Rayovac 2012 Annual Report Download - page 65

Download and view the complete annual report

Please find page 65 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

Global strategic initiatives and financial objectives for each reportable segment are determined at the
corporate level. Each reportable segment is responsible for implementing defined strategic initiatives and
achieving certain financial objectives and has a general manager responsible for the sales and marketing
initiatives and financial results for product lines within that segment. Financial information pertaining to our
reportable segments is contained in Note 11, Segment Information, of Notes to Consolidated Financial
Statements included in this Annual Report on Form 10-K for further information relating to our operating
segments.
Below are reconciliations of GAAP Net Income (Loss) from Continuing Operations to Adjusted EBIT and
Adjusted EBITDA by segment and for Consolidated Spectrum Brands for Fiscal 2011 and Fiscal 2010:
Fiscal 2011
Global
Batteries &
Appliances
Global Pet
Supplies
Home and
Garden
Business
Corporate /
Unallocated
Items(a)
Consolidated
SB Holdings
(in millions)
Net income (loss), as adjusted(a) ............... $180 $ 50 $ 62 $(367) $ (75)
Income tax expense ...................... — — — 92 92
Interest expense ........................ — — — 184 184
Write-off unamortized discounts and financing
fees(b) .............................. — — — 24 24
Restructuring and related charges ........... 6 17 2 4 29
Acquisition and integration related charges . . . 31 — — 6 37
Intangible asset impairment ............... 23 8 1 — 32
Accelerated depreciation and
amortization(c) ....................... (1) — — — (1)
Adjusted EBIT ............................. $239 $ 75 $ 65 $ (57) $322
Depreciation and amortization(d) ........... 68 24 12 31 135
Adjusted EBITDA .......................... $307 $ 99 $ 77 $ (26) $457
Fiscal 2010
Global
Batteries &
Appliances
Global Pet
Supplies
Home and
Garden
Business
Corporate /
Unallocated
Items(a)
Consolidated
SB Holdings
(in millions)
Net income (loss), as adjusted(a) ............... $143 $ 51 $ 40 $(424) $(190)
Loss from discontinued operations, net of
tax ................................. — — 3 — 3
Income tax expense ...................... — — — 63 63
Interest expense ........................ — — — 195 195
Write-off unamortized discounts and financing
fees(e) .............................. — — — 82 82
Pre-acquisition earnings .................. 61 4 1 — 66
Restructuring and related charges ........... 4 7 8 5 24
Acquisition and integration related charges . . . 15 — — 24 39
Reorganization items .................... — — — 3 3
Accelerated depreciation and
amortization(c) ....................... — — (1) (2) (3)
Fresh-start inventory fair value adjustment . . . 18 14 2 — 34
Russell Hobbs inventory fair value
adjustment ........................... 3 — — — 3
Brazilian IPI credit/other ................. (5) — — — (5)
Adjusted EBIT ............................. $239 $ 76 $ 53 $ (54) $ 314
Depreciation and amortization(d) ........... 58 28 15 17 118
Adjusted EBITDA .......................... $297 $104 $ 68 $ (37) $ 432
55