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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 March 31, 2005

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: _____
 
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 March 31, 2005:  71,476,633
 
 

Table of Contents


 
 
 
 
 
 

PART I -  FINANCIAL INFORMATION

Item 1. Financial Statements.

Energizer Holdings, Inc. 
 
 
(Condensed)
 
(Dollars in millions, except per share data- Unaudited)
  
                           
 
 
 
Quarter Ended March 31, 
 
 
Six Months Ended March 31, 
  
      2005         
2004 
    
2005 
    
2004 
  
 
Net sales
    $ 629.0    $ 592.9    $ 1,504.9    $ 1,404.6  
                           
Cost of products sold
    
309.8
   
289.5
   
740.3
   
692.0
 
Selling, general and administrative expense
    
140.4
   
125.8
   
286.0
   
255.2
 
Advertising and promotion expense
    
74.7
   
88.8
   
171.0
   
181.5
 
Research and development expense
    
17.9
   
20.7
   
34.4
   
36.8
 
Interest expense
    
12.4
   
6.7
   
23.4
   
13.9
 
Other financing items, net
    
0.4
   
(1.7
)
  
(2.7
)
  
(3.6
)
                           
Earnings before income taxes
    
73.4
   
63.1
   
252.5
   
228.8
 
                           
Income tax provision
    
(15.8
)
  
(9.7
)
  
(73.2
)
  
(60.4
)
                           
Net earnings
  
$
57.6
  
$
53.4
  
$
179.3
  
$
168.4
  
                           
                           
Basic earnings per share
  
$
0.81
  
$
0.65
  
$
2.50
  
$
2.03
  
Diluted earnings per share
  
$
0.78
  
$
0.63
  
$
2.41
  
$
1.97
  
                           
                           
STATEMENT OF COMPREHENSIVE INCOME:
                          
                           
Net earnings
  
$
57.6
  
$
53.4
  
$
179.3
  
$
168.4
  
Other comprehensive income, net of tax
                          
Foreign currency translation adjustments 
    
(30.3
)
  
(13.3
)
  
23.7
   
29.7
 
Minimum pension liability change, net of tax of  
                          
 $0.1 for six months ended March 31, 2005
                          
 and $0.2 for six months ended March 31, 2004
0.4
 0.2
(0.4
)
(0.4
)
Unrealized holding gain on available-for-sale 
                          
 securities, net of tax of $0.4
    
-
   
0.7
   
-
   
0.7
 
Total comprehensive income
  
$
27.7
  
$
41.0
  
$
202.6
  
$
198.4
  
                           
See accompanying Notes to Condensed Financial Statements
  
 
 
 

 
ENERGIZER HOLDINGS, INC.
  
 
(Condensed)
  
(Dollars in millions--Unaudited)
  
                     
 
    
March 31, 
    
September 30,
    
March 31,
 
     
2005
    
2004
    
2004
  
Assets
                    
                     
Current assets
                    
Cash and cash equivalents
  
$
132.7
  
$
109.1
  
$
89.4
  
Restricted cash
    
3.7
   
3.6
   
-
 
Trade receivables, less allowance for doubtful
                   
accounts of $14.8, $15.0 and $11.4, respectively 
    
556.6
   
628.5
   
436.9
 
Inventories
    
471.1
   
459.7
   
449.3
 
Other current assets
    
206.0
   
175.8
   
281.6
 
Total current assets 
    
1,370.1
   
1,376.7
   
1,257.2
 
                     
Property at cost
    
1,455.2
   
1,420.7
   
1,389.2
 
Accumulated depreciation
    
(758.7
)
  
(715.1
)
  
(691.2
)
     
696.5
   
705.6
   
698.0
 
                     
Goodwill
    
367.2
   
361.2
   
342.6
 
Intangible assets
    
311.0
   
308.2
   
310.6
 
Other assets
    
166.0
   
164.0
   
160.0
 
                     
 Total
  
$
2,910.8
  
$
2,915.7
  
$
2,768.4
  
                     
                     
Liabilities and Shareholders Equity
                    
                     
Current liabilities
                    
Current maturities of long-term debt
  
$
20.0
  
$
20.0
  
$
20.0
  
Notes payable
    
142.6
   
162.3
   
68.7
 
Accounts payable
    
161.9
   
220.5
   
188.6
 
Other current liabilities
    
432.1
   
505.1
   
437.7
 
Total current liabilities