Rayovac 2004 Annual Report Download - page 102

Download and view the complete annual report

Please find page 102 of the 2004 Rayovac annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 115

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115

RAYOVAC CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
(17) Quarterly Results (unaudited)
Quarter Ended
September 30,
2004
June 27,
2004
March 28,
2004
December 28,
2003
Net sales ................................................ $376,889 $308,264 $278,023 $454,010
Gross profit .............................................. 155,494 134,709 122,840 193,030
Net income .............................................. 18,165 12,814 2,602 22,199
Basic net income per common share(A) ......................... $ 0.53 $ 0.38 $ 0.08 $ 0.69
Diluted net income per common share(A) ....................... $ 0.52 $ 0.36 $ 0.08 $ 0.67
Quarter Ended
September 30,
2003
June 29,
2003
March 30,
2003
December 29,
2002
Net sales ................................................ $251,960 $207,673 $202,267 $260,222
Gross profit .............................................. 98,617 79,747 79,625 93,554
Net (loss) income ......................................... 12,916 2,869 282 (585)
Basic net (loss) income per common share(A) .................... $ 0.40 $ 0.09 $ 0.01 $ (0.02)
Diluted net (loss) income per common share(A) .................. $ 0.39 $ 0.09 $ 0.01 $ (0.02)
(A) Due to rounding and the method required by SFAS No. 128 to calculate per share data, the quarterly per share data does
not total the full year per share data shown on the Consolidated Statements of Operations.
(18) Consolidating Financial Statements
In connection with the acquisition of Remington, the Company completed a debt offering of $350,000 of
8.5% Senior Subordinated Notes due in 2013. Payment obligations of the Senior Subordinated Notes were fully
and unconditionally guaranteed on a joint and several basis by all of the Company’s domestic subsidiaries,
including ROV Holding, Inc. The foreign subsidiaries of the Company, which do not guarantee the payment
obligations under the notes, are directly and wholly owned by ROV Holding, Inc., with the exception of Ningbo,
which is 85% owned by the Company.
The following consolidating financial data illustrates the components of the consolidated financial
statements. Investments in subsidiaries are accounted for using the equity method for purposes of illustrating the
consolidating presentation. Earnings of subsidiaries are therefore reflected in the Company’s and Guarantor
Subsidiaries’ investment accounts and earnings. The elimination entries eliminate investments in subsidiaries and
intercompany balances and transactions. Separate consolidated financial statements of the Guarantor Subsidiaries
are not presented because management has determined that such financial statements would not be material to
investors.
On March 29, 2004, Remington Products Company, L.L.C. (previously a guarantor subsidiary) merged with
Rayovac Corporation (the parent company). As a result of the merger, the results of operations, cash flows, and
balance sheet of Remington Products Company, L.L.C. are now included with Rayovac Corporation for fiscal
2004.
87