Rayovac 2009 Annual Report Download - page 210

Table of Contents
Index to Financial Statements SPECTRUM BRANDS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
(16) Quarterly Results (unaudited)
Successor Company Predecessor Company
One Month Ended Two Months Ended Quarter Ended
September 30,
2009 August 30, 2009 June 28, 2009 March 29, 2009 December 28, 2008
Net sales $ 219,888 $ 369,522 $ 589,361 $ 503,262 $ 548,503
Gross profit 64,400 146,817 230,297 184,834 189,871
Net (loss) income (70,785) 1,223,568 (36,521) (60,449) (112,657)
Basic net (loss) income per common share $ (2.36) $ 23.85 $ (0.71) $ (1.18) $ (2.19)
Diluted net (loss) income per common share $ (2.36) $ 23.85 $ (0.71) $ (1.18) $ (2.19)
Predecessor Company
Quarter Ended
September 30,
2008 June 29, 2008 March 30, 2008 December 30, 2007
Net Sales $ 667,914 $ 638,763 $ 532,452 $ 587,442
Gross Profit 255,605 242,353 205,495 216,648
Net loss (492,568) (283,862) (111,713) (43,402)
Basic net loss per common share $ (9.68) $ (5.58) $ (2.19) $ (0.85)
Diluted net loss per common share $ (9.68) $ (5.58) $ (2.19) $ (0.85)
(17) Consolidating Financial Statements
In connection with the acquisitions of Remington, United and Tetra, the Predecessor Company completed debt offerings of Senior Subordinated Notes.
Payment obligations of such Senior Subordinated Notes were fully and unconditionally guaranteed on a joint and several basis by all of the Predecessor
Company’s domestic subsidiaries. Pursuant to and in accordance with the Plan, the Company refinanced its Senior Subordinated Notes. On the Effective
Date, pursuant to the Plan, the Successor Company and its domestic subsidiaries, as guarantors, issued the12% Notes under the 2019 Indenture for the
benefit of holders of allowed claims with respect to the Predecessor Company’s Senior Subordinated Notes. (See Note 2, Voluntary Reorganization Under
Chapter 11, for further details of the chapter 11 cases of Spectrum Brands and its United States subsidiaries and See Note 8, Debt, for further information on
the 12% Notes and the 2019 Indenture).
The following consolidating financial data illustrates the components of the consolidated financial statements of the Successor Company and the
Predecessor Company. 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
presented herein 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.
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