Rayovac 2006 Annual Report Download - page 114

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102 SPECTRUM BRANDS | 2006 ANNUAL REPORT
Consolidating Statement of Operations
Year Ended September 30, 2005
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
Net sales $ 565,707 $821,406 $1,031,320 $(111,279) $2,307,154
Cost of goods sold 339,367 569,903 628,210 (110,345) 1,427,135
Restructuring and related charges – 255 10,241 – 10,496
Gross profit 226,340 251,248 392,869 (934) 869,523
Operating expenses:
Selling 114,850 139,296 221,924 (430) 475,640
General and administrative 57,224 33,286 62,141 – 152,651
Research and development 22,760 3,507 3,072 – 29,339
Restructuring and related charges 6,074 9,240 506 – 15,820
200,908 185,329 287,643 (430) 673,450
Operating income 25,432 65,919 105,226 (504) 196,073
Interest expense 129,448 177 4,428 – 134,053
Other (income) expense, net (143,484) 17,910 24,172 100,546 (856)
Income from continuing operations
before income taxes 39,468 47,832 76,626 (101,050) 62,876
Income tax expense (8,442) (1,132) 31,175 (88) 21,513
Income from continuing operations 47,910 48,964 45,451 (100,962) 41,363
Income from discontinued operations, net of tax – – 5,469 – 5,469
Net income $ 47,910 $ 48,964 $ 50,920 $(100,962) $ 46,832
Consolidating Statement of Cash Flows
Year Ended September 30, 2005
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
Net cash provided (used) by operating activities $ 167,732 $ (21,391) $ 70,254 $ – $ 216,595
Cash flows from investing activities:
Purchases of property, plant and equipment (16,795) (9,653) (36,302) – (62,750)
Proceeds from sale of property, plant,
and equipment 15 9 153 – 177
Payments for acquisitions, net of cash acquired (1,152,283) (26,000) (451,872) – (1,630,155)
Intercompany investments (523,789) 332,358 191,431 – –
Net cash used by investing activities of
continuing operations (1,692,852) 296,714 (296,590) – (1,692,728)
Net cash used by investing activities of
discontinued operations – – (1,100) – (1,100)
Net cash used by investing activities (1,692,852) 296,714 (297,690) – (1,693,828)
Cash flows from financing activities:
Reduction of debt (1,080,951) – – – (1,080,951)
Proceeds from debt financing 2,563,132 – 18,246 – 2,581,378
Debt issuance costs (31,713) – – – (31,713)
Payments of capital lease obligations (1,174) – (7,700) – (8,874)
Proceeds from exercise of stock options 18,413 – – – 18,413
Stock option income tax benefit 10,732 – – – 10,732
Payments from officers/shareholders 3,605 – – – 3,605
Proceeds from (advances related to)
intercompany transactions 58,656 (272,719) 214,063 – –
Net cash provided (used) by financing activities 1,540,700 (272,719) 224,609 – 1,492,590
Net used by discontinued operations – – – – –
Effect of exchange rate changes on cash and
cash equivalents – – 524 – 524
Net increase (decrease) in cash and cash equivalents 15,580 2,604 (2,303) – 15,881
Cash and cash equivalents, beginning of period 176 53 13,742 – 13,971
Cash and cash equivalents, end of period $ 15,756 $ 2,657 $ 11,439 $ – $ 29,852
2006 Form 10-K Annual Report
Spectrum Brands, Inc.