Exide Technologies Reports Operating Income Up 36% For Its Fiscal 2011 Third Quarter
Consolidated net income for the fiscal 2011 third quarter was $31.2 million, or $0.38 per diluted share, compared to net income for the fiscal 2010 third quarter of $9.8 million, or $0.12 per diluted share. Results for the fiscal 2011 third quarter were primarily impacted by the following items:
- Restructuring and related asset impairment charges of $2.5 million or ($0.03) per share ($4.1 million pre-tax) compared to $10.7 million or ($0.13) per share ($11.6 million pre-tax) in the third quarter of the prior fiscal year.
- Currency remeasurement gain in the amount of $3.1 million or $0.04 per share ($4.3 million pre-tax), compared to a gain of $0.9 million or $0.01 per share ($0.3 million pre-tax) in the fiscal 2010 third quarter.
- The tax provision was positively impacted by $3.7 million or $0.05 per share due to valuation allowance decreases compared to the positive impact of valuation allowance decreases of $1.0 million or $0.01 per share in the fiscal 2010 third quarter.
Excluding the impact of the above described items, adjusted net income for the fiscal 2011 third quarter was $27.4 million or $0.33 per share. This compares with adjusted net income for the comparable prior year period of $18.2 million or $0.23 per share. A reconciliation of net income or loss and net income or loss per share to adjusted net income and adjusted net income per share is provided as an attachment to this release.
Consolidated Adjusted EBITDA for the fiscal 2011 third quarter increased approximately 5% to $77.2 million from $73.8 million in the prior fiscal year third quarter. Adjusted EBITDA was unfavorably impacted by foreign currency translation of $2.5 million due to a weaker Euro along with approximately $11 million due to under-recovered lead costs given the rapid increase in lead prices during the quarter. Gross profit for the fiscal 2011 third quarter increased approximately 4.7% to $165.6 million compared to $158.2 million in the prior fiscal year third quarter with the current period unfavorably impacted by $4.0 million due to foreign currency translation.
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