Rayovac 2014 Annual Report Download - page 137

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SPECTRUM BRANDS HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(Amounts in thousands, except per share figures)
(16) QUARTERLY RESULTS (UNAUDITED)
Fiscal 2014:
Quarter Ended
September 30, 2014 June 29, 2014 March 30, 2014 December 29, 2013
Net sales ................................ $1,178,312 $1,128,509 $1,021,688 $1,100,600
Gross profit ............................. 411,001 417,037 359,624 381,207
Net income attributable to controlling interest . . 47,937 78,055 33,811 54,289
Basic net income per common share attributable
to controlling interest .................... $ 0.91 $ 1.48 $ 0.64 $ 1.04
Diluted net income per common share
attributable to controlling interest .......... $ 0.90 $ 1.47 $ 0.64 $ 1.03
Fiscal 2013:
Quarter Ended
September 30, 2013 June 30, 2013 March 31, 2013 December 30, 2012
Net sales ............................. $1,137,732 $1,089,825 $987,756 $870,268
Gross profit ........................... 396,493 382,759 322,904 288,156
Net income (loss) attributable to controlling
interest ............................. (36,705) 36,130 (41,232) (13,439)
Basic net income (loss) per common share
attributable to controlling interest ........ $ (0.70) $ 0.69 $ (0.79) $ (0.26)
Diluted net (loss) income per common share
attributable to controlling interest ........ $ (0.70) $ 0.69 $ (0.79) $ (0.26)
(17) SUBSEQUENT EVENTS
ASC 855, “Subsequent Events” (“ASC 855”), establishes general standards of accounting and disclosure of
events that occur after the balance sheet date but before financial statements are issued or available to be issued.
ASC 855 requires the Company to evaluate events that occur after the balance date through the date of the
Company’s financial statements are issued, and to determine whether adjustments to or additional disclosures in
the financial statements are necessary. The Company has evaluated subsequent events through the date these
financial statements were issued.
On October 2, 2014, the Company completed a $31,775 cash acquisition of Tell Manufacturing, Inc.
(“Tell”), a leading manufacturer and distributor of commercial doors, locks and hardware. The Company will
account for the acquisition of Tell in accordance with ASC 805. The Company is in the process of completing the
preliminary purchase accounting.
On September 23, 2014, the Company entered into a definitive agreement to acquire Procter & Gamble’s
European pet food business, consisting of premium brands for dogs and cats. The acquisition is expected to close
in the second quarter of Fiscal 2015. The Company will account for this acquisition in accordance with ASC 805.
On November 3, 2014, the Company announced an expansion to its Global Expense Rationalization
Initiatives, which was initially implemented in Fiscal 2013. These expanded initiatives consist of headcount
reductions in the Global Batteries & Appliances and Global Pet Supplies segments and in Corporate, consistent
with the original announcement in Fiscal 2013. Costs associated with the expanded initiatives, which are
expected to be incurred through September 30, 2015, are currently projected to total approximately $46,500,
which include costs associated with the Global Expense Rationalization Initiatives announced in Fiscal 2013.
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