Rayovac 2004 Annual Report Download - page 68
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RAYOVAC CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
Years ended September 30, 2004, 2003 and 2002
(In thousands, except per share amounts)
2004 2003 2002
Net sales ..................................................... $1,417,186 $922,122 $572,736
Cost of goods sold .............................................. 811,894 549,514 334,147
Restructuring and related charges .................................. (781) 21,065 1,210
Gross profit ................................................... 606,073 351,543 237,379
Operating expenses:
Selling ................................................... 293,118 185,175 104,374
General and administrative ................................... 121,319 80,875 56,900
Research and development ................................... 23,192 14,364 13,084
Restructuring and related charges .............................. 12,224 11,487 —
449,853 291,901 174,358
Operating income .............................................. 156,220 59,642 63,021
Interest expense ................................................ 65,702 37,182 16,048
Non-operating expense .......................................... — 3,072 —
Other expense (income), net ...................................... 64 (3,647) 1,290
Minority interest ............................................... (78) — —
Income from continuing operations before income taxes ................ 90,532 23,035 45,683
Income tax expense ............................................. 34,372 7,553 16,446
Income from continuing operations ................................ 56,160 15,482 29,237
Loss from discontinued operations, net of tax benefits of $398 ........... 380 — —
Net income ................................................... $ 55,780 $ 15,482 $ 29,237
Basic net income per common share:
Income from continuing operations ................................ $ 1.68 $ 0.49 $ 0.92
Loss from discontinued operations ................................. 0.01 — —
Net income ................................................... $ 1.67 $ 0.49 $ 0.92
Weighted average shares of common stock outstanding ................ 33,433 31,847 31,775
Diluted net income per common share:
Income from continuing operations ................................ $ 1.62 $ 0.48 $ 0.90
Loss from discontinued operations ................................. 0.01 — —
Net income ................................................... $ 1.61 $ 0.48 $ 0.90
Weighted average shares of common stock and equivalents outstanding . . . 34,620 32,556 32,414
See accompanying notes to consolidated financial statements.
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