Rayovac 2004 Annual Report Download - page 28

ITEM 6. SELECTED FINANCIAL DATA
The following selected historical financial data is derived from our audited consolidated financial
statements. Only the most recent three fiscal years audited statements are included elsewhere in this Annual
Report on Form 10-K. The following selected financial data should be read in conjunction with our consolidated
financial statements and notes thereto and the information contained in “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” included elsewhere herein.
Fiscal Year Ended September 30,
2004(1) 2003(2)(3) 2002(4) 2001(5) 2000
(In millions, except per share data)
Statement of Operations Data:
Net sales(6) ......................................... $1,417.2 $ 922.1 $572.7 $616.2 $630.9
Gross profit(6) ...................................... 606.1 351.5 237.4 232.9 259.4
Operating income(7) ................................. 156.2 59.6 63.0 54.4 89.3
Income from continuing operations before income taxes(8) . . . 90.5 23.0 45.7 17.5 58.0
Loss from discontinued operations ...................... 0.4 ————
Net income ......................................... 55.8 15.5 29.2 11.5 38.4
Restructuring and related charges—cost of goods sold ....... $ (0.8) $ 21.1 $ 1.2 $ 22.1 $ —
Restructuring and related charges—operating expenses ...... 12.2 11.5 — 0.2 —
Non-operating expense(8) ............................. — 3.1 — 8.6 —
Interest expense ..................................... $ 65.7 $ 37.2 $ 16.0 $ 27.2 $ 30.6
Per Share Data:
Net income per common share:
Basic .......................................... $ 1.67 $ 0.49 $ 0.92 $ 0.40 $ 1.39
Diluted ........................................ 1.61 0.48 0.90 0.39 1.32
Average shares outstanding:
Basic .......................................... 33.4 31.8 31.8 28.7 27.5
Diluted ........................................ 34.6 32.6 32.4 29.7 29.1
Cash Flow and Related Data:
Net cash provided by operating activities ................. $ 104.9 $ 76.2 $ 66.8 $ 18.0 $ 32.8
Capital expenditures .................................. 26.9 26.1 15.6 19.7 19.0
Depreciation and amortization (excluding amortization of debt
issuance costs)(7) .................................. 35.3 31.6 19.0 21.1 20.0
Balance Sheet Data (at fiscal year end):
Cash and cash equivalents ............................. $ 15.8 $ 107.8 $ 9.9 $ 11.4 $ 9.8
Working capital(9) ................................... 251.9 269.8 140.5 158.5 104.7
Total assets(6) ...................................... 1,636.0 1,545.3 520.9 566.5 549.6
Total long-term debt, net of current maturities ............. 806.0 870.5 188.5 233.5 272.8
Total debt .......................................... 829.9 943.4 201.9 258.0 317.6
Total shareholders’ equity ............................. 316.0 202.0 174.8 157.6 80.7
(1) Fiscal 2004 selected financial data is impacted by two acquisitions completed during the fiscal year. The
Ningbo acquisition was completed on March 31, 2004 and the Microlite acquisition was completed on May
28, 2004. See further discussion of acquisitions in Item 1: Business, and in Note 16 in the Notes to
Consolidated Financial Statements included in this Annual Report on Form 10-K.
Fiscal 2004 includes restructuring and related charges—cost of goods sold of $(0.8) million, and
restructuring and related charges—operating expenses of $12.2 million. See Note 15 the Notes to
Consolidated Financial Statements included in this Annual Report on Form 10-K for further discussion.
(2) Fiscal 2003 includes a net sales reduction of $6.2 million related to North American retailer inventory
repricing programs associated with the launch of our comprehensive new alkaline pricing program
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