Rayovac 2003 Annual Report Download - page 34

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Years Ended September 30,
(In thousands, except per share amounts) 2001 2002 2003
Net sales $616,172 $572,736 $922,122
Cost of goods sold 361,173 334,147 549,514
Restructuring and related charges 22,103 1,210 21,065
Gross profit 232,896 237,379 351,543
Operating expenses:
Selling 119,606 104,374 185,175
General and administrative 46,526 56,900 80,875
Research and development 12,191 13,084 14,364
Restructuring and related charges 204 —11,487
178,527 174,358 291,901
Income from operations 54,369 63,021 59,642
Interest expense 27,189 16,048 37,182
Non-operating expense 8,587 —3,072
Other expense (income), net 1,094 1,290 (3,647)
Income before income taxes 17,499 45,683 23,035
Income tax expense 5,965 16,446 7,553
Net income $ 11,534 $ 29,237 $ 15,482
Basic net income per common share:
Net income $ 0.40 $ 0.92 $ 0.49
Weighted average shares of common stock outstanding 28,746 31,775 31,847
Diluted net income per common share:
Net income $ 0.39 $ 0.90 $ 0.48
Weighted average shares of common stock and equivalents outstanding 29,702 32,414 32,556
See accompanying notes to consolidated financial statements.
Consolidated Statements of Operations
Rayovac Corporation and Subsidiaries
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