{"id":20574,"date":"2012-02-09T11:38:00","date_gmt":"2012-02-09T11:38:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/harbinger-group-inc-is-in-a-strong-financial-position\/20561\/"},"modified":"2012-02-09T11:38:00","modified_gmt":"2012-02-09T11:38:00","slug":"harbinger-group-inc-is-in-a-strong-financial-position","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/harbinger-group-inc-is-in-a-strong-financial-position\/20574\/","title":{"rendered":"Harbinger Group Inc. is in a strong financial position"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong>Harbinger Group Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=HRG\">NYSE: HRG<\/a>)<\/strong> announced its consolidated results for the Fiscal 2012 first quarter ended January 1, 2012.<\/p>\n<ul>\n<li>Consolidated net income attributable to HGI common and participating preferred stockholders of $24 million or $0.12 per common share ($0.06 diluted), compared to a net loss of $20 million or $(0.14) per common share in first quarter Fiscal 2011, driven by efficiency gains and strong growth in operating profit at the Consumer Products segment, the initial results of the Insurance segment, and a mark to market adjustment for the equity conversion feature of our preferred stock.<\/li>\n<li>Consumer Products operating income grew 21% to $84 million in the first quarter of Fiscal 2012 versus $69 million a year ago, as a result of increased synergies and cost savings.<\/li>\n<li>Insurance segment acquired in April 2011 contributed operating income of $36 million (pre-tax) for the first quarter of Fiscal 2012.<\/li>\n<li>Insurance segment adjusted operating income of $24 million (pre-tax) for Fiscal 2012 first quarter improved compared to $19 million in the fourth quarter Fiscal 2011.<\/li>\n<li>Underlying value of Insurance segment reflected in net book value of $668 million (including accumulated other comprehensive income (&#8220;AOCI&#8221;) of $167 million) as of January 1, 2012.<\/li>\n<li>Insurance segment paid a $20 million dividend to HGI in December 2011, following an initial $20 million dividend paid in September.<\/li>\n<li>Strong HGI cash and short-term investments position of approximately $579 million supports the Company&#8217;s investment strategy and growth of existing businesses.<\/li>\n<\/ul>\n<p>Omar Asali, President of HGI, said, &#8220;Both the Consumer Products and Insurance segments contributed to HGI&#8217;s strong increase in profitability this quarter. HGI received a dividend payment of $20 million from Fidelity &amp; Guaranty Life (&#8220;FGL&#8221;) in the first quarter of the fiscal year, representing further value for our shareholders. FGL&#8217;s strong sales this quarter continued to be driven by the recently-launched Prosperity Elite(SM)product line, which is gaining momentum in the market. We are very pleased with the results this quarter.<\/p>\n<p>&#8220;The Consumer Products segment continued to generate synergies and streamline its operations, while executing on its strategic initiatives and closing the FURminator and Black Flag acquisitions. These accretive bolt-on acquisitions are consistent with Spectrum Brand&#8217;s objective to expand its operations in high-margin sectors with high barriers to entry. Despite overall flat sales for the Consumer Products segment, management grew operating income 21% year-over-year, and remains on target to achieve its stated financial goals.<\/p>\n<p><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>&#8220;HGI is in a strong financial position, with adequate resources to support our business strategy, and we are positioned to further enhance returns while managing risk. In line with our strategy, we recently strengthened HGI&#8217;s full-time management team to oversee the growth of our portfolio companies and evaluate additional opportunities to create long-term value for shareholders.&#8221;<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-slip-as-greece-worries-continue\/20642\"><br \/>\nGold and Silver Prices Slip as Greece Worries Continue<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/futures-point-to-lower-opening-8\/20639\"><br \/>\nFutures Point to Lower Opening<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-settle-higher-on-greek-deal\/20602\"><br \/>\nGold Prices Settle Higher on Greek Deal<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-higher\/20597\"><br \/>\nStocks End Higher<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-headed-for-a-higher-finish-15\/20595\"><br \/>\nStocks Headed for a Higher Finish<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-in-green-as-euro-strengthens-silver-prices-marginally-lower\/20587\"><br \/>\nGold Prices in Green as Euro Strengthens; Silver Prices Marginally Lower<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/visa-shares-rise-on-q1-results-v\/20583\"><br \/>\nVisa Shares Rise on Q1 Results (V)<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Harbinger Group Inc. (NYSE: HRG) announced its consolidated results for the Fiscal 2012 first quarter ended January 1, 2012. Consolidated [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[6],"tags":[2412],"class_list":["post-20574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot-stocks-to-watch","tag-hrg"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/20574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=20574"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/20574\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50312"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=20574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=20574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=20574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}