Rayovac 2012 Annual Report Download - page 46
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Successor
Company
Predecessor
Company
2012 2011 2010
Period from
August 31, 2009
through
September 30,
2009
Period from
October 1, 2008
through
August 30,
2009 2008
Statement of Operations Data:
Net sales ..................... $3,252.4 $3,186.9 $2,567.0 $ 219.9 $ 2,010.6 $ 2,426.6
Gross profit ................... 1,115.7 1,128.9 921.4 64.4 751.8 920.1
Operating income (loss)(1) ....... 301.7 227.9 168.8 0.1 156.8 (684.6)
Interest expense(12) ............ 191.9 208.3 277.0 17.0 172.9 229.0
Other expense (income), net ...... 0.9 2.5 12.3 (0.8) 3.3 1.2
Reorganization items expense
(income), net ................ — — 3.6 4.0 (1,142.8) —
Income (loss) from continuing
operations before income
taxes ...................... 109.0 17.1 (124.2) (20.0) 1,123.4 (914.8)
Income tax expense (benefit) ..... 60.4 92.3 63.2 51.2 22.6 (9.5)
(Loss) income from discontinued
operations, net of tax(2) ....... — — (2.7) 0.4 (86.8) (26.2)
Net income (loss)(3)(4)(5)(6)(7) . . 48.6 (75.2) (190.1) (70.8) 1,013.9 (931.5)
Restructuring and related
charges—cost of goods
sold(8) ..................... $ 9.8 $ 7.8 $ 7.2 $ 0.2 $ 13.2 $ 16.5
Restructuring and related
charges—operating
expenses(8) ................. 9.8 20.8 17.0 1.6 30.9 22.8
Per Share Data:
Net income (loss) per common
share
Basic .................... $ 0.94 $ (1.47) $ (5.28) $ (2.36) $ 19.76 $ (18.29)
Diluted .................. 0.91 (1.47) (5.28) (2.36) 19.76 (18.29)
Average shares outstanding
Basic .................... 51.6 51.1 36.0 30.0 51.3 50.9
Diluted(9) ................ 53.3 51.1 36.0 30.0 51.3 50.9
Cash Flow and Related Data:
Net cash provided (used) by
operating activities ........... $ 254.8 $ 227.4 $ 57.3 $ 75.0 $ 1.6 $ (10.2)
Capital expenditures(10) ........ 46.8 36.2 40.3 2.7 8.1 18.9
Depreciation and amortization
(excluding amortization of debt
issuance costs)(10) ........... 133.8 135.1 117.4 8.6 58.5 85.0
Statement of Financial Position
Data (at period end):
Cash and cash equivalents ....... $ 158.0 $ 142.4 $ 170.6 $ 97.8 $ 104.8
Working capital(11) ............ 450.8 441.4 536.9 323.7 371.5
Total assets ................... 3,751.6 3,626.7 3,873.7 3,020.7 2,247.5
Total long-term debt, net of current
maturities .................. 1,652.9 1,535.5 1,723.1 1,530.0 2,474.8
Total debt .................... 1,669.3 1,551.6 1,743.8 1,583.5 2,523.4
Total shareholders’ equity
(deficit) .................... 989.1 1,018.5 1,046.4 660.9 (1,027.2)
(1) Pursuant to the guidance in Financial Accounting Standards Board Accounting Standards Codification
Topic 350: “Intangibles-Goodwill and Other,” we conduct 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 $32 million, $34 million and $861 million in Fiscal 2011, the period from
36