Rayovac 2006 Annual Report Download - page 115

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SPECTRUM BRANDS | 2006 ANNUAL REPORT 103
Consolidating Statement of Operations
Year Ended September 30, 2004
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
Net sales $661,832 $56,384 $809,006 $(110,036) $1,417,186
Cost of goods sold 386,914 54,692 481,099 (110,811) 811,894
Restructuring and related charges (891) – 110 – (781)
Gross profit 275,809 1,692 327,797 775 606,073
Operating expenses:
Selling 123,837 954 168,653 (326) 293,118
General and administrative 77,270 (16,429) 60,478 – 121,319
Research and development 20,332 – 2,860 – 23,192
Restructuring and related charges 9,621 – 2,603 – 12,224
231,060 (15,475) 234,594 (326) 449,853
Operating income 44,749 17,167 93,203 1,101 156,220
Interest expense 62,411 – 3,291 – 65,702
Other income, net (77,166) (72,707) (9,882) 159,741 (14)
Income from continuing operations
before income taxes 59,504 89,874 99,794 (158,640) 90,532
Income tax expense 3,369 722 29,862 419 34,372
Income from continuing operations 56,135 89,152 69,932 (159,059) 56,160
(Loss) from discontinued operations, net of tax (1,037) – 657 – 380
Net income $ 55,098 $89,152 $ 70,589 $(159,059) $ 55,780
Consolidating Statement of Cash Flows
Year Ended September 30, 2004
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
Net cash provided by operating activities $ 5,747 $ 2,881 $ 88,785 $ (1,308) $ 96,105
Cash flows from investing activities:
Purchases of property, plant and equipment (14,607) – (12,285) – (26,892)
Proceeds from sale of property, plant,
and equipment 30 – – – 30
Payments for acquisitions,
net of cash acquired (3,430) – (38,284) – (41,714)
Intercompany investments (56,325) (56,225) 56,225 56,325 –
Net cash used by investing activities (74,332) (56,225) 5,656 56,325 (68,576)
Cash flows from financing activities:
Reduction of debt (380,341) – (11,507) – (391,848)
Proceeds from debt financing 241,500 – – – 241,500
Debt issuance costs (1,350) – – – (1,350)
Payments of capital lease obligations (110) – – – (110)
Proceeds from exercise of stock options 21,127 – – – 21,127
Stock option income tax benefit 8,766 – – – 8,766
Proceeds from (advances related to)
intercompany transactions 83,414 53,350 (80,439) (56,325) –
Net cash (used) provided by financing activities (26,994) 53,350 (91,946) (56,325) (121,915)
Effect of exchange rate changes on cash
and cash equivalents 11,914 – (10,472) 1,308 2,750
Net (decrease) increase in cash
and cash equivalents (83,665) 6 (7,977) – (91,636)
Cash and cash equivalents, beginning of period 83,841 47 21,719 – 105,607
Cash and cash equivalents, end of period $ 176 $ 53 $ 13,742 $ – $ 13,971
2006 Form 10-K Annual Report
Spectrum Brands, Inc.