Rayovac 2010 Annual Report Download - page 104

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SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except per share amounts)
Successor
Company Predecessor Company
Year Ended
September 30,
2010
Period from
August 31, 2009
through
September 30,
2009
Period from
October 1, 2008
through
August 30,
2009
Year Ended
September 30,
2008
Net sales ........................................ $2,567,011 $219,888 $ 2,010,648 $2,426,571
Cost of goods sold ................................. 1,638,451 155,310 1,245,640 1,489,971
Restructuring and related charges ..................... 7,150 178 13,189 16,499
Gross profit ...................................... 921,410 64,400 751,819 920,101
Operating expenses:
Selling ...................................... 466,813 39,136 363,106 506,365
General and administrative ...................... 199,386 20,578 145,235 188,934
Research and development ...................... 31,013 3,027 21,391 25,315
Acquisition and integration related charges ......... 38,452 — — —
Restructuring and related charges ................. 16,968 1,551 30,891 22,838
Goodwill and intangibles impairment .............. — — 34,391 861,234
752,632 64,292 595,014 1,604,686
Operating income (loss) ............................ 168,778 108 156,805 (684,585)
Interest expense ................................... 277,015 16,962 172,940 229,013
Other expense (income), net ......................... 12,300 (816) 3,320 1,220
Loss from continuing operations before reorganization
items and income taxes ........................... (120,537) (16,038) (19,455) (914,818)
Reorganization items expense (income), net ............ 3,646 3,962 (1,142,809) —
(Loss) income from continuing operations before income
taxes ......................................... (124,183) (20,000) 1,123,354 (914,818)
Income tax expense (benefit) ........................ 63,189 51,193 22,611 (9,460)
(Loss) income from continuing operations .............. (187,372) (71,193) 1,100,743 (905,358)
(Loss) income from discontinued operations, net of tax . . . (2,735) 408 (86,802) (26,187)
Net (loss) income ................................. $ (190,107) $ (70,785) $ 1,013,941 $ (931,545)
Basic net (loss) income per common share:
(Loss) income from continuing operations .............. $ (5.20) $ (2.37) $ 21.45 $ (17.78)
(Loss) income from discontinued operations ............ (0.08) 0.01 (1.69) (0.51)
Net (loss) income ................................. $ (5.28) $ (2.36) $ 19.76 $ (18.29)
Weighted average shares of common stock outstanding . . . 36,000 30,000 51,306 50,921
Diluted net (loss) income per common share:
(Loss) income from continuing operations .............. $ (5.20) $ (2.37) $ 21.45 $ (17.78)
(Loss) income from discontinued operations ............ (0.08) 0.01 (1.69) (0.51)
Net (loss) income ................................. $ (5.28) $ (2.36) $ 19.76 $ (18.29)
Weighted average shares of common stock and equivalents
outstanding .................................... 36,000 30,000 51,306 50,921
See accompanying notes to consolidated financial statements.
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