NOTE 22 - QUARTERLY RESULTS (UNAUDITED)

Spectrum Brands Holdings, Inc.


	Quarter Ended
SBH 2018 (in millions, except per share)	September 30, 2018		June 30, 2018		March 31, 2018		December 31, 2017
Revenue	$	787.8	$	945.5	$	766.1	$	646.5
Gross profit		289.9		354.6		268.2		240.9
Net (loss) income from continuing operations		(151.7)		415.3		(37.3)		78.1
Income from discontinued operations, net of tax		35.5		17.4		13.9		500.8
Net income (loss)		(116.2)		432.6		(23.4)		578.9
Net income (loss) attributable to controlling interest		(115.8)		405.5		(28.9)		507.4
Earnings Per Share
Basic earnings per share from continuing operations	$	(3.00)	$	11.90	$	(1.15)	$	0.89
Basic earnings per share from discontinued operations		0.69		0.48		0.26		14.80
Basic earnings per share	$	(2.31)	$	12.38	$	(0.89)	$	15.69
Diluted earnings per share from continuing operations	$	(3.00)	$	11.89	$	(1.15)	$	0.88
Diluted earnings per share from discontinued operations		0.69		0.48		0.26		14.67
Diluted earnings per share	$	(2.31)	$	12.37	$	(0.89)	$	15.55


	Quarter Ended
SBH 2017 (in millions, except per share)	September 30, 2017		June 30, 2017		March 31, 2017		December 31, 2016
Revenue	$	787.8	$	863.0	$	757.4	$	602.3
Gross profit		310.0		320.3		307.7		239.1
Net (loss) income from continuing operations		(23.3)		3.8		(7.8)		(42.0)
Income from discontinued operations, net of tax		47.3		36.0		(43.6)		302.8
Net income (loss)		24.0		39.8		(51.4)		260.8
Net income (loss) attributable to controlling interest		(26.2)		2.1		(82.1)		212.2
Earnings Per Share
Basic earnings per share from continuing operations	$	(1.01)	$	(0.51)	$	(0.75)	$	(1.46)
Basic earnings per share from discontinued operations		0.20		0.58		(1.79)		8.03
Basic earnings per share	$	(0.81)	$	0.07	$	(2.54)	$	6.57
Diluted earnings per share from continuing operations	$	(1.01)	$	(0.51)	$	(0.75)	$	(1.46)
Diluted earnings per share from discontinued operations		0.20		0.58		(1.79)		8.03
Diluted earnings per share	$	(0.81)	$	0.07	$	(2.54)	$	6.57

During the fiscal fourth quarter of the year ended September 30, 2018, the Company identified a cumulative out of period error in Income from Discontinued Operations of $27.0 million, net of tax, from depreciation on property plant and equipment and amortization on definite-lived intangible assets that was included as part of the GBA disposal group and recognized as a component of discontinued operations subsequent to being recognized as held for sale effective December 29, 2017. The Company has updated the summarized quarterly financial results for the fiscal second and third quarter to remove depreciation and amortization of $13.8 million and $13.2 million, net of tax, respectively, from Income from Discontinued Operations. Additionally, the Company identified an out of period error in the fiscal fourth quarter of $19.6 million for the recognition of deferred tax assets that should have been recorded during the fiscal third quarter and has reflected the update in the summarized quarterly financial results above for the respective period. The Company has concluded that the misstatements are not material to the consolidated financial statements. The comparable periods in subsequent interim reports will be adjusted to reflect the corrected numbers noted in the table above and that change will be disclosed in those filings in a manner similar to that set forth above.

The earnings per share data on the was retrospectively adjusted for all periods presented to reflect the effect of the reverse stock split on July 13, 2018, associated with the closing of the Spectrum Merger. See Note 4 – Acquisitions for further discussion on Spectrum Merger. Using (i) the 20-trading-day volume-weighted average price per share of Spectrum common stock ending on July 12, 2018, (ii) the number of shares of Spectrum common stock outstanding, the number of shares of Spectrum common stock held by HRG and its subsidiaries and the number of shares of Spectrum common stock outstanding as of July 12, 2018, (iii) $328.2 million of HRG net indebtedness and transaction expenses at closing, and (iv) a $200.0 million upward adjustment contemplated by the Merger Agreement, each HRG stockholder received a reverse stock split of approximately 0.1613 of each share of HRG stock.

SB/RH Holdings, LLC


	Quarter Ended
SB/RH 2018 (in millions)	September 30, 2018		July 1, 2018		April 1, 2018		December 31, 2017
Revenue	$	787.8	$	945.5	$	766.1	$	646.5
Gross profit		289.9		354.6		268.2		240.9
Net (loss) income from continuing operations		(126.1)		69.6		12.3		128.5
Income from discontinued operations, net of tax		39.6		4.3		13.9		40.9
Net income (loss)	$	(86.5)	$	73.9	$	26.2	$	169.4


	Quarter Ended
SB/RH 2017 (in millions)	September 30, 2017		July 2, 2017		April 2, 2017		January 1, 2017
Net sales	$	787.8	$	862.9	$	756.5	$	602.3
Gross profit		309.9		320.2		306.8		239.1
Net (loss) income from continuing operations		23.7		51.1		42.1		12.2
Income from discontinued operations, net of tax		72.3		28.3		18.7		52.8
Net income (loss)	$	96.0	$	79.4	$	60.8	$	65.0

During the fiscal fourth quarter of the year ended September 30, 2018, the Company identified a cumulative out of period error in Income from Discontinued Operations of $27.0 million, net of tax, from depreciation on property plant and equipment and amortization on definite-lived intangible assets that was included as part of the GBA disposal group and recognized as a component of discontinued operations subsequent to being recognized as held for sale effective December 29, 2017. The Company has updated the summarized quarterly financial results for the fiscal second and third quarter to remove depreciation and amortization of $13.8 million and $13.2 million, net of tax, respectively, from Income from Discontinued Operations. The Company has concluded that the misstatements are not material to the consolidated financial statements. The comparable periods in subsequent interim reports will be adjusted to reflect the corrected numbers noted in the table above and that change will be disclosed in those filings in a manner similar to that set forth above.