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Rayovac Q4 N.A. Battery Sales Rise 14%

11/11/2004 09:45:00 AM Eastern

Madison, Wis. — Rayovac North America battery sales jumped 14 percent in the company’s fiscal fourth quarter, driven by a strong 16 percent growth in alkaline battery revenue.

Ravovac sales in North America during the three months hit $122 million, up from $108.8 million in the year-ago period.

Overall North American segment profitability in the quarter, ended Sept. 30, improved to $45.1 million, an increase over the $19.8 million recorded in the fourth quarter of last year. The jump was due largely to improved battery sales, the benefits from the acquisition of the Remington shaver company and the favorable impact of restructuring and cost improvement initiatives.

For the fiscal 12 months, Rayovac North American battery sales climbed to $413.3 million, 10 percent above the $375.6 million recorded in the previous fiscal year. The period produced strong battery revenue, led by a 13 percent growth in alkaline cells. North American alkaline battery sales represented 18 percent of consolidated global net sales for the year.

North American profit overall more than doubled during the 12 months, reaching $130.7 million, up from $64.8 million year-on-year. The annual profitability improvement also reflects the inclusion of results from increased battery sales, the Remington acquisition and the favorable impact of restructuring and cost improvement initiatives.

Consolidated Rayovac fourth-quarter sales, pumped up by the Remington acquisition and others, reached $377 million, compared with $252 million in the same period last year, a 49.6 percent increase.

Consolidated net income for the three months hit $18.2 million, compared with $12.9 million the previous year. Pro forma net income was $21.2 million, compared with a year-ago $15.9 million.

For the 12 months, consolidated Rayovac sales soared 53.7 percent to $1.4 billion from a year-earlier $922.1 million. Net income for the fiscal year reached $55.8 million, compared with $15.5 million in 2003. Pro forma net income hit $63.3 million, up from $41.5 million year-over-year.

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