Rayovac 2004 Annual Report Download - page 101

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RAYOVAC CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
Supplemental Pro Forma information (unaudited): The following reflects the Company’s pro forma results as
if the results of the Remington and Microlite businesses had been included for all periods beginning after
September 30, 2002. The results of Ningbo are not included in the pro forma results as they are not significant.
The Microlite pro forma adjustments for 2003 reflect the results of operations and related pro forma adjustments
for the year ended September 30, 2003. The Remington pro forma adjustments for 2003 reflect the results of
operations and related pro forma adjustments for the year ended June 30, 2003.
2004 2003
Net sales
Reported net sales ............................................ $1,417,186 $ 922,122
Microlite pro forma adjustments ................................ 37,618 51,921
Remington pro forma adjustments ............................... — 360,259
Pro forma net sales ........................................... $1,454,804 $1,334,302
Income from continuing operations
Reported income from continuing operations ...................... $ 56,160 $ 15,482
Microlite pro forma adjustments ................................ (7,223) (7,087)
Remington pro forma adjustments ............................... — 8,613
Pro forma income from continuing operations ...................... $ 48,937 $ 17,008
Basic Earnings Per Share
Reported income from continuing operations ...................... $ 1.68 $ 0.49
Microlite pro forma adjustments ................................ (0.22) (0.23)
Remington pro forma adjustments ............................... — 0.27
Pro forma income from continuing operations ...................... $ 1.46 $ 0.53
Diluted Earnings Per Share
Reported income from continuing operations ...................... $ 1.62 $ 0.48
Microlite pro forma adjustments ................................ (0.21) (0.22)
Remington pro forma adjustments ............................... — 0.26
Pro forma income from continuing operations ...................... $ 1.41 $ 0.52
Microlite’s pro forma adjustments to net income include certain charges not expected to recur. These
charges include interest expense which will be reduced as a result of the Company’s recapitalization of assumed
debt, and lowered interest rates and hedging costs as a result of the recapitalized debt and access to more efficient
capital markets. In addition, the pro forma results include charges related to the establishment of valuation
allowances for certain deferred tax assets prior to the acquisition.
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