Rayovac 2003 Annual Report Download - page 62

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the Remington pro forma adjustments for 2002 reflect the results of operations and related pro forma adjustments for the year
ending December 31, 2002 and for 2003 reflect the results of operation and related pro forma adjustments for the year ending
June 30, 2003.
2002 2003
Net Sales
Reported net sales $ 572,736 $ 922,122
VARTA pro forma adjustments 370,506 —
Remington pro forma adjustments 365,061 360,259
Pro forma net sales $1,308,303 $1,282,381
Net Income
Reported net income $ 29,237 $ 15,482
VARTA pro forma adjustments (2,657) —
Remington pro forma adjustments 5,688 8,613
Pro forma net income $ 32,268 $ 24,095
Basic Earnings Per Share
Reported net income $ 0.92 $ 0.49
VARTA pro forma adjustments (0.08) —
Remington pro forma adjustments 0.18 0.27
Pro forma net income $ 1.02 $ 0.76
Diluted Earnings Per Share
Reported net income $ 0.90 $ 0.48
VARTA pro forma adjustments (0.08) —
Remington pro forma adjustments 0.18 0.26
Pro forma net income $ 1.00 $ 0.74
(17) QUARTERLY RESULTS (UNAUDITED)
Quarter Ended
December 29, March 30, June 29, September 30,
2002 2003 2003 2003
Net sales $260,222 $202,267 $207,673 $251,960
Gross profit 93,554 79,625 79,747 98,617
Net (loss) income (585) 282 2,869 12,916
Basic net (loss) income per common share (0.02) 0.01 0.09 0.40
Diluted net (loss) income per common share (0.02) 0.01 0.09 0.39
Quarter Ended
December 30, March 31, June 30, September 30,
2001 2002 2002 2002
Net sales $161,883 $ 121,153 $ 135,412 $154,288
Gross profit 62,732 49,934 54,401 70,312
Net income 402 5,380 10,314 13,141
Basic net income per common share 0.01 0.17 0.32 0.41
Diluted net income per common share 0.01 0.17 0.32 0.41
(18) CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
The following condensed consolidating financial data illustrates the composition of the consolidated financial statements. Investments
in subsidiaries are accounted for using the equity method for purposes of the consolidating presentation. Earnings of subsidiaries
are therefore reflected in the Company’s and Guarantor Subsidiaries’ investment accounts and earnings. The principal elimination
entries eliminate investments in subsidiaries and intercompany balances and transactions. Separate financial statements of the
Guarantor Subsidiaries are not presented because management has determined that such financial statements would not be material
to investors.
Notes to Consolidated Financial Statements
Rayovac Corporation and Subsidiaries
(In thousands, except per share amounts)
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