Rayovac 2003 Annual Report Download - page 63

Download and view the complete annual report

Please find page 63 of the 2003 Rayovac annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 70

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70

Payment obligations of the notes are fully and unconditionally guaranteed on a joint and several basis by all of the Company’s
domestic subsidiaries, including ROV Holding, Inc. The foreign subsidiaries of the Company, which do not guarantee the payment
obligations under the notes, are directly and wholly owned by ROV Holding, Inc.
Condensed Consolidating Balance Sheet
September 30, 2003
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
Assets
Current assets:
Cash and cash equivalents $ 80,016 $ 6,039 $ 21,719 $ — $ 107,774
Receivables:
Trade accounts receivables, net of allowance for
doubtful accounts 65,870 24,714 164,621 — 255,205
Other 91,302 130,583 50,097 (256,606) 15,376
Inventories 54,490 50,590 119,405 (5,231) 219,254
Deferred income taxes 8,197 9,986 6,654 2,175 27,012
Prepaid expenses and other 20,367 8,435 21,903 — 50,705
Total current assets 320,242 230,347 384,399 (259,662) 675,326
Property, plant and equipment, net 72,586 5,341 72,485 — 150,412
Deferred charges and other 72,639 1,092 212,631 (246,202) 40,160
Goodwill 19,115 271,950 107,315 — 398,380
Intangible assets, net 87,902 — 165,353 (188) 253,067
Deferred income taxes 22,041 4,556 15,071 (10,632) 31,036
Debt issuance costs 28,111 — — — 28,111
Investments in subsidiaries 660,730 434,984 — (1,095,714) —
Total assets $1,283,366 $948,270 $957,254 $(1,612,398) $1,576,492
Liabilities and Shareholders’ Equity
Current liabilities:
Current maturities of long-term debt $ 45,209 $ 56,095 $ 9,780 $ (38,232) $ 72,852
Accounts payable 89,407 180,484 124,928 (222,187) 172,632
Accrued liabilities:
Wages and benefits 9,171 5,190 22,219 — 36,580
Income taxes payable 2,992 22 17,555 — 20,569
Restructuring charges 4,080 — 1,670 — 5,750
Accrued interest 3,309 2,270 (685) — 4,894
Other 7,471 31,432 44,834 — 83,737
Deferred income taxes — — 8,511 — 8,511
Total current liabilities 161,639 275,493 228,812 (260,419) 405,525
Long-term debt, net of current maturities 848,811 44 263,990 (242,305) 870,540
Employee benefit obligations, net of current portion 28,832 691 33,521 — 63,044
Deferred income taxes 14,413 10,631 8,282 (10,632) 22,694
Other 7,953 681 4,053 — 12,687
Total liabilities 1,061,648 287,540 538,658 (513,356) 1,374,490
Shareholders’ equity:
Common stock 619 1 12,716 (12,716) 620
Additional paid-in capital 185,442 492,450 348,353 (840,684) 185,561
Retained earnings 161,163 165,735 68,017 (230,212) 164,703
Accumulated other comprehensive income (loss) 10,919 2,544 (10,490) (15,430) (12,457)
Notes receivable from officers/shareholders (3,605) — — — (3,605)
354,538 660,730 418,596 (1,099,042) 334,822
Less treasury stock, at cost (130,070) — — — (130,070)
Less unearned restricted stock compensation (2,750) — — — (2,750)
Total shareholders’ equity 221,718 660,730 418,596 (1,099,042) 202,002
Total liabilities and shareholders’ equity $1,283,366 $948,270 $957,254 $(1,612,398) $1,576,492
Notes to Consolidated Financial Statements
Rayovac Corporation and Subsidiaries
(In thousands, except per share amounts)