EXHIBIT 99.1
Exide Technologies Reports Strong Fourth Quarter Results and Net Income for Its Full Fiscal Year
ALPHARETTA, Ga., June 9, 2008 (PRIME NEWSWIRE) -- Exide Technologies (Nasdaq:XIDE) (www.exide.com), a global leader in stored electrical-energy solutions, announced that on June 9, 2008, it filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2008.
Fiscal 2008 Highlights of Fourth Quarter and Full Year:
* Fourth quarter net income of $63.3 million or $.80 per diluted
share compared to a net loss of $21.7 million or ($.36) per
share in the 2007 fiscal fourth quarter
* Fourth quarter net sales of $1.03 billion, an increase of 28% over
the prior year quarter
* Full year net income of $32.1 million or $.46 per diluted share
compared to a net loss of $105.9 million or ($2.37) per share in
fiscal 2007
* Full year net sales of $3.70 billion, an increase of 26% from $2.94
billion in fiscal 2007
Fourth Quarter
Net income for the fourth fiscal quarter was $63.3 million or $.80 per diluted share including a favorable tax benefit of $25.0 million, or $.32 per diluted share, related to the reversal of a valuation allowance against net deferred tax assets in the United States. Net income also included a favorable impact from currency remeasurement in the amount of $14.8 million, net of tax ($22.6 million on a pre-tax basis) or $.19 per diluted share and an unfavorable unrealized loss on our warrants of $4.2 million or ($.05) per diluted share. The current quarter's net income compares to a net loss in the prior year fiscal fourth quarter of $21.6 million or ($.36) per share.
Net sales of $1.03 billion for the current year quarter increased by 28% as compared to net sales of $806.6 million in the comparable prior year period. Excluding $81.0 million resulting from favorable foreign exchange, sales increased by $142.7 million, the result of the continued positive impact of pricing in all businesses and favorable mix in the Transportation Americas division.
EBIT and Adjusted EBITDA for the current year period were $64.5 million and $80.1 million, respectively, as compared with EBIT and Adjusted EBITDA of $4.5 million and $43.9 million, respectively, in the prior year's quarter. These strong operating earnings were the result of an increase in gross profit to $178.3 million, or 17.3% of net sales, versus $128.0 million, or 15.9% of net sales, in prior year comparable period. This improvement resulted from the continued execution of our manufacturing cost reduction activities, favorable product mix and higher recovery of lead and other cost increases through pricing, particularly in our Industrial Energy Europe division. Gordon A. Ulsh, President and CEO, stated, "All of our business segments contributed to the strength of earnings in the fiscal year 2008 fourth quarter as we gained pricing and volume traction."
Fiscal Year 2008
The Company reported net income for the full fiscal year 2008 of $32.1 million or $.46 per diluted share as compared with a net loss of $105.9 million or ($2.37) per share in fiscal 2007. The current year results include a tax provision of $10.9 million, which consists of the $25.0 million or $.36 per diluted share tax benefit relating to the U.S. valuation allowance reversal in the fourth quarter, partially offset by a $16.7 million or ($.24) per diluted share tax charge in our fiscal 2008 second quarter relating to a reduction in our deferred tax asset in Germany due to legislated tax rate reductions. The fiscal 2008 results also include foreign currency remeasurement gains of $26.7 million, net of tax ($40.8 million pre-tax) or $.38 per diluted share, and a net of tax charge from the loss on early extinguishment of debt in the amount of $16.3 million ($21.3 million pre-tax) or ($.24) per diluted share.
Net sales for fiscal 2008 aggregated $3.70 billion as compared with $2.94 billion in fiscal 2007, an increase of 26%. Excluding the impact of favorable foreign exchange, net sales increased by $528.5 million, or 18%. Pricing in all of our businesses to compensate for the escalating cost of lead and other key cost inputs to our manufacturing and distribution processes was the major driver of higher sales. The Transportation Americas business experienced unit volume increase year-over-year, driven by a 6.3% increase in units sold through the independent aftermarket channels offset by a 10% reduction in units to the original equipment customer base. The other three business segments saw volume reductions of 2.3% in Industrial Energy Americas, 4.5% in Industrial Energy Europe and ROW, and 7.9% in Transportation Europe and ROW. Unit volume reductions in the two European and ROW segments were partially the result of our on-going initiative to improve customer profitability.
"As we have consistently stated over the past couple of years, we have been willing to exit unprofitable business, and this is reflected in the volume reductions in our European and ROW segments," said Mr. Ulsh.
From an operating perspective, gross profit increased by $120.4 million to $593.2 million in fiscal 2008. Keys to this improvement are the continued efficiency benefits derived from Take Charge!, capital spending related cost reductions, unit volume increases in our Transportation Americas business and pricing related margin improvements, with the exception of Industrial Energy Europe, which was impacted by delayed lead escalators for much of the year. The increased gross profit was leveraged against a relatively modest increase in selling, general and administrative costs, which increased approximately 5.2%, including the unfavorable impact of the strengthening euro.
EBIT on a full year basis was $128.5 million versus an EBIT loss of $10.1 million in fiscal 2007. Adjusted EBITDA increased 54% to $244.1 million from $158.6 million in the prior year. This is on top of a 52% increase in Adjusted EBITDA in fiscal 2007 as compared with fiscal 2006. "We are obviously pleased with the improved earnings trend and are excited about the prospects fiscal 2009 present," said Ulsh.
The Company, as it has said in the past, uses Adjusted EBITDA as a key measure of its operational financial performance. This measure underlies the Company's operational performance and excludes the nonrecurring impact on the Company's current restructuring actions. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and restructuring charges. Our Adjusted EBITDA definition also adjusts reported earnings for the effect of non-cash currency remeasurement gains or losses, the non-cash gain or loss from revaluation of the Company's warrants liability, impairment charges and non-cash gains or losses on asset sales, as well as a specific exclusion for the loss on early extinguishment of debt recorded in the first quarter of fiscal 2008. See the reconciliations of net income (loss) to EBIT and Adjusted EBITDA in the attachments to this release.
Conference Call
The Company previously announced that it will hold a conference call to discuss its results on June 9, 2008, at 11:00 a.m. Eastern Time.
Dial-in number for US/Canada: (877) 563-6439
Dial-In number for international callers: (706) 758-9457
Conference ID: 47666168
(XIDE-C)
About Exide Technologies:
Exide Technologies, with operations in more than 80 countries, is one of the world's largest producers and recyclers of lead-acid batteries. The Company's four global business groups -- Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World -- provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications. Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
The Exide Technologies logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3300
Forward-Looking Statements
Except for historical information, this press release may be deemed to contain "forward-looking" statements. The Company desires to avail itself of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the "Act") and is including this cautionary statement for the express purpose of availing itself of the protection afforded by the Act. The Company undertakes no obligation to publicly update or revise any forward-looking statement in this or any prior forward-looking statements whether as a result of new information, future developments or otherwise.
Examples of forward-looking statements include, but are not limited to, (a) projections of revenues, cost of raw materials, income or loss, earnings or loss per share, capital expenditures, growth prospects, dividends, the effect of currency translations, capital structure and other financial items, (b) statements of plans and objectives of the Company or its management or Board of Directors, including the introduction of new products, or estimates or predictions of actions by customers, suppliers, competitors or regulating authorities, (c) statements of future economic performance and (d) statements of assumptions, such as the prevailing weather conditions in the Company's market areas, underlying other statements and statements about the Company or its business.
Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following general factors such as: (i) the Company's ability to implement and fund based on current liquidity business strategies and restructuring plans, (ii) unseasonable weather (warm winters and cool summers) which adversely affects demand for automotive and some industrial batteries, (iii) the Company's substantial debt and debt service requirements which may restrict the Company's operational and financial flexibility, as well as imposing significant interest and financing costs, (iv) the litigation proceedings to which the Company is subject, the results of which could have a material adverse effect on the Company and its business, (v) the realization of the tax benefits of the Company's net operating loss carry forwards, which is dependent upon future taxable income, (vi) the fact that lead, a major constituent in most of the Company's products, experiences significa nt fluctuations in market price and is a hazardous material that may give rise to costly environmental and safety claims, (vii) competitiveness of the battery markets in North America and Europe, (viii) risks involved in foreign operations such as disruption of markets, changes in import and export laws, currency restrictions, currency exchange rate fluctuations and possible terrorist attacks against U.S. interests, (ix) general economic conditions, (x) the ability to acquire goods and services and/or fulfill labor needs at budgeted costs, (xi) the Company's reliance on a single supplier for its polyethylene battery separators, (xii) the Company's ability to successfully pass along increased material costs to its customers, and (xiii) the loss of one or more of the company's major customers for its industrial and transportation products.
Therefore, the Company cautions each reader of this press release carefully to consider those factors set forth above and those factors described in the Company's Form 10-K filed on June 9, 2008, because such factors have, in some instances, affected and in the future could affect the ability of the Company to achieve its projected results and may cause actual results to differ materially from those expressed herein.
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per-share data)
For the Fiscal Year Ended
-------------------------------------
March 31,
-------------------------------------
2008 2007 2006
----------- ----------- -----------
NET SALES $ 3,696,671 $ 2,939,785 $ 2,819,876
COST OF SALES 3,103,481 2,467,009 2,413,045
----------- ----------- -----------
Gross profit 593,190 472,776 406,831
----------- ----------- -----------
EXPENSES:
Selling, marketing and
advertising 289,975 270,413 271,059
General and administrative 176,607 173,128 190,993
Restructuring 10,507 24,483 21,714
Other (income) expense, net (39,069) 9,636 3,684
Interest expense, net 85,517 90,020 69,464
Loss on early extinguishment
of debt 21,342 -- --
----------- ----------- -----------
544,879 567,680 556,914
----------- ----------- -----------
Income (loss) before
reorganization items,
income taxes,
minority interest 48,311 (94,904) (150,083)
REORGANIZATION ITEMS, NET 3,822 4,310 6,158
INCOME TAX PROVISION 10,886 5,783 15,962
MINORITY INTEREST 1,544 882 529
----------- ----------- -----------
Net income (loss) $ 32,059 $ (105,879) $ (172,732)
=========== =========== ===========
EARNINGS (LOSS) PER SHARE
Basic $ 0.47 $ (2.37) $ (6.72)
=========== =========== ===========
Diluted $ 0.46 $ (2.37) $ (6.72)
=========== =========== ===========
WEIGHTED AVERAGE SHARES
Basic 68,306 44,604 25,718
=========== =========== ===========
Diluted 69,284 44,604 25,718
=========== =========== ===========
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
March 31,
--------------------------
2008 2007
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 90,547 $ 76,211
Receivables, net of
allowance for doubtful
accounts of $33,630
and $28,624 782,944 639,115
Inventories 583,593 411,554
Prepaid expenses and other 17,829 20,224
Deferred financing costs,
net 5,215 3,411
Deferred income taxes 36,853 19,030
----------- -----------
Total current assets 1,516,981 1,169,545
----------- -----------
Property, plant and
equipment, net 649,526 649,015
----------- -----------
Other assets:
Other intangibles, net 206,283 191,762
Investments in affiliates 6,523 5,282
Deferred financing costs,
net 18,071 12,908
Deferred income taxes 51,238 67,006
Other 42,774 24,706
----------- -----------
324,889 301,664
----------- -----------
Total assets $ 2,491,396 $ 2,120,224
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings $ 22,719 $ 13,951
Current maturities of
long-term debt 9,875 3,996
Accounts payable 468,240 360,278
Accrued expenses 333,092 299,157
Warrants liability 8,272 5,297
----------- -----------
Total current liabilities 842,198 682,679
Long-term debt 683,601 666,507
Noncurrent retirement
obligations 212,438 263,290
Deferred income tax liability 44,407 41,232
Other noncurrent liabilities 145,642 121,433
----------- -----------
Total liabilities 1,928,286 1,775,141
----------- -----------
Commitments and contingencies -- --
Minority interest 18,772 14,560
----------- -----------
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par
value, 1,000 shares
authorized, 0 shares issued
and outstanding -- --
Common stock, $0.01 par value,
200,000 and 100,000 shares
authorized, 75,278 and 60,676
shares issued and outstanding 753 607
Additional paid-in capital 1,104,939 1,008,481
Accumulated deficit (717,662) (745,534)
Accumulated other
comprehensive income 156,308 66,969
----------- -----------
Total stockholders' equity 544,338 330,523
----------- -----------
Total liabilities and
stockholders' equity $ 2,491,396 $ 2,120,224
=========== ===========
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Fiscal Year Ended
---------------------------------
March 31,
---------------------------------
2008 2007 2006
--------- --------- ---------
Cash Flows From Operating
Activities:
Net income (loss) $ 32,059 $(105,879) $(172,732)
Adjustments to reconcile net
income (loss) to net cash
provided by (used in) operating
activities--
Depreciation and amortization 101,161 121,016 122,429
Unrealized loss (gain) on
warrants 2,975 3,234 (9,125)
Net (gain) loss on asset sales/
impairments (237) 18,622 8,044
Gain on insurance recoveries -- -- (4,791)
Deferred income taxes (5,435) (6,350) (36)
Provision for doubtful
accounts 5,974 9,096 4,116
Non-cash stock compensation 5,465 2,449 501
Reorganization items, net 3,822 4,310 6,158
Insurance proceeds -- -- 11,144
Minority interest 1,544 882 529
Amortization of deferred
financing costs 4,900 3,476 2,048
Loss on early extinguishment
of debt 21,342 -- --
Currency (gain) loss (40,782) (11,635) 11,280
Changes in assets and
liabilities -
Receivables (43,606) 14,635 34,022
Inventories (113,877) 30,568 (34,703)
Prepaid expenses and other 3,763 13,614 (8,997)
Payables 58,596 (25,389) 33,958
Accrued expenses 7,625 (16,149) (68,907)
Noncurrent liabilities (46,578) (53,258) 27,500
Other, net 2,369 (2,065) (6,786)
--------- --------- ---------
Net cash provided by (used
in) operating activities 1,080 1,177 (44,348)
--------- --------- ---------
Cash Flows From Investing
Activities:
Capital expenditures (56,854) (51,932) (58,133)
Proceeds from asset sales 7,057 4,485 25,316
--------- --------- ---------
Net cash used in investing
activities (49,797) (47,447) (32,817)
--------- --------- ---------
Cash Flows From Financing
Activities:
Increase in short-term borrowings 4,699 1,123 10,347
(Decrease) increase in borrowings
under Senior Credit Facility (13,176) (27,948) 29,026
Common stock issuance 91,139 117,747 --
Settlement of foreign currency
swap -- -- (12,084)
Increase (decrease) in other debt 6,697 (2,504) 15,667
Financing costs and other (31,985) (832) (8,310)
--------- --------- ---------
Net cash provided by financing
activities 57,374 87,586 34,646
--------- --------- ---------
Effect of Exchange Rate Changes on
Cash and Cash Equivalents 5,679 2,734 (2,016)
--------- --------- ---------
Net Increase (Decrease) In Cash
and Cash Equivalents 14,336 44,050 (44,535)
Cash and Cash Equivalents,
Beginning of Period 76,211 32,161 76,696
--------- --------- ---------
Cash and Cash Equivalents,
End of Period $ 90,547 $ 76,211 $ 32,161
========= ========= =========
Supplemental Disclosures of Cash
Flow Information:
Cash paid during the period for
Interest $ 75,234 $ 78,579 $ 57,447
Income taxes (net of refunds) $ 18,848 $ 11,125 $ 10,568
EXIDE TECHNOLOGIES AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
FOR THE THREE MONTHS ENDED MARCH 31, 2008
(in millions)
Transportation Industrial Energy
--------------- -----------------
Europe Europe
and and
Americas ROW Americas ROW Other TOTAL
-------- ------ -------- ------ ----- -----
Net income (loss) $ 23.0 $ 12.4 $ 8.7 $ 18.1 $ 1.1 $ 63.3
Interest expense, net -- -- -- -- 21.2 21.2
Income tax benefit -- -- -- -- (20.0) (20.0)
-------------------------------------------------
EBIT 23.0 12.4 8.7 18.1 2.3 64.5
Depreciation and
amortization 7.7 7.2 2.2 7.1 1.7 25.9
Take Charge -- 1.4 -- -- -- 1.4
Reorganization items,
net -- -- -- -- 1.4 1.4
Restructuring 0.6 1.8 1.1 0.3 0.4 4.2
Currency remeasurement
loss (gain) (0.3) 0.4 (0.3) (0.1) (22.3) (22.6)
Minority interest -- -- -- -- 0.2 0.2
Unrealized loss on
revaluation of
warrants -- -- -- -- 4.2 4.2
Loss (gain) on
sale/impairment of
assets 0.9 0.3 0.3 -- (1.9) (0.4)
Other, principally non
cash stock
compensation expense -- (0.1) 0.1 -- 1.3 1.3
-------------------------------------------------
Adjusted EBITDA $ 31.9 $ 23.4 $ 12.1 $ 25.4 $(12.7) $ 80.1
======= ====== ====== ====== ====== ======
EXIDE TECHNOLOGIES AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
FOR THE TWELVE MONTHS ENDED MARCH 31, 2008
(in millions)
Transportation Industrial Energy
--------------- -----------------
Europe Europe
and and
Americas ROW Americas ROW Other TOTAL
-------- ------ -------- ------ ----- -----
Net income (loss) $ 78.9 $ 30.3 $ 38.0 $ 17.9 ($133.0) $ 32.1
Interest expense, net -- -- -- -- 85.5 85.5
Income tax provision -- -- -- -- 10.9 10.9
------------------------------------------------
EBIT 78.9 30.3 38.0 17.9 (36.6) 128.5
Depreciation and
amortization 29.9 27.6 8.9 28.8 6.0 101.2
Loss on early
extinguishment of
debt -- -- -- -- 21.3 21.3
Take Charge 2.9 3.3 -- 3.6 -- 9.8
Reorganization items,
net -- -- -- -- 3.8 3.8
Restructuring 2.2 4.7 1.1 2.0 0.5 10.5
Currency remeasurement
loss (gain) (0.4) 0.3 0.9 (0.2) (41.4) (40.8)
Minority interest -- -- -- -- 1.5 1.5
Unrealized loss on
revaluation of
warrants -- -- -- -- 3.0 3.0
Loss (gain) on
sale/impairment of
assets 1.5 0.4 1.2 (1.4) (1.9) (0.2)
Other, principally non
cash stock
compensation expense 0.1 (0.1) 0.1 -- 5.4 5.5
------------------------------------------------
Adjusted EBITDA $115.1 $ 66.5 $ 50.2 $ 50.7 $(38.4) $244.1
====== ====== ====== ====== ====== ======
EXIDE TECHNOLOGIES AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
FOR THE THREE MONTHS ENDED MARCH 31, 2007
(in millions)
Transportation Industrial Energy
--------------- -----------------
Europe Europe
and and Unallo-
Americas ROW Americas ROW cated TOTAL
-------- ------ -------- ------ ------- -----
Net income (loss) $ 15.0 $ 1.1 $ 3.4 $ 2.1 ($43.2) ($21.6)
Interest expense, net -- -- -- -- 22.2 22.2
Income tax provision -- -- -- -- 3.9 3.9
-------------------------------------------------
EBIT 15.0 1.1 3.4 2.1 (17.1) 4.5
Depreciation and
amortization 9.3 8.3 3.1 9.0 1.2 30.9
Take Charge -- -- -- 0.9 0.0 0.9
Reorganization items,
net -- -- -- -- 0.5 0.5
Restructuring 0.6 (0.4) 0.2 1.8 0.1 2.3
Other restructuring
costs included in
cost of sales and
general and
administrative
expenses 0.1 -- -- -- 0.3 0.4
Currency remeasurement
loss (gain) 0.2 (0.1) 0.1 0.1 (1.3) (1.0)
Minority interest -- -- -- -- 0.4 0.4
Unrealized loss on
revaluation of
warrants -- -- -- -- 2.6 2.6
Loss on sale/impairment
of assets 0.1 0.3 0.5 0.8 0.2 1.9
Other, principally non
cash stock
compensation 0.1 0.2 -- 1.1 (0.9) 0.5
-------------------------------------------------
Adjusted EBITDA $ 25.4 $ 9.4 $ 7.3 $ 15.8 $(14.0) $ 43.9
=================================================
EXIDE TECHNOLOGIES AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
FOR THE TWELVE MONTHS ENDED MARCH 31, 2007
(in millions)
Transportation Industrial Energy
--------------- -----------------
Europe Europe
and and Unallo-
Americas ROW Americas ROW cated TOTAL
-------- ------ -------- ------ ------- -----
Net income (loss) $ 33.1 ($20.4) $ 22.0 $ 8.3 ($148.9) ($105.9)
Interest expense, net -- -- -- -- 90.0 90.0
Income tax provision -- -- -- -- 5.8 5.8
-------------------------------------------------
EBIT 33.1 (20.4) 22.0 8.3 (53.1) (10.1)
Depreciation and
amortization 30.7 32.9 10.1 36.0 11.4 121.1
Take Charge 1.0 0.3 -- 3.5 0.1 4.9
Reorganization items,
net -- -- -- -- 4.3 4.3
Restructuring 8.6 7.5 0.7 7.3 0.4 24.5
Other restructuring
costs included in
cost of sales and
general and
administrative
expenses 0.5 -- -- -- -- 0.5
Currency remeasurement
loss (gain) 0.7 (0.1) 0.2 -- (12.4) (11.6)
Minority interest -- -- -- -- 0.9 0.9
Unrealized loss on
revaluation of
warrants -- -- -- -- 3.2 3.2
Loss on sale/impairment
of assets 7.2 9.8 0.5 0.8 0.3 18.6
Other, principally non
cash stock
compensation -- 0.1 -- 1.3 0.9 2.3
-------------------------------------------------
Adjusted EBITDA $ 81.8 $ 30.1 $ 33.5 $57.2 $(44.0) $158.6
=================================================
EXIDE TECHNOLOGIES AND SUBSIDIARIES
COMPARATIVE FY08 Q3 NET SALES AND ADJUSTED EBITDA BY SEGMENT
(in millions)
Transportation Industrial Energy
---------------- -----------------
Europe Europe
and and Unallo-
Americas ROW Americas ROW cated TOTAL
-------- ------ -------- ------ ------- -----
Q4 FY08
-------
Net sales $309.7 $326.5 $79.1 $315.0 -- $1,030.3
Adjusted EBITDA $31.9 $23.4 $12.1 $25.4 ($12.7) $80.1
Q4 FY07
-------
Net sales $253.8 $225.9 $70.8 $256.1 -- $806.6
Adjusted EBITDA $25.4 $9.4 $7.3 $15.8 ($14.0) $43.9
Transportation Industrial Energy
----------------- -----------------
Europe Europe
and and Unallo-
Americas ROW Americas ROW cated TOTAL
-------- ------ -------- ------ ------- -----
Full Year FY08
--------------
Net sales $1,126.4 $1,156.0 $301.6 $1,112.7 -- $3,696.7
Adjusted EBITDA $115.1 $66.5 $50.2 $50.7 ($38.4) $244.1
Full Year FY07
--------------
Net sales $930.3 $832.2 $270.5 $906.8 -- $2,939.8
Adjusted EBITDA $81.8 $30.1 $33.5 $57.2 ($44.0) $158.6
CONTACT: Exide Technologies
Investors:
Carol Knies, Senior Director of Investor Relations
678.566.9316
carol.knies@exide.com
J.Addams & Partners, Inc.
Media:
Jeannine Addams
jfaddams@jaddams.com
Kristin Wohlleben
kwohlleben@jaddams.com
404-231-1132
