EXHIBIT 99.1
Exide Technologies Reports Fiscal 2010 First Quarter Results
MILTON, Ga., Aug. 6, 2009 (GLOBE NEWSWIRE) -- Exide Technologies (Nasdaq:XIDE) (www.exide.com), a global leader in stored electrical energy solutions, announced today its fiscal 2010 first quarter financial results, for the period ended June 30, 2009.
Highlights of Fiscal 2010 First Quarter Results:
* Net sales for the fiscal 2010 first quarter of $592.9 million compared to $971.3 million in the prior year quarter on 28% lower unit volumes; * Gross margin for the fiscal 2010 first quarter was 18.0% compared to 17.4% in the prior year period; * Adjusted net loss for the fiscal 2010 first quarter was $11.0 million or ($0.15) per share as compared to adjusted net income of $13.2 million or $0.18 per diluted share in the fiscal 2009 comparative period; * Net cash provided by operating activities for fiscal 2010 first quarter was $56.5 million compared to $40.1 million for the prior fiscal year first quarter; and * Liquidity increased from $297 million at March 31, 2009 to $314 million at June 30, 2009.
Consolidated Results
Fiscal 2010 first quarter consolidated net sales were $592.9 million as compared to net sales of $971.3 million in the fiscal 2009 first quarter. Net sales in the fiscal 2010 period were negatively impacted by foreign currency translation ($48.6 million), price reductions due to a 35% decline in average lead prices quarter over quarter ($85.3 million) and overall lower unit volumes ($244.5 million). The lower volume equates to an approximate 28% reduction in unit sales over the prior year period and is driven by lower original equipment (OE) builds in Transportation and Industrial Energy, lower capital spending in the Network Power channels and softer aftermarket volumes in Transportation Americas, the result of the transition of two accounts to competitors as previously announced.
Consolidated net loss for the fiscal 2010 first quarter was $54.0 million or ($0.71) per share compared to net loss for the fiscal 2009 first quarter of $10.3 million or ($0.14) per share. The results for these comparable periods were impacted by the following items:
* The fiscal 2010 first quarter results include restructuring and
related asset impairment charges of $39.5 million, net of tax, or
($0.52) per share ($41.0 million pre-tax as the majority of these
charges were recorded in legal entities which have full tax
valuations). These charges are principally the result of a
provision related to the planned closure of our U.K. Industrial
Energy facility and incremental severance related costs to
finalize the closure of our Auxerre, France Transportation
facility. This amount compares with net of tax restructuring
charges in the first quarter of the prior year in the amount of
$2.0 million or ($0.03) per share ($2.3 million pre-tax).
* The results of the fiscal 2010 first quarter include currency
remeasurement income, net of tax, in the amount of $4.6 million
or $0.06 per share ($9.3 million pre-tax), compared to $1.7
million, net of tax, or $0.02 per share ($1.8 million pre-tax) in
the fiscal 2009 first quarter.
* The fiscal 2010 first quarter includes an unrealized loss from
revaluation of warrants liability in the amount of $0.5 million
or ($0.01) per share compared to $9.7 million or ($0.12) per
share in the fiscal 2009 first quarter. Unrealized gains and
losses from revaluation of warrants liability are not subject to
income taxes.
* The fiscal 2010 first quarter includes reorganization items, net
of tax, in the amount of $0.4 million or ($0.01) per share ($0.6
million pre-tax) compared to the fiscal 2009 period of $0.3
million ($0.5 million pre-tax).
* The fiscal 2010 first quarter tax provision was negatively
impacted by $7.2 million or ($0.08) per share due to valuation
allowance increases. This compares with a $13.2 million or $0.18
per share recognition of a non-cash tax valuation allowance in
the fiscal 2009 first quarter, principally in Australia.
Excluding the impact of the above described, non-operational items, adjusted net loss for the fiscal 2010 first quarter was $11.0 million or ($0.15) per share. This compares with adjusted net income for the comparable prior year period of $13.2 million or $0.18 per share. A reconciliation of net income or loss and net income or loss per share to adjusted net income or loss and adjusted net income or loss per share is provided as an attachment to this release.
Consolidated Adjusted EBITDA for the fiscal 2010 first quarter was $23.1 million as compared with Adjusted EBITDA of $71.1 million in the prior fiscal year first quarter. Although gross profit declined by $62.8 million in comparison to the prior fiscal year first quarter primarily on lower volume; as a percent of net sales, margins increased to 18.0% in the fiscal 2010 first quarter, compared to 17.4% in the prior year period. Gordon A. Ulsh, President and Chief Executive Officer, said, "We continue the difficult work necessary to align our cost structure appropriately to market conditions and expect this work to pay significant dividends in the second half of fiscal 2010. Even with current headwinds, we expect to report significant sequential improved Adjusted EBITDA in the second quarter. And, assuming no further significant contraction in the global economy and a rational pricing environment, we anticipate reporting higher Adjusted EBITDA for the third and fourth quarters of fiscal 2010 as compared to the same quarters of fiscal 2009. Due primarily to seasonality in our Transportation segments, our first fiscal quarter has historically been our lowest performing quarter of the fiscal year and this year is expected to follow this pattern."
Selling, general and administrative expenses for the fiscal 2010 first quarter decreased approximately 14% to $108.3 million versus the comparable prior year period of $126.0 million. Approximately $11.8 million of the decrease resulted from foreign currency translation, with the remainder attributable to the Company's continued focus on cost reduction.
Net interest expense decreased approximately 23% or $4.5 million to $14.7 million in the fiscal 2010 first quarter as compared to $19.2 million in the fiscal 2009 first quarter, primarily a result of lower average net debt, lower accounts receivable factoring and the favorable impact of lower interest rates. At June 30, 2009, net debt decreased 7% to $545.4 million from $588.7 million at March 31, 2009.
As of June 30, 2009, the Company had cash and cash equivalents of $121.5 million and $110.0 million availability under its bank revolving loan facility. This compares to cash and cash equivalents of $69.5 million and $130.6 million availability under the revolving loan facility at March 31, 2009. Free cash flow was $40.2 million for the three months ended June 30, 2009 as compared to $44.8 million for the prior year period. Free cash flow in the prior year quarter was favorably impacted by the receipt of $16.4 million from the sale of a previously closed manufacturing facility.
Segment Information for the Three Months Ended June 30
Transportation Segments
Net sales of the Company's combined Transportation segments in the fiscal 2010 first quarter were $377.2 million as compared to $582.2 million in the same period of fiscal 2009. Approximately $128.3 million of the decline in net sales is primarily the result of 27% lower unit volumes in both OE and aftermarket sales. A stronger dollar against most foreign currencies resulted in unfavorable currency translation of approximately $22.9 million. Price reductions resulting from lead escalator arrangements negatively impacted net sales by $53.8 million in the fiscal 2010 first quarter as compared to the fiscal 2009 period.
Adjusted EBITDA for the combined Transportation segments was $16.1 million in the fiscal 2010 first quarter versus $41.2 million in the comparable fiscal 2009 period. Adjusted EBITDA for the Transportation segments declined in the current fiscal quarter from the prior year period primarily due to lower sales volumes and lower profits from its recycling operations, the result of significantly lower lead prices. Mr. Ulsh stated, "The actions taken to reduce legacy capacity began to benefit our results in the latter part of the current year quarter. We expect that these benefits will accelerate as we move into the second fiscal period."
Industrial Energy Segments
Fiscal 2010 first quarter total net sales for the Company's combined Industrial Energy segments were $215.6 million as compared to $389.0 million in the comparable fiscal 2009 period. This decrease was primarily due to a 33% decline in unit volumes for both motive power and network power products in the fiscal 2010 first quarter as compared to the prior year period. Net sales were negatively impacted by unfavorable foreign currency translation of $25.7 million and lead related price reductions due to lead escalator arrangements of approximately $31.5 million over the prior year period. "It appears the rate of decline in market demand, particularly in Motive Power, has leveled out. Although we do not believe we will see further reductions, we expect the recovery to be slow," Ulsh said.
Total Adjusted EBITDA for the Industrial Energy segments in the fiscal 2010 first quarter totaled $13.6 million versus $36.4 million in the fiscal 2009 first quarter. This decrease is primarily due to lower sales volumes for motive power and network power products.
Non-GAAP Financial Measures
The Company uses Adjusted EBITDA as a key measure of its operational financial performance. This measure is the key indicator of the Company's operational performance and excludes the nonrecurring impact of the Company's current restructuring actions. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and restructuring charges. The Company's 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. Please refer to the reconciliations of net loss to EBIT and Adjusted EBITDA below.
The Company calculates Adjusted Earnings Per Share by excluding from net income (loss) per diluted share certain items, such as non-cash tax valuation allowances, reorganization items related to the Company's prior bankruptcy proceedings and the non-cash gain or loss from revaluation of the Company's warrants liability. The Company also excludes the impact of restructuring and impairment charges incurred to improve its relative cost position when compared with the competition. Further, non-cash currency remeasurement gains and losses have been excluded as these are the result of financing as opposed to operating decisions. The Company believes that these measures are useful to investors and management because they allow investors to evaluate the Company's performance for different periods on a more comparable basis by excluding these non-operational items that the Company believes are not indicative of, or may obscure trends useful in evaluating, the Company's continuing operations. This supplemental present ation should not be construed as an inference that the Company's future results will be unaffected by similar adjustments to net income (loss) per share determined in accordance with GAAP.
The Company also defines Free Cash Flow as cash from operating activities and cash from investing activities, both as measured in accordance with Generally Accepted Accounting Principles. We believe that Free Cash Flow provides useful information about the cash generated by our core operations after capital expenditures and the sale of non-core assets.
All of the foregoing non-GAAP financial measures should be used in addition to, but not in isolation or as a substitute for, the analysis provided in the Company's measures of financial performance prepared in conformity with U.S. GAAP. The non-GAAP financial measures should be read only in conjunction with the Company's condensed consolidated financial statements prepared in accordance with GAAP.
Conference Call
The Company previously announced that it will hold a conference call to discuss its results on Friday, August 7, 2009 at 9:00 a.m. Eastern Time.
Conference call details:
Dial-in number for US/Canada: 877-296-1542
Dial-in number for international callers: 706-679-5918
Conference ID: 20972213
A telephonic replay of the conference call is available:
Dates: from 12:00 p.m. ET August 7, 2009 to 11:59 p.m. ET
August 21, 2009
Domestic dial-in: 800-642-1687
International dial-in: 706-645-9291
Passcode: 20972213
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 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, is available at www.exide.com.
The Exide Technologies logo is available at http://www.globenewswire.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 is including this cautionary statement for the express purpose of availing itself of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
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 the Americas 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, (xiii) the loss of one or more of the Company's major customers for its industrial or transportation products, (xiv) recently adopted U.S. lead emissions standards and the implementation of such standards by applicable states, and (xv) the ability of the Company's customers to pay for prod ucts and services in light of liquidity constraints resulting from global economic conditions and restrictive credit markets.
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 annual report on Form 10-K filed on June 4, 2009 and its Form 10-Q filed on August 6, 2009. Such factors and statements 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. We undertake no obligation to update any forward-looking statements in this press release.
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per-share data)
For the
Three Months Ended
----------------------
June 30, June 30,
2009 2008
--------- ---------
NET SALES $ 592,854 $ 971,275
COST OF SALES 486,170 801,795
--------- ---------
Gross profit 106,684 169,480
--------- ---------
EXPENSES:
Selling, marketing and advertising 65,318 78,856
General and administrative 42,931 47,172
Restructuring 35,665 2,223
Other (income) expense, net (3,361) 7,823
Interest expense, net 14,720 19,225
--------- ---------
155,273 155,299
--------- ---------
(Loss) income before reorganization items,
and income taxes (48,589) 14,181
REORGANIZATON ITEMS, NET 555 463
INCOME TAX PROVISION 4,872 23,469
--------- ---------
Net loss (54,016) (9,751)
NET (LOSS) INCOME ATTRIBUTABLE TO
NONCONTROLLING INTERESTS (42) 560
--------- ---------
Net loss attributable to Exide
Technologies $ (53,974) $ (10,311)
========= =========
LOSS PER SHARE
Basic and Diluted $ (0.71) $ (0.14)
========= =========
WEIGHTED AVERAGE SHARES
Basic and Diluted 75,821 75,376
========= =========
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except per-share data)
June 30, March 31,
2009 2009
---------- ----------
ASSETS
Current assets:
Cash and cash equivalents $ 121,521 $ 69,505
Receivables, net of allowance for doubtful
accounts of $30,705 and $28,855 441,283 497,841
Inventories 415,313 420,815
Prepaid expenses and other 17,652 17,427
Deferred financing costs, net 4,991 4,890
Deferred income taxes 26,181 33,005
---------- ----------
Total current assets 1,026,941 1,043,483
---------- ----------
Property, plant and equipment, net 598,967 586,261
---------- ----------
Other assets:
Goodwill 4,260 4,022
Other intangibles, net 181,865 175,311
Investments in affiliates 2,044 2,048
Deferred financing costs, net 11,130 12,134
Deferred income taxes 58,253 51,272
Other 21,978 25,656
---------- ----------
279,530 270,443
---------- ----------
Total assets $1,905,438 $1,900,187
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings $ 7,532 $ 6,977
Current maturities of long-term debt 5,208 5,048
Accounts payable 245,374 261,652
Accrued expenses 308,492 279,447
Warrants liability 1,614 1,143
---------- ----------
Total current liabilities 568,220 554,267
Long-term debt 654,140 646,180
Noncurrent retirement obligations 204,867 197,403
Deferred income taxes 28,625 30,229
Other noncurrent liabilities 137,126 130,041
---------- ----------
Total liabilities 1,592,978 1,558,120
---------- ----------
Commitments and contingencies
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 shares
authorized, 75,530 and 75,499 shares issued
and outstanding 755 755
Additional paid-in capital 1,112,425 1,111,001
Accumulated deficit (841,255) (787,281)
Accumulated other comprehensive income 24,088 1,752
---------- ----------
Total stockholders' equity attributable to
Exide Technologies 296,013 326,227
Noncontrolling interests 16,447 15,840
---------- ----------
Total stockholders' equity 312,460 342,067
---------- ----------
Total liabilities and stockholders' equity $1,905,438 $1,900,187
========== ==========
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
For the
Three Months Ended
---------------------
June 30, June 30,
2009 2008
--------- ---------
Cash Flows From Operating Activities:
Net loss $ (54,016) $ (9,751)
Adjustments to reconcile net loss to net
cash provided by operating activities--
Depreciation and amortization 22,480 25,872
Unrealized loss on warrants 471 9,685
Net loss on asset sales / impairments 5,364 95
Deferred income taxes 345 17,152
Provision for doubtful accounts 1,787 (549)
Non-cash stock compensation 2,284 1,280
Reorganization items, net 555 463
Amortization of deferred financing costs 1,234 1,311
Currency gain (9,264) (1,807)
Changes in assets and liabilities --
Receivables 75,720 94,061
Inventories 22,757 (32,671)
Prepaid expenses and other 437 (2,301)
Payables (26,776) (47,505)
Accrued expenses 15,643 (7,449)
Noncurrent liabilities (1,354) (8,048)
Other, net (1,181) 310
--------- ---------
Net cash provided by operating activities 56,486 40,148
--------- ---------
Cash Flows From Investing Activities:
Capital expenditures (15,171) (11,767)
Acquisitions of businesses, net of
cash acquired (1,170) --
Proceeds from sales of assets, net -- 16,425
--------- ---------
Net cash (used in) provided by
investing activities (16,341) 4,658
--------- ---------
Cash Flows From Financing Activities:
Increase (decrease) in short-term borrowings 25 (1,491)
Decrease in borrowings under Senior Secured
Credit Facility (749) (779)
Common stock issuance 51 466
Increase (decrease) in other debt 8,385 (2,045)
--------- ---------
Net cash provided by (used in) financing
activities 7,712 (3,849)
--------- ---------
Effect of Exchange Rate Changes on Cash and
Cash Equivalents 4,159 (3)
--------- ---------
Net Increase In Cash and Cash Equivalents 52,016 40,954
Cash and Cash Equivalents, Beginning of Period 69,505 90,547
--------- ---------
Cash and Cash Equivalents, End of Period $ 121,521 $ 131,501
========= =========
Supplemental Disclosures of Cash Flow
Information:
Cash paid during the period -
Interest $ 4,020 $ 10,076
Income taxes (net of refunds) $ (552) $ 492
EXIDE TECHNOLOGIES AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
(in millions)
THREE MONTHS ENDED JUNE 30, 2009
Transportation Industrial Energy
----------------- ------------------
Europe Europe
Americas and ROW Americas and ROW Other TOTAL
-------- -------- -------- -------- ----- ------
Net income (loss) $ 5.3 ($23.4) $ 2.6 ($15.9) ($22.6) ($54.0)
Interest
expense, net -- -- -- -- 14.7 14.7
Income tax
provision -- -- -- -- 4.9 4.9
-----------------------------------------------------
EBIT 5.3 (23.4) 2.6 (15.9) (3.0) (34.4)
Depreciation
and
amortization 7.0 5.3 2.5 6.0 1.7 22.5
Reorganization
items, net -- -- -- -- 0.6 0.6
Restructuring 3.4 18.7 0.1 13.2 0.3 35.7
Currency
remeasurement
(gain) loss (0.2) (0.3) 0.4 (0.5) (8.7) (9.3)
Unrealized loss
on revaluation
of warrants -- -- -- -- 0.5 0.5
Loss on sale/
impairment of
assets 0.1 -- -- 5.2 0.1 5.4
Other,
principally non
cash stock
compensation
expense 0.1 0.1 0.1 (0.1) 1.9 2.1
-----------------------------------------------------
Adjusted EBITDA $15.7 $ 0.4 $ 5.7 $ 7.9 $(6.6) $23.1
=====================================================
THREE MONTHS ENDED JUNE 30, 2008
Transportation Industrial Energy
----------------- ------------------
Europe Europe
Americas and ROW Americas and ROW Other TOTAL
-------- -------- -------- -------- ----- ------
Net income (loss) $26.7 ($0.6) $13.8 $11.8 ($62.0) ($10.3)
Interest
expense, net -- -- -- -- 19.2 19.2
Income tax
provision -- -- -- -- 23.5 23.5
-----------------------------------------------------
EBIT 26.7 (0.6) 13.8 11.8 (19.3) 32.4
Depreciation
and amortization 7.6 7.2 2.2 7.0 1.9 25.9
Take Charge -- 0.3 -- -- -- 0.3
Reorganization
items, net -- -- -- -- 0.5 0.5
Restructuring 0.3 0.7 (0.1) 1.3 -- 2.2
Currency
remeasurement
(gain) loss (0.6) (0.3) 0.1 -- (1.0) (1.8)
Noncontrolling
interest -- -- -- -- 0.6 0.6
Unrealized loss
on revaluation
of warrants -- -- -- -- 9.7 9.7
(Gain) loss on
sale/impairment
of assets -- (0.2) -- 0.3 -- 0.1
Other,
principally non
cash stock
compensation
expense -- 0.1 -- -- 1.1 1.2
-----------------------------------------------------
Adjusted EBITDA $34.0 $ 7.2 $16.0 $20.4 $(6.5) $71.1
=====================================================
EXIDE TECHNOLOGIES AND SUBSIDIARIES
COMPARATIVE FY2010 Q1 NET SALES AND ADJUSTED EBITDA BY SEGMENT
(In millions)
Transportation Industrial Energy
-------------- -----------------
Europe Europe Unallocated
Americas and ROW Americas and ROW Corporate Consolidated
-------- -------- -------- -------- ----------- ------------
Q1 FY
2010
-----
Net
sales $ 230.8 $ 146.5 $ 59.9 $ 155.7 $ -- $ 592.9
Adjusted
EBITDA $ 15.7 $ 0.4 $ 5.7 $ 7.9 $ (6.6) $ 23.1
Q1 FY
2009
-----
Net
sales $ 306.4 $ 275.9 $ 89.2 $ 299.8 $ -- $ 971.3
Adjusted
EBITDA $ 34.0 $ 7.2 $ 16.0 $ 20.4 $ (6.5) $ 71.1
EXIDE TECHNOLOGIES AND SUBSIDIARIES
NON-GAAP ADJUSTED EARNINGS (LOSS) PER SHARE RECONCILIATION
(in millions, except per share data)
FOR THE THREE MONTHS ENDED
June 30, 2009 June 30, 2008
----------------- -----------------
Per Per
Diluted Diluted
Dollars Share Dollars Share
-------- -------- -------- --------
Net earnings $ (54.0) $ (0.71) $(10.3) $ (0.14)
Increase in tax valuation
allowances 7.2 0.08 13.2 0.18
Reorganization items, net
of tax 0.4 0.01 0.3 0.00
Restructuring and impairment,
net of tax 39.5 0.52 2.0 0.03
Currency remeasurement (gain),
net of tax (4.6) (0.06) (1.7) (0.02)
Unrealized loss on revaluation
of warrants 0.5 0.01 9.7 0.12
-------- -------- -------- --------
Non-GAAP Adjusted Net (Loss)
Income / EPS $ (11.0) $ (0.15) $ 13.2 $ 0.18
======== ======== ======== ========
Weighted Average Shares
Outstanding
Diluted 75,821 75,376
======== ========
EXIDE TECHNOLOGIES AND SUBSIDIARIES
COMPUTATION OF FREE CASH FLOW
(in millions)
FOR THE THREE
MONTHS ENDED
------------------
June 30, June 30,
2009 2008
------- -------
Net cash provided by (used in)
operating activities $56.5 $40.1
Net cash (used in) provided by
investing activities (16.3) 4.7
------- -------
Free Cash Flow $40.2 $44.8
======= =======
CONTACT: J.Addams & Partners, Inc.
MEDIA CONTACTS:
Jeannine Addams
jfaddams@jaddams.com
Kristin Wohlleben
kwohlleben@jaddams.com
404/231-1132
Exide Technologies
INVESTOR CONTACT:
Carol Knies, Senior Director of Investor Relations
678/566-9316
carol.knies@exide.com