Rayovac 2002 Annual Report Download - page 38

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CONSOLIDATED STATEMENTS OF OPERATIONS
Rayovac Corporation and Subsidiaries
Years Ended September 30,
(In thousands, except per share amounts) 2000 2001 2002
Net sales $630,914 $616,172 $572,736
Cost of goods sold 371,470 361,173 334,147
Special charges — 22,103 1,210
Gross profit 259,444 232,896 237,379
Operating expenses:
Selling 110,559 119,606 104,374
General and administrative 48,791 46,526 56,900
Research and development 10,763 12,191 13,084
Special charges — 204 —
170,113 178,527 174,358
Income from operations 89,331 54,369 63,021
Interest expense 30,626 27,189 16,048
Other expense, net 753 1,094 1,290
Income before income taxes and extraordinary item 57,952 26,086 45,683
Income tax expense 19,602 9,225 16,446
Income before extraordinary item 38,350 16,861 29,237
Extraordinary item, loss on early extinguishment of debt, net of
income tax benefit of $3,260 — (5,327) —
Net income $ 38,350 $ 11,534 $ 29,237
Basic net income per common share:
Income before extraordinary item $ 1.39 $ 0.59 $ 0.92
Extraordinary item — (0.19) —
Net income $ 1.39 $ 0.40 $ 0.92
Weighted-average shares of common stock outstanding 27,504 28,746 31,775
Diluted net income per common share:
Income before extraordinary item $ 1.32 $ 0.57 $ 0.90
Extraordinary item — (0.18) —
Net income $ 1.32 $ 0.39 $ 0.90
Weighted-average shares of common stock and equivalents outstanding 29,069 29,702 32,414
See accompanying notes to consolidated financial statements.