SEC Filings
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| 10-Q | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HRG GROUP, INC. filed this Form 10-Q on 08/09/2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Global auto care organic sales increased due to the increased sales from air conditioning recharge products and introduction of private label products discussed above. Global pet supplies organic net sales increased $11.4 million for the Fiscal 2016 Nine Months compared to the Fiscal 2015 Nine Months driven by an increase in companion pet sales of $11.7 million from stronger rawhide and stain and odor product categories in North America, timing of holiday shipments, and distribution gains with independent pet retailers, coupled with an increase in aquatic sales of $3.4 million from timing of holiday shipments, partially offset with the exit of lower margin business. Small appliances net organic sales decreased $30.2 million for the Fiscal 2016 Nine Months compared to the Fiscal 2015 Nine Months primarily attributable to a decrease in sales in North America of $32.4 million from softer volumes within the category and competitive pricing, partially mitigated by increases in e-commerce channels; and offset by increases in Europe of $4.9 million from expanded product listings with current customers. Consolidated net sales by product line for each of those respective periods are as follows (in millions):
Cost of consumer products and other goods sold / Consumer products segment gross profit. Consumer products segment gross profit, representing net consumer products sales minus consumer products cost of goods sold, for the Fiscal 2016 Quarter was $530.7 million compared to $458.0 million for the Fiscal 2015 Quarter. Consumer Products segment gross profit for the Fiscal 2016 Nine Months was $1,434.2 million compared to $1,202.9 million for the Fiscal 2015 Nine Months. Increases in gross profit were mainly attributable to increases in net sales and increases in gross profit margin. Gross profit margin for the Fiscal 2016 Quarter increased to 39.0% from 36.7% in the Fiscal 2015 Quarter. Gross profit margin for the Fiscal 2016 Nine Months increased to 37.8% compared to 35.6% for the Fiscal 2015 Nine Months. The increases in gross profit margin were primarily due to an increase in margins contributed by the AAG acquisition, a shift towards higher margin sales and continuing cost improvements across segments. Selling, acquisition, operating and general expenses. Selling, acquisition, operating and general expenses increased by $0.4 million, or 0.1%, to $300.4 million for the Fiscal 2016 Quarter, from $300.0 million for the Fiscal 2015 Quarter primarily attributable to the increase of $21.2 million due to the acquisition of AAG previously discussed; offset by a decrease in acquisition and integration related charges of $16.2 million, lower acquisition activity previously discussed and decreased restructuring and related charges of $5.1 million. Selling, acquisition, operating and general expenses increased by $66.7 million, or 8.3%, to $865.9 million for the Fiscal 2016 Nine Months, from $799.2 million for the Fiscal 2015 Nine Months mainly due to an increase of $94.3 million related to costs from AAG, IAMS and Eukanuba brands (“European IAMS and Eukanuba”) and Salix Animal Health LLC (“Salix”) that were acquired during the year ended September 30, 2015 and an increase in share-based compensation of $11.1 million; offset by decreased acquisition and integration related charges of $13.0 million from lower acquisition activity and decreased restructuring and related charges of $14.1 million. Amortization of intangibles. For the Fiscal 2016 Quarter, amortization of intangibles increased to $23.5 million from $22.3 million for the Fiscal 2015 Quarter. For the Fiscal 2016 Nine Months, amortization of intangibles increased to $70.5 million from $64.0 million for the Fiscal 2015 Nine Months. The increases were as a result of the additional definite lived intangible assets acquired during the year ended September 30, 2015. 52 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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