Rayovac 2009 Annual Report Download - page 38

Table of Contents
Index to Financial Statements
Successor
Company Predecessor Company
One Month
Ended
September 30,
2009
Eleven Months
Ended August 30,
2009
Fiscal Year Ended September 30,
2008 2007 2006 2005
(In millions, except per share data)
Statement of Operations Data:
Net sales $ 219.9 $ 2,010.6 $ 2,426.6 $2,332.7 $2,228.5 $2,077.5
Gross profit 64.4 751.8 920.1 876.7 871.2 821.9
Operating income (loss)(1) 0.1 156.8 (684.6) (251.8) (289.1) 202.6
(Loss) income from continuing operations before income
taxes (20.0) 1,227.8 (914.8) (507.2) (460.9) 69.2
(Loss) income from discontinued operations, net of tax(2) 0.4 (86.8) (26.2) (33.7) (2.5) 2.3
Net (loss) income(3)(4)(5)(6) (70.8) 1,013.9 (931.5) (596.7) (434.0) 46.8
Restructuring and related charges—cost of goods sold(7) $ 0.2 $ 13.2 $ 16.5 $ 31.3 $ 21.1 $ 10.5
Restructuring and related charges—operating expenses(7) 1.6 30.9 22.8 66.7 33.6 15.8
Other expense (income), net(8) (0.8) 3.3 1.2 (0.3) (4.1) (0.7)
Interest expense $ 17.0 $ 172.9 $ 229.0 $ 255.8 $ 175.9 $ 134.1
Per Share Data:
Net (loss) income per common share:
Basic $ (2.36) $ 19.76 $ (18.29) $ (11.72) $ (8.77) $ 1.07
Diluted $ (2.36) 19.76 (18.29) (11.72) (8.77) 1.03
Average shares outstanding:
Basic 30.0 51.3 50.9 50.9 49.5 43.7
Diluted(9) 30.0 51.3 50.9 50.9 49.5 45.6
Cash Flow and Related Data:
Net cash provided (used) by operating activities $ 75.0 $ 1.6 $ (10.2) $ (32.6) $ 44.5 $ 216.6
Capital expenditures(10) 2.7 8.1 18.9 23.2 55.6 60.5
Depreciation and amortization (excluding amortization of
debt issuance costs)(10) 8.6 58.5 85.0 77.4 82.6 68.5
Statement of Financial Position Data (at period end):
Cash and cash equivalents $ 97.8 $ 104.8 $ 69.9 $ 28.4 $ 29.9
Working capital(11) 323.7 371.5 370.2 397.2 490.6
Total assets 3,020.7 2,247.5 3,211.4 3,549.3 4,022.1
Total long−term debt, net of current maturities 1,530.0 2,474.8 2,416.9 2,234.5 2,268.0
Total debt 1,583.5 2,523.4 2,460.4 2,277.2 2,307.3
Total shareholders’ equity (deficit) 660.9 (1,027.2) (103.8) 452.2 842.7
(1) During Fiscal 2009, 2008, 2007 and 2006, pursuant to the Financial Accounting Standards Board Codification Topic 350: “Intangibles−Goodwill and
Other,” formerly the Statement of Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets,” we conducted our annual
impairment testing of goodwill and indefinite−lived intangible assets. As a result of these analyses we recorded non−cash pretax impairment charges
of approximately $34 million, $861 million, $362 million and $433 million in the eleven month period ended August 30, 2009, Fiscal 2008, Fiscal
2007 and our fiscal year ended September 30, 2006 (“Fiscal 2006”), respectively. See the “Critical Accounting Policies—Valuation of Assets and
Asset Impairment” section of Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations as well as Note 3(i),
Significant Accounting Policies—Intangible Assets, of Notes to Consolidated Financial Statements included in this Annual Report on Form 10−K for
further details on these impairment charges.
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