Rayovac 2006 Annual Report Download - page 112

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100 SPECTRUM BRANDS | 2006 ANNUAL REPORT
Consolidating Statement of Operations
Year Ended September 30, 2006
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
Net sales $1,067,708 $ 522,960 $1,106,467 $(145,383) $2,551,752
Cost of goods sold 662,993 372,198 685,413 (144,538) 1,576,066
Restructuring and related charges – 4,682 17,770 – 22,452
Gross profit 404,715 146,080 403,284 (845) 953,234
Operating expenses:
Selling 240,462 70,444 246,505 (112) 557,299
General and administrative 183,836 (62,378) 60,517 – 181,975
Research and development 20,969 5,252 4,347 – 30,568
Restructuring and related charges 22,793 2,766 8,083 – 33,642
Goodwill and intangibles impairment – 142,919 290,059 – 432,978
468,060 159,003 609,511 (112) 1,236,462
Operating (loss) income (63,345) (12,923) (206,227) (733) (283,228)
Interest expense 112,850 40,028 23,409 688 176,955
Other expense (income), net 329,890 246,844 (1,274) (579,557) (4,097)
(Loss) income from continuing operations
before income taxes (506,085) (299,795) (228,362) 578,136 (456,086)
Income tax (benefit) expense (44,179) 22,032 (6,068) 581 (27,634)
(Loss) income from continuing operations (461,906) (321,827) (222,294) 577,575 (428,452)
Income (loss) from discontinued operations, net of tax 29,195 11,100 (45,815) – (5,520)
Net (loss) income $(432,711) $(310,727) $ (268,109) $577,575 $(433,972)
Consolidating Statement of Cash Flows
Year Ended September 30, 2006
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
Net cash (used) provided by operating activities $ (514,341) $ 198,632 $ 291,172 $ 69,066 $ 44,529
Cash flows from investing activities:
Purchases of property, plant and equipment (22,888) (5,427) (32,053) – (60,368)
Proceeds from sale of property, plant, and equipment 4,831 – 608 – 5,439
Proceeds from sale of assets held for sale 10,641 – – – 10,641
Payments for acquisitions, net of cash acquired (7,363) (1,728) (9,410) – (18,501)
Intercompany investments (337,386) 178,635 158,751 – –
Net cash (used) provided by investing activities
of continuing operations (352,165) 171,480 117,896 – (62,789)
Net cash provided by investing activities of
discontinued operations – – 83,430 – 83,430
Net cash (used) provided by investing activities (352,165) 171,480 201,326 – 20,641
Cash flows from financing activities:
Reduction of debt (817,498) – (138,570) – (956,068)
Proceeds from debt financing 817,719 – 80,801 – 898,520
Debt issuance costs (5,236) – – – (5,236)
Payments of capital lease obligations – – (4,131) – (4,131)
Proceeds from exercise of stock options 365 – – – 365
Stock option income tax benefit 80 – – – 80
Proceeds from (advances related to)
intercompany transactions 857,996 (371,393) (417,537) (69,066) –
Net cash provided (used) by financing activities 853,426 (371,393) (479,437) – (66,470)
Effect of exchange rate changes on cash and
cash equivalents – – (122) – (122)
Net (decrease) increase in cash and
cash equivalents (13,080) (1,281) 12,939 – (1,422)
Cash and cash equivalents, beginning of period 15,756 2,657 11,439 – 29,852
Cash and cash equivalents, end of period $ 2,676 $ 1,376 $ 24,378 $ – $ 28,430
2006 Form 10-K Annual Report
Spectrum Brands, Inc.