Rayovac 2003 Annual Report Download - page 67

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Condensed Consolidating Statement of Operations
Year Ended September 30, 2001
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
Net sales $ 431,602 $ 45,223 $194,157 $(54,810) $ 616,172
Cost of goods sold 249,496 43,866 121,902 (54,091) 361,173
Restructuring and related charges 17,399 — 4,704 — 22,103
Gross profit 164,707 1,357 67,551 (719) 232,896
Operating expenses:
Selling 82,340 681 36,585 — 119,606
General and administrative 43,384 (11,640) 14,782 — 46,526
Research and development 12,191 ———12,191
Restructuring and related charges 204 ———204
138,119 (10,959) 51,367 — 178,527
Income from operations 26,588 12,316 16,184 (719) 54,369
Interest expense 25,860 — 3,033 (1,704) 27,189
Non operating expense 8,587 ———8,587
Equity (income) (20,008) (6,640) — 26,648 —
Other (income) expense, net (1,491) (584) 1,465 1,704 1,094
Income before income taxes 13,640 19,540 11,686 (27,367) 17,499
Income tax expense (benefit) 1,387 (468) 5,046 — 5,965
Net income $ 12,253 $ 20,008 $ 6,640 $(27,367) $ 11,534
Condensed Consolidating Statement of Cash Flows
Year Ended September 30, 2001
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
Net cash provided by operating activities $ 12,293 $ 2 $ 5,752 $ — $ 18,047
Cash flows from investing activities:
Purchases of property, plant and equipment (17,475) — (2,218) — (19,693)
Purchases of investments (500) — (297) — (797)
Proceeds from sale of investments —— 1,354 — 1,354
Proceeds from sale of property, plant, and equipment 78 — 785 — 863
Net cash used by investing activities (17,897) — (376) — (18,273)
Cash flows from financing activities:
Reduction of debt (412,815) — (3,884) — (416,699)
Extinguishment of debt (69,652) ———(69,652)
Proceeds from debt financing 421,914 ———421,914
Issuance of stock and exercise of stock options 67,506 ———67,506
Other (1,191) — (209) — (1,400)
Net cash provided (used) by financing activities 5,762 — (4,093) — 1,669
Effect of exchange rate changes on cash and cash equivalents —— 158 — 158
Net increase in cash and cash equivalents 158 2 1,441 — 1,601
Cash and cash equivalents, beginning of period 2,691 44 7,022 — 9,757
Cash and cash equivalents, end of period $ 2,849 $ 46 $ 8,463 $ — $ 11,358
Notes to Consolidated Financial Statements
Rayovac Corporation and Subsidiaries
(In thousands, except per share amounts)