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Exide Technologies Reports Operating Income Up 36% For Its Fiscal 2011 Third Quarter

The Company cautions each reader of this news release to carefully consider those factors set forth above. Such factors have, in some instances, affected and in the future could affect the ability of the Company to achieve its projected results and may cause actual results to differ materially from those expressed herein.

Financial tables follow

EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per-share data)
         
  For the Three Months Ended For the Nine Months Ended
  December 31, 2010 December 31, 2009 December 31, 2010 December 31, 2009
     
Net sales  $ 800,296  $ 746,472  $ 2,112,970  $ 1,971,141
Cost of sales  634,697  588,274  1,690,277  1,576,353
Gross profit  165,599  158,198  422,693  394,788
         
Selling and administrative expenses  111,866  110,011  318,734  328,429
Restructuring and impairments, net  4,081  11,624  17,524  63,895
Operating income   49,652  36,563  86,435  2,464
         
Other income, net   (3,480)  (1,248)  (2,111)  (16,949)
Interest expense, net  15,298  15,266  45,441  44,803
         
 Income (loss) before income taxes  37,834  22,545  43,105  (25,390)
Income tax provision  6,613  12,524  2,800  26,526
 Net income (loss)  31,221  10,021  40,305  (51,916)
Net income attributable to noncontrolling interests  11  249  181  275
Net income (loss) attributable to Exide Technologies  $ 31,210  $ 9,772  $ 40,124  $ (52,191)
         
Earnings (loss) per share        
Basic  $ 0.41  $ 0.13  $ 0.52  $ (0.69)
Diluted  $ 0.38  $ 0.12  $ 0.50  $ (0.69)
         
Weighted average shares        
Basic   76,675  76,028  76,508  75,923
Diluted  81,479  80,792  80,893  75,923
 
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except per-share data)
     
  December 31, 2010 March 31, 2010
ASSETS  
Current assets:    
Cash and cash equivalents  $ 92,339  $ 89,558
Accounts receivable, net  504,369  488,942
Inventories, net  457,107  418,396
Prepaid expenses and other current assets  28,703  21,543
Deferred income taxes  28,019  24,386
Total current assets  1,110,537  1,042,825
Property, plant and equipment, net  591,172  603,160
Other assets:    
Goodwill and intangibles, net  174,850  180,428
Deferred income taxes   90,814  85,613
Other noncurrent assets   38,477  44,200
   304,141  310,241
Total assets  $ 2,005,850  $ 1,956,226
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Short-term borrowings   $ 7,857  $ 7,682
Current maturities of long-term debt   4,839  5,241
Accounts payable  364,314  333,532
Accrued expenses  256,754  267,374
Total current liabilities  633,764  613,829
Long-term debt   635,857  646,604
Noncurrent retirement obligations  218,083  221,248
Deferred income taxes  27,607  23,485
Other noncurrent liabilities  105,099  103,022
Total liabilities  1,620,410  1,608,188
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value, 1,000 shares authorized, 0 shares issued and outstanding  —   —  
Common stock, $0.01 par value, 200,000 shares authorized, 77,005 and 75,601 shares issued and outstanding   770  756
Additional paid-in capital  1,126,190  1,119,959
Accumulated deficit  (758,971)  (799,095)
Accumulated other comprehensive income   16,619  10,714
Total stockholders' equity attributable to Exide Technologies  384,608  332,334
Noncontrolling interests  832  15,704
Total stockholders' equity  385,440  348,038
Total liabilities and stockholders' equity  $ 2,005,850  $ 1,956,226
 
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
     
  For the Nine Months Ended
  December 31, 2010 December 31, 2009
Cash Flows From Operating Activities:    
Net income (loss)  $ 40,305  $ (51,916)
Adjustments to reconcile net income (loss) to net cash provided by operating activities—    
Depreciation and amortization  62,998  67,357
Unrealized gain on warrants  (168)  (538)
Asset sales / impairments, net  (856)  8,474
Deferred income taxes  (4,174)  9,297
Provision for doubtful accounts  (170)  4,165
Non-cash stock compensation  5,345  8,371
Amortization of deferred financing costs  3,711  3,760
Currency remeasurement gain  (4,036)  (17,158)
Changes in assets and liabilities —    
Receivables  (16,650)  14,793
Inventories  (35,088)  7,127
Other current assets  (7,047)  2,620
Payables  28,838  43,195
Accrued expenses  (6,714)  (3,599)
Other noncurrent liabilities  (248)  (3,969)
Other, net  (1,352)  (10,501)
Net cash provided by operating activities  64,694  81,478
     
Cash Flows From Investing Activities:    
Capital expenditures  (52,401)  (58,556)
Proceeds from sales of assets, net  10,635  805
Net cash used in investing activities  (41,766)  (57,751)
     
Cash Flows From Financing Activities:    
Increase in short-term borrowings, net  1,106  1,514
Decrease in borrowings under Senior Secured Credit Facility  (8,302)  (2,266)
(Decrease) increase in other debt  (1,442)  7,480
Acquisition of noncontrolling interests / other  (14,924)  (1,651)
Net cash (used in) provided by financing activities  (23,562)  5,077
     
Effect of exchange rate changes on cash and cash equivalents  3,415  5,200
     
Net increase in cash and cash equivalents  2,781  34,004
Cash and cash equivalents, beginning of period  89,558  69,505
Cash and cash equivalents, end of period  $ 92,339  $ 103,509
     
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period --     
Interest  $ 27,747  $ 27,754
Income taxes (net of refunds)  $ 7,153  $ 2,986
EXIDE TECHNOLOGIES AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
(in millions)
             
FOR THE THREE MONTHS ENDED DECEMBER 31, 2010        
  Transportation Industrial Energy    
  Americas Europe and ROW Americas Europe and ROW  Other   TOTAL 
             
Net income (loss) $20.2 $25.9 $7.6 $9.0 ($31.5) $31.2
             
Interest expense, net  --   --   --   --   15.3  15.3
             
Income tax provision  --   --   --   --   6.6  6.6
             
EBIT 20.2 25.9 7.6 9.0 (9.6) 53.1
             
Depreciation and amortization  6.9  4.9  2.8  5.0  1.8  21.4
             
Reorganization items, net  --   --   --   --   0.8  0.8
              
Restructuring and impairments, net  3.5  (1.5)  0.8  1.1  0.2  4.1
             
Currency remeasurement (gain) loss   (0.6)  (0.2)  0.1  --   (3.6)  (4.3)
             
Other, principally non cash stock compensation expense  (0.1)  0.1  0.1  0.1  1.9  2.1
             
Adjusted EBITDA  $ 29.9  $ 29.2  $ 11.4  $ 15.2  $ (8.5)  $ 77.2
         
FOR THE THREE MONTHS ENDED DECEMBER 31, 2009        
  Transportation Industrial Energy    
  Americas Europe and ROW Americas Europe and ROW  Other   TOTAL 
             
Net income (loss) $26.7 $19.9 $4.9 ($5.0) ($36.7) $9.8
             
Interest expense, net  --   --   --   --   15.3  15.3
             
Income tax provision  --   --   --   --   12.5  12.5
             
EBIT 26.7 19.9 4.9 (5.0) (8.9) 37.6
             
Depreciation and amortization  7.3  4.7  2.8  5.4  1.7  21.9
             
Reorganization items, net  --   --   --   --   0.4  0.4
             
Restructuring and impairments, net  1.3  2.1  0.1  8.0  0.1  11.6
             
Currency remeasurement (gain) loss   (0.8)  (0.1)  0.1  --   0.5  (0.3)
             
Noncontrolling interest  --   --   --   --   0.3  0.3
             
Unrealized gain on revaluation of warrants  --   --   --   --   (0.7)  (0.7)
             
Other, principally non cash stock compensation expense  --   0.1  (0.1)  (0.1)  3.1  3.0
             
Adjusted EBITDA  $ 34.5  $ 26.7  $ 7.8  $ 8.3  $ (3.5)  $ 73.8
 
EXIDE TECHNOLOGIES AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
(in millions)
 
FOR THE NINE MONTHS ENDED DECEMBER 30, 2010        
  Transportation Industrial Energy    
  Americas Europe and ROW Americas Europe and ROW  Other   TOTAL 
             
Net income (loss) $47.6 $45.6 $18.5 $7.5 ($79.1) $40.1
             
Interest expense, net  --   --   --   --   45.4  45.4
             
Income tax provision  --   --   --   --   2.8  2.8
             
EBIT 47.6 45.6 18.5 7.5 (30.9) 88.3
             
Depreciation and amortization  20.6  14.3  8.5  14.3  5.3  63.0
             
Reorganization items, net  --   --   --   --   2.3  2.3
             
Restructuring and impairments, net  5.3  0.9  1.0  9.6  0.7  17.5
             
Currency remeasurement gain  (0.7)  (0.1)  --   --   (3.2)  (4.0)
             
Noncontrolling interest  --   --   --   --   0.2  0.2
             
Unrealized gain on revaluation of warrants  --   --   --   --   (0.2)  (0.2)
             
Other, principally non cash stock compensation expense  --   --   0.1  0.1  5.2  5.4
             
Adjusted EBITDA  $ 72.8  $ 60.7  $ 28.1  $ 31.5  $ (20.6)  $ 172.5
             
             
FOR THE NINE MONTHS ENDED DECEMBER 31, 2009        
  Transportation Industrial Energy    
  Americas Europe and ROW Americas Europe and ROW  Other   TOTAL 
             
Net income (loss) $54.2 $0.7 $10.6 ($29.7) ($88.0) ($52.2)
             
Interest expense, net  --   --   --   --   44.8  44.8
             
Income tax provision  --   --   --   --   26.5  26.5
             
EBIT 54.2 0.7 10.6 (29.7) (16.7) 19.1
             
Depreciation and amortization  21.3  15.7  7.9  17.5  5.0  67.4
             
Reorganization items, net  --   --   --   --   1.3  1.3
             
Restructuring and impairments, net  5.7  22.0  0.3  34.7  1.2  63.9
             
Currency remeasurement (gain) loss   (1.3)  (0.7)  1.0  (0.5)  (15.7)  (17.2)
             
Noncontrolling interest  --   --   --   --   0.3  0.3
             
Unrealized gain on revaluation of warrants  --   --   --   --   (0.5)  (0.5)
             
Other, principally non cash stock compensation expense  --   --   --   (0.1)  8.4  8.3
             
Adjusted EBITDA  $ 79.9  $ 37.7  $ 19.8  $ 21.9  $ (16.7)  $ 142.6
 
EXIDE TECHNOLOGIES AND SUBSIDIARIES
COMPARATIVE FY11 Q3 NET SALES AND ADJUSTED EBITDA BY SEGMENT
(In millions)
  Transportation Industrial Energy    
  Americas Europe and ROW Americas Europe and ROW Unallocated Corporate Consolidated
Q3 FY 11            
Net sales  $ 240.2  $ 282.7  $ 78.4  $ 199.0  $ --   $ 800.3
Adjusted EBITDA  29.9  29.2  11.4  15.2  (8.5)  77.2
             
Q3 FY 10            
Net sales  $ 238.8  $ 248.5  $ 56.8  $ 202.4  $ --   $ 746.5
Adjusted EBITDA  34.5  26.7  7.8  8.3  (3.5)  73.8
             
  Transportation Industrial Energy    
  Americas Europe and ROW Americas Europe and ROW Unallocated Corporate Consolidated
Q3 YTD FY11            
Net sales  $ 694.3  $ 669.5  $ 216.8  $ 532.4  $ --   $ 2,113.0
Adjusted EBITDA  72.8  60.7  28.1  31.5  (20.6)  172.5
             
Q3 YTD FY10            
 Net sales  $ 694.3  $ 577.4  $ 173.3  $ 526.1  $ --   $ 1,971.1
 Adjusted EBITDA  79.9  37.7  19.8  21.9  (16.7)  142.6
 
EXIDE TECHNOLOGIES AND SUBSIDIARIES
COMPUTATION OF FREE CASH FLOW
(in millions)
     
  FOR THE NINE MONTHS ENDED
  December 31, 2010 December 31, 2009
     
Net cash provided by operating activities  $ 64.7  $ 81.5
     
Net cash used in investing activities  (41.8)  (57.8)
     
Free Cash Flow  $ 22.9  $ 23.7
 
EXIDE TECHNOLOGIES AND SUBSIDIARIES
NON-GAAP ADJUSTED EARNINGS (LOSS) PER SHARE RECONCILIATION
(in millions, except per share data)
         
  FOR THE THREE MONTHS ENDED
  December 31, 2010 December 31, 2009
  Dollars Per Share Dollars Per Share
         
Net earnings   $ 31.2  $ 0.38  $ 9.8  $ 0.12
         
Decreases in tax valuation allowance  (3.7)  (0.05)  (1.0)  (0.01)
         
Reorganization items, net of tax  0.5  0.01  0.3  0.01
         
Restructuring and impairments, net of tax  2.5  0.03  10.7  0.13
         
Currency remeasurement gain, net of tax  (3.1)  (0.04)  (0.9)  (0.01)
         
Unrealized gain on revaluation of warrants  --   --   (0.7)  (0.01)
         
         
Non-GAAP Adjusted Net Income / EPS  $ 27.4  $ 0.33  $ 18.2  $ 0.23
         
  FOR THE NINE MONTHS ENDED
  December 31, 2010 December 31, 2009
  Dollars Per Share Dollars Per Share
         
Net earnings (loss)  $ 40.1  $ 0.50  $ (52.2)  $ (0.69)
         
(Decrease) increases in tax valuation allowance  (5.7)  (0.07)  12.0  0.16
         
Reorganization items, net of tax  1.6  0.02  0.8  0.01
         
Restructuring and impairments, net of tax  12.0  0.14  60.6  0.81
         
Currency remeasurement gain, net of tax  (2.8)  (0.03)  (9.7)  (0.13)
         
Unrealized gain on revaluation of warrants  (0.2)  --   (0.5)  (0.01)
         
         
Non-GAAP Adjusted Net Income / EPS  $ 45.0  $ 0.56  $ 11.0  $ 0.15
CONTACT: MEDIA CONTACT:
         Susan Jaramillo
         Senior Director, Communications
         203/699-9133 phone
         susan.jaramillo@exide.com
         
         INVESTOR CONTACT:
         Carol Knies
         Senior Director of Investor Relations
         Exide Technologies
         678/566-9316 phone
         carol.knies@exide.com

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