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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 December 31, 2004

Commission File No. 001-15401


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


MISSOURI
No. 43-1863181
   
(State or Other Jurisdiction of Incorporation)
(IRS Employer Identification Number)

533 MARYVILLE UNIVERSITY DRIVE, ST. LOUIS, MO 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: _____
 
Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

     YES: X     NO: _____
 
Number of shares of Energizer Holdings, Inc. common stock, $.01 par value, outstanding as of the close of business on January 31, 2005:     70,710,457        

 
     
 


PART I -     FINANCIAL INFORMATION

Item 1. Financial Statements.

ENERGIZER HOLDINGS, INC.
  
CONSOLIDATED STATEMENT OF EARNINGS
  
(Condensed)
  
(Dollars in millions, except per share data - Unaudited)
  
               
               
 

 Quarter Ended December 31, 

  
     
2004
    
2003
  
               
Net sales
  
$
875.9
 
$
811.7
 
               
Cost of products sold
    
430.5
   
402.5
 
Selling, general and administrative expense
    
145.6
   
129.4
 
Advertising and promotion expense
    
96.3
   
92.7
 
Research and development expense
    
16.5
   
16.1
 
Interest expense
    
11.0
   
7.2
 
Other financing items, net
    
(3.1
)
  
(1.9
)
               
Earnings before income taxes
    
179.1
   
165.7
 
               
Income tax provision
    
(57.4
)
  
(50.7
)
               
Net earnings
  
$
121.7
 
$
115.0
 
               
               
Basic earnings per share
  
$
1.68
 
$
1.37
 
Diluted earnings per share
  
$
1.62
 
$
1.32
 
               
               
STATEMENT OF COMPREHENSIVE INCOME:
              
               
Net earnings
  
$
121.7
 
$
115.0
 
Other comprehensive income, net of tax
              
Foreign currency translation adjustments
    
54.0
   
43.0
 
Minimum pension liability change, net of tax of
             
$0.2 in fiscal 2005 and 2004
    
(0.8
)
  
(0.6
)
Total comprehensive income
  
$
174.9
 
$
157.4
 
               
See accompanying Notes to Condensed Financial Statements
  
 
 

 
     
 


ENERGIZER HOLDINGS, INC.
  
CONSOLIDATED BALANCE SHEET
  
(Condensed)
(Dollars in millions--Unaudited)
  
               
   
December 31,
 
September 30,
  
December 31,
 
     
2004
    
2004
    
2003
  
Assets
                    
                     
Current assets
                    
Cash and cash equivalents
  
$
125.5
 
$
109.1
 
$
88.5
 
Restricted cash
    
3.6
   
3.6
   
-
 
Trade receivables, less allowance for doubtful
                   
accounts of $20.7, $15.0 and $11.0, respectively
    
752.4
   
628.5
   
496.5
 
Inventories
    
432.1
   
459.7
   
401.0
 
Other current assets
    
189.5
   
175.8
   
327.8
 
Total current assets
    
1,503.1
   
1,376.7
   
1,313.8
 
                     
Property at cost
    
1,463.6
   
1,420.7
   
1,370.5
 
Accumulated depreciation
    
(748.6
)
  
(715.1
)
  
(664.9
)
     
715.0
   
705.6
   
705.6
 
                     
Goodwill
    
375.1
   
361.2
   
345.2
 
Intangible assets
    
317.5
   
308.2
   
312.9
 
Other assets
    
167.7
   
164.0
   
149.9
 
                     
Total
  
$
3,078.4
 
$
2,915.7
 
$
2,827.4
 
                     
                     
Liabilities and Shareholders Equity
                    
                     
Current liabilities
                    
Current maturities of long-term debt
  
$
20.0
 
$
20.0
 
$
20.0
 
Notes payable
    
173.7
   
162.3
   
74.1
 
Accounts payable
    
167.3
   
220.5
   
178.7
 
Other current liabilities
    
553.2
   
505.1
   
512.3
 
Total current liabilities
    
914.2
   
907.9
   
785.1
 
                     
Long-term debt
    
1,108.9
   
1,059.6
   
910.2
 
                     
Other liabilities
    
380.1
   
366.0
   
290.4
 
                     
Shareholders equity
                    
                     
Common stock
    
1.0
   
1.0
   
1.0
 
Additional paid in capital
    
836.1
   
830.7
   
814.0
 
Retained earnings
    
740.5
   
625.8
   
480.9
 
Treasury stock
    
(895.1
)
  
(814.8
)
  
(412.7
)
Accumulated other comprehensive loss
    
(7.3
)
  
(60.5
)
  
(41.5
)
Total shareholders equity
    
675.2
   
582.2
   
841.7
 
                     
Total
  
$
3,078.4
 
$
2,915.7
 
$
2,827.4
 
                     
See accompanying Notes to Condensed Financial Statements
  
 
 

 
     
 

 ENERGIZER HOLDINGS, INC.

  

 CONSOLIDATED STATEMENT OF CASH FLOWS

  

 (Condensed)

  

 (Dollars in millions -  Unaudited)

  
 
     

Quarter Ended December 31, 

  
     

2004 

    

2003 

  
               
Cash flow from operations
              
Net earnings
  
$
121.7
 
$
115.0
 
Non-cash items included in income
    
27.1
   
34.3
 
Changes in assets and liabilities used in operations
    
(84.8
)
  
8.0
 
Other, net
    
(2.9
)
  
1.0
 
Net cash flow from operations
    
61.1
   
158.3
 
               
Cash flow from investing activities
              
Property additions
    
(18.4
)
  
(18.7
)
Proceeds from sale of property
    
0.4
   
0.2
 
Other, net
    
(0.9
)
  
(1.6
)
Net cash used by investing activities
    
(18.9
)
  
(20.1
)
               
Cash flow from financing activities
              
Net cash proceeds from issuance of long-term debt
    
298.0
   
-
 
Principal payments on long-term debt (including