Spectrum Brands 8K Regulation FD Disclosure | SEC 22 Apr 09

THE BUDGET NECESSARILY INVOLVES A NUMBER OF ESTIMATES AND ASSUMPTIONS BY SPECTRUM BRANDS, INC. THESE ESTIMATES AND ASSUMPTIONS ARE SUBJECT TO RISKS AND UNCERTAINTIES, INCLUDING RISKS AND UNCERTAINTIES ASSOCIATED WITH THE BANKRUPTCY PROCEEDINGS OF SPECTRUM BRANDS, INC. AND ITS UNITED STATES SUBSIDIARIES, THE RISKS AND UNCERTAINTIES DESCRIBED IN SPECTRUM BRANDS, INC.’S SECURITIES FILINGS AND ITS DISCLOSURE STATEMENT FILED WITH THE BANKRUPTCY COURT AND OTHERS. THERE CAN BE NO ASSURANCES THAT THE TARGETS SET FORTH IN THE BUDGET WILL BE REALIZED. IT IS EXPECTED THAT ACTUAL AMOUNTS WILL VARY FROM BUDGETED AMOUNTS, WHICH VARIATIONS COULD BE MATERIAL. SPECTRUM BRANDS, INC. DOES NOT, AS A MATTER OF COURSE, PUBLISH ITS BUDGETS. ACCORDINGLY, SPECTRUM BRANDS, INC. DOES NOT ANTICIPATE THAT IT WILL FURNISH UPDATED BUDGETS OR INCLUDE SUCH INFORMATION IN DOCUMENTS FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR OTHERWISE MAKE SUCH INFORMATION PUBLICLY AVAILABLE AND EXPRESSLY DISCLAIMS ANY OBLIGATION TO DO SO.

***Material Non-Public Information***

SPECTRUM BRANDS - 19-WEEK DIP BUDGET

Summary (USD Millions)

Week >>	12			13			14			15			16			17			18			19			20		21			22			23			24			25			26			27			28			29			30				31
Week Ending >>	04/17/09			04/24/09			05/01/09			05/08/09			05/15/09			05/22/09			05/29/09			06/05/09			06/12/09		06/19/09			06/26/09			07/03/09			07/10/09			07/17/09			07/24/09			07/31/09			08/07/09			08/14/09				08/21/09			08/28/09
	Actual			Budget			Budget			Budget			Budget			Budget			Budget			Budget			Budget		Budget			Budget			Budget			Budget			Budget			Budget			Budget			Budget			Budget				Budget			Budget
Cash Receipts - US Only

DIP Loan Advances		21.4			27.2			28.5			22.1			31.9			24.9			29.5			23.5			32.5		24.1			41.8			22.1			29.3			22.8			24.2			25.0			26.9			24.0				23.6			24.5
		1.6			(0.0	)		0.0			(0.0	)		(0.0	)		0.0			(0.0	)		0.0			0.0		0.0			(0.0	)		(0.0	)		0.0			0.0			(0.0	)		(0.0	)		0.0			(0.0	)			(0.0	)		0.0
Cash Disbursements - US Only
Operating
Payroll & payroll-related costs		4.1			3.4			5.1			1.9			6.3			2.0			6.3			2.3			6.3		2.8			6.3			2.3			5.7			2.6			3.2			5.2			3.8			5.1				3.4			4.7
Utilities		0.1			0.2			0.1			0.1			0.1			0.3			0.2			0.2			0.2		0.2			0.2			0.1			0.2			0.2			0.1			0.1			0.1			0.1				0.1			0.1
Critical & Foreign vendors		1.9			0.9			0.8			1.3			0.4			0.4			0.2			0.1			0.2		0.3			0.4			0.1			0.6			0.6			0.6			0.6			0.5			0.5				0.5			0.5
Rents and leases		0.1			0.0			2.1			-			0.0			0.0			1.7			0.5			0.0		0.0			0.7			1.5			0.0			0.1			0.1			1.1			0.4			0.0				0.1			1.1
Inventory purchases		11.5			12.6			13.7			13.0			12.8			13.4			13.5			13.5			13.4		12.9			12.3			12.6			12.5			12.4			12.4			12.4			12.0			12.0				11.7			12.1
20 Day goods		0.9			0.4			0.3			0.4			1.4			1.1			1.3			1.4			1.3		1.1			0.2			0.1			0.1			0.1			0.1			-			0.5			0.5				0.5			0.5
Freight		2.0			3.3			1.2			1.2			1.6			4.7			1.7			1.9			2.0		3.9			2.0			1.7			2.1			3.3			2.1			1.8			1.6			1.6				2.9			1.7
Maintenance and supplies		0.1			0.3			0.3			0.3			0.4			0.3			0.3			0.3			0.4		0.3			0.3			0.3			0.3			0.2			0.2			0.4			0.2			0.2				0.2			0.2
Outstanding checks		-			-			-			-			-			-			-			-			-		-			-			-			-			-			-			-			-			-				-			-
Miscellaneous		0.8			1.2			1.2			1.1			1.1			1.0			1.1			1.2			1.1		0.9			1.0			1.1			0.9			0.9			0.9			0.9			1.0			0.9				1.0			1.0
Taxes		0.2			0.3			0.2			0.3			0.2			0.3			0.2			0.1			0.2		0.2			0.2			0.2			0.2			0.2			0.3			0.2			0.2			0.1				0.1			0.1
Insurance		0.0			0.8			0.0			0.8			0.0			0.0			0.0			0.0			0.0		0.0			0.1			0.0			0.1			0.1			0.1			0.1			0.1			0.1				0.1			0.1
I/C trade disbursements - foreign		1.6			1.4			0.7			0.7			1.7			0.7			0.7			0.7			1.4		0.7			0.7			0.7			0.7			1.4			0.7			0.7			0.7			1.7				0.7			0.7
Professional fees - ordinary course		0.0			0.3			0.3			0.3			0.4			0.3			0.3			0.3			0.3		0.5			0.4			0.4			0.3			0.5			0.2			0.4			0.3			0.5				0.2			0.2
Other (Corporate)		0.1			0.2			0.1			0.1			0.2			-			0.2			-			0.3		0.1			0.2			0.1			0.4			-			0.2			0.3			0.2			0.5				0.1			0.4
Contingency		-			-			-			-			-			-			-			-			-		-			-			-			-			-			-			-			-			-				-			-
Total Operating Disbursements		23.4			25.3			26.0			21.4			26.6			24.5			27.6			22.6			27.2		23.9			24.8			21.2			24.0			22.6			21.2			24.1			21.6			23.8				21.6			23.5

Capital Expenditures		-			0.2			0.1			0.2			0.3			0.3			0.2			0.2			0.2		0.2			0.3			0.3			0.2			0.3			1.3			0.3			0.3			0.3				0.3			0.4

Financing - Non-DIP
Interest payments - FILO Term		-			-			-			0.6			-			-			-			0.6			-		-			-			0.6			-			-			-			0.6			-			-				-			0.6
Interest payments - Term Loan		-			1.7			-			-			-			-			1.7			-			-		-			16.7			-			-			-			1.7			-			-			-				1.7			-
Interest payments - Sub. Notes		-			-			-			-			-			-			-			-			-		-			-			-			-			-			-			-			-			-				-			-
Principal payments - Term Loan		-			-			-			-			-			-			-			-			-		-			-			-			-			-			-			-			-			-				-			-
FILO Term Fees		-			-			-			-			-			-			-			-			-		-			-			-			-			-			-			-			-			-				-			-
Total Financing Costs - Non-DIP		-			1.7			-			0.6			-			-			1.7			0.6			-		-			16.7			0.6			-			-			1.7			0.6			-			-				1.7			0.6

Bankruptcy Costs
Utility Deposits		-			-			-			-			-			-			-			-			-		-			-			-			-			-			-			-			-			-				-			-
Professional fees - bankruptcy		0.0			1.7			2.3			-			5.0			-			-			-			5.0		-			-			-			5.0			-			-			-			5.0			-				-			-
Total Bankruptcy Costs		0.0			1.7			2.3			-			5.0			-			-			-			5.0		-			-			-			5.0			-			-			-			5.0			-				-			-

Total Disbursements		23.4			28.9			28.4			22.2			31.9			24.8			29.6			23.4			32.5		24.1			41.9			22.1			29.2			22.8			24.3			25.0			26.8			24.1				23.6			24.4
Net Cash Flow		(2.0	)		(1.7	)		0.1			(0.1	)		(0.0	)		0.1			(0.1	)		0.1			0.0		(0.0	)		(0.1	)		0.0			0.1			(0.0	)		(0.1	)		0.0			0.1			(0.1	)			0.0			0.1
Cumulative Net Cash Flow		1.6			(0.0	)		0.0			(0.0	)		(0.0	)		0.0			(0.0	)		0.0			0.0		0.0			(0.0	)		(0.0	)		0.0			0.0			(0.0	)		(0.0	)		0.0			(0.0	)			(0.0	)		0.0

Beginning Cash Balance		3.6			1.6			(0.0	)		0.0			(0.0	)		(0.0	)		0.0			(0.0	)		0.0		0.0			0.0			(0.0	)		(0.0	)		0.0			0.0			(0.0	)		(0.0	)		0.0				(0.0	)		(0.0	)
Ending Balance		1.6			(0.0	)		0.0			(0.0	)		(0.0	)		0.0			(0.0	)		0.0			0.0		0.0			(0.0	)		(0.0	)		0.0			0.0			(0.0	)		(0.0	)		0.0			(0.0	)			(0.0	)		0.0

***Material Non-Public Information***

SPECTRUM BRANDS - 19-WEEK DIP BUDGET

Summary (USD Millions)

Week >>	12			13			14			15			16			17			18			19			20			21			22			23			24			25			26			27			28			29			30			31
Week Ending >>	04/17/09			04/24/09			05/01/09			05/08/09			05/15/09			05/22/09			05/29/09			06/05/09			06/12/09			06/19/09			06/26/09			07/03/09			07/10/09			07/17/09			07/24/09			07/31/09			08/07/09			08/14/09			08/21/09			08/28/09
	Actual			Budget			Budget			Budget			Budget			Budget			Budget			Budget			Budget			Budget			Budget			Budget			Budget			Budget			Budget			Budget			Budget			Budget			Budget			Budget
Borrowing Base & Loan Forecast

Accounts Receivable
Gross Accounts Receivable		206.6			207.8			213.1			219.6			227.6			230.4			237.4			238.3			240.1			242.1			245.6			247.4			246.1			244.6			245.1			244.2			241.9			239.8			236.3			234.2
Plus: New Sales		27.5			30.0			31.7			35.6			32.1			33.2			30.9			31.3			31.7			31.1			30.8			29.1			29.6			29.5			29.0			27.3			27.6			27.2			27.4			29.5
Less: AR Collections		21.0			22.8			23.3			25.6			27.4			24.1			28.3			27.8			28.0			26.0			27.3			29.0			29.6			27.5			28.5			28.4			28.4			29.5			28.3			28.1
Plus/(Minus) Adjustments		(5.4	)		(1.8	)		(2.0	)		(2.1	)		(2.0	)		(2.1	)		(1.7	)		(1.7	)		(1.8	)		(1.7	)		(1.6	)		(1.4	)		(1.5	)		(1.5	)		(1.4	)		(1.3	)		(1.3	)		(1.3	)		(1.3	)		(1.4	)
Less: Ineligibles		45.6			46.6			47.6			48.9			49.5			50.7			50.9			51.4			51.6			52.2			52.5			52.5			52.4			52.6			52.6			52.4			52.2			51.7			51.5			52.1
Eligible Accounts Receivable		162.1			166.6			172.1			178.7			180.9			186.7			187.4			188.7			190.5			193.3			194.9			193.6			192.2			192.5			191.6			189.5			187.6			184.5			182.7			182.2
AR Advance Rate		85%			85%			85%			85%			85%			85%			85%			85%			85%			85%			85%			85%			85%			85%			85%			85%			85%			85%			85%			85%
AR Collateral/Availability		137.8			141.6			146.2			151.9			153.8			158.7			159.3			160.4			161.9			164.3			165.6			164.6			163.3			163.6			162.9			161.1			159.5			156.9			155.3			154.9
Less: Dilution Reserve		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-

Inventory
Inventory Collateral/Availability		107.6			103.3			102.8			102.9			101.7			100.6			100.0			99.0			97.4			96.2			95.8			94.6			95.1			95.6			96.3			97.0			97.7			98.4			99.1			99.7
LC Inventory Availability		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-

Other Collateral/Availability		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-

Borrowing Base		245.4			244.8			249.1			254.7			255.5			259.3			259.3			259.4			259.3			260.6			261.4			259.2			258.5			259.2			259.2			258.1			257.2			255.2			254.3			254.6
Rev. Loan Commitment + Suppl. Loan		235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0

Gross Availability Before Reserves & Block		235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0			235.0
Less: Specified Reserves		6.0			6.0			6.0			6.0			6.0			6.0			6.0			6.0			6.0			6.0			6.0			6.0			6.0			6.0			6.0			6.0			6.0			6.0			6.0			6.0
Block		25.0			25.0			25.0			25.0			25.0			25.0			25.0			25.0			25.0			25.0			25.0			25.0			25.0			25.0			25.0			25.0			25.0			25.0			25.0			25.0
Carve Out Reserve		3.0			3.0			3.0			3.0			3.0			3.0			3.0			3.0			3.0			3.0			3.0			3.0			3.0			3.0			3.0			3.0			3.0			3.0			3.0			3.0
Gross Availability After Reserves & Block		201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0

DIP Loan - Beginning Balance		136.8			137.1			141.7			146.0			140.6			143.6			144.0			143.7			137.5			140.7			137.7			150.9			141.9			139.4			133.5			127.1			121.0			117.5			110.1			103.2
Less: Supplemental term loan		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Less: AR Collections		21.0			22.8			23.3			25.6			27.4			24.1			28.3			27.8			28.0			26.0			27.3			29.0			29.6			27.5			28.5			28.4			28.4			29.5			28.3			28.1
Less: I/C cash receipts - foreign		0.0			0.8			-			1.0			0.6			0.4			0.6			1.1			0.4			1.1			0.3			0.3			0.3			0.1			0.2			0.8			0.1			0.7			0.4			1.3
Less: I/C cash repatriation - foreign		-			-			1.0			1.0			1.0			1.0			1.0			1.0			1.0			1.0			1.0			2.0			2.0			2.0			2.0			2.0			2.0			2.0			2.0			2.0
Less: Other collections		0.1			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Plus: DIP loan interest		-			0.9			-			-			-			0.9			-			-			-			0.9			-			-			-			0.9			-			-			-			0.7			-			-
Plus: DIP loan fees		-			0.2			0.1			0.1			0.1			0.1			0.1			0.1			0.1			0.1			0.1			0.1			0.1			0.1			0.1			0.1			0.1			0.1			0.1			0.1
Plus: Advances		21.4			27.2			28.5			22.1			31.9			24.9			29.5			23.5			32.5			24.1			41.8			22.1			29.3			22.8			24.2			25.0			26.9			24.0			23.6			24.5
DIP Loan - Ending Balance		137.1			141.7			146.0			140.6			143.6			144.0			143.7			137.5			140.7			137.7			150.9			141.9			139.4			133.5			127.1			121.0			117.5			110.1			103.2			96.4
Letters of Credit Outstanding		8.4			8.4			9.3			9.3			9.3			9.3			10.0			13.0			13.2			13.2			13.2			13.2			13.2			13.2			13.2			13.2			13.2			13.2			13.2			13.2
Aggregate Revolving Exposure		145.5			150.1			155.3			149.9			152.9			153.3			153.7			150.5			153.9			150.9			164.1			155.1			152.6			146.7			140.3			134.2			130.7			123.3			116.4			109.6

Gross Availability Before Advance		201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0			201.0
Less: Aggregate Revolving Exposure		145.5			150.1			155.3			149.9			152.9			153.3			153.7			150.5			153.9			150.9			164.1			155.1			152.6			146.7			140.3			134.2			130.7			123.3			116.4			109.6
Less: Suppressed Availability		11.0			11.0			11.0			11.0			11.0			11.0			11.0			11.0			11.0			11.0			11.0			11.0			11.0			11.0			11.0			11.0			11.0			11.0			11.0			11.0
Net Availability/(Overadvance) (1)		44.5			39.9			34.7			40.1			37.1			36.7			36.3			39.5			36.1			39.1			25.9			34.9			37.4			43.3			49.7			55.8			59.3			66.7			73.6			80.4

(1) Net availability limited to the $190mm revolving loan commitment

Spectrum Brands Inactive 8-KRegulation FD Disclosure