Rayovac 2012 Annual Report Download - page 137

Download and view the complete annual report

Please find page 137 of the 2012 Rayovac annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 154

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154

SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(In thousands, except per share amounts)
(15) Acquisitions
In accordance with ASC Topic 805, “Business Combinations” (“ASC 805”), the Company accounts for
acquisitions by applying the acquisition method of accounting. The acquisition method of accounting requires,
among other things, that the assets acquired and liabilities assumed in a business combination be measured at
their fair values as of the closing date of the acquisition.
Russell Hobbs
On June 16, 2010, the Company consummated the Merger, pursuant to which Spectrum Brands became a
wholly-owned subsidiary of the Company and Russell Hobbs became a wholly owned subsidiary of Spectrum
Brands. Russell Hobbs is a designer, marketer and distributor of a broad range of branded small household
appliances. Russell Hobbs markets and distributes small kitchen and home appliances, pet and pest products and
personal care products. Russell Hobbs has a broad portfolio of recognized brand names, including Black &
Decker, George Foreman, Russell Hobbs, Toastmaster, LitterMaid, Farberware, Breadman and Juiceman. Russell
Hobbs’ customers include mass merchandisers, specialty retailers and appliance distributors primarily in North
America, South America, Europe and Australia.
The results of Russell Hobbs operations since June 16, 2010 are included in the Company’s Consolidated
Statements of Operations. Effective October 1, 2010, substantially all of the financial results of Russell Hobbs
are reported within the Global Batteries & Appliances segment. In addition, certain pest control and pet products
included in the former Small Appliances segment have been reclassified into the Home and Garden Business and
Global Pet Supplies segments, respectively.
Supplemental Pro Forma Information (Unaudited)
The following reflects the Company’s pro forma results had the results of Russell Hobbs been included for
the entirety of Fiscal 2010.
2010
Net sales:
Reported Net sales ................................................................. $2,567,011
Russell Hobbs adjustment ........................................................... 543,952
Pro forma Net sales ................................................................ $3,110,963
Loss from continuing operations:
Reported loss from continuing operations .............................................. $ (187,372)
Russell Hobbs adjustment ........................................................... (5,504)
Pro forma loss from continuing operations .............................................. $ (192,876)
Basic and diluted earnings per share from continuing operations (A) :
Reported basic and diluted loss per share from continuing operations ......................... $ (5.20)
Russell Hobbs adjustment ........................................................... (0.16)
Pro forma basic and diluted loss per share from continuing operations ........................ $ (5.36)
(A) The Company has not assumed the exercise of common stock equivalents as the impact would be
antidilutive.
127