Energizer 2004 Annual Report Download - page 22

ENR 2004 Annual Report
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STATEMENT OF EARNI NGS DATA
FOR THE YEAR ENDED SEPTEMBER 30, 2004 2003(a) 2002 2001 2000
Net sales $ 2,812.7 $ 2,232.5 $ 1,739.7 $ 1,694.2 $ 1,927.7
Depreciation and amortization (b) 115.8 83.2 57.4 79.8 82.0
Earnings from continuing operations before income taxes (c) 358.0 237.6 278.4 31.5 279.2
Income taxes 90.6 67.7 92.0 70.5 99.0
Earnings/(loss) from continuing operations (d) 267.4 169.9 186.4 (39.0) 180.2
Net earnings/(loss) 267.4 169.9 186.4 (39.0) 181.4
Earnings/(loss) per share from continuing operations:
Basic $ 3.32 $ 1.98 $ 2.05 $ (0.42) $ 1.88
Diluted $ 3.21 $ 1.93 $ 2.01 $ (0.42) $ 1.87
Average shares outstanding (e)
Basic 80.6 85.9 91.0 92.6 96.1
Diluted 83.4 88.2 92.8 94.1 96.3
BALANCE SHEET DATA
SEPTEMBER 30, 2004 2003(a) 2002 2001 2000
Working capital $ 468.8 $ 515.6 $ 353.3 $ 288.1 $ 401.7
Property at cost, net 705.6 701.2 455.7 476.1 485.4
Additions (during the period) 121.4 73.0 40.7 77.9 72.8
Depreciation (during the period) 110.0 80.5 57.4 58.6 57.9
Total assets 2,915.7 2,732.1 1,588.1 1,497.6 1,793.5
Long-term debt 1,059.6 913.6 160.0 225.0 370.0
(a) Schick-Wilkinson Sword was acquired March 28, 2003. See Note 3 to the Consolidated Financial Statements.
(b) Energizer adopted Statement of Financial Accounting Standards 142 at the beginning of fiscal year 2002, which eliminated amortization of
goodwill and certain intangible assets.
(c) Earnings from continuing operations before income taxes were (reduced)/increased due to the following items:
FOR THE YEAR ENDED SEPTEMBER 30, 2004 2003 2002 2001 2000
Provisions for restructuring and related costs $– $ (0.2) $ (10.3) $ (29.8) $ –
Special termination benefits (15.2) ––––
Acquisition inventory valuation –(89.7) – – –
Early debt payoff –(20.0) – – –
Kmart accounts receivable write-down –– (15.0) – –
Gain on sale of property –5.7 6.3 – –
Intellectual property rights income 1.5 8.5 – 20.0 –
Provision for goodwill impairment –– – (119.0) –
Loss on disposition of Spanish affiliate –– – – (15.7)
Costs related to spin-off –– – – (5.5)
Total $ (13.7) $ (95.7) $ (19.0) $ (128.8) $ (21.2)
(d) Net earnings/(loss) from continuing operations were (reduced)/increased due to the following items:
FOR THE YEAR ENDED SEPTEMBER 30, 2004 2003 2002 2001 2000
Provisions for restructuring and related costs, net of tax $ – $ – $ (7.8) $ (19.4) $ –
Special termination benefits, net of tax (9.6) ––––
Acquisition inventory valuation, net of tax –(58.3) – – –
Early debt payoff, net of tax –(12.4) – – –
Kmart accounts receivable write-down, net of tax –– (9.3) – –
Gain on sale of property, net of tax –5.7 5.0 – –
Tax benefits recognized related to prior years’ losses 16.2 12.2 6.7 – –
Adjustment to prior year tax accruals 8.5 7.0 5.1 3.5 –
Intellectual property rights income, net of tax 0.9 5.2 – 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
Total $ 16.0 $ (40.6) $ (0.3) $ (122.6) $ 5.4
(e) Basic earnings per share for 2001 through 2004 is based on the weighted-average number of shares outstanding during the period.
Diluted earnings per share for 2001 through 2004 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. In fiscal 2001, the potentially dilutive
securities were not included in the dilutive earnings per share calculation due to their anti-dilutive effect. In fiscal year 2000, earnings
per share was based on the weighted-average number of shares outstanding of Ralston common stock prior to the spin-off, adjusted for
the distribution of one share of Energizer stock for three shares of Ralston stock.
ENERGI ZER HOLDINGS, INC.
SUMMARY SELECTED HISTORICAL FINANCIAL INFORMATION
(Dollars in millions, except per share data)