Spectrum Brands experienced record revenue but showed a net loss of $13.4 million (26 cents/share) for the quarter ending Dec. 30. Revenues came in at $870.3 million. That compares to $13.1 million in profits (25 cents/share) on revenues of $848.8 million for the same quarter a year earlier. Global battery sales were up, but Remington product sales fell 1.8%.
Meanwhile, three Spectrum executives could receive bonuses amounting to $25 million in stock over the next two years if company goals are exceeded. David Lumley, president and CEO, could receive the lion’s share, worth about $15 million. Meanwhile, as many as 200 Spectrum executives, managers, and key employees will likely participate in a two-year superior achievement program awarding restricted stock if the company meets and exceeds specific financial goals by Sept. 30, 2014.
