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Exide Technologies Reports Fiscal 2013 Third Quarter Results

MILTON, Ga., Feb. 6, 2013 (GLOBE NEWSWIRE) -- Exide Technologies (Nasdaq:XIDE) ( www.exide.com), a global leader in stored electrical energy solutions, announced today its fiscal 2013 third quarter and year to date financial results for the periods ended December 31, 2012.

Consolidated Results

Fiscal 2013 third quarter consolidated net sales were $804.9 million as compared to net sales of $784.1 million in the fiscal 2012 third quarter. Net sales in the fiscal 2013 period were negatively impacted by foreign currency translation of $10.2 million and lead related pricing of $16.3 million. Excluding the negative impact of foreign currency translation and lead-related pricing, net sales increased 6% primarily due to increased sales in the motive power and network power channels of both Industrial Energy segments as well as higher unit sales in the aftermarket channel in Transportation Europe.

Gross profit for the third quarter of $120.1 million, declined by $6.4 million when compared with the prior year period. Continued higher spent battery acquisition costs in the Americas combined with lower margins from third party lead sales negatively impacted gross margin by approximately $11 million. Improvement in spent battery acquisition costs in the U.S. began in November 2012. This trend has continued into the early part of the fiscal fourth quarter which should benefit both Americas businesses if the trend continues.

Fiscal 2013 third quarter operating income, excluding $15.8 million for restructuring and impairment charges, was $20.5 million compared to $30.3 million, excluding $2.1 million for restructuring and impairment charges, in the prior year third quarter. The decrease is primarily due to lower gross profits discussed above. Current period restructuring charges were $5.2 million related to the closure of the Bristol, Tennessee flooded battery manufacturing facility, the idling of lead recycling operations in Reading, Pennsylvania and the closure of GNB India. Impairment charges of $10.6 million are principally related to asset write-downs for the closure of GNB India and the sale of the Australasia transportation business that was completed on February 4, 2013.

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