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44 ENERGIZER HOLDINGS, INC. 2008 Annual Report
First Second Third Fourth
Fiscal 2008
Net sales $1,189.9 $ 951.0 $1,066.7 $1,123.4
Gross profit 536.2 457.8 509.0 534.7
Net earnings 102.6 60.9 66.7 99.1
Basic earnings per share $ 1.79 $ 1.06 $ 1.16 $ 1.71
Diluted earnings per share $ 1.74 $ 1.03 $ 1.13 $ 1.67
Items increasing/(decreasing) net earnings:
Acquisition inventory valuation, net of tax $ (15.5) $ (1.0) $ – $ –
Integration costs, net of tax (3.7) (2.7) (1.9) (3.1)
Provisions for restructuring and related costs, net of tax (1.5) (0.2) – (0.3)
Adjustments to prior years’ tax accruals – – (4.0) 2.9
First Second Third Fourth
Fiscal 2007
Net sales $ 959.2 $ 730.9 $ 800.0 $ 875.0
Gross profit 454.2 346.3 378.5 425.7
Net earnings 122.3 66.6 62.5 70.0
Basic earnings per share $ 2.16 $ 1.18 $ 1.10 $ 1.23
Diluted earnings per share $ 2.08 $ 1.14 $ 1.06 $ 1.19
Items increasing/(decreasing) net earnings:
Provisions for restructuring and related costs, net of tax $ (2.3) $ (3.0) $ (2.3) $ (4.6)
Adjustments to prior years' tax accruals – – 3.5 4.4
Tax benefits recognized related to prior years’ losses – – 4.3 –
Deferred tax benefit due to statutory rate change – – – 9.7
The Company’s international net sales are derived from customers in
numerous countries, with sales to customers in Canada representing
5.4%, 4.5% and 4.5% and sales to customers in Japan representing
3.4%, 4.4% and 5.0% of the Company’s total sales in 2008, 2007 and
2006, respectively. Sales to customers in all other single foreign coun-
tries represented less than 5% of the Company’s total sales for each of
the three years ended September 30.
Supplemental product information is presented below for net sales:
2008 2007 2006
Net Sales
Alkaline batteries $1,490.1 $1,461.9 $1,338.0
Carbon zinc batteries 225.2 249.9 242.2
Other batteries and
lighting products
759.0 664.5 566.9
Wet Shave 1,085.0 988.8 929.8
Skin Care 364.1 - -
Feminine Care 222.6 - -
Infant Care 185.0 - -
Total net sales $4,331.0 $3,365.1 $3,076.9
19. QUARTERLY FINANCIAL INFORMATION – (UNAUDITED)
The results of any single quarter are not necessarily indicative of the Company’s results for the full year. Net earnings of the Company are significantly
impacted in the first quarter by the additional battery product sales volume associated with the December holiday season, and for fiscal 2008 and
beyond, in the second and third quarters by seasonal sun care shipments. The fourth quarter of 2008 also included higher hurricane-related shipments
and early holiday season buy-in as discussed in Management’s Discussion and Analysis of Results of Operations and Financial Conditions.