Rayovac 2003 Annual Report Download - page 66

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Condensed Consolidating Statement of Operations
Year Ended September 30, 2002
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
Net sales $ 424,199 $ 42,132 $160,926 $(54,521) $ 572,736
Cost of goods sold 237,431 40,869 108,742 (52,895) 334,147
Restructuring and related charges (1,063) — 2,273 — 1,210
Gross profit 187,831 1,263 49,911 (1,626) 237,379
Operating expenses:
Selling 71,389 818 32,557 (390) 104,374
General and administrative 53,543 (11,328) 14,685 — 56,900
Research and development 13,084 ———13,084
138,016 (10,510) 47,242 (390) 174,358
Income from operations 49,815 11,773 2,669 (1,236) 63,021
Interest expense 15,390 — 2,216 (1,558) 16,048
Equity (income) loss (10,697) 2,389 — 8,308 —
Other (income) expense, net (2,180) (469) 2,131 1,808 1,290
Income (loss) before income taxes 47,302 9,853 (1,678) (9,794) 45,683
Income tax expense (benefit) 16,579 (844) 711 — 16,446
Net income (loss) $ 30,723 $ 10,697 $ (2,389) $ (9,794) $ 29,237
Condensed Consolidating Statement of Cash Flows
Year Ended September 30, 2002
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
Net cash provided by operating activities $ 65,250 $ — $ 6,615 $ (5,039) $ 66,826
Cash flows from investing activities:
Purchases of property, plant and equipment (13,154) — (2,487) — (15,641)
Proceeds from sale of property, plant, and equipment 42 — 126 — 168
Net cash used by investing activities (13,112) — (2,361) — (15,473)
Cash flows from financing activities:
Reduction of debt (219,343) — (5,088) — (224,431)
Proceeds from debt financing 169,100 ———169,100
Issuance of stock and exercise of stock options 134 ———134
Other (1,360) — (408) 251 (1,517)
Net cash used by financing activities (51,469) — (5,496) 251 (56,714)
Effect of exchange rate changes on cash and cash equivalents —— (904) 4,788 3,884
Net increase (decrease) in cash and cash equivalents 669 — (2,146) — (1,477)
Cash and cash equivalents, beginning of period 2,849 46 8,463 — 11,358
Cash and cash equivalents, end of period $ 3,518 $ 46 $ 6,317 $ — $ 9,881
Notes to Consolidated Financial Statements
Rayovac Corporation and Subsidiaries
(In thousands, except per share amounts)
Page 62/63