Energizer Holdings, Inc. 533 Maryville University Dr. St. Louis, MO 63141 | ||
FOR IMMEDIATE RELEASE April 28, 2004 | Company Contact: Jacqueline E. Burwitz Vice President, Investor Relations 314-985-2169 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
Quarter Ended March 31, |
| Six Months Ended March 31, | |||||||||||
2004 |
| 2003 |
| 2004 |
| 2003 | |||||||
Net sales | $ | 592.9 | $ | 362.6 | $ | 1,404.6 | $ | 935.0 | |||||
Cost of products sold | 289.5 | 207.3 | 692.0 | 515.0 | |||||||||
Selling, general and administrative expense | 127.3 | 69.4 | 256.7 | 145.0 | |||||||||
Advertising and promotion expense | 88.8 | 26.8 | 181.5 | 74.0 | |||||||||
Research and development expense | 20.7 | 9.3 | 36.8 | 18.1 | |||||||||
Intellectual property rights income | (1.5 | ) | - | (1.5 | ) | (6.0 | ) | ||||||
Interest expense | 6.7 | 4.7 | 13.9 | 9.1 | |||||||||
Other financing items, net | (1.7 | ) | (0.8 | ) | (3.6 | ) | (1.1 | ) | |||||
Earnings before income taxes | 63.1 | 45.9 | 228.8 | 180.9 | |||||||||
Income tax provision | (9.7 | ) | (12.9 | ) | (60.4 | ) | (61.5 | ) | |||||
Net earnings | $ | 53.4 | $ | 33.0 | $ | 168.4 | $ | 119.4 | |||||
Earnings per share | |||||||||||||
Basic | $ | 0.65 | $ | 0.38 | $ | 2.03 | $ | 1.36 | |||||
Diluted | $ | 0.63 | $ | 0.37 | $ | 1.97 | $ | 1.33 | |||||
Weighted average shares of common stock - Basic | 81.8 | 86.5 | 82.8 | 87.5 | |||||||||
Weighted average shares of common stock - Diluted | 84.8 | 88.5 | 85.7 | 89.8 | |||||||||
See Accompanying Notes to Condensed Financial Statements |
9 |
Historical |
| Historical | |||||||||||
For the quarter ended March 31, |
| For the six months ended March 31, | |||||||||||
2004 |
| 2003 |
| 2004 |
| 2003 | |||||||
Net Sales | |||||||||||||
North America Battery | $ | 187.5 | $ | 194.2 | $ | 557.4 | $ | 541.7 | |||||
International Battery | 190.5 | 168.4 | 429.3 | 393.3 | |||||||||
Total Battery | 378.0 | 362.6 | 986.7 | 935.0 | |||||||||
Razors and Blades | 214.9 | - | 417.9 | - | |||||||||
Total Net Sales | $ | 592.9 | $ | 362.6 | $ | 1,404.6 | $ | 935.0 | |||||
Profitability | |||||||||||||
North America Battery | $ | 39.0 | $ | 45.6 | $ | 154.0 | $ | 155.8 | |||||
International Battery | 34.3 | 23.4 | 83.2 | 62.9 | |||||||||
R&D Battery | (13.0 | ) | (9.3 | ) | (21.5 | ) | (18.1 | ) | |||||
Total Battery | 60.3 | 59.7 | 215.7 | 200.6 | |||||||||
Razors and Blades | 30.0 | - | 64.4 | - | |||||||||
Total segment profitability | $ | 90.3 | $ | 59.7 | $ | 280.1 | $ | 200.6 | |||||
General corporate and other expenses | (22.3 | ) | (9.9 | ) | (39.7 | ) | (17.7 | ) | |||||
Intellectual property rights income | 1.5 | - | 1.5 | 6.0 | |||||||||
Amortization | (1.4 | ) | - | (2.8 | ) | - | |||||||
Interest and other financial items | (5.0 | ) | (3.9 | ) | (10.3 | ) | (8.0 | ) | |||||
Total earnings before income taxes | $ | 63.1 | $ | 45.9 | $ | 228.8 | $ | 180.9 | |||||
10 |
For the quarter ended March 31, | For the six months ended March 31, | ||||||||||||
Net Sales by Product Line | 2004 | 2003 | 2004 | 2003 | |||||||||
Alkaline Batteries | $ | 231.0 | $ | 232.6 | $ | 656.7 | $ | 643.0 | |||||
Carbon Zinc Batteries | 57.0 | 54.6 | 126.4 | 120.9 | |||||||||
Other Batteries and Lighting Products | 90.0 | 75.4 | 203.6 | 171.1 | |||||||||
Razors and Blades | 214.9 | - | 417.9 | - | |||||||||
Total Net Sales | $ | 592.9 | $ | 362.6 | $ | 1,404.6 | $ | 935.0 | |||||
Historical |
| Pro Forma |
| Historical |
| Pro Forma |
| ||||||
| Quarter Ended |
| Quarter Ended |
| Six Months Ended |
| Six Months Ended |
| |||||
| March 31, |
| March 31, |
| March 31, |
| March 31, |
| |||||
| 2004 |
| 2003 |
| 2004 |
| 2003 | ||||||
Net sales | $ | 592.9 | $ | 490.6 | $ | 1,404.6 | $ | 1,247.0 | |||||
Cost of products sold | 289.5 | 273.2 | 692.0 | 668.7 | |||||||||
Selling, general and administrative expense | 127.3 | 105.8 | 256.7 | 218.0 | |||||||||
Advertising and promotion expense | 88.8 | 59.1 | 181.5 | 130.6 | |||||||||
Research and development expense | 20.7 | 16.4 | 36.8 | 32.8 | |||||||||
Intellectual property rights income | (1.5 | ) | - | (1.5 | ) | (6.0 | ) | ||||||
Interest expense | 6.7 | 12.0 | 13.9 | 23.6 | |||||||||
Other financing items, net | (1.7 | ) | 0.2 | (3.6 | ) | 0.9 | |||||||
Earnings before income taxes | 63.1 | 23.9 | 228.8 | 178.4 | |||||||||
Income tax provision | (9.7 | ) | (5.0 | ) | (60.4 | ) | (61.1 | ) | |||||
Net earnings | $ | 53.4 | $ | 18.9 | $ | 168.4 | $ | 117.3 | |||||
Earnings per share | |||||||||||||
Basic | $ | 0.65 | $ | 0.22 | $ | 2.03 | $ | 1.34 | |||||
Diluted | $ | 0.63 | $ | 0.21 | $ | 1.97 | $ | 1.31 | |||||
Weighted average shares of common stock - Basic | 81.8 | 86.5 | 82.8 | 87.5 | |||||||||
Weighted average shares of common stock - Diluted | 84.8 | 88.6 | 85.7 | 89.8 |
11 |
Historical |
| Pro Forma |
| Historical |
| Pro Forma |
| ||||||
| Quarter Ended |
| Quarter Ended |
| Six Months Ended |
| Six Months Ended |
| |||||
| March 31, 2004 |
| March 31, 2003 |
| March 31, 2004 |
| March 31, 2003 | ||||||
Net Sales | |||||||||||||
North America Battery | $ | 187.5 | $ | 194.2 | $ | 557.4 | $ | 541.7 | |||||
International Battery | 190.5 | 168.4 | 429.3 | 393.3 | |||||||||
Total Battery | 378.0 | 362.6 | 986.7 | 935.0 | |||||||||
Razors and Blades | 214.9 | 128.0 | 417.9 | 312.0 | |||||||||
Total Net Sales | $ | 592.9 | $ | 490.6 | $ | 1,404.6 | $ | 1,247.0 | |||||
Profitability | |||||||||||||
North America Battery | $ | 39.0 | $ | 45.6 | $ | 154.0 | $ | 155.8 | |||||
International Battery | 34.3 | 23.4 | 83.2 | 62.9 | |||||||||
R&D Battery | (13.0 | ) | (9.3 | ) | (21.5 | ) | (18.1 | ) | |||||
Total Battery | 60.3 | 59.7 | 215.7 | 200.6 | |||||||||
Razors and Blades | 30.0 | (12.3 | ) | 64.4 | 16.8 | ||||||||
Total segment profitability | $ | 90.3 | $ | 47.4 | $ | 280.1 | $ | 217.4 | |||||
General corporate and other expenses | (22.3 | ) | (9.9 | ) | (39.7 | ) | (17.7 | ) | |||||
Intellectual property rights income | 1.5 | - | 1.5 | 6.0 | |||||||||
Amortization | (1.4 | ) | (1.4 | ) | (2.8 | ) | (2.8 | ) | |||||
Interest and other financial items | (5.0 | ) | (12.2 | ) | (10.3 | ) | (24.5 | ) | |||||
Total earnings before income taxes | $ | 63.1 | $ | 23.9 | $ | 228.8 | $ | 178.4 | |||||