Energizer 2002 Annual Report Download - page 21

Statement of Earnings Data
FOR THE YEAR ENDED SEPTEMBER 30, 2002 2001 2000 1999 1998
Net sales $ 1,739.7 $ 1,694.2 $ 1,927.7 $ 1,878.5 $ 1,930.7
Depreciation and amortization (a) 57.4 79.8 82.0 94.9 101.2
Earnings from continuing operations before income taxes (b) 278.4 31.5 279.2 248.2 262.5
Income taxes 92.0 70.5 99.0 88.4 54.3
Earnings/(loss) from continuing operations (c) 186.4 (39.0) 180.2 159.8 208.2
Net earnings/(loss) 186.4 (39.0) 181.4 80.0 164.7
Earnings/(loss) per share from continuing operations:
Basic $ 2.05 $ (0.42) $ 1.88 $ 1.56 $ 2.05
Diluted $ 2.01 $ (0.42) $ 1.87 $ 1.56 $ 2.05
Average shares outstanding (d)
Basic 91.0 92.6 96.1 102.6 101.6
Diluted 92.8 94.1 96.3 102.6 101.6
Balance Sheet Data
SEPTEMBER 30, 2002 2001 2000 1999 1998
Working capital $ 353.3 $ 288.1 $ 401.7 $ 478.1 $ 478.5
Property at cost, net 455.7 476.1 485.4 472.8 476.9
Additions (during the period) 40.7 77.9 72.8 69.2 102.8
Depreciation (during the period) 57.4 58.6 57.9 68.4 74.1
Total assets 1,588.1 1,497.6 1,793.5 1,833.7 2,077.6
Long-term debt 160.0 225.0 370.0 1.9 1.3
(a) Energizer adopted Statement of Financial Accounting Standards No. 142 at the beginning of fiscal year 2002, which eliminated
amortization of goodwill and certain intangible assets. See Note 8 for further information.
(b) Earnings/(loss) from continuing operations before income taxes were (reduced)/increased due to the following unusual items:
FOR THE YEAR ENDED SEPTEMBER 30, 2002 2001 2000 1999 1998
Provisions for restructuring and related costs $ (10.3) $ (29.8) $ – $ (9.9) $ (21.3)
Kmart accounts receivable write-down (15.0) – – – –
Gain on sale of property 6.3 – – – –
Intellectual property rights income –20.0 – – –
Provision for goodwill impairment –(119.0) – – –
Loss on disposition of Spanish affiliate –– (15.7) – –
Costs related to spin-off –– (5.5) – –
Total $ (19.0) $ (128.8) $ (21.2) $ (9.9) $ (21.3)
(c) Earnings/(loss) from continuing operations were (reduced)/increased due to the following unusual items:
FOR THE YEAR ENDED SEPTEMBER 30, 2002 2001 2000 1999 1998
Provisions for restructuring and related costs,
net of tax $ (7.8) $ (19.4) $ – $ (8.3) $ (12.8)
Kmart accounts receivable write-down, net of tax (9.3) – – – –
Gain on sale of property, net of tax 5.0 – – – –
Tax benefits recognized in 2002 related to
prior years’ losses 6.7 – – – –
Intellectual property rights income, net of tax –12.3 – – –
Provision for goodwill impairment, net of tax –(119.0) – – –
Loss on disposition of Spanish affiliate, net of tax –– (15.7) – –
Costs related to spin-off, net of tax –– (3.3) – –
Capital loss tax benefits –– 24.4 16.6 48.4
Total $ (5.4) $ (126.1) $ 5.4 $ 8.3 $ 35.6
(d) Basic earnings per share for 2002 and 2001 is based on the weighted-average number of shares outstanding during the period.
Diluted earnings per share for 2002 and 2001 is based on the weighted-average number of shares used in the basic earnings per
share calculation, adjusted for the dilutive effect of stock options and restricted stock equivalents. Prior fiscal years are based on
the weighted-average number of shares outstanding of Ralston common stock prior to the spin-off, adjusted in fiscal 2000 for the
distribution of one share of Energizer stock for each three shares of Ralston stock. In fiscal 2001, the potentially dilutive securities
were not included in the dilutive earnings per share calculation due to their anti-dilutive effect.
Energizer Holdings, Inc.
Summary Selected Historical Financial Information
(Dollars in millions except per share data)
ENR 2002 Annual Report Page 19