Rayovac 2008 Annual Report Download - page 35

Table of Contents
Index to Financial Statements
(1) Fiscal 2008 includes restructuring and related charges—cost of goods sold of $16.5 million, and restructuring and related charges—operating expenses of
$22.8 million. See Note 16, Restructuring and Related Charges, of Notes to Consolidated Financial Statements included in this Annual Report on Form
10-K for further discussion.
(2) Fiscal 2007 includes restructuring and related charges—cost of goods sold of $31.3 million, and restructuring and related charges—operating expenses of
$66.7 million. See Note 16, Restructuring and Related Charges, of Notes to Consolidated Financial Statements included in this Annual Report on Form
10-K for further discussion.
(3) Fiscal 2006 includes restructuring and related charges—cost of goods sold of $21.1 million, and restructuring and related charges—operating expenses of
$33.6 million. See Note 16, Restructuring and Related Charges, of Notes to Consolidated Financial Statements included in this Annual Report on Form
10-K for further discussion.
(4) Fiscal 2005 selected financial data was impacted by two significant acquisitions completed during the fiscal year. The United acquisition was completed
on February 7, 2005 and the Tetra acquisition was completed on April 29, 2005.
Fiscal 2005 includes restructuring and related charges—cost of goods sold of $10.5 million, and restructuring and related charges—operating expenses of
$15.8 million.
(5) Fiscal 2004 selected financial data was impacted by two acquisitions completed during the fiscal year. The Ningbo Baowang Battery Company, Ltd.
acquisition was completed on March 31, 2004 and the Microlite acquisition was completed on May 28, 2004.
Fiscal 2004 includes restructuring and related charges—cost of goods sold of $(0.8) million, and restructuring and related charges—operating expenses of
$12.2 million.
(6) During Fiscal 2008, 2007 and Fiscal 2006, pursuant to Statement of Financial Accounting Standards (“SFAS”) No. 142, “Goodwill and Other Intangible
Assets,” (“SFAS 142”), issued by the Financial Accounting Standards Board (“FASB”), we conducted our annual impairment testing of goodwill and
indefinite-lived intangible assets. As a result of these analyses we recorded non-cash pretax impairment charges of approximately $867 million, $362
million and $433 million in Fiscal 2008, Fiscal 2007 and Fiscal 2006, respectively. See the “Critical Accounting Policies—Valuation of Assets and Asset
Impairment” section of Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations as well as Note 2(i), Significant
Accounting Policies—Intangible Assets, of Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K for further details on
these impairment charges.
(7) Fiscal 2007 loss from discontinued operations, net of tax, includes a non-cash pretax impairment charge of approximately $45 million to reduce the
carrying value of certain assets, principally consisting of goodwill and intangible assets, relating to our Canadian Division of the Home and Garden
Business in order to reflect the estimated fair value of this business. See Note 5, Assets Held for Sale, and Note 11, Discontinued Operations, of Notes to
Consolidated Financial Statements included in this Annual Report on Form 10-K for information relating to this impairment charge.
(8) Fiscal 2008 income tax benefit of $11.6 million includes a non-cash charge of approximately $222.0 million which increased the valuation allowance
against certain net deferred tax assets.
(9) Fiscal 2007 income tax expense of $55.8 million includes a non-cash charge of approximately $180.1 million which increased the valuation allowance
against certain net deferred tax assets.
(10) Fiscal 2006 income tax benefit of $27.5 million includes a non-cash charge of approximately $29.3 million which increased the valuation allowance
against certain net deferred tax assets.
(11) Fiscal 2006 includes a $7.9 million net gain on the sale of our Bridgeport, CT manufacturing facility, acquired as part of the Remington acquisition and
subsequently closed in Fiscal 2004, and our Madison, WI packaging facility, which was closed in our fiscal year ended September 30, 2003 (“Fiscal
2003”).
(12) Fiscal 2008, 2007 and 2006 does not assume the exercise of common stock equivalents as the impact would be antidilutive.
(13) Amounts reflect the results of continuing operations only.
(14) Working capital is defined as current assets less current liabilities.
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Source: Spectrum Brands, Inc, 10-K, December 10, 2008