Back to GetFilings.com



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10Q

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For Quarter Ended June 30, 2003

Commission File No. 001-15401

 
ENERGIZER HOLDINGS, INC.
 (Exact name of registrant as specified in its charter)

MISSOURI
43-1863181
(State of Incorporation)
(I.R.S. Employer Identification No.)


533 MARYVILLE UNIVERSITY DRIVE, ST. LOUIS MISSOURI 63141
(Address of principal executive offices)    (Zip Code)

(314) 985-2000
(Registrant's telephone number, including area code)


Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.

 

 YES: 

   x

 NO:

 o 

    
 
Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

 

 YES: 

   x

 NO:

 o 

    
 
Number of shares of Energizer Holdings, Inc. common stock, $.01 par value, outstanding as of the close of business on August 8, 2003:             84,535,221          .

 
     
 
PART I - FINANCIAL INFORMATION
 
 

ENERGIZER HOLDINGS, INC.
CONSOLIDATED STATEMENT OF EARNINGS
(Condensed)
(Dollars in millions--Unaudited)
 
  
 
 
 
 
 
  
 
 
 
 
 
  
Quarter Ended June 30,
Nine Months Ended June 30,
 

 

 
2003

 

 
2002

 

 
2003

 

 
2002
 
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Net sales
 
$
594.0
 
$
389.9
 
$
1,529.0
 
$
1,297.3
 
 
    
 
    
 
    
 
    
 
  
Cost of products sold
   
359.0
   
220.5
   
874.0
   
715.3
 
Selling, general and administrative expense
   
107.9
   
71.8
   
252.9
   
232.8
 
Advertising and promotion expense
   
90.2
   
26.8
   
164.2
   
97.2
 
Research and development expense
   
16.0
   
8.9
   
34.1
   
27.2
 
Provisions for restructuring
   
-
   
-
   
-
   
5.9
 
Intellectual property rights income
   
(2.5
)
 
-
   
(8.5
)
 
-
 
Interest expense
   
10.2
   
4.7
   
19.3
   
16.2
 
Other financing items, net
   
-
   
(0.7
)
 
(1.1
)
 
0.8
 
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Earnings before income taxes
   
13.2
   
57.9
   
194.1
   
201.9
 
 
    
 
    
 
    
 
    
 
  
Income tax benefit/(provision)
   
4.3
   
(18.1
)
 
(57.2
)
 
(71.7
)
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Net earnings
 
$
17.5
 
$
39.8
 
$
136.9
 
$
130.2
 
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Basic earnings per share
 
$
0.21
 
$
0.44
 
$
1.59
 
$
1.42
 
Diluted earnings per share
 
$
0.20
 
$
0.43
 
$
1.55
 
$
1.40
 

See accompanying Notes to Condensed Financial Statements
 
     
 
 
ENERGIZER HOLDINGS, INC.
CONSOLIDATED BALANCE SHEET
(Condensed)
(Dollars in millions--Unaudited)
 
  
 
 
 
 
  
June 30, 
September 30, 
June 30, 
 
    
2003

 

 
2002

 

 
2002
 
   
 
 
 
                     
Assets
   
 
    
 
    
 
  
 
    
 
    
 
    
 
  
Current assets
   
 
    
 
    
 
  
Cash and cash equivalents
 
$
63.4
 
$
33.9
 
$
52.1
 
Trade receivables, less allowance for doubtful
   
 
    
 
    
 
  
accounts of $9.9, $6.9 and $8.6, respectively
   
384.8
   
189.0
   
183.1
 
Inventories
   
 
    
 
    
 
  
Raw materials and supplies
   
62.8
   
44.5
   
42.5
 
Work in process
   
149.0
   
98.6
   
112.1
 
Finished products
   
281.2
   
215.9
   
192.6
 
   
 
 
 
Total Inventory
   
493.0
   
359.0
   
347.2
 
Other current assets
   
254.0
   
306.0
   
230.4
 
   
 
 
 
Total current assets
   
1,195.2
   
887.9
   
812.8
 
   
 
 
 
 
    
 
    
 
    
 
  
Property at cost
   
1,327.7
   
1,040.3
   
1,045.5
 
Accumulated depreciation
   
(633.5
)
 
(584.6
)
 
(584.4
)
   
 
 
 
 
    
694.2
   
455.7
   
461.1
 
 
    
 
    
 
    
 
  
Other assets
   
799.6
   
244.5
   
247.0
 
 
    
 
    
 
    
 
  
   
 
 
 
Total
 
$
2,689.0
 
$
1,588.1
 
$
1,520.9
 
   
 
 
 
 
    
 
    
 
    
 
  
Liabilities and Shareholders Equity
   
 
    
 
    
 
  
 
    
 
    
 
    
 
  
Current liabilities
   
 
    
 
    
 
  
Current maturities of long-term debt
 
$
-
 
$
15.0
 
$
15.0
 
Notes payable
   
52.1
   
94.6
   
65.8
 
Accounts payable
   
205.3
   
119.4
   
98.1
 
Other current liabilities
   
373.1
   
305.6
   
288.0
 
   
 
 
 
Total current liabilities
   
630.5
   
534.6
   
466.9
 
 
    
 
    
 
    
 
  
Long-term debt
   
1,008.0
   
160.0
   
160.0
 
 
    
 
    
 
    
 
  
Other liabilities
   
294.9
   
188.7
   
175.7
 
 
    
 
    
 
    
 
  
Shareholders equity
   
 
    
 
    
 
  
 
    
 
    
 
    
 
  
Common stock
   
1.0
   
1.0
   
1.0
 
Additional paid in capital
   
798.6
   
789.8
   
786.4
 
Retained earnings
   
336.2
   
202.4
   
147.7
 
Treasury stock
   
(295.4
)
 
(176.0
)
 
(105.9
)
Accumulated other comprehensive income
   
(84.8
)
 
(112.4
)
 
(110.9
)
   
 
 
 
Total shareholders equity
   
755.6
   
704.8
   
718.3
 
   
 
 
 
Total
 
$
2,689.0
 
$
1,588.1
 
$
1,520.9
 
   
 
 
 
 
    
 
    
 
    
 
  
See accompanying Notes to Condensed Financial Statements
  
 
 
     
 
 
ENERGIZER HOLDINGS, INC.  
CONSOLIDATED STATEMENT OF CASH FLOWS  
(Condensed)  
(Dollars in millions - Unaudited)  
 
  
 
 
 
  
 
 
 
  
Nine Months Ended June 30,
 
    
2003

 

 
2002
  
   
 
 
Cash flow from operations
   
 
    
 
  
Net earnings
 
$
136.9
 
$
130.2
 
Non-cash items included in income
   
59.5
    
48.7
 
Sale of accounts receivable, net
   
61.0
   
(36.2
)
Changes in assets and liabilities used in operations
   
52.5
    
29.3
 
Other, net
   
6.0
    
3.4
 
   
 
 
Net cash flow from operations
   
315.9
    
175.4
 
 
    
 
    
 
  
Cash flow from investing activities
   
 
    
 
  
Property additions
   
(34.2
)
 
(29.9
)
Proceeds from sale of property
   
7.1
   
1.2
 
Acquisition of Schick-Wilkinson Sword, net of cash acquired
   
(922.9
)
 
-
 
Other, net
   
-
   
(0.6
)
   
 
 
Net cash used by investing activities
   
(950.0
)
 
(29.3
)
 
    
 
    
 
  
Cash flow from financing activities
   
 
    
 
  
Net cash proceeds from issuance of long-term debt
   
1,058.1
    
-
 
Principal payments on long-term debt (including
   
 
    
 
  
current maturities)
   
(230.0
)
 
(50.0
)

Proceeds from acquisition bridge loan 

     550.0     -  

Payment of acquisition bridge loan

     (550.0 )   -  
Net decrease in notes payable
   
(47.0
)
 
(45.1
)
Treasury stock purchases
   
(131.4
)
 
(26.3
)
Proceeds from issuance of common stock
   
13.4
   
1.8
 
   
 
 
Net cash provided/(used) by financing activities
   
663.1
    
(119.6
)
   
 
 
 
    
 
    
 
  
Effect of exchange rate changes on cash
   
0.5
   
2.6
 
   
 
 
               
 
    
 
    
 
  
Net increase in cash and cash equivalents
   
29.5
   
29.1
 
 
    
 
    
 
  
Cash and cash equivalents, beginning of period
   
33.9
   
23.0
 
   
 
 
Cash and cash equivalents, end of period
 
$
63.4
 
$
52.1