Rayovac 2003 Annual Report Download - page 64

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Condensed Consolidating Statement of Operations
Year Ended September 30, 2003
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
Net sales $ 364,348 $ 41,562 $ 592,366 $ (76,154) $ 922,122
Cost of goods sold 209,121 40,314 373,495 (73,416) 549,514
Restructuring and related charges 12,497 — 8,568 — 21,065
Gross profit 142,730 1,248 210,303 (2,738) 351,543
Operating expenses:
Selling 70,205 818 114,506 (354) 185,175
General and administrative 51,077 (10,550) 40,348 — 80,875
Research and development 12,096 — 2,268 — 14,364
Restructuring and related charges 7,693 — 3,794 — 11,487
141,071 (9,732) 160,916 (354) 291,901
Income from operations 1,659 10,980 49,387 (2,384) 59,642
Interest expense 34,780 — 15,284 (12,882) 37,182
Equity income (57,423) (61,090) — 118,513 —
Non-operating expense 3,072 — — — 3,072
Other expense (income), net 28,236 (1,244) (43,771) 13,132 (3,647)
(Loss) income before income taxes (7,006) 73,314 77,874 (121,147) 23,035
Income tax (benefit) expense (22,236) 15,891 16,784 (2,886) 7,553
Net income $ 15,230 $ 57,423 $ 61,090 $(118,261) $ 15,482
Condensed Consolidating Statement of Cash Flows
Year Ended September 30, 2003
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
Net cash (used) provided by operating activities $ 14,227 $ — $ 60,527 $ 1,453 $ 76,207
Cash flows from investing activities:
Purchases of property, plant and equipment (14,598) — (11,527) — (26,125)
Proceeds from sale of property, plant, and equipment — — 132 — 132
Payments for acquisitions, net of cash acquired (444,231) (237,853) (239,945) 501,626 (420,403)
Net cash (used) provided by investing activities (458,829) (237,853) (251,340) 501,626 (446,396)
Cash flows from financing activities:
Reduction of debt (431,592) — (2,240) — (433,832)
Proceeds from debt financing 1,059,821 — 2,759 — 1,062,580
Extinguishment of debt — (126,573) — — (126,573)
Debt issuance costs (29,933) — — — (29,933)
Payments of capital lease obligations (287) — (880) — (1,167)
(Advances related to) proceeds from intercompany transactions (107,525) 370,419 238,732 (501,626) —
Payments from officers/shareholders 600 — — — 600
Proceeds from exercise of stock options 176 — — — 176
Net cash provided (used) by financing activities 491,260 243,846 238,371 (501,626) 471,851
Effect of exchange rate changes on cash and cash equivalents 29,840 — (32,156) (1,453) (3,769)
Net increase in cash and cash equivalents 76,498 5,993 15,402 — 97,893
Cash and cash equivalents, beginning of period 3,518 46 6,317 — 9,881
Cash and cash equivalents, end of period $ 80,016 $ 6,039 $ 21,719 $ — $ 107,774
Notes to Consolidated Financial Statements
Rayovac Corporation and Subsidiaries
(In thousands, except per share amounts)
Page 60/61