | 149.6 |
| Consolidated operating income (loss) | 208.7 |
| | (74.5 | ) | | 283.2 |
| | 359.8 |
| | (466.6 | ) | | 826.4 |
| Interest expense | (98.4 | ) | | (149.1 | ) | | 50.7 |
| | (291.7 | ) | | (306.6 | ) | | 14.9 |
| Gain on sale of oil and gas properties | — |
| | — |
| | — |
| | 105.6 |
| | — |
| | 105.6 |
| Gain on deconsolidation of subsidiary | — |
| | 38.5 |
| | (38.5 | ) | | — |
| | 38.5 |
| | (38.5 | ) | Gain upon gaining control of equity method investment | — |
| | — |
| | — |
| | — |
| | 141.2 |
| | (141.2 | ) | Other (expense) income, net | (3.3 | ) | | 3.0 |
| | (6.3 | ) | | (1.7 | ) | | 49.9 |
| | (51.6 | ) | Income (loss) from continuing operations before income taxes | 107.0 |
| | (182.1 | ) | | 289.1 |
| | 172.0 |
| | (543.6 | ) | | 715.6 |
| Income tax benefit | (8.4 | ) | | (37.8 | ) | | 29.4 |
| | (15.0 | ) | | (32.6 | ) | | 17.6 |
| Net income (loss) from continuing operations | 115.4 |
| | (144.3 | ) | | 259.7 |
| | 187.0 |
| | (511.0 | ) | | 698.0 |
| (Loss) income from discontinued operations, net of tax | (208.4 | ) | | 102.9 |
| | (311.3 | ) | | (257.1 | ) | | 125.7 |
| | (382.8 | ) | Net loss | (93.0 | ) | | (41.4 | ) | | (51.6 | ) | | (70.1 | ) | | (385.3 | ) | | 315.2 |
| Less: Net income attributable to noncontrolling interest | 39.9 |
| | 34.2 |
| | 5.7 |
| | 121.4 |
| | 28.4 |
| | 93.0 |
| Net loss attributable to controlling interest | $ | (132.9 | ) | | $ | (75.6 | ) | | $ | (57.3 | ) | | $ | (191.5 | ) | | $ | (413.7 | ) | | $ | 222.2 |
|
Revenues. Revenues for the Fiscal 2016 Quarter increased $219.9 million, or 17.9%, to $1,447.1 million from $1,227.2 million for the Fiscal 2015 Quarter. Revenues for the Fiscal 2016 Nine Months increased $435.4 million, or 12.4%, to $3,950.1 million from $3,514.7 million for the Fiscal 2015 Nine Months.
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