Energizer 2014 Annual Report Download - page 98

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ENERGIZER HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share)
(22) 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. Per share data is computed independently for each of the periods presented. As a result, the sum of the amounts for the
quarter may not equal the total for the year.
Fiscal 2014 First Second Third Fourth
Net sales $ 1,113.9 $ 1,062.4 $ 1,130.0 $ 1,141.4
Gross profit 511.8 508.3 539.0 576.1
Net earnings 107.9 98.5 64.5 85.2
Earnings per share:
Basic $ 1.73 $ 1.59 $ 1.05 $ 1.38
Diluted $ 1.71 $ 1.57 $ 1.03 $ 1.36
Items (decreasing)/increasing net earnings:
2013 restructuring (1) $ (17.5)$ (17.6)$ (20.6)$ (14.8)
Spin-off costs — — (4.4)(23.7)
Feminine care acquisition/integration costs (3.1)(0.7)(1.0)(1.4)
Acquisition inventory valuation (4.0)(1.0)— —
Net pension/post-retirement curtailment gains — — — 0.8
ASR integration/transaction costs (0.1)(0.2)(0.3)—
Other realignment/integration — — — (0.3)
Adjustments to valuation allowances and prior years tax
accruals — — — 7.7
Fiscal 2013 First Second Third Fourth
Net sales $ 1,192.5 $ 1,095.9 $ 1,111.5 $ 1,066.1
Gross profit 561.6 530.7 510.4 501.6
Net earnings 129.8 84.9 87.2 105.1
Earnings per share:
Basic $ 2.10 $ 1.37 $ 1.40 $ 1.69
Diluted $ 2.07 $ 1.35 $ 1.38 $ 1.66
Items (decreasing)/increasing net earnings:
2013 restructuring (1) $ (30.7)$ (24.8)$ (19.1)$ (23.3)
Net pension/post-retirement curtailment gains 23.5 — — 44.0
ASR integration/transaction costs (0.6)(0.4)(0.1)(0.5)
Other realignment/integration (0.1)(0.2) 0.1 (0.8)
Venezuela devaluation/other impacts 0.4 (6.3)(0.2)(0.2)
Adjustments to valuation allowances and prior years tax
accruals — 3.0 7.2 (1.9)
(1) Includes net of tax costs of $7.6 and $3.4 for the twelve months ended September 30, 2014 and 2013, respectively, associated with certain information
technology and related activities, which are included in SG&A on the Consolidated Statements of Earnings and Comprehensive Income. Additionally, this
includes net of tax costs of $0.8 and $3.8, for the twelve months ended September 30, 2014 and 2013, respectively, associated with obsolescence charges
related to the exit of certain non-core product lines as a result of our restructuring, which are included in Cost of products sold on the Consolidated Statements
of Earnings and Comprehensive Income. The information technology costs and non-core inventory obsolescence charges are considered part of the total
project costs incurred for our restructuring project.
94