EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Succcessor Succcessor Predecessor
Company Company Company
for the for the for the
Three Period Period
Months May 6, April 1,
Ended 2004 to 2004 to
June 30, June 30, May 5,
2005 2004 2004
---------- ---------- -----------
NET SALES $669,332 $397,928 $214,607
COST OF SALES 567,116 333,129 179,137
---------- ---------- -----------
Gross profit 102,216 64,799 35,470
---------- ---------- -----------
EXPENSES:
Selling, marketing and advertising 71,073 41,288 24,504
General and administrative 43,738 23,389 17,940
Restructuring and impairment 2,901 2,447 602
Other (income) expense, net 3,400 (42,876) 6,222
Interest expense, net 16,100 6,026 8,870
---------- ---------- -----------
137,212 30,274 58,138
---------- ---------- -----------
Income (loss) before reorganization
items, income taxes and
minority interest (34,996) 34,525 (22,668)
REORGANIZATION ITEMS, NET 1,372 1,693 18,434
FRESH START ACCOUNTING ADJUSTMENTS,
NET - - (228,371)
GAIN ON DISCHARGE OF LIABILITIES
SUBJECT TO COMPROMISE - - (1,558,839)
INCOME TAX BENEFIT (754) (828) (2,482)
MINORITY INTEREST 95 33 26
---------- ---------- -----------
Net income (loss) $(35,709) $33,627 $1,748,564
========== ========== ===========
NET INCOME (LOSS) PER SHARE
Basic and Diluted $(1.43) $1.35 $63.86
========== ========== ===========
WEIGHTED AVERAGE SHARES
Basic and Diluted 25,000 25,000 27,383
========== ========== ===========
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Successor Company
-----------------------
June 30, March 31,
2005 2005
----------- -----------
Cash $66,862 $76,696
Current assets, excluding cash $1,042,176 $1,114,032
Property, plant and equipment, net 752,668 799,763
Other assets 291,668 300,289
----------- -----------
Total assets $2,153,374 $2,290,780
=========== ===========
Current liabilities, excluding current
maturities $677,344 $738,784
Long term debt, including current maturities 653,828 652,163
Non current retirement obligations 317,616 329,628
Other liabilities 121,356 130,182
----------- -----------
Total liabilities 1,770,144 1,850,757
Minority interest 12,215 12,764
Stockholders' equity 371,015 427,259
----------- -----------
Total liabilities and stockholders' equity $2,153,374 $2,290,780
=========== ===========
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
Succcessor Succcessor Predecessor
Company Company Company
for the for the for the
Three Period Period
Months May 6, April 1,
Ended 2004 to 2004 to
June 30, June 30, May 5,
2005 2004 2004
---------- ---------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $(35,709) $33,627 $1,748,564
Adjustments to reconcile net income
(loss) to net cash used in
operating activities:
Depreciation and amortization 30,341 21,699 7,848
Gain on discharge of liabilities
subject to compromise - - (1,558,839)
Fresh Start accounting adjustments,
net - - (228,371)
Unrealized gain on warrants (8,126) (43,612) -
Net change in working capital 1,181 (19,522) 14,084
Other, net (3,193) (8,001) 9,528
---------- ---------- -----------
Net cash used in operating activities (15,506) (15,809) (7,186)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (11,545) (8,332) (7,152)
Proceeds from asset sales 9,982 3,600 2,800
---------- ---------- -----------
Net cash used in investing activities (1,563) (4,732) (4,352)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings under Senior Credit
facility - - 500,000
Net borrowings and repayments under
Replacement DIP
Credit Facility and 9.125% Senior
Notes - - (464,832)
Currency swap (12,084) - -
Other 21,085 3,152 -
---------- ---------- -----------
Net cash provided by financing
activities 9,001 3,152 35,168
EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND
CASH EQUIVALENTS (1,766) 766 (1,447)
---------- ---------- -----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (9,834) (16,623) 22,183
CASH AND CASH EQUIVALENTS, END OF
PERIOD 76,696 59,596 37,413
---------- ---------- -----------
CASH AND CASH EQUIVALENTS, BEGINNING
OF PERIOD $66,862 $42,973 $59,596
========== ========== ===========
Footnote: Working capital represents receivables, inventories and
accounts payable
EXIDE TECHNOLOGIES AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
SUCCESSOR COMPANY FOR THE THREE MONTHS ENDED JUNE 30, 2005
(In millions)
Industrial
Transportation Energy
--------------------------------
Europe Europe
North and North and
America ROW America ROW
--------------------------------
Net income (loss) $4.1 $(1.6) $4.4 $9.6
Interest expense, net - - - -
Income tax provision (benefit) - - - -
--------------------------------
EBIT 4.1 (1.6) 4.4 9.6
Depreciation and amortization 7.0 8.6 2.7 8.4
Reorganization items, net - - - -
Restructuring and impairment 0.4 0.4 0.4 1.1
Other restructuring costs included
in cost of sales &
general and administrative
expenses 0.2 0.2 - -
Currency remeasurement loss (gain) - - - -
Gain on revaluation of foreign
currency forward contract - - - -
Minority interest - - - -
Unrealized gain on revaluation of
warrants - - - -
Loss (gain) on sale of capital
assets 0.3 0.1 - -
Other non-cash losses (gains) 1.0 - (0.1) 0.1
--------------------------------
Adjusted EBITDA $13.0 $7.7 $7.4 $19.2
================================
Other Total
--------------
Net income (loss) $(52.2)$(35.7)
Interest expense, net 16.1 16.1
Income tax provision (benefit) (0.8) (0.8)
--------------
EBIT (36.9) (20.4)
Depreciation and amortization 3.6 30.3
Reorganization items, net 1.4 1.4
Restructuring and impairment 0.6 2.9
Other restructuring costs included in cost of sales &
general and administrative expenses 0.2 0.6
Currency remeasurement loss (gain) 11.7 11.7
Gain on revaluation of foreign currency forward
contract (1.1) (1.1)
Minority interest 0.1 0.1
Unrealized gain on revaluation of warrants (8.1) (8.1)
Loss (gain) on sale of capital assets 1.1 1.5
Other non-cash losses (gains) (0.9) 0.1
--------------
Adjusted EBITDA $(28.3) $19.0
==============
EXIDE TECHNOLOGIES AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
FOR THE THREE MONTHS ENDED JUNE 30, 2004
(In millions)
Industrial
Transportation Energy
--------------------------------
Europe Europe
North and North and
America ROW America ROW
--------------------------------
Net income (loss) $8.5 $3.0 $3.2 $6.1
Interest expense, net - - - -
Income tax provision (benefit) - - - -
Fresh Start accounting adjustments,
net - - - -
Gain on discharge of liabilities
subject to compromise - - - -
--------------------------------
EBIT 8.5 3.0 3.2 6.1
Depreciation and amortization 7.3 9.0 3.2 8.0
Reorganization items, net - - - -
Restructuring and impairment 0.2 1.6 - 1.1
Currency remeasurement loss (gain) - - - -
Minority interest - - - -
Unrealized gain on revaluation of
warrants - - - -
Non-cash increase in cost of sales
from
Fresh Start inventory step-
up 0.7 0.8 0.1 1.0
Other non-cash losses (gains) 0.1 - - -
--------------------------------
Adjusted EBITDA $16.8 $14.4 $6.5 $16.2
================================
Succcessor Predecessor
Company Company
for the for the
Period Period
May 6, April 1,
2004 to 2004 to
June 30, May 5,
Other Total 2004 2004 Total
------------------------------------------------
Net income (loss) $1,761.4 $1,782.2 $33.6 $1,748.6 $1,782.2
Interest expense,
net 14.8 14.8 6.0 8.8 14.8
Income tax
provision
(benefit) (3.3) (3.3) (0.8) (2.5) (3.3)
Fresh Start
accounting
adjustments, net (228.4) (228.4) - (228.4) (228.4)
Gain on discharge
of liabilities
subject to
compromise (1,558.8)(1,558.8) - (1,558.8)(1,558.8)
------------------------------------------------
EBIT (14.3) 6.5 38.8 (32.3) 6.5
Depreciation and
amortization 2.1 29.6 21.7 7.9 29.6
Reorganization
items, net 20.1 20.1 1.7 18.4 20.1
Restructuring and
impairment 0.1 3.0 2.4 0.6 3.0
Currency
remeasurement loss
(gain) 7.4 7.4 1.1 6.3 7.4
Minority interest 0.1 0.1 0.1 - 0.1
Unrealized gain on
revaluation of
warrants (43.6) (43.6) (43.6) - (43.6)
Non-cash increase
in cost of sales
from
Fresh Start
inventory
step-up - 2.6 2.6 - 2.6
Other non-cash
losses (gains) (0.1) - - - -
------------------------------------------------
Adjusted EBITDA $(28.2) $25.7 $24.8 $0.9 $25.7
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