Werbung
Meldungen 08.02.2007

8.2.2007: Meldung: Exide Technologies Q3 2007 Results

Exide Technologies, a global leader in stored electrical-energy solutions, today reported its financial results for its fiscal 2007 third quarter and year-to-date, which ended December 31, 2006. Manufacturing cost reductions and lower SG&A expenses, which totaled approximately $34 million over the first nine months coupled with selected price increases, offset somewhat lower volume and drove quarter and nine-month Adjusted EBITDA improvement.

 

Quarter

 

Consolidated net sales for the fiscal 2007 third quarter were $769.7 million versus $733.4 million for the fiscal 2006 third quarter. Excluding the favorable impact of currency, sales were essentially flat year-over-year. All of our Divisions continue to benefit from higher pricing, which has offset the impact of lower unit volumes in our transportation businesses and weak network power demand in our Industrial Energy North America business. ``The somewhat lower unit volumes in both our Transportation North America and Transportation Europe and Rest of World businesses continue to be the result of our intended program to increase profitability,"" said Gordon Ulsh, President and CEO. ``An unseasonably warm December on both continents put further downward pressure on volume.""

 

The Company had a net loss of $11.2 million or ($0.18) per share for the third quarter of fiscal 2007, inclusive of an approximate $9.2 million after-tax impairment charge relating to a former manufacturing facility held for sale. This compared with a net loss of $27.7 million or ($1.08) per share for the fiscal 2006 third quarter. The decreased net loss is partially the result of improved gross margins driven by higher pricing and continued productivity gains, which more than offset the impact of lower volumes. Our results for the current quarter included a tax benefit of $2.9 million versus a tax provision in the prior year period of $3.5 million. Interest expense, net was $4.4 million higher in the current quarter due to higher average debt levels and higher interest rates. Net loss per share was also impacted by an increase in weighted average shares outstanding as a result of the September 2006 rights offering and private sale of common stock.

 

The Company also reported positive earnings before interest and taxes (``EBIT"") in the quarter of $8.6 million which was net of the above mentioned $9.2 million impairment charge. In the third quarter of 2006 the company reported negative EBIT of $5.7 million, which also included an after-tax asset impairment charge of $8.5 million relating to the closure of our Kankakee, IL facility in November, 2005.

 

Adjusted EBITDA in the third quarter of fiscal 2007 was $54.1 million, a 32% increase over third quarter fiscal 2006 Adjusted EBITDA of $41.1 million. The increase in Adjusted EBITDA is attributable to improved margins as a result of pricing actions and productivity improvements, partially offset by higher lead costs.

 

The Company uses Adjusted EBITDA as a key measure of its operational financial performance, as it is an important element of its bank agreement covenants. This measure underlies 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. 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. See the reconciliations of net losses to EBIT and Adjusted EBITDA in the attachments to this release.

 

Fiscal Year-To-Date

 

Consolidated net sales for the first nine months of fiscal 2007 were $2.13 billion versus $2.09 billion for the first nine months of fiscal 2006. Excluding the favorable impact of exchange rates, sales were flat. Mr. Ulsh stated, ``Sales for the comparable year-to-date period mirrored those of the third quarter with pricing essentially offsetting the impact of lower volumes.""

 

The Company had a net loss of $84.2 million or ($2.16) per share for the first nine months of fiscal 2007, compared with a net loss of $96.4 million or ($3.77) per share for the first nine months of fiscal 2006. The decrease in net loss is primarily attributable to improved gross margins and decreases in selling, marketing, and advertising expense and general and administrative expense of $3.2 million and $4.7 million, respectively These results were partially offset however, by an increase in restructuring charges of approximately $6.2 million driven principally by the April 2006 closing of the Company"s automotive battery plant in Shreveport, Louisiana, and to a $16.6 million increase in interest expense due to higher debt and higher rates resulting from the fourth quarter fiscal 2006 amendments to our credit agreement. Net loss per share was also impacted by an increase in weighted average shares outstanding as a result of the September 2006 rights offering and private sale of common stock.

 

For the first nine months of 2007, the Company reported a $14.6 million EBIT loss compared to a $42.7 million EBIT loss in the year ago period.

 

Adjusted EBITDA for the first nine months of fiscal 2007 was $114.7 million, an increase of 35% over fiscal 2006 Adjusted EBITDA of $85.1 million. The increase in Adjusted EBITDA is attributable to improved margins as a result of pricing actions, reductions in selling, marketing, and advertising costs, and savings of approximately $4.7 million in general and administrative expenses as a result of ongoing initiatives to streamline the organization. These savings were partially offset, however, by higher lead and fuel costs.

 

Conference Call

 

The Company previously announced that it will hold a conference call to discuss its results on Thursday, February 8, 2007 at 10:00 a.m. (EDT).

 

Dial-in number for US/Canada: (877) 563-6439

 

Dial-in number for international callers: (706) 758-9457

 

Conference ID: 6641259

 

About Exide Technologies:

 

Exide Technologies, with operations in 89 countries, is one of the world"s largest producers and recyclers of lead-acid batteries. The Company"s four global business groups -- Transportation North America, Transportation Europe and Rest of World, Industrial Energy North America 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 atwww.exide.com.

 

Financial tables follow

 

 

EXIDE TECHNOLOGIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS AND NINE MONTHS ENDED

(In thousands, except per-share data)

 

For the For the

Three Months Ended Nine Months Ended

----------------------- -----------------------

December 31, December 31,

2006 2005 2006 2005

---------- ---------- ---------- ----------

NET SALES $ 769,743 $ 733,442 $2,133,232 $2,089,259

COST OF SALES 640,038 614,609 1,788,447 1,764,317

---------- ---------- ---------- ----------

Gross profit 129,705 118,833 344,785 324,942

---------- ---------- ---------- ----------

EXPENSES:

Selling, marketing

and advertising 67,336 66,261 201,786 204,948

General and

administrative 42,263 42,471 124,650 129,347

Restructuring 6,299 6,511 22,222 16,051

Other (income)

expense, net 3,737 7,973 6,448 12,781

Interest expense, net 22,814 18,404 67,742 51,163

---------- ---------- ---------- ----------

142,449 141,620 422,848 414,290

---------- ---------- ---------- ----------

Loss before

reorganization items,

income taxes, and

minority interest (12,744) (22,787) (78,063) (89,348)

REORGANIZATION ITEMS,

NET 1,213 1,311 3,784 4,398

INCOME TAX PROVISION

(BENEFIT) (2,947) 3,528 1,924 2,572

MINORITY INTEREST 234 32 478 72

---------- ---------- ---------- ----------

Net loss $ (11,244) $ (27,658) $ (84,249) $ (96,390)

========== ========== ========== ==========

NET LOSS PER SHARE

---------- ---------- ---------- ----------

Basic and Diluted $ (0.18) $ (1.08) $ (2.16) $ (3.77)

========== ========== ========== ==========

WEIGHTED AVERAGE

SHARES ---------- ---------- ---------- ----------

Basic and Diluted 60,829 25,576 38,940 25,576

========== ========== ========== ==========

 

EXIDE TECHNOLOGIES

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2006 AND MARCH 31, 2006

(In thousands, except per share data)

December 31, March 31,

2006 2006

---------- ----------

ASSETS

Current assets:

Cash and cash equivalents $ 64,610 $ 32,161

Restricted cash 610 561

Receivables, net of allowance for doubtful

accounts of $28,909 and $21,637 621,810 617,677

Inventories 451,788 414,943

Prepaid expenses and other 42,540 30,243

Deferred financing costs, net 3,326 3,169

Deferred income taxes 15,225 11,066

---------- ----------

Total current assets 1,199,909 1,109,820

---------- ----------

Property, plant and equipment, net 651,320 685,842

---------- ----------

Other assets:

Other intangibles, net 192,114 186,820

Investments in affiliates 5,057 4,783

Deferred financing costs, net 13,441 15,196

Deferred income taxes 59,447 56,358

Other 19,944 24,090

---------- ----------

Total other assets 290,003 287,247

---------- ----------

Total assets $2,141,232 $2,082,909

========== ==========

LIABILITIES AND

STOCKHOLDERS" EQUITY

 

Current liabilities:

Short-term borrowings $ 15,892 $ 11,375

Current maturities of long-term debt 3,579 5,643

Accounts payable 358,999 360,538

Accrued expenses 313,094 298,631

Warrants liability 2,648 2,063

---------- ----------

Total current liabilities 694,212 678,250

Long-term debt 665,909 683,986

Noncurrent retirement obligations 320,119 333,248

Deferred income tax liability 36,501 33,590

Other noncurrent liabilities 110,977 116,430

---------- ----------

Total liabilities 1,827,718 1,845,504

---------- ----------

Commitments and contingencies (Note 13) -- --

Minority interest 14,019 12,666

---------- ----------

STOCKHOLDERS" EQUITY

Preferred stock, $0.01 par value,

1,000 shares authorized, 0 shares

issued and outstanding -- --

Common stock, $0.01 par value,

100,000 and 61,500 shares authorized,

60,706 and 24,546 shares issued

and outstanding 607 245

Additional paid-in capital 1,007,970 888,647

Accumulated deficit (723,904) (639,655)

Accumulated other comprehensive

income (loss) 14,822 (24,498)

---------- ----------

Total stockholders" equity 299,495 224,739

---------- ----------

Total liabilities and

stockholders" equity $2,141,232 $2,082,909

========== ==========

 

EXIDE TECHNOLOGIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED DECEMBER 31, 2006 AND 2005

 

(In thousands) For the

Nine Months Ended

----------------------

December 31,

2006 2005

-------- --------

Cash Flows From Operating Activities:

Net loss $(84,249) $(96,390)

Adjustments to reconcile net loss to net cash

used in operating activities--

Depreciation and amortization 90,152 90,519

Unrealized loss (gain) on warrants 585 (9,500)

Net loss on asset sales / disposals 16,699 12,270

Provision for doubtful accounts 6,749 2,401

Non-cash stock compensation 1,814 333

Reorganization items, net 3,784 4,398

Minority interest 478 72

Amortization of deferred financing costs 2,535 1,347

Changes in assets and liabilities --

Receivables 28,573 10,342

Inventories (12,670) (51,451)

Prepaid expenses and other (8,898) (13,199)

Payables (23,863) 19,007

Accrued expenses 3,143 (16,206)

Noncurrent liabilities (47,679) (7,210)

Other, net (12,205) 8,866

-------- --------

Net cash used in operating activities (35,052) (44,401)

-------- --------

Cash Flows From Investing Activities:

Capital expenditures (28,978) (37,861)

Proceeds from sales of assets, net 3,385 19,657

-------- --------

Net cash used in investing activities (25,593) (18,204)

-------- --------

Cash Flows From Financing Activities:

Increase in short-term borrowings 3,106 13,963

Repayments under Senior Secured

Credit Facility (27,654) (12,804)

Settlement of foreign currency swap -- (12,084)

Increase (decrease) in other debt (2,441) 36,081

Net Proceeds from rights offering

and private equity sale 117,871 --

-------- --------

Net cash provided by financing activities 90,882 25,156

-------- --------

Effect of Exchange Rate Changes on Cash

and Cash Equivalents 2,212 (2,375)

-------- --------

Net Increase (Decrease) In Cash and

Cash Equivalents 32,449 (39,824)

Cash and Cash Equivalents,

Beginning of Period 32,161 76,696

-------- --------

Cash and Cash Equivalents,

End of Period $ 64,610 $ 36,872

======== ========

 

EXIDE TECHNOLOGIES AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION BY SEGMENT

FOR THE THREE MONTHS ENDED DECEMBER 31, 2006

(in millions)

 

Industrial

Transportation Energy

--------------- ---------------

Europe Europe

North and North and

America ROW America ROW Other TOTAL

------- ------ ------- ------ ----- -----

 

Net income (loss) $17.1 ($8.2) $ 5.8 $ 3.7 ($29.6) ($11.2)

Interest expense,

net - - - - 22.8 22.8

Income tax provision

(benefit) - - - - (3.0) (3.0)

------------------------------------------------

 

EBIT $17.1 ($8.2) $ 5.8 $ 3.7 ($9.8) $ 8.6

Depreciation and

amortization 7.2 8.1 2.3 8.9 3.2 29.7

Take Charge 0.0 0.0 0.0 2.6 0.0 2.6

Reorganization items,

net - - - - 1.2 1.2

Restructuring and

impairment, net 1.3 1.8 0.1 3.2 (0.1) 6.3

Other restructuring

costs included in

cost of sales and

general and

administrative

expenses 0.1 0.0 0.0 0.0 - 0.1

Currency remeasure-

ment loss (gain) 0.4 - (0.3) (0.1) (6.4) (6.4)

Gain on revaluation

of foreign currency

forward contract - - - - - 0.0

Minority interest - - - - 0.3 0.3

Unrealized gain on

revaluation of

warrants - - - - 1.3 1.3

Loss (gain) on sale

of capital assets 0.2 9.2 0.1 0.2 0.1 9.8

Other, principally

non cash stock

compensation

expense (0.2) (0.1) (0.1) 0.2 0.8 0.6

 

Adjusted EBITDA $26.1 $10.8 $ 7.9 $18.7 ($9.4) $ 54.1

================================================

 

 

EXIDE TECHNOLOGIES AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION BY SEGMENT

FOR THE NINE MONTHS ENDED DECEMBER 31, 2006

(in millions)

 

Industrial

Transportation Energy

--------------- ---------------

Europe Europe

North and North and

America ROW America ROW Other TOTAL

------- ------ ------- ------ ------ -----

Net income (loss) $ 18.1 ($21.5) $18.6 $ 6.2 ($105.6) ($84.2)

Interest expense,

net - - - - 67.7 67.7

Income tax provision

(benefit) - - - - 1.9 1.9

-------------------------------------------------

EBIT $ 18.1 ($21.5) $18.6 $ 6.2 ($36.0) ($14.6)

Depreciation and

amortization 21.4 24.6 7.0 27.0 10.2 90.2

Take Charge 1.0 0.3 0.0 2.6 0.1 4.0

Reorganization

items, net - - - - 3.8 3.8

Restructuring and

impairment, net 8.0 7.9 0.5 5.5 0.3 22.2

Other restructuring

costs included in

cost of sales and

general and

administrative

expenses 0.4 - - - (0.3) 0.1

Currency remeasur-

ement loss (gain) 0.5 - 0.1 (0.1) (11.1) (10.6)

Gain on revaluation

of foreign currency

forward contract - - - - - 0.0

Minority interest - - - - 0.5 0.5

Unrealized gain on

revaluation of

warrants - - - - 0.6 0.6

Loss (gain) on sale

of capital assets 7.1 9.5 - - 0.1 16.7

 

Other, principally

non cash stock

compensation

expense (0.1) (0.1) - 0.2 1.8 1.8

 

Adjusted EBITDA $ 56.4 $ 20.7 $26.2 $41.4 ($30.0) $114.7

=================================================

 

 

EXIDE TECHNOLOGIES AND SUBSIDIARIES

COMPARATIVE FY07 Q3 NET SALES AND ADJUSTED EBITDA BY SEGMENT

(in millions)

 

--------------- ---------------

Industrial

Transportation Energy

--------------- ---------------

Europe Europe

North and North and Unallocated

America ROW America ROW Corporate Consolidated

------- ------ ------- ------ ----------- ------------

Q3 FY07

-------

Net sales $234.3 $236.6 $61.7 $237.1 - $769.7

Adjusted

EBITDA $26.1 $10.9 $7.9 $18.7 ($9.5) $54.1

 

Q3 FY06

-------

Net sales $237.6 $219.7 $67.3 $208.8 - $733.4

Adjusted

EBITDA (1) $8.2 $16.9 $7.1 $18.1 ($9.2) $41.1

 

(1) Includes pro forma effect of the allocation of certain

Corporate costs.

 

 

EXIDE TECHNOLOGIES AND SUBSIDIARIES

COMPARATIVE FY07 Q3 YTD NET SALES AND ADJUSTED EBITDA BY SEGMENT

(in millions)

--------------- ---------------

Industrial

Transportation Energy

--------------- ---------------

Europe Europe

North and North and Unallocated

America ROW America ROW Corporate Consolidated

------- ------ ------- ------ ----------- ------------

Q3 YTD FY07

-----------

Net sales $676.5 $606.3 $199.7 $650.7 - $2,133.2

Adjusted

EBITDA $56.4 $20.7 $26.2 $41.4 ($30.0) $114.7

 

Q3 YTD FY06

-----------

Net sales $681.8 $587.1 $207.8 $612.6 - $2,089.3

Adjusted

EBITDA (1) $24.7 $25.6 $20.1 $44.2 ($29.5) $85.1

 

(1) Includes pro forma effect of the allocation of certain

Corporate costs.

 

Contact:

 

J.Addams & Partners, Inc.

Media:

Jeannine Addams

jfaddams@jaddams.com

Kristin Wohlleben

kwohlleben@jaddams.com

404/231-1132

 

Exide Technologies

Investors:

Todd Atenhan

770/425-7877

investorrelations@exide.com

Werbung

ECOreporter.de-Abonnement

Als Abonnent haben Sie Zugriff auf alle Exklusivinformationen von ECOreporter.de.

Ein umfassender Service für alle, denen nachhaltige Investments etwas wert sind!

Abonnent werden

ecoanlageberater - deutschlandweit

ecoanlageberater - deutschlandweit

Wo finde ich eine/n Fachberater/in für Nachhaltiges Investment?
Absolvent/inn/en des Fernlehrgangs ecoanlageberater ganz in Ihrer Nähe

weiterlesen

ECOreporter - Artikel kaufen

PayPal

Sie möchten einen bestimmten Bericht in ECOreporter.de lesen? Sie können auch einzelne Artikel kaufen - vom Aktientipp bis zum ausführlichen Testbericht.
Schon ab 2,40 Euro!

Sie wollen alles in ECOreporter.de lesen? Dann abonnieren Sie! Ab 99,60 Euro pro Jahr, das sind pro Monat nur 8,30 Euro.
Die umfangreichste deutsche Seite zu nachhaltigen, ethischen Geldanlagen steht Ihnen dann komplett offen!
Abonnent werden

Einloggen schließen
Geben Sie Ihren Benutzernamen und Ihr Passwort ein, um sich an der Website anzumelden:
Zum Seitenanfang Zum Seitenanfang