Rayovac 2010 Annual Report Download - page 50

Successor
Company
Predecessor
Company
2010(14)
Period from
August 31, 2009
through
September 30,
2009
Period from
October 1, 2008
through
August 30,
2009 2008 2007 2006
Statement of Operations Data:
Net sales ....................... $2,567.0 $ 219.9 $2,010.6 $ 2,426.6 $2,332.7 $2,228.5
Gross profit ..................... 921.4 64.4 751.8 920.1 876.7 871.2
Operating income (loss)(1) ......... 168.7 0.1 156.8 (684.6) (251.8) (289.1)
(Loss) income from continuing
operations before income taxes .... (124.2) (20.0) 1,123.4 (914.8) (507.2) (460.9)
(Loss) income from discontinued
operations, net of tax(2) ......... (2.7) 0.4 (86.8) (26.2) (33.7) (2.5)
Net (loss) income(3)(4)(5)(6)(7) ..... (190.1) (70.8) 1,013.9 (931.5) (596.7) (434.0)
Restructuring and related charges—
cost of goods sold(8) ............ $ 7.1 $ 0.2 $ 13.2 $ 16.5 $ 31.3 $ 21.1
Restructuring and related charges—
operating expenses(8) ........... 17.0 1.6 30.9 22.8 66.7 33.6
Other expense (income), net(9) ...... 12.3 (0.8) 3.3 1.2 (0.3) (4.1)
Interest expense (13) .............. $ 277.0 $ 17.0 $ 172.9 $ 229.0 $ 255.8 $ 175.9
Per Share Data:
Net (loss) income per common share:
Basic ...................... $ (5.28) $ (2.36) $ 19.76 $ (18.29) $ (11.72) $ (8.77)
Diluted ..................... (5.28) $ (2.36) 19.76 (18.29) (11.72) (8.77)
Average shares outstanding:
Basic ...................... 36.0 30.0 51.3 50.9 50.9 49.5
Diluted(10) ................. 36.0 30.0 51.3 50.9 50.9 49.5
Cash Flow and Related Data:
Net cash provided (used) by operating
activities ...................... $ 57.3 $ 75.0 $ 1.6 $ (10.2) $ (32.6) $ 44.5
Capital expenditures(11) ........... 40.3 2.7 8.1 18.9 23.2 55.6
Depreciation and amortization
(excluding amortization of debt
issuance costs)(11) ............. 117.4 8.6 58.5 85.0 77.4 82.6
Statement of Financial Position
Data (at period end):
Cash and cash equivalents .......... $ 170.6 $ 97.8 $ 104.8 $ 69.9 $ 28.4
Working capital(12) .............. 536.9 323.7 371.5 370.2 397.2
Total assets ..................... 3,873.6 3,020.7 2,247.5 3,211.4 3,549.3
Total long-term debt, net of current
maturities ..................... 1,723.1 1,530.0 2,474.8 2,416.9 2,234.5
Total debt ....................... 1,743.8 1,583.5 2,523.4 2,460.4 2,277.2
Total shareholders’ equity (deficit) . . . 1,046.4 660.9 (1,027.2) (103.8) 452.2
(1) During Fiscal 2010, 2009, 2008, 2007 and 2006, pursuant to the Financial Accounting Standards Board
Codification Topic 350: “Intangibles-Goodwill and Other,” 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
period from October 1, 2008 through 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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