Energizer 2010 Annual Report Download - page 116

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Exhibit 13
ENERGIZER HOLDINGS, INC.
(Dollars in millions, except per share and percentage data)
106
(18) 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 impacted in the first quarter by the additional battery
product sales volume associated with the December holiday season. Earnings per share data
are computed independently for each of the periods presented. As a result, the sum of the
earnings per share amounts for the quarter may not equal the total for the year.
First Second Third Fourth
Fiscal 2010
Net sales 1,176.7$ 935.1$ 1,076.8$ 1,059.7$
Gross profit 560.2 447.2 517.6 494.3
Net earnings 125.7 88.5 104.0 84.8
Basic earnings per share $1.80 $1.27 $1.48 $1.21
Diluted earnings per share $1.78 $1.25 $1.47 $1.20
Items increasing/(decreasing) net earnings:
Venezuela (25.5)$ 2.8$ 5.7$ 2.8$
VERO/Separation costs - - (0.1) 0.2
Integration costs (1.0) (0.6) (0.3) 0.1
Provisions for restructuring and related costs (3.5) (0.5) (0.5) (1.1)
Tax benefits - special foreign tax credit - - - 23.5
Adjustment to prior years tax accruals - - 3.7 2.4
First Second Third Fourth
Fiscal 2009
Net sales 1,042.5$ 880.4$ 997.5$ 1,079.4$
Gross profit 513.5 413.6 457.8 473.7
Net earnings 111.0 77.0 72.7 37.1
.
Basic earnings per share $1.90 $1.32 $1.15 $0.53
Diluted earnings per share $1.88 $1.30 $1.13 $0.53
Items increasing/(decreasing) net earnings:
PTO adjustment -$ 14.5$ 0.7$ -$
VERO/Separation costs - - - (24.3)
Acquisition inventory valuation - - - (2.3)
Integration costs (0.9) (1.1) - (1.1)
Provisions for restructuring and related costs (2.1) (3.1) (0.2) (0.4)
Adjustment to prior years tax accruals 0.9 0.1 (1.4) (1.1)
Earnings per share data are computed independently for each of the periods presented. As a
result, the sum of the earnings per share amounts for the quarters may not equal the total for the
year.
(19) Subsequent Events
On November 1, 2010, which is fiscal 2011, the Board of Directors (the “Board”) authorized a
Household Products multi-year program designed to accelerate investments in both geographic
and product growth opportunities, streamline our worldwide manufacturing operations and
improve the efficiency of our administrative operations. The Board authorized a broad
restructuring plan and has delegated authority to management to determine the final plan with
respect to the initiatives, which are expected to result in pre-tax charges in the range of $65 to
$85 over the next twelve months, with the vast majority associated with manufacturing capacity
rationalization. The remainder relates to overhead reductions. Although the specific actions to
be taken are not yet resolved, annual pre-tax savings, related primarily to headcount reduction