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Rayovac Q1 N.A. Sales Hit $231M

1/22/2004 09:07:00 AM Eastern

Madison, Wis. - North American sales more than doubled at battery maker Rayovac during the company’s fiscal first quarter hitting $230.9 million.

This was due primarily to last September’s acquisition of the Remington electric razor business and to strong first-quarter U.S. sales of alkaline and rechargeable batteries, up 26 percent and 19 percent, respectively.

Rayovac North American sales climbed to $230.9 million in the first quarter, ended Dec. 28, up from $107.1 million in the year-ago period. North American segment profit in the three months reached $33.9 million, up from $19.7 million in the same three months in 2002, due primarily to the Remington purchase and the favorable impact of last year’s restructuring and cost improvement initiatives.

Consolidated Rayovac first quarter sales jumped 74 percent, hitting $454 million, up from $260.2 million the previous year.

Operating income increased to $49.7 million, from $10.6 million, while the company moved into the black during the three months, recording net income of $22.2 million, compared with a loss of $600,000 in the same quarter a year earlier.

Excluding non-recurring charges, operating income for the quarter came in at $50.8 million, up from $26 million year-on-year, while net income reached $21.5 million, compared with $10.8 million in the same quarter in 2002.

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