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SPECTRUM BRANDS | 2007 ANNUAL REPORT 75
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Spectrum Brands, Inc.
Consolidating Statement of Operations
Year Ended September 30, 2005
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
Net sales $ 565,707 $ 276,431 $ 1,031,320 $ (111,279) $ 1,762,179
Cost of goods sold 339,367 219,133 628,210 (110,345) 1,076,365
Restructuring and related charges – 255 10,241 – 10,496
Gross profit 226,340 57,043 392,869 (934) 675,318
Operating expenses:
Selling 114,850 29,109 221,924 (430) 365,453
General and administrative 57,224 810 62,141 – 120,175
Research and development 22,760 3,507 3,072 – 29,339
Restructuring and related charges 6,074 (337) 506 – 6,243
200,908 33,089 287,643 (430) 521,210
Operating income 25,432 23,954 105,226 (504) 154,108
Interest expense 103,019 177 4,428 – 107,624
Other (income) expense, net (143,484) 20,116 24,172 100,546 1,350
Income from continuing operations before income taxes 65,897 3,661 76,626 (101,050) 45,134
Income tax expense (14,447) (1,132) 31,175 (88) 15,508
Income from continuing operations 80,344 4,793 45,451 (100,962) 29,626
Income from discontinued operations, net of tax (32,434) 44,171 5,469 – 17,206
Net income $ 47,910 $ 48,964 $ 50,920 $ (100,962) $ 46,832
Consolidating Statement of Cash Flows
Year Ended September 30, 2005
Guarantor Nonguarantor Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
Net cash provided (used) by operating activities $ 168,838 $ (21,391) $ 70,254 $ – $ 217,701
Cash flows from investing activities:
Purchases of property, plant and equipment (16,795) (3,645) (36,302) – (56,742)
Proceeds from sale of property, plant, and equipment 15 9 153 – 177
Payments for acquisitions, net of cash acquired (1,152,283) (26,000) (451,872) – (1,630,155)
Intercompany investments (523,789) 332,358 191,431 – –
Net cash used by investing activities
of continuing operations (1,692,852) 302,722 (296,590) – (1,686,720)
Net cash used by investing activities
of discontinued operations – (6,008) (1,100) – (7,108)
Net cash used by investing activities (1,692,852) 296,714 (297,690) – (1,693,828)
Cash flows from financing activities:
Reduction of debt (1,080,951) – – – (1,080,951)
Proceeds from debt financing 2,563,132 – 18,246 – 2,581,378
Debt issuance costs (31,713) – – – (31,713)
Payments of capital lease obligations (1,174) – (7,700) – (8,874)
Proceeds from exercise of stock options 18,413 – – – 18,413
Stock option income tax benefit 10,732 – – – 10,732
Treasury stock purchases (1,106) – – – (1,106)
Payments from officers/shareholders 3,605 – – – 3,605
Proceeds from (advances related to) intercompany transactions 58,656 (272,719) 214,063 – –
Net cash provided (used) by financing activities 1,539,594 (272,719) 224,609 – 1,491,484
Net used by discontinued operations – – – – –
Effect of exchange rate changes on cash
and cash equivalents – – 524 – 524
Net increase (decrease) in cash and cash equivalents 15,580 2,604 (2,303) – 15,881
Cash and cash equivalents, beginning of period 176 53 13,742 – 13,971
Cash and cash equivalents, end of period $ 15,756 $ 2,657 $ 11,439 $ – $ 29,852