Rayovac 2012 Annual Report Download - page 93

SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Years ended September 30, 2012, 2011 and 2010
(In thousands)
2012 2011 2010
Cash flows from operating activities:
Net income (loss) .............................................................. $ 48,572 $ (75,171) $ (190,107)
Loss from discontinued operations, net of tax ........................................ — — (2,735)
Income (loss) from continuing operations ........................................... 48,572 (75,171) (187,372)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation .................................................................. 40,950 47,065 54,822
Amortization of intangibles ...................................................... 63,666 57,695 45,920
Amortization of unearned restricted stock compensation ............................... 29,164 30,389 16,676
Amortization of debt issuance costs ................................................ 9,922 13,198 9,030
Intangible asset impairment ...................................................... — 32,450 —
Administrative related reorganization items ......................................... — — 3,646
Payments for administrative related reorganization items ............................... — — (47,173)
Non-cash increase to cost of goods sold due to fresh-start reporting inventory valuation ...... — — 34,865
Non-cash interest expense on 12% Notes ........................................... — — 24,555
Write off of unamortized (premium) discount on retired debt ............................ (466) 8,950 59,162
Write off of debt issuance costs ................................................... 2,946 15,420 6,551
Non-cash restructuring and related charges .......................................... 5,195 15,143 16,359
Non-cash debt accretion ......................................................... 722 4,773 18,302
Changes in assets and liabilities:
Accounts receivable ............................................................ 22,892 12,969 12,702
Inventories ................................................................... (11,642) 96,406 (66,127)
Prepaid expenses and other current assets ........................................... 561 815 2,025
Accounts payable and accrued liabilities ............................................ 1,424 (60,505) 86,497
Deferred taxes and other ........................................................ 40,909 27,792 (21,881)
Net cash provided by operating activities of continuing operations ........................... 254,815 227,389 68,559
Net cash used by operating activities of discontinued operations ............................. — — (11,221)
Net cash provided by operating activities ............................................. 254,815 227,389 57,338
Cash flows from investing activities:
Purchases of property, plant and equipment ......................................... (46,809) (36,160) (40,316)
Acquisition of Black Flag ....................................................... (43,750) — —
Acquisition of FURminator, net of cash acquired ..................................... (139,390) — —
Acquisition of Seed Resources, net of cash acquired .................................. — (11,053) —
Proceeds from sale of assets held for sale ........................................... — 6,997 —
Other investing activity ......................................................... (1,545) (5,480) (2,189)
Net cash used by investing activities .................................................. (231,494) (45,696) (42,505)
Cash flows from financing activities:
Proceeds from issuance of 6.75% Notes ............................................ 300,000 — —
Payment of 12% Notes, including tender and call premium ............................. (270,431) — —
Proceeds from issuance of 9.5% Notes, including premium ............................. 217,000 — —
Proceeds from senior credit facilities, excluding ABL revolving credit facility, net of
discount ................................................................... — — 1,474,755
Payment of senior credit facilities, excluding ABL revolving credit facility ................ (155,061) (224,763) (1,278,760)
Prepayment penalty of term loan facility ............................................ — (5,653) —
Reduction of other debt ......................................................... (4,112) — (8,456)
Other debt financing, net ........................................................ 392 5,788 13,688
Debt issuance costs, net of refund ................................................. (11,231) (12,616) (55,024)
ABL revolving credit facility, net ................................................. — — (33,225)
Payments of supplemental loan ................................................... — — (45,000)
Cash dividends paid ............................................................ (51,450) — —
Treasury stock purchases ........................................................ (30,996) (3,409) (2,207)
Net proceeds from equity offering ................................................. — 29,851 —
Other financing activities ........................................................ (953) — —
Net cash (used) provided by financing activities ........................................ (6,842) (210,802) 65,771
Effect of exchange rate changes on cash and cash equivalents due to Venezuela hyperinflation ..... — — (8,048)
Effect of exchange rate changes on cash and cash equivalents ............................... (932) 909 258
Net increase (decrease) in cash and cash equivalents ...................................... 15,547 (28,200) 72,814
Cash and cash equivalents, beginning of period .......................................... 142,414 170,614 97,800
Cash and cash equivalents, end of period ............................................. $157,961 $ 142,414 $ 170,614
Supplemental disclosure of cash flow information:
Cash paid for interest ............................................................... $185,384 $ 171,577 $ 136,429
Cash paid for income taxes, net ....................................................... 39,173 37,171 36,951
See accompanying notes to consolidated financial statements.
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