Rayovac 2003 Annual Report Download - page 69

Download and view the complete annual report

Please find page 69 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

The Board of Directors and Shareholders
Rayovac Corporation:
We have audited the accompanying consolidated balance sheets of Rayovac Corporation and subsidiaries as of September 30, 2002
and 2003, and the related consolidated statements of operations, shareholders’ equity, and cash flows for each of the years in the
three-year period ended September 30, 2003. These financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of mate-
rial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position
of Rayovac Corporation and subsidiaries as of September 30, 2002 and 2003, and the results of their operations and their cash flows
for each of the years in the three-year period ended September 30, 2003 in conformity with accounting principles generally accepted
in the United States of America.
As discussed in Note 2(x) to the consolidated financial statements, the Company revised its presentation of loss on early extinguish-
ment of debt in the accompanying consolidated statement of operations for the year ended September 30, 2001 as required by State-
ment of Financial Accounting Standards No. 145, Recession of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and
Technical Corrections, and in 2002 the Company changed its method of accounting for goodwill and indefinite-lived intangible assets
to conform with Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets.
KPMG LLP
Chicago, Illinois
November 7, 2003
Independent Auditors’ Report