Rayovac 2011 Annual Report Download - page 6

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Non-GAAP Measurements
Within this annual report, reference is made to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and free cash fl ow. These non-GAAP metrics are reconciled
to their nearest GAAP equivalents within the Company’s Periodic Report on Form 8-K fi led with the SEC on November 16, 2011 within Exhibit 99.1 thereto. Adjusted EBITDA is a metric
used by management and frequently used by the fi nancial community which provides insight into an organization’s operating trends and facilitates comparisons between peer companies,
since interest, taxes, depreciation and amortization can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA can also be a useful
measure of a company’s ability to service debt and is one of the measures used for determining the Company’s debt covenant compliance. Adjusted EBITDA excludes certain items that
are unusual in nature or not comparable from period to period. The Company’s management believes that free cash fl ow is useful to both management and investors in their analysis of the
Company’s ability to service and repay its debt and meet its working capital requirements. Free cash fl ow should not be considered in isolation or as a substitute for pretax income (loss), net
income (loss), cash provided by (used in) operating activities or other statement of operations or cash fl ow statement data prepared in accordance with GAAP or as a measure of profi tability
or liquidity. In addition, the calculation of free cash fl ow does not refl ect cash used to service debt and, therefore, does not refl ect funds available for investment or discretionary uses. While
the Company’s management believes that non-GAAP measurements are useful supplemental information, such adjusted results are not intended to replace the Company’s GAAP fi nancial
results and should be read in conjunction with those GAAP results.
DIRECTORS AND OFFICERS
David R. Lumley
Chief ExecuƟ ve Oĸ cer and President,
Global BaƩ eries and President,
Home and Garden,
Spectrum Brands Holdings, Inc.
Age 57; Director since 2010
Norman S. MaƩ hews ³
Independent Business Consultant
Age 79; Director since 2009
Terry L. PolisƟ na
President, Global Appliances,
Spectrum Brands Holdings, Inc.
Age 48; Director since 2009
Hugh R. Rovit ¹
Chief ExecuƟ ve Oĸ cer,
Sure Fit, Inc.
Age 51; Director since 2009
*Chairman of the Board
**Vice Chairman of the Board
¹ Audit CommiƩ ee
Mr. Davis is Chair.
² CompensaƟ on CommiƩ ee
Mr. Ambrecht is Chair.
³ NominaƟ ng and Corporate
Governance CommiƩ ee
Mr. MaƩ hews is Chair.
As of December 15, 2011
EXECUTIVE OFFICERS
COMMITTEES OF THE BOARD
BOARD OF DIRECTORS
David R. Lumley
Chief ExecuƟ ve Oĸ cer and President,
Global BaƩ eries and President,
Home and Garden
Age 57; joined Company in 2006
Anthony L. Genito
ExecuƟ ve Vice President
and Chief Financial Oĸ cer
Age 55; joined Company in 2004
John A. Heil
President, Global Pet Supplies
Age 59; joined Company in 2005
Terry L. PolisƟ na
President, Global Appliances
Age 48; joined Company in 2010
David M. Maura* ²
Vice President and
Director of Investment,
Harbinger Capital Partners
Age 39; Director since 2010
Omar Asali** ³
AcƟ ng President,
Harbinger Group Inc.
Age 40; Director since 2011
Kenneth C. Ambrecht ² ³
Managing Partner,
KCA Associates LLC
Age 66; Director since 2009
Eugene I. Davis ¹ ²
Chairman and CEO,
Pirinate ConsulƟ ng Group LLC
Age 56; Director since 2009
Virginia A. Kamsky ³
Chairman and CEO,
Kamsky Associates, Inc.
Age 58; Director since 2010
Marc S. Kirschner ¹ ³
Restructuring Consultant
Age 69; Director since 2009