UPDATE 1-Spectrum posts higher 2nd-qtr operating profit
* Reports higher operating profit, smaller net loss
* Expects to emerge from Chapter 11 by late summer
NEW YORK May 5 (Reuters) - Spectrum Brands Inc SPCB.PK, the bankrupt maker of Rayovac batteries and Tetra pet food, reported higher operating earnings on Tuesday, helped by tight cost controls and an ongoing streamlining of its organization.
Spectrum, which filed for bankruptcy protection in February, said its adjusted operating earnings were $62.8 million in its fiscal second quarter, which ended March 29, up from $55.7 million a year earlier.
The company posted a quarterly net loss of $1.18 per share, compared with a net loss of $2.19 per share a year ago.
Spectrum said it still expects to emerge from Chapter 11 bankruptcy protection by late summer, assuming its proposed plan of reorganization is approved and a U.S. Bankruptcy Court confirms the plan under the company's current proposed timetable. (Reporting by Martinne Geller, editing by Gerald E. McCormick)