Spekulative Möglichkeit - Exide Technologies (XIDE) - 500 Beiträge pro Seite
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ISIN: US3020512063 · WKN: A0B5F3
0,0059
USD
-85,95 %
-0,0361 USD
Letzter Kurs 01.05.15 Nasdaq OTC
Werte aus der Branche Elektrogeräte
Wertpapier | Kurs | Perf. % |
---|---|---|
200,00 | +115,05 | |
1,1400 | +96,55 | |
0,5800 | +26,09 | |
1,0200 | +22,52 | |
3,6600 | +20,79 |
Wertpapier | Kurs | Perf. % |
---|---|---|
1,6700 | -16,08 | |
2,9600 | -19,78 | |
0,5450 | -22,70 | |
1,1400 | -24,00 | |
45,00 | -55,45 |
Guten Abend, liebe Freunde,
es war wieder mal Zeit, ins fallende Messer zu greifen.
Excide Technologies (Nasdaq:XIDE) ist Weltmarktführer bei Bleibatterien, wie sie z.B. in Autos verwendet werden. Die Firma blickt auf eine über hundertjährige Geschichte zurück. Der Jahresumsatz bewegt sich in der Region von 2,5 Milliarden Dollar. Man operiert in 89 Ländern, darunter Deutschland, wo u.a. die bekannte Marke Sonnenschein vertrieben wird.
Das Unternehmen mußte bereits einmal, nach jahrelangen Verlusten, Insolvenz anmelden. Die Restrukturierung nach Chapter 11 wurde im Frühjahr 2004 formell abgeschlossen. Seither werden nicht ganz 25 Millionen `neue` Excide-Aktien gehandelt. Viele davon dürften sich im Besitz ehemaliger Gläubiger befinden.
Obwohl das Unternehmen nach der Restrukturierung wieder einiges Eigenkapital aufweist, gibt es nach wie vor Probleme. Am Dienstag wurde bekanntgegeben, dass es nicht möglich sein würde, eine Bedingung der noch laufenden Kreditverträge zu erfüllen, nämlich ein EBITDAR von mindestens 122 Millionen Dollar im Fiskaljahr 2005 (welches am 31.3.2005 endete) zu erzielen. Stattdessen werden es nur zwischen 100 und 107 Millionen.
Bereits im November 2004 mußte eine Bedingung, die sich auf das Leverage bezog, neuverhandelt werden. Das gelang. In der Nachbetrachtung scheint es mir klar, dass spätestens hier davon auszugehen war, dass auch die EBITDAR-convenant unhaltbar sein würde. Trotzdem fiel die Aktie nicht nennenswert.
Wie wir sehen, war die Wirkung der erneuten Verfehlung auf den Kurs allerdings verheerend, das Papier hat etwa die Hälfte seines Wertes verloren, und ist nun nur mehr mit zirka 130 Millionen Dollar kapitalisiert.
Bemerkenswert hierbei sind die extrem hohen Umsätze. Der Float, der nur etwas über 20 Millionen Aktien beträgt, wurde in den vergangenen Tagen mehrfach umgeschlagen.
Ich vermute, dass hier eine ganze Menge Leute short gegangen sind. Die Aktie ist seit heute auf der Liste der restricted shares, die man nicht shorten kann. Das passiert normalerweise immer dann, wenn Lieferschwierigkeiten bei der Aktie aufgrund des hohen Shortanteils auftreten.
Ziel wäre hier ein kurzfristiger Kursgewinn um die 60 Prozent, ausgehend vom derzeitigen Kurs von $ 5,37. Ein Squeeze scheint im Bereich des Möglichen. Auf Sicht von 3-4 Wochen sollte das Unternehmen verlautbaren, dass die Kondition der Kreditlinie angepaßt wurde. In diesem Fall sollten sich weitere Kursgewinne ergeben.
Im umgekehrten Fall droht eine neuerliche Reorganisation nach Chapter 11.
Das Papier kann nur an der NASDAQ sinnvoll gehandelt werden.
mit freundlichen Grüßen
der Oberzocker
Pfandbrief
es war wieder mal Zeit, ins fallende Messer zu greifen.
Excide Technologies (Nasdaq:XIDE) ist Weltmarktführer bei Bleibatterien, wie sie z.B. in Autos verwendet werden. Die Firma blickt auf eine über hundertjährige Geschichte zurück. Der Jahresumsatz bewegt sich in der Region von 2,5 Milliarden Dollar. Man operiert in 89 Ländern, darunter Deutschland, wo u.a. die bekannte Marke Sonnenschein vertrieben wird.
Das Unternehmen mußte bereits einmal, nach jahrelangen Verlusten, Insolvenz anmelden. Die Restrukturierung nach Chapter 11 wurde im Frühjahr 2004 formell abgeschlossen. Seither werden nicht ganz 25 Millionen `neue` Excide-Aktien gehandelt. Viele davon dürften sich im Besitz ehemaliger Gläubiger befinden.
Obwohl das Unternehmen nach der Restrukturierung wieder einiges Eigenkapital aufweist, gibt es nach wie vor Probleme. Am Dienstag wurde bekanntgegeben, dass es nicht möglich sein würde, eine Bedingung der noch laufenden Kreditverträge zu erfüllen, nämlich ein EBITDAR von mindestens 122 Millionen Dollar im Fiskaljahr 2005 (welches am 31.3.2005 endete) zu erzielen. Stattdessen werden es nur zwischen 100 und 107 Millionen.
Bereits im November 2004 mußte eine Bedingung, die sich auf das Leverage bezog, neuverhandelt werden. Das gelang. In der Nachbetrachtung scheint es mir klar, dass spätestens hier davon auszugehen war, dass auch die EBITDAR-convenant unhaltbar sein würde. Trotzdem fiel die Aktie nicht nennenswert.
Wie wir sehen, war die Wirkung der erneuten Verfehlung auf den Kurs allerdings verheerend, das Papier hat etwa die Hälfte seines Wertes verloren, und ist nun nur mehr mit zirka 130 Millionen Dollar kapitalisiert.
Bemerkenswert hierbei sind die extrem hohen Umsätze. Der Float, der nur etwas über 20 Millionen Aktien beträgt, wurde in den vergangenen Tagen mehrfach umgeschlagen.
Ich vermute, dass hier eine ganze Menge Leute short gegangen sind. Die Aktie ist seit heute auf der Liste der restricted shares, die man nicht shorten kann. Das passiert normalerweise immer dann, wenn Lieferschwierigkeiten bei der Aktie aufgrund des hohen Shortanteils auftreten.
Ziel wäre hier ein kurzfristiger Kursgewinn um die 60 Prozent, ausgehend vom derzeitigen Kurs von $ 5,37. Ein Squeeze scheint im Bereich des Möglichen. Auf Sicht von 3-4 Wochen sollte das Unternehmen verlautbaren, dass die Kondition der Kreditlinie angepaßt wurde. In diesem Fall sollten sich weitere Kursgewinne ergeben.
Im umgekehrten Fall droht eine neuerliche Reorganisation nach Chapter 11.
Das Papier kann nur an der NASDAQ sinnvoll gehandelt werden.
mit freundlichen Grüßen
der Oberzocker
Pfandbrief
pfandbrief bist du investiert?
falls ja,mit wieviel shares?
und wie ist die aktuelle mk von der ag???
und wie ist die aktuelle mk von der ag???
1. Ja
2. Sag ich nicht
3. 131 Millionen Dollar.
2. Sag ich nicht
3. 131 Millionen Dollar.
Zu 3) Gerüchten zufolge sind es deutlich mehr als 1.000 Aktien
zu 2) sollte es natürlich heißen
Es ist immer noch Druck drauf, wenn er auch deutlich nachgelassen hat. Momentan gibt es Stücke für $ 5.24. Umsatz bisher ca. 1 Million Stück.
Haben die nicht auch damals Sonnenschein geschluckt?
Big player jedenfalls...bin mal dabei...
Big player jedenfalls...bin mal dabei...
pfandbrief
also die marke sonnenschein kenn ich gut
sind die letzte zeit öfters in neuwagen drin
im ersatzteilgeschäft drängen sie auch wieder stärker auf den markt
und mit den shorteindeckungen könnte auch passen.
na schaun ma mal die nächsten tage was so passiert
also die marke sonnenschein kenn ich gut
sind die letzte zeit öfters in neuwagen drin
im ersatzteilgeschäft drängen sie auch wieder stärker auf den markt
und mit den shorteindeckungen könnte auch passen.
na schaun ma mal die nächsten tage was so passiert
Technisch siehts bescheiden aus, wir haben wieder nahe Tagestief geschlossen. Die Shorts scheinen keinerlei Eile zu haben. Nächste Woche wird wohl eine Vorentscheidung bringen.
Ein prominenter Verkäufer dieser Tage:
UPDATE 1-Soros cuts stake in Exide to below 5 pct
Fri May 20, 2005 06:47 PM ET
(Adds background from previous filing)
WASHINGTON, May 20 (Reuters) - Billionaire financier George Soros`s investment fund has reduced its stake in lead battery maker Exide Technologies (XIDE.O: Quote, Profile, Research) to less than 5 percent, according to a U.S. regulatory filing on Friday.
Soros Fund Management sold 699,300 shares from April 25 to May 20 at prices ranging from $5.22 to $12.31 per share, according to a filing with the U.S. Securities and Exchange Commission.
The transactions left Soros with more than 1.1 million shares, or 4.5 percent, in Exide, which emerged from bankruptcy protection in May, according to the SEC filing.
In a March filing, Soros Fund Management had reported owning just over 1.8 million shares or a 7.3 percent stake in Exide.
Exide shares closed down 4.7 percent, or 25 cents, at $5.13 on Nasdaq.
© Reuters 2005. All Rights Reserved.
--------------
Soros und viele andere stecken noch in den Aktien, weil sie wohl Gläubiger waren und sie beim Bankrott nehmen mußten.
UPDATE 1-Soros cuts stake in Exide to below 5 pct
Fri May 20, 2005 06:47 PM ET
(Adds background from previous filing)
WASHINGTON, May 20 (Reuters) - Billionaire financier George Soros`s investment fund has reduced its stake in lead battery maker Exide Technologies (XIDE.O: Quote, Profile, Research) to less than 5 percent, according to a U.S. regulatory filing on Friday.
Soros Fund Management sold 699,300 shares from April 25 to May 20 at prices ranging from $5.22 to $12.31 per share, according to a filing with the U.S. Securities and Exchange Commission.
The transactions left Soros with more than 1.1 million shares, or 4.5 percent, in Exide, which emerged from bankruptcy protection in May, according to the SEC filing.
In a March filing, Soros Fund Management had reported owning just over 1.8 million shares or a 7.3 percent stake in Exide.
Exide shares closed down 4.7 percent, or 25 cents, at $5.13 on Nasdaq.
© Reuters 2005. All Rights Reserved.
--------------
Soros und viele andere stecken noch in den Aktien, weil sie wohl Gläubiger waren und sie beim Bankrott nehmen mußten.
@Serang
Namen wie Sonnenschein, HAGEN Batterie, DETA etc. mögen sehr wohlklingend sein. Niemand sollte sich jedoch über die völlig desaströse Lage von EXIDE Technologies hinwegtäuschen lassen. Die Synergieformel "1+1=3" ging bei EXIDE noch nie auf. Schulden über Schulden über Schulden. Adlerauge sei wachsam!!!
Namen wie Sonnenschein, HAGEN Batterie, DETA etc. mögen sehr wohlklingend sein. Niemand sollte sich jedoch über die völlig desaströse Lage von EXIDE Technologies hinwegtäuschen lassen. Die Synergieformel "1+1=3" ging bei EXIDE noch nie auf. Schulden über Schulden über Schulden. Adlerauge sei wachsam!!!
Lesezeichen.
Pfandbrief am Kriegspfad muß beobachtet werden
Pfandbrief am Kriegspfad muß beobachtet werden
Bricht weiter ab. Viel mehr möchte ich davon nun nicht mehr kaufen.
Aktuell $ 4.58.
Aktuell $ 4.58.
noch fällt das Messer
@Pfandbrief
Ich denke, ich bleibe wohl mal lieber bei Huhtamaki (HUH1V).
Denn Eier werden die Menschen doch immer essen.
Ich denke, ich bleibe wohl mal lieber bei Huhtamaki (HUH1V).
Denn Eier werden die Menschen doch immer essen.
Überraschenderweise gab es zum Schluß keine margin-call-bedingten Verkäufe mehr. Es bleibt also erst mal bei knapp über $ 4.50.
Die Nachricht über Soros` Ausstieg hat wohl die letzten aus dem Papier getrieben. Man sollte aber bedenken, dass diese Instis die Aktie eigentlich nie haben wollten, sondern sie angedient bekamen.
Wieder über 4 Millionen Stück Umsatz, ein weiteres Fünftel des Floats umgeschlagen.
Die Nachricht über Soros` Ausstieg hat wohl die letzten aus dem Papier getrieben. Man sollte aber bedenken, dass diese Instis die Aktie eigentlich nie haben wollten, sondern sie angedient bekamen.
Wieder über 4 Millionen Stück Umsatz, ein weiteres Fünftel des Floats umgeschlagen.
@Pfandbrief
Oder sollte ich lieber Huhtamaki gegen Exide tauschen was meinst Du?
Oder sollte ich lieber Huhtamaki gegen Exide tauschen was meinst Du?
das Messer fällt weiter
langsam mache ich mir Sorgen um die Bonität des Kollegen Pfandbrief
langsam mache ich mir Sorgen um die Bonität des Kollegen Pfandbrief
Nur die Ruhe. Die Fallgeschwindigkeit verlangsamt sich.
Deshalb ist es grad wieder über 5 gesprungen:
Exide Technologies Awarded Battery Contracts for Dutch, Malaysian Navy Submarines
Tuesday May 31, 12:06 pm ET
ALPHARETTA, Ga.--(BUSINESS WIRE)--May 31, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that it has been awarded two contracts for military submarine batteries. The total value for the two orders is approximately EUR 8.4 million.
The Royal Netherlands Navy has contracted Exide to supply HAGEN batteries to serve as the main lead-acid batteries for its Walrus-class submarines. The contract anticipates delivery by March 2006.
Exide also has been awarded a contract by Navantia in Cartagena, Spain, to provide two sets of HAGEN propulsion batteries for Scorpene-class submarines that Navantia is building with France-based DCN International for the Royal Navy of Malaysia. The batteries are ordered for delivery in August 2006 and May 2007. Exide also provided the batteries for the Scorpene attack submarines recently built for the Chilean Navy.
"It is a tribute to our product technology, quality and reliability that Exide`s batteries have been selected for these demanding applications," said Neil Bright, President - Industrial Energy Europe. "The Scorpene order is particularly significant for Exide because our technology was again selected for this new class of submarine."
The batteries for both orders will be manufactured at Exide`s Industrial Energy plant in Bad Lauterberg, Germany. HAGEN submarine batteries have been an industry-leading brand for more than 40 years.
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
--------------------------------------------------------------------------------
Contact:
Exide Technologies, Alpharetta
Media Contact
Alan Chapple, 678-566-9514
alan.chapple@exide.com
or
Investor Contact
Tim Gargaro, 678-566-9000
tim.gargaro@exide.com
Exide Technologies Awarded Battery Contracts for Dutch, Malaysian Navy Submarines
Tuesday May 31, 12:06 pm ET
ALPHARETTA, Ga.--(BUSINESS WIRE)--May 31, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that it has been awarded two contracts for military submarine batteries. The total value for the two orders is approximately EUR 8.4 million.
The Royal Netherlands Navy has contracted Exide to supply HAGEN batteries to serve as the main lead-acid batteries for its Walrus-class submarines. The contract anticipates delivery by March 2006.
Exide also has been awarded a contract by Navantia in Cartagena, Spain, to provide two sets of HAGEN propulsion batteries for Scorpene-class submarines that Navantia is building with France-based DCN International for the Royal Navy of Malaysia. The batteries are ordered for delivery in August 2006 and May 2007. Exide also provided the batteries for the Scorpene attack submarines recently built for the Chilean Navy.
"It is a tribute to our product technology, quality and reliability that Exide`s batteries have been selected for these demanding applications," said Neil Bright, President - Industrial Energy Europe. "The Scorpene order is particularly significant for Exide because our technology was again selected for this new class of submarine."
The batteries for both orders will be manufactured at Exide`s Industrial Energy plant in Bad Lauterberg, Germany. HAGEN submarine batteries have been an industry-leading brand for more than 40 years.
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
--------------------------------------------------------------------------------
Contact:
Exide Technologies, Alpharetta
Media Contact
Alan Chapple, 678-566-9514
alan.chapple@exide.com
or
Investor Contact
Tim Gargaro, 678-566-9000
tim.gargaro@exide.com
Wir bleiben im in #1 angesprochenen Zeitrahmen:
Exide Technologies to Formally Launch Amendments for Senior Credit Facility
Tuesday May 31, 4:04 pm ET
ALPHARETTA, Ga.--(BUSINESS WIRE)--May 31, 2005--Exide Technologies (NASDAQ: XIDE - News, www.exide.com - News), a global leader in stored electrical-energy solutions, announced today that the Company and its administrative agent will meet with secured lenders on Thursday, June 2, 2005 to formally launch amendments to its $365 million senior credit facility.
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
Exide Technologies to Formally Launch Amendments for Senior Credit Facility
Tuesday May 31, 4:04 pm ET
ALPHARETTA, Ga.--(BUSINESS WIRE)--May 31, 2005--Exide Technologies (NASDAQ: XIDE - News, www.exide.com - News), a global leader in stored electrical-energy solutions, announced today that the Company and its administrative agent will meet with secured lenders on Thursday, June 2, 2005 to formally launch amendments to its $365 million senior credit facility.
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
Heute abend wird es wieder spannend, vielleicht erhalten wir die Resultate der Konferenz mit den Gläubigern.
Das Präsentationsmaterial auf der heutigen Konferenz ist als SEC-Filing verfügbar:
http://yahoo.brand.edgar-online.com/doctrans/finSys_main.asp…
Es enthält zahlreiche Angaben über Marktanteile bei Autobatterien, Batterien für Telekommunikationsgeräte und sonstige Batterien in den USA und Europa.
Der Kurs steht wieder $ 5.42.
Das Präsentationsmaterial auf der heutigen Konferenz ist als SEC-Filing verfügbar:
http://yahoo.brand.edgar-online.com/doctrans/finSys_main.asp…
Es enthält zahlreiche Angaben über Marktanteile bei Autobatterien, Batterien für Telekommunikationsgeräte und sonstige Batterien in den USA und Europa.
Der Kurs steht wieder $ 5.42.
@Pfandbrief
Hast Du noch nie etwas von Energizer Holdings Incorporated (NYSE ENR) und von der Rayovac Corporation (NYSE SPC) gehört? Ich denke das sind die führenden Batteriehersteller weltweit, oder wie sieht das Pfandbrief? Exide Technologies (Nasdaq XIDE) erscheint mir dagegen ganz schön spekulativ. Na gut, wer die Spekulation mag, könnte es riskieren.
Amph,
die beiden von Dir genannten Unternehmen haben nur kleine Überlappungen mit Exides Tätigkeitsbereich. Batterie ist schließlich nicht Batterie. Ein Name wie Energizer ist natürlich jedermann ein Begriff, weil sie eben die kleinen Haushaltsbatterien herstellen, die wir alle im Laden kaufen. Spectrum Brands erzeugt ebenfalls Batterien in einem Programm, das auf reine Konsumgüter zielt. Damit sind die beiden natürlich erheblich weniger konjunkturanfällig als Exide mit ihren Großbatterien, die neben dem Transportbereich stark auf industrielle Batterienutzungen zielen.
Es wird Dir nicht entgangen sein, wie hoch die Bewertung der von Dir genannten Unternehmen ist. Energizer hat eine Marktkapitalisierung von über 4,5 Milliarden USD, bei letztjährigen Umsätzen von 2,8 Milliarden USD und Gewinnen von 270 Millionen USD. SPC ist etwa halb so groß, hat keine besonders nett aussehende Bilanz und kostet auch noch 1,9 Milliarden USD.
Zum Vergleich: XIDE`s equity kostet bei einem Jahresumsatz von 2,5 Milliarden USD, also kaum weniger als Energizer, nur 125 Millionen USD.
die beiden von Dir genannten Unternehmen haben nur kleine Überlappungen mit Exides Tätigkeitsbereich. Batterie ist schließlich nicht Batterie. Ein Name wie Energizer ist natürlich jedermann ein Begriff, weil sie eben die kleinen Haushaltsbatterien herstellen, die wir alle im Laden kaufen. Spectrum Brands erzeugt ebenfalls Batterien in einem Programm, das auf reine Konsumgüter zielt. Damit sind die beiden natürlich erheblich weniger konjunkturanfällig als Exide mit ihren Großbatterien, die neben dem Transportbereich stark auf industrielle Batterienutzungen zielen.
Es wird Dir nicht entgangen sein, wie hoch die Bewertung der von Dir genannten Unternehmen ist. Energizer hat eine Marktkapitalisierung von über 4,5 Milliarden USD, bei letztjährigen Umsätzen von 2,8 Milliarden USD und Gewinnen von 270 Millionen USD. SPC ist etwa halb so groß, hat keine besonders nett aussehende Bilanz und kostet auch noch 1,9 Milliarden USD.
Zum Vergleich: XIDE`s equity kostet bei einem Jahresumsatz von 2,5 Milliarden USD, also kaum weniger als Energizer, nur 125 Millionen USD.
Mehr eine PR-Meldung...auf das Ergebnis der Gläubigerverhandlungen warten wir immer noch. Für den Kurssturz vor einer Stunde scheint es keine Erklärung zu geben. Inzwischen erholt sich die Aktie wieder leicht.
-----------------
ALPHARETTA, Ga.--(BUSINESS WIRE)--June 7, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that it has been recognized as a Certified Supplier by BT Products AB Powered Trucks in Sweden for its performance in 2004. BT Products AB is a part of Toyota Industries Corporation.
The certification process measures supplier performance in such areas as on-time delivery, quality and service. Exide attained a 99 percent supplier rating for all of 2004, including 100 percent ratings during the first and third quarters of the year. This is the second time that Exide has received this award.
"We are pleased to know that we are providing our customers with products, services and solutions that they value, because we fully understand that a successful supplier is a byproduct of a successful and satisfied customer," said Neil Bright, President - Industrial Energy Europe at Exide. "To receive this kind of recognition from a member of the Toyota group, which is known for its demanding expectations of its suppliers, is especially gratifying."
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
-----------------
ALPHARETTA, Ga.--(BUSINESS WIRE)--June 7, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that it has been recognized as a Certified Supplier by BT Products AB Powered Trucks in Sweden for its performance in 2004. BT Products AB is a part of Toyota Industries Corporation.
The certification process measures supplier performance in such areas as on-time delivery, quality and service. Exide attained a 99 percent supplier rating for all of 2004, including 100 percent ratings during the first and third quarters of the year. This is the second time that Exide has received this award.
"We are pleased to know that we are providing our customers with products, services and solutions that they value, because we fully understand that a successful supplier is a byproduct of a successful and satisfied customer," said Neil Bright, President - Industrial Energy Europe at Exide. "To receive this kind of recognition from a member of the Toyota group, which is known for its demanding expectations of its suppliers, is especially gratifying."
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
Die Kredite wurden verlängert.
Siehe http://yahoo.brand.edgar-online.com/doctrans/finSys_main.asp…
Interessanterweise steigt es noch nicht...$ 4.90...
Siehe http://yahoo.brand.edgar-online.com/doctrans/finSys_main.asp…
Interessanterweise steigt es noch nicht...$ 4.90...
okay...formal ist es noch nicht durch, ist nur der Vorschlag von Exide, aber man darf wohl damit rechnen dass es so kommt. Habe mir nicht jede Änderung im Detail angesehen, aber es läuft wohl darauf hinaus, dass die Bedingungen kurzfristig entsprechend gelockert werden.
und bingo
Exide Technologies Obtains Covenant Amendments to Senior Credit Facility
Monday June 13, 3:14 pm ET
ALPHARETTA, Ga.--(BUSINESS WIRE)--June 13, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that it has obtained amendments to its senior credit facility. The final terms of the amendments will be included in a Form 8-K to be filed with the U.S. Securities and Exchange Commission shortly.
"We appreciate the continued support of our lenders. Our new leadership team is committed to taking the appropriate actions to ensure that Exide continues to be a competitive organization," said Gordon A. Ulsh, President and Chief Executive Officer.
Exide Technologies Obtains Covenant Amendments to Senior Credit Facility
Monday June 13, 3:14 pm ET
ALPHARETTA, Ga.--(BUSINESS WIRE)--June 13, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that it has obtained amendments to its senior credit facility. The final terms of the amendments will be included in a Form 8-K to be filed with the U.S. Securities and Exchange Commission shortly.
"We appreciate the continued support of our lenders. Our new leadership team is committed to taking the appropriate actions to ensure that Exide continues to be a competitive organization," said Gordon A. Ulsh, President and Chief Executive Officer.
Die Pensionsverbindlichkeiten können auch abgestottert werden, zweiter Waiver heute, war wohl an die Verhandlungen mit den Banken gebunden:
Exide Technologies Completes Pension Waiver Process
Monday June 13, 3:53 pm ET
ALPHARETTA, Ga.--(BUSINESS WIRE)--June 13, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that it has completed the process of obtaining its pension waivers for Plan Years 2003 and 2004.
On November 17, 2004, the Internal Revenue Service granted Exide a temporary waiver of unfunded liabilities of approximately $50 million for Plan Years 2003 and 2004, subject to satisfying certain conditions, including securing the waived amounts in a manner acceptable to the Pension Benefit Guaranty Corporation. As of today, Exide has reached agreement with the PBGC regarding acceptable security for the waived pension liabilities which will be paid over a five-year period through 2010.
Exide Technologies Completes Pension Waiver Process
Monday June 13, 3:53 pm ET
ALPHARETTA, Ga.--(BUSINESS WIRE)--June 13, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that it has completed the process of obtaining its pension waivers for Plan Years 2003 and 2004.
On November 17, 2004, the Internal Revenue Service granted Exide a temporary waiver of unfunded liabilities of approximately $50 million for Plan Years 2003 and 2004, subject to satisfying certain conditions, including securing the waived amounts in a manner acceptable to the Pension Benefit Guaranty Corporation. As of today, Exide has reached agreement with the PBGC regarding acceptable security for the waived pension liabilities which will be paid over a five-year period through 2010.
Bis jetzt ist eigentlich alles gelaufen wie geplant. Bis auf den Kurs, der nicht und nicht steigen will.
Leider ist es noch nicht ausgestanden, wie der Kurs ja auch zeigt. Exide wird nur ein eingeschränktes Testat bekommen. Das stellt wiederum eine Verletzung der Kreditbedingungen dar. Obwohl kaum daran zu zweifeln ist, dass auch hier wieder ein Waiver gegeben werden wird, zeigt das, wie sehr das Unternehmen von den Gläubigern abhängt.
Vorbörslich geht es erst mal runter.
ALPHARETTA, Ga.--(BUSINESS WIRE)--June 27, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com) announced that it was advised today by its independent auditor, PricewaterhouseCoopers LLC, that its report on Exide`s consolidated financial statements as of and for the fiscal year ended March 31, 2005 will contain a going-concern qualification. The Company understands that this qualification will be expressed due to concern about its ability to meet the financial covenants for the 2006 fiscal year in its Credit Agreement, as amended.
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Exide also stated that its Form 10-K Annual Report, which will be filed shortly with the U.S. Securities and Exchange Commission, will report that the Company has concluded that as a result of its review of internal controls under Section 404 of the Sarbanes-Oxley Act as of fiscal year-end that there were two material weaknesses in the controls relating to the period-end financial reporting processes and the period-end accounting for income taxes.
The going-concern qualification in the Company`s audit report will result in a default under the Company`s Credit Agreement. The Company is working with the agent for its bank group to obtain a waiver of this default, but there can be no assurance that it will be able to obtain such a waiver. The Company will not be able to make further borrowings under its Credit Agreement until such a waiver is obtained.
About Exide Technologies
Vorbörslich geht es erst mal runter.
ALPHARETTA, Ga.--(BUSINESS WIRE)--June 27, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com) announced that it was advised today by its independent auditor, PricewaterhouseCoopers LLC, that its report on Exide`s consolidated financial statements as of and for the fiscal year ended March 31, 2005 will contain a going-concern qualification. The Company understands that this qualification will be expressed due to concern about its ability to meet the financial covenants for the 2006 fiscal year in its Credit Agreement, as amended.
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Exide also stated that its Form 10-K Annual Report, which will be filed shortly with the U.S. Securities and Exchange Commission, will report that the Company has concluded that as a result of its review of internal controls under Section 404 of the Sarbanes-Oxley Act as of fiscal year-end that there were two material weaknesses in the controls relating to the period-end financial reporting processes and the period-end accounting for income taxes.
The going-concern qualification in the Company`s audit report will result in a default under the Company`s Credit Agreement. The Company is working with the agent for its bank group to obtain a waiver of this default, but there can be no assurance that it will be able to obtain such a waiver. The Company will not be able to make further borrowings under its Credit Agreement until such a waiver is obtained.
About Exide Technologies
Diesmal ging es flott mit dem Waiver. Kurs geht wieder rauf.
ALPHARETTA, Ga.--(BUSINESS WIRE)--June 29, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com) announced today that the Company has secured from its bank group a Credit Agreement amendment and waiver related to a qualified going-concern opinion that was included in its 10-K Annual Report for the fiscal year ended March 31, 2005, which was filed today with the U.S. Securities and Exchange Commission.
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The going-concern opinion resulted in a default under the Company`s Credit Agreement and prevented Exide from borrowing under its Credit Agreement. With the amendment and waiver, the Company now has access to borrowings under its Credit Agreement.
"We appreciate the rapid action by our bank group in addressing this issue so the Company can once again focus on running the business and meeting the expectations of our shareholders and customers," said Gordon A. Ulsh, President and Chief Executive Officer.
ALPHARETTA, Ga.--(BUSINESS WIRE)--June 29, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com) announced today that the Company has secured from its bank group a Credit Agreement amendment and waiver related to a qualified going-concern opinion that was included in its 10-K Annual Report for the fiscal year ended March 31, 2005, which was filed today with the U.S. Securities and Exchange Commission.
ADVERTISEMENT
The going-concern opinion resulted in a default under the Company`s Credit Agreement and prevented Exide from borrowing under its Credit Agreement. With the amendment and waiver, the Company now has access to borrowings under its Credit Agreement.
"We appreciate the rapid action by our bank group in addressing this issue so the Company can once again focus on running the business and meeting the expectations of our shareholders and customers," said Gordon A. Ulsh, President and Chief Executive Officer.
10-K filing ist endlich da, hier die Kurzmeldung:
ALPHARETTA, Ga.--(BUSINESS WIRE)--June 30, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com) a global leader in stored electrical-energy solutions, announced today that it had filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2005 on June 29, 2005.
On a combined basis, as noted in the Form 10-K, the Company reported net sales of $2.69 billion in fiscal 2005 compared with $2.5 billion in fiscal 2004. This increase was principally attributable to currency benefits and lead-related pricing actions.
Net income as reported (including the effect of Fresh Start accounting) was $1,281.6 million in fiscal 2005 compared with a net loss of $114.1 million in fiscal 2004.
The Company, as it has said in the past, uses adjusted EBITDA here as a key measure of its operational financial performance, and it is also a key element of the covenants in its bank agreements. This measure underlies the Company`s operational performance and excludes the nonrecurring impact of the Company`s current restructuring actions. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and restructuring charges. The Company`s adjusted EBITDA definition also adjusts reported earnings for losses from discounts on sales of accounts receivable, the effect of noncash currency remeasurement gains or losses, the noncash gain or loss from revaluation of the Company`s warrants liability and noncash gains or losses on asset sales.
The Company`s final results were at the higher end of preliminary expectations announced to the investment community on May 16, 2005. At that time, the Company provided an expectation that it would report adjusted EBITDA in the range of $100-107 million. The Company`s actual results reported for the fiscal year ended March 31, 2005 reflect adjusted EBITDA of $105.7 million.
The Company also indicated that as a result of securing the amendment of its Credit Agreement, announced yesterday, certain debt obligations amounting to approximately $600 million, which had been classified as current in the consolidated balance sheet as of March 31, 2005, would be reclassified as non-current in future filings.
The Company plans to conduct a conference call in July to provide the investment community with a business update. The date and time of the call will be provided in advance of the call.
Exide Technologies
Adjusted EBITDA Reconciliation by Segment
Fiscal Year Ended March 31, 2005
(in millions)
Fiscal Year Ended March 31, 2005
Transportation Industrial Energy
------------------ --------------------
Europe Europe
North and North and
America ROW America ROW Other Total
--------- -------- --------- ------- --------- ---------
Net income
(loss) $(104.8) $(105.5) $(19.5) $(95.8) $1,607.2 $1,281.6
Interest
expense, net - - - - 51.5 51.5
Income tax
provision
(benefit) - - - - 11.7 11.7
Fresh Start
accounting
adjustments,
net - - - - (228.4) (228.4)
Gain on
discharge of
liabilities
subject to
compromise - - - - (1,558.8) (1,558.8)
--------- -------- --------- ------- --------- ---------
EBIT (excluding
Fresh Start
adjustments and
gain on
discharge of
liabilities
subject to
compromise) (104.8) (105.5) (19.5) (95.8) (116.8) (442.4)
Depreciation
and
amortization 26.5 32.3 10.6 33.6 13.6 116.6
Goodwill
impairment 122.0 112.2 37.4 116.9 - 388.5
Reorganization
items, net - - - - 30.0 30.0
Restructuring
and impairment 3.6 26.7 - 8.1 4.7 43.1
Other
restructuring
costs included
in general and
administrative
expenses 0.7 - 0.1 1.2 3.0 5.0
Currency
remeasurement
loss (gain) - - - - 3.7 3.7
Loss on
revaluation of
foreign
currency
forward
contract - - - - 13.2 13.2
Unrealized gain
on revaluation
of warrants - - - - (63.1) (63.1)
Loss (gain) on
sale of
capital assets 0.1 (0.1) 0.1 5.4 2.1 7.6
Non-cash
increase in
cost of sales
from Fresh
Start
inventory
step-up 0.9 1.0 0.2 1.4 - 3.5
Other non-cash
losses (gains) 1.5 2.4 0.6 (1.8) (2.7) -
--------- -------- --------- ------- --------- ---------
Adjusted
EBITDA $50.5 $69.0 $29.5 $69.0 $(112.3) $105.7
========= ======== ========= ======= ========= =========
Successor Predecessor
Company Company Total
--------- ----------- ----------
Net income (loss) $(467.0) $1,748.6 $1,281.6
Interest expense, net 42.7 8.8 51.5
Income tax provision (benefit) 14.2 (2.5) 11.7
Fresh Start accounting
adjustments, net - (228.4) (228.4)
Gain on discharge of liabilities
subject to compromise - (1,558.8) (1,558.8)
--------- ----------- ----------
EBIT (excluding Fresh Start
adjustments and gain on
discharge of liabilities
subject to compromise) (410.1) (32.3) (442.4)
Depreciation and amortization 108.7 7.9 116.6
Goodwill impairment 388.5 - 388.5
Reorganization items, net 11.6 18.4 30.0
Restructuring and impairment 42.5 0.6 43.1
Other restructuring costs
included in general and
administrative expenses 5.0 - 5.0
Currency remeasurement loss
(gain) (2.6) 6.3 3.7
Loss on revaluation of foreign
currency forward contract 13.2 - 13.2
Unrealized gain on revaluation
of warrants (63.1) - (63.1)
Loss (gain) on sale of capital
assets 7.6 - 7.6
Non-cash increase in cost of
sales from Fresh Start
inventory step-up 3.5 - 3.5
Other non-cash losses (gains) - - -
--------- ----------- ----------
Adjusted EBITDA $104.8 $0.9 $105.7
========= =========== ==========
Exide Technologies
Adjusted EBITDA Reconciliation by Segment
Fiscal Year Ended March 31, 2004
(in millions)
Fiscal Year Ended March 31, 2004
Transportation Industrial Energy
------------------ --------------------
Europe Europe
North and North and
America ROW America ROW Other Total
--------- -------- --------- ------- --------- ---------
Net income
(loss) $63.0 $75.7 $14.4 $4.4 $(271.6) $(114.1)
Interest
expense, net - - - - 99.0 99.0
Income tax
provision
(benefit) - - - - 3.3 3.3
--------- -------- --------- ------- --------- ---------
EBIT 63.0 75.7 14.4 4.4 (169.3) (11.8)
Depreciation
and
amortization 23.8 24.4 12.6 26.8 10.2 97.8
Reorganization
items, net - - - - 67.0 67.0
Restructuring
and impairment 2.0 8.5 - 38.4 3.8 52.7
Other
restructuring
costs included
in general and
administrative
expenses - - - - 0.8 0.8
Currency
remeasurement
loss (gain) - - - - (43.8) (43.8)
Loss (gain) on
sale of
capital assets (1.9) 0.1 (1.5) (1.9) (4.5) (9.7)
Minority
interest - - - - 0.5 0.5
Cumulative
effect of
change in
accounting
principle - - - - 15.6 15.6
Losses on sales
of accounts
receivable - - - - 11.3 11.3
Other non-cash
losses (gains) - - - - - -
--------- -------- --------- ------- --------- ---------
Adjusted
EBITDA $86.9 $108.7 $25.5 $67.7 $(108.4) $180.4
========= ======== ========= ======= ========= =========
Exide Technologies
Adjusted EBITDA Reconciliation by Segment
Fiscal Year Ended March 31, 2003
(in millions)
Fiscal Year Ended March 31, 2003
Transportation Industrial Energy
------------------ --------------------
Europe Europe
North and North and
America ROW America ROW Other Total
--------- -------- --------- ------- --------- ---------
Net income
(loss) $63.7 $82.6 $4.6 $(5.4) $(286.4) $(140.9)
Interest
expense, net - - - 105.8 105.8
Income tax
provision
(benefit) - - - - 27.0 27.0
--------- -------- --------- ------- --------- ---------
EBIT 63.7 82.6 4.6 (5.4) (153.6) (8.1)
Depreciation
and
amortization 25.9 20.4 12.0 22.6 10.9 91.8
Goodwill
impairment - - - 37.0 37.0
Reorganization
items, net - - - - 36.4 36.4
Restructuring
and impairment 5.1 5.6 4.8 9.6 0.6 25.7
Other
restructuring
costs included
in general and
administrative
expenses - 0.2 - 2.1 2.3
Currency
remeasurement
loss (gain) - - - - (22.8) (22.8)
Loss (gain) on
sale of
capital assets - - - (0.2) (0.8) (1.0)
Minority
interest - - - - 0.2 0.2
Losses on sales
of accounts
receivable - - - - 12.0 12.0
Other non-cash
losses
(gains) (2.2) 0.6 (1.2) 3.0 3.9 4.1
--------- -------- --------- ------- --------- ---------
Adjusted
EBITDA $92.5 $109.4 $20.2 $68.7 $(113.2) $177.6
========= ======== ========= ======= ========= =========
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, is available at www.exide.com.
ALPHARETTA, Ga.--(BUSINESS WIRE)--June 30, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com) a global leader in stored electrical-energy solutions, announced today that it had filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2005 on June 29, 2005.
On a combined basis, as noted in the Form 10-K, the Company reported net sales of $2.69 billion in fiscal 2005 compared with $2.5 billion in fiscal 2004. This increase was principally attributable to currency benefits and lead-related pricing actions.
Net income as reported (including the effect of Fresh Start accounting) was $1,281.6 million in fiscal 2005 compared with a net loss of $114.1 million in fiscal 2004.
The Company, as it has said in the past, uses adjusted EBITDA here as a key measure of its operational financial performance, and it is also a key element of the covenants in its bank agreements. This measure underlies the Company`s operational performance and excludes the nonrecurring impact of the Company`s current restructuring actions. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and restructuring charges. The Company`s adjusted EBITDA definition also adjusts reported earnings for losses from discounts on sales of accounts receivable, the effect of noncash currency remeasurement gains or losses, the noncash gain or loss from revaluation of the Company`s warrants liability and noncash gains or losses on asset sales.
The Company`s final results were at the higher end of preliminary expectations announced to the investment community on May 16, 2005. At that time, the Company provided an expectation that it would report adjusted EBITDA in the range of $100-107 million. The Company`s actual results reported for the fiscal year ended March 31, 2005 reflect adjusted EBITDA of $105.7 million.
The Company also indicated that as a result of securing the amendment of its Credit Agreement, announced yesterday, certain debt obligations amounting to approximately $600 million, which had been classified as current in the consolidated balance sheet as of March 31, 2005, would be reclassified as non-current in future filings.
The Company plans to conduct a conference call in July to provide the investment community with a business update. The date and time of the call will be provided in advance of the call.
Exide Technologies
Adjusted EBITDA Reconciliation by Segment
Fiscal Year Ended March 31, 2005
(in millions)
Fiscal Year Ended March 31, 2005
Transportation Industrial Energy
------------------ --------------------
Europe Europe
North and North and
America ROW America ROW Other Total
--------- -------- --------- ------- --------- ---------
Net income
(loss) $(104.8) $(105.5) $(19.5) $(95.8) $1,607.2 $1,281.6
Interest
expense, net - - - - 51.5 51.5
Income tax
provision
(benefit) - - - - 11.7 11.7
Fresh Start
accounting
adjustments,
net - - - - (228.4) (228.4)
Gain on
discharge of
liabilities
subject to
compromise - - - - (1,558.8) (1,558.8)
--------- -------- --------- ------- --------- ---------
EBIT (excluding
Fresh Start
adjustments and
gain on
discharge of
liabilities
subject to
compromise) (104.8) (105.5) (19.5) (95.8) (116.8) (442.4)
Depreciation
and
amortization 26.5 32.3 10.6 33.6 13.6 116.6
Goodwill
impairment 122.0 112.2 37.4 116.9 - 388.5
Reorganization
items, net - - - - 30.0 30.0
Restructuring
and impairment 3.6 26.7 - 8.1 4.7 43.1
Other
restructuring
costs included
in general and
administrative
expenses 0.7 - 0.1 1.2 3.0 5.0
Currency
remeasurement
loss (gain) - - - - 3.7 3.7
Loss on
revaluation of
foreign
currency
forward
contract - - - - 13.2 13.2
Unrealized gain
on revaluation
of warrants - - - - (63.1) (63.1)
Loss (gain) on
sale of
capital assets 0.1 (0.1) 0.1 5.4 2.1 7.6
Non-cash
increase in
cost of sales
from Fresh
Start
inventory
step-up 0.9 1.0 0.2 1.4 - 3.5
Other non-cash
losses (gains) 1.5 2.4 0.6 (1.8) (2.7) -
--------- -------- --------- ------- --------- ---------
Adjusted
EBITDA $50.5 $69.0 $29.5 $69.0 $(112.3) $105.7
========= ======== ========= ======= ========= =========
Successor Predecessor
Company Company Total
--------- ----------- ----------
Net income (loss) $(467.0) $1,748.6 $1,281.6
Interest expense, net 42.7 8.8 51.5
Income tax provision (benefit) 14.2 (2.5) 11.7
Fresh Start accounting
adjustments, net - (228.4) (228.4)
Gain on discharge of liabilities
subject to compromise - (1,558.8) (1,558.8)
--------- ----------- ----------
EBIT (excluding Fresh Start
adjustments and gain on
discharge of liabilities
subject to compromise) (410.1) (32.3) (442.4)
Depreciation and amortization 108.7 7.9 116.6
Goodwill impairment 388.5 - 388.5
Reorganization items, net 11.6 18.4 30.0
Restructuring and impairment 42.5 0.6 43.1
Other restructuring costs
included in general and
administrative expenses 5.0 - 5.0
Currency remeasurement loss
(gain) (2.6) 6.3 3.7
Loss on revaluation of foreign
currency forward contract 13.2 - 13.2
Unrealized gain on revaluation
of warrants (63.1) - (63.1)
Loss (gain) on sale of capital
assets 7.6 - 7.6
Non-cash increase in cost of
sales from Fresh Start
inventory step-up 3.5 - 3.5
Other non-cash losses (gains) - - -
--------- ----------- ----------
Adjusted EBITDA $104.8 $0.9 $105.7
========= =========== ==========
Exide Technologies
Adjusted EBITDA Reconciliation by Segment
Fiscal Year Ended March 31, 2004
(in millions)
Fiscal Year Ended March 31, 2004
Transportation Industrial Energy
------------------ --------------------
Europe Europe
North and North and
America ROW America ROW Other Total
--------- -------- --------- ------- --------- ---------
Net income
(loss) $63.0 $75.7 $14.4 $4.4 $(271.6) $(114.1)
Interest
expense, net - - - - 99.0 99.0
Income tax
provision
(benefit) - - - - 3.3 3.3
--------- -------- --------- ------- --------- ---------
EBIT 63.0 75.7 14.4 4.4 (169.3) (11.8)
Depreciation
and
amortization 23.8 24.4 12.6 26.8 10.2 97.8
Reorganization
items, net - - - - 67.0 67.0
Restructuring
and impairment 2.0 8.5 - 38.4 3.8 52.7
Other
restructuring
costs included
in general and
administrative
expenses - - - - 0.8 0.8
Currency
remeasurement
loss (gain) - - - - (43.8) (43.8)
Loss (gain) on
sale of
capital assets (1.9) 0.1 (1.5) (1.9) (4.5) (9.7)
Minority
interest - - - - 0.5 0.5
Cumulative
effect of
change in
accounting
principle - - - - 15.6 15.6
Losses on sales
of accounts
receivable - - - - 11.3 11.3
Other non-cash
losses (gains) - - - - - -
--------- -------- --------- ------- --------- ---------
Adjusted
EBITDA $86.9 $108.7 $25.5 $67.7 $(108.4) $180.4
========= ======== ========= ======= ========= =========
Exide Technologies
Adjusted EBITDA Reconciliation by Segment
Fiscal Year Ended March 31, 2003
(in millions)
Fiscal Year Ended March 31, 2003
Transportation Industrial Energy
------------------ --------------------
Europe Europe
North and North and
America ROW America ROW Other Total
--------- -------- --------- ------- --------- ---------
Net income
(loss) $63.7 $82.6 $4.6 $(5.4) $(286.4) $(140.9)
Interest
expense, net - - - 105.8 105.8
Income tax
provision
(benefit) - - - - 27.0 27.0
--------- -------- --------- ------- --------- ---------
EBIT 63.7 82.6 4.6 (5.4) (153.6) (8.1)
Depreciation
and
amortization 25.9 20.4 12.0 22.6 10.9 91.8
Goodwill
impairment - - - 37.0 37.0
Reorganization
items, net - - - - 36.4 36.4
Restructuring
and impairment 5.1 5.6 4.8 9.6 0.6 25.7
Other
restructuring
costs included
in general and
administrative
expenses - 0.2 - 2.1 2.3
Currency
remeasurement
loss (gain) - - - - (22.8) (22.8)
Loss (gain) on
sale of
capital assets - - - (0.2) (0.8) (1.0)
Minority
interest - - - - 0.2 0.2
Losses on sales
of accounts
receivable - - - - 12.0 12.0
Other non-cash
losses
(gains) (2.2) 0.6 (1.2) 3.0 3.9 4.1
--------- -------- --------- ------- --------- ---------
Adjusted
EBITDA $92.5 $109.4 $20.2 $68.7 $(113.2) $177.6
========= ======== ========= ======= ========= =========
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, is available at www.exide.com.
SEC ermittelt wegen der bisherigen Filings. Genaueres weiß man nicht, aber ich könnte mir vorstellen, dass ihnen die voreilige Bekanntgabe des Kredit-Waivers (siehe früher in diesem Thread, hatte mich auch verwirrt) nicht gefällt.
NEW YORK, July 8 (Reuters) - Exide Technologies (XIDE.O: Quote, Profile, Research) , one of the world`s largest makers of lead-acid batteries, on Friday said U.S. regulators have started a preliminary inquiry into the company.
Alpharetta, Georgia-based Exide said the U.S. Securities and Exchange Commission is looking into statements the company has made about its ability to comply with fiscal 2005 loan covenants, as well as a "going concern" qualification in an audit report filed as part of a 10-K last month.
The SEC has noted the inquiry should not be seen as an indication that any laws have been violated, according to the company.
NEW YORK, July 8 (Reuters) - Exide Technologies (XIDE.O: Quote, Profile, Research) , one of the world`s largest makers of lead-acid batteries, on Friday said U.S. regulators have started a preliminary inquiry into the company.
Alpharetta, Georgia-based Exide said the U.S. Securities and Exchange Commission is looking into statements the company has made about its ability to comply with fiscal 2005 loan covenants, as well as a "going concern" qualification in an audit report filed as part of a 10-K last month.
The SEC has noted the inquiry should not be seen as an indication that any laws have been violated, according to the company.
Die Verzögerungen beim 10-k erfordern die Verlegung der Hauptversammlung.
ALPHARETTA, Ga.--(BUSINESS WIRE)--July 12, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that the Board of Directors has rescheduled its annual meeting of stockholders for August 30, 2005. The meeting date had previously been announced as August 4, 2005.
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The Board of Directors also reset the record date to July 22, 2005 for stockholders entitled to notice of or to vote at the August annual meeting of stockholders. The previous record date was June 17, 2005. Exide will advise stockholders of record regarding the time and location of the annual meeting in its forthcoming notice of meeting proxy statement.
ALPHARETTA, Ga.--(BUSINESS WIRE)--July 12, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that the Board of Directors has rescheduled its annual meeting of stockholders for August 30, 2005. The meeting date had previously been announced as August 4, 2005.
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The Board of Directors also reset the record date to July 22, 2005 for stockholders entitled to notice of or to vote at the August annual meeting of stockholders. The previous record date was June 17, 2005. Exide will advise stockholders of record regarding the time and location of the annual meeting in its forthcoming notice of meeting proxy statement.
Umbesetzungen im Vorstand & die üblichen Lobeshymnen -- der Vollständigkeit halber:
ALPHARETTA, Ga.--(BUSINESS WIRE)--July 12, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, today announced the appointment of George S. Jones Jr. as Executive Vice President - Human Resources, effective immediately.
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He succeeds Janice M. Jones, who has elected not to relocate from New Jersey to Exide`s new corporate offices in Georgia. She will remain with the Company up to the end of the calendar year to work on special projects.
"Having previously worked with George, I know he will bring a unique blend of operational experience and human resource expertise to his new role," said Exide President and Chief Executive Officer Gordon A. Ulsh. "His background will enable him to lead the human resources organization and provide the strategic and tactical support needed to drive profitability, passion for our customers, uncompromising quality and a company-wide culture of pride and commitment."
Mr. Jones joins Exide after a highly successful career of nearly 30 years with Cooper Industries Inc. Most recently, he served as Vice President - Operations for Cooper Lighting, a $1.3 billion division headquartered in Peachtree City, Georgia. Mr. Jones also served as Vice President - Human Resources for Cooper Lighting; Director - Human Resources for Wagner Lighting in Cooper`s Automotive Group; and Director - Human Resources in Cooper`s Petroleum Equipment Group.
Mr. Jones holds a bachelor`s degree in industrial relations from Temple University.
ALPHARETTA, Ga.--(BUSINESS WIRE)--July 13, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that Mark W. Cummings will join the Company as Vice President - Global Environmental, Health & Safety, effective July 25.
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"I have known Mark for many years, and he shares my belief that a company`s performance in the areas of safety, environmental protection and compliance, and occupational health is indicative of its overall business performance," said Exide President and Chief Executive Officer Gordon A. Ulsh. "I am pleased that Mark has agreed to lead Exide`s effort on environmental, health and safety practices."
Mr. Cummings has 20 years of engineering, legal and environmental and safety management experience. Most recently, he was an independent environmental and safety consultant to the automotive industry. Prior to starting his own firm, he held a number of environmental and safety leadership positions with Wagner Lighting, Cooper Automotive and Federal-Mogul Corporation. Earlier in his career, he was a consultant with Parsons Corporation, an international engineering and infrastructure planning company, and an engineer for Texaco`s Exploration & Production Division.
Mr. Cummings holds bachelor`s degree in geological engineering from the University of Missouri-Rolla and a JD degree from the University of Tulsa College of Law. He is a member of the Missouri Bar.
ALPHARETTA, Ga.--(BUSINESS WIRE)--July 12, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, today announced the appointment of George S. Jones Jr. as Executive Vice President - Human Resources, effective immediately.
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He succeeds Janice M. Jones, who has elected not to relocate from New Jersey to Exide`s new corporate offices in Georgia. She will remain with the Company up to the end of the calendar year to work on special projects.
"Having previously worked with George, I know he will bring a unique blend of operational experience and human resource expertise to his new role," said Exide President and Chief Executive Officer Gordon A. Ulsh. "His background will enable him to lead the human resources organization and provide the strategic and tactical support needed to drive profitability, passion for our customers, uncompromising quality and a company-wide culture of pride and commitment."
Mr. Jones joins Exide after a highly successful career of nearly 30 years with Cooper Industries Inc. Most recently, he served as Vice President - Operations for Cooper Lighting, a $1.3 billion division headquartered in Peachtree City, Georgia. Mr. Jones also served as Vice President - Human Resources for Cooper Lighting; Director - Human Resources for Wagner Lighting in Cooper`s Automotive Group; and Director - Human Resources in Cooper`s Petroleum Equipment Group.
Mr. Jones holds a bachelor`s degree in industrial relations from Temple University.
ALPHARETTA, Ga.--(BUSINESS WIRE)--July 13, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that Mark W. Cummings will join the Company as Vice President - Global Environmental, Health & Safety, effective July 25.
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"I have known Mark for many years, and he shares my belief that a company`s performance in the areas of safety, environmental protection and compliance, and occupational health is indicative of its overall business performance," said Exide President and Chief Executive Officer Gordon A. Ulsh. "I am pleased that Mark has agreed to lead Exide`s effort on environmental, health and safety practices."
Mr. Cummings has 20 years of engineering, legal and environmental and safety management experience. Most recently, he was an independent environmental and safety consultant to the automotive industry. Prior to starting his own firm, he held a number of environmental and safety leadership positions with Wagner Lighting, Cooper Automotive and Federal-Mogul Corporation. Earlier in his career, he was a consultant with Parsons Corporation, an international engineering and infrastructure planning company, and an engineer for Texaco`s Exploration & Production Division.
Mr. Cummings holds bachelor`s degree in geological engineering from the University of Missouri-Rolla and a JD degree from the University of Tulsa College of Law. He is a member of the Missouri Bar.
Morgen um 11 Uhr Eastern Time gibt es einen Conference Call. Kurs wieder über 5 Dollar.
ALPHARETTA, Ga.--(BUSINESS WIRE)--July 25, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today it will continue to be the exclusive provider of lead-acid batteries to Tractor Supply Company, the largest retail farm and ranch store chain in the United States with more than 500 locations.
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Exide has served as the exclusive provider of lead-acid batteries to Tractor Supply since the 1980s.
Under the new agreement, which goes into effect later this year, Exide will provide Tractor Supply with a full line of batteries for automotive and heavy-duty/tractor applications, trucks and SUVs, marine applications, garden tractors and power-sport applications.
"Exide is proud to extend its long partnership with Tractor Supply," said Nelson Rombeiro, Vice President - Sales for Exide`s Transportation Americas division. "Tractor Supply`s decision to extend our agreement is an indication that they recognize the high quality of the products and services we provide. As TSC continues to grow, they can continue to count on Exide to provide them with the products, services and solutions that will help them succeed."
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
ALPHARETTA, Ga.--(BUSINESS WIRE)--July 25, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today it will continue to be the exclusive provider of lead-acid batteries to Tractor Supply Company, the largest retail farm and ranch store chain in the United States with more than 500 locations.
ADVERTISEMENT
Exide has served as the exclusive provider of lead-acid batteries to Tractor Supply since the 1980s.
Under the new agreement, which goes into effect later this year, Exide will provide Tractor Supply with a full line of batteries for automotive and heavy-duty/tractor applications, trucks and SUVs, marine applications, garden tractors and power-sport applications.
"Exide is proud to extend its long partnership with Tractor Supply," said Nelson Rombeiro, Vice President - Sales for Exide`s Transportation Americas division. "Tractor Supply`s decision to extend our agreement is an indication that they recognize the high quality of the products and services we provide. As TSC continues to grow, they can continue to count on Exide to provide them with the products, services and solutions that will help them succeed."
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
Und gleich noch ein Auftrag, von grad eben.
ALPHARETTA, Ga.--(BUSINESS WIRE)--July 26, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that it has been selected by BP Solar Arabia to provide replacement batteries for its client Saudi Telecom. The batteries will be used as a source of back-up power for the long-distance transmission network in the Kingdom of Saudi Arabia.
Under the contract, Exide will supply Absolyte® IIP batteries for 175 digital microwave transmission and fiber optic transmission telecommunications sites in Saudi Arabia. The batteries, which will be manufactured at Exide`s plant in Fort Smith, Arkansas, are expected to be delivered in October and December 2005.
"This is an important order for us in the growing renewable energy sector," said Neil Bright, President Industrial Energy - Europe. "This business win also demonstrates the global nature of our organization, from the sales and technical support by our team in Dubai to the actual manufacturing in the United States."
ALPHARETTA, Ga.--(BUSINESS WIRE)--July 26, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that it has been selected by BP Solar Arabia to provide replacement batteries for its client Saudi Telecom. The batteries will be used as a source of back-up power for the long-distance transmission network in the Kingdom of Saudi Arabia.
Under the contract, Exide will supply Absolyte® IIP batteries for 175 digital microwave transmission and fiber optic transmission telecommunications sites in Saudi Arabia. The batteries, which will be manufactured at Exide`s plant in Fort Smith, Arkansas, are expected to be delivered in October and December 2005.
"This is an important order for us in the growing renewable energy sector," said Neil Bright, President Industrial Energy - Europe. "This business win also demonstrates the global nature of our organization, from the sales and technical support by our team in Dubai to the actual manufacturing in the United States."
Die Begeisterung über die heutigen Zahlen hält sich in engen Grenzen und die Aktie wird abgestraft. Adjusted EBITDA liegt nur bei 19 Millionen $, man hätte auf etwas in der Gegend von 25 gehofft. Übersehen wir jedoch nicht auf welchem niedrigen Niveau das Papier sich befindet.
ALPHARETTA, Ga.--(BUSINESS WIRE)--July 27, 2005--Exide Technologies (NASDAQ: XIDE - News), a global leader in stored electrical energy solutions, today announced financial results for the first quarter of fiscal 2006 ended June 30, 2005.
Consolidated net sales for the first quarter of fiscal 2006 rose 9.2 percent to $669.3 million from $612.5 million in the first quarter of fiscal 2005. Quarterly net sales results benefited from higher average selling prices as a result of lead-related pricing actions across the business, as well as continued strong Motive Power demand worldwide. Favorable currency exchange rates also benefited net sales Company-wide.
"While all of our divisions contributed to the increase in sales, three out of the four divisions delivered better operating performance. During the first quarter and in the month of July, we began taking a number of steps to make Exide a stronger and more competitive organization," said Gordon Ulsh, President and Chief Executive Officer. "Although progress is being made, there clearly remains much more to do. Looking forward to the full year, we remain focused on delivering profitable revenue growth and continued expense rationalization to enhance shareholder value."
Consolidated income for the first quarter of fiscal 2006 was a net loss of $35.7 million, or $1.43 per share. Results include restructuring costs and reorganization items of approximately $4.3 million, a $10.6 million currency remeasurement losses and a loss on sale of capital assets of $1.5 million. The results were offset by an unrealized gain on the re-evaluation of warrants of $8.1 million. The results compare to reported first quarter fiscal 2005 net income of $1,782.2 million, which includes the impact of Fresh Start accounting and a gain on the discharge of indebtedness totaling $1,787.2 million.
The Company uses adjusted EBITDA as a key measure of the Company`s operational and financial performance because the Company believes it provides useful information for investors. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and restructuring charges. The Company`s adjusted EBITDA definition also adjusts reported earnings for the effect of non-cash currency re-measurement gains or losses, the non-cash gain or loss from revaluation of the Company`s warrants liability, impairment charges and non-cash gains or losses on asset sales. A reconciliation of adjusted EBITDA to income reported under Generally Accepted Accounting Principals ("GAAP") is attached hereto.
Adjusted EBITDA for the first quarter of fiscal 2006 declined $6.7 million to $19 million principally driven by higher commodity prices. Average lead prices increased 16.5 percent over the prior-year period to EUR 784 ($987) per metric tonne. The strength of the Euro against the U.S. dollar offset lower results by $0.5 million.
ALPHARETTA, Ga.--(BUSINESS WIRE)--July 27, 2005--Exide Technologies (NASDAQ: XIDE - News), a global leader in stored electrical energy solutions, today announced financial results for the first quarter of fiscal 2006 ended June 30, 2005.
Consolidated net sales for the first quarter of fiscal 2006 rose 9.2 percent to $669.3 million from $612.5 million in the first quarter of fiscal 2005. Quarterly net sales results benefited from higher average selling prices as a result of lead-related pricing actions across the business, as well as continued strong Motive Power demand worldwide. Favorable currency exchange rates also benefited net sales Company-wide.
"While all of our divisions contributed to the increase in sales, three out of the four divisions delivered better operating performance. During the first quarter and in the month of July, we began taking a number of steps to make Exide a stronger and more competitive organization," said Gordon Ulsh, President and Chief Executive Officer. "Although progress is being made, there clearly remains much more to do. Looking forward to the full year, we remain focused on delivering profitable revenue growth and continued expense rationalization to enhance shareholder value."
Consolidated income for the first quarter of fiscal 2006 was a net loss of $35.7 million, or $1.43 per share. Results include restructuring costs and reorganization items of approximately $4.3 million, a $10.6 million currency remeasurement losses and a loss on sale of capital assets of $1.5 million. The results were offset by an unrealized gain on the re-evaluation of warrants of $8.1 million. The results compare to reported first quarter fiscal 2005 net income of $1,782.2 million, which includes the impact of Fresh Start accounting and a gain on the discharge of indebtedness totaling $1,787.2 million.
The Company uses adjusted EBITDA as a key measure of the Company`s operational and financial performance because the Company believes it provides useful information for investors. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and restructuring charges. The Company`s adjusted EBITDA definition also adjusts reported earnings for the effect of non-cash currency re-measurement gains or losses, the non-cash gain or loss from revaluation of the Company`s warrants liability, impairment charges and non-cash gains or losses on asset sales. A reconciliation of adjusted EBITDA to income reported under Generally Accepted Accounting Principals ("GAAP") is attached hereto.
Adjusted EBITDA for the first quarter of fiscal 2006 declined $6.7 million to $19 million principally driven by higher commodity prices. Average lead prices increased 16.5 percent over the prior-year period to EUR 784 ($987) per metric tonne. The strength of the Euro against the U.S. dollar offset lower results by $0.5 million.
Sehr ruhig geworden, und der Kurs bröckelt so vor sich hin. Es gibt keine Neuigkeiten, ausser dass die Hauptversammlung scheinbar planmäßig abgelaufen ist:
ALPHARETTA, Ga.--(BUSINESS WIRE)--Aug. 30, 2005--Exide Technologies (NASDAQ: XIDE - News, www.exide.com - News), a global leader in stored electrical-energy solutions, today announced that shareholders elected two new members to the Company`s Board of Directors and re-elected the other seven current directors during Exide`s annual meeting in Alpharetta.
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The new members of Exide`s Board are David S. Ferguson and Carroll R. Wetzel.
Mr. Ferguson is the principal of his own retail consulting firm, DS Ferguson Enterprises, LLC. Mr. Ferguson is the retired President and Chief Executive Officer of Wal-Mart Europe, and prior to that he was President and CEO of Wal-Mart Canada. Earlier, he was President and Chief Operating Officer of Stuarts Department Stores. Mr. Ferguson currently is Vice Chairman of the Board of Advisors of Miller Zell.
Mr. Wetzel most recently served as Chairman of the Board of Safety Components, Inc., a supplier of automotive airbag fabric and cushions and technical fabrics. Earlier, Mr. Wetzel was the head of the Mergers and Acquisitions Group of Chemical Bank, and later was Co-Head of the Group following the merger with Chase Manhattan Bank. Mr. Wetzel currently serves as a member of the Board of Directors of Laidlaw International, Inc.
The new members join re-elected Directors John P. Reilly (Chairman of the Board), Gordon A. Ulsh (Exide President and CEO), Michael R. D`Appolonia, Mark C. Demetree, Phillip M. Martineau, Michael P. Ressner and Jerome B. York.
"I am pleased that Exide shareholders have voted to approve the proposed slate of Directors, and I am confident that the addition of David Ferguson and Carroll Wetzel will strengthen the Board`s ability to help guide the Company in its continuing effort to add value for and be more responsive to shareholders and customers," said Mr. Reilly.
Shareholders also voted to:
amend the Company`s Certificate of Incorporation to eliminate the classified Board. Board members will now serve one-year terms.
remove the limitation on the maximum number of Directors who can serve on the Company`s Board.
permit holders of outstanding shares representing at least 15 percent of the voting power of the Company`s capital stock to call special meetings of shareholders.
approve the 2004 stock incentive plan for executive- and management-level employees and Directors.
ratify the appointment of PricewaterhouseCoopers LLP as the Company`s independent auditor for fiscal year 2006.
ALPHARETTA, Ga.--(BUSINESS WIRE)--Aug. 30, 2005--Exide Technologies (NASDAQ: XIDE - News, www.exide.com - News), a global leader in stored electrical-energy solutions, today announced that shareholders elected two new members to the Company`s Board of Directors and re-elected the other seven current directors during Exide`s annual meeting in Alpharetta.
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The new members of Exide`s Board are David S. Ferguson and Carroll R. Wetzel.
Mr. Ferguson is the principal of his own retail consulting firm, DS Ferguson Enterprises, LLC. Mr. Ferguson is the retired President and Chief Executive Officer of Wal-Mart Europe, and prior to that he was President and CEO of Wal-Mart Canada. Earlier, he was President and Chief Operating Officer of Stuarts Department Stores. Mr. Ferguson currently is Vice Chairman of the Board of Advisors of Miller Zell.
Mr. Wetzel most recently served as Chairman of the Board of Safety Components, Inc., a supplier of automotive airbag fabric and cushions and technical fabrics. Earlier, Mr. Wetzel was the head of the Mergers and Acquisitions Group of Chemical Bank, and later was Co-Head of the Group following the merger with Chase Manhattan Bank. Mr. Wetzel currently serves as a member of the Board of Directors of Laidlaw International, Inc.
The new members join re-elected Directors John P. Reilly (Chairman of the Board), Gordon A. Ulsh (Exide President and CEO), Michael R. D`Appolonia, Mark C. Demetree, Phillip M. Martineau, Michael P. Ressner and Jerome B. York.
"I am pleased that Exide shareholders have voted to approve the proposed slate of Directors, and I am confident that the addition of David Ferguson and Carroll Wetzel will strengthen the Board`s ability to help guide the Company in its continuing effort to add value for and be more responsive to shareholders and customers," said Mr. Reilly.
Shareholders also voted to:
amend the Company`s Certificate of Incorporation to eliminate the classified Board. Board members will now serve one-year terms.
remove the limitation on the maximum number of Directors who can serve on the Company`s Board.
permit holders of outstanding shares representing at least 15 percent of the voting power of the Company`s capital stock to call special meetings of shareholders.
approve the 2004 stock incentive plan for executive- and management-level employees and Directors.
ratify the appointment of PricewaterhouseCoopers LLP as the Company`s independent auditor for fiscal year 2006.
Tja, das war wieder mal ein Schuß in den Ofen...
6 Monate investiert und nix passiert...
6 verlorene Monate...
Absoluter Schrott.
6 Monate investiert und nix passiert...
6 verlorene Monate...
Absoluter Schrott.
Ja es ist sehr enttäuschend. Der Kursverfall nach den letzten Zahlen wurde ja bald wieder gestoppt, aber seit ein paar Tagen haben wir wieder starke Verkäufe, wobei es aber keine News gibt.
Es gilt natürlich nach wie vor, dass das Unternehmen am Rand der Pleite laviert. Ob sie 3,4 oder 5 stehen, sie sind eigentlich immer bewertet als ob sie binnen Jahresfrist hopps gehen würden.
Es gilt natürlich nach wie vor, dass das Unternehmen am Rand der Pleite laviert. Ob sie 3,4 oder 5 stehen, sie sind eigentlich immer bewertet als ob sie binnen Jahresfrist hopps gehen würden.
Und auch das laufende Quartal wird nicht vom Hocker reißen, wie gerade gemeldet wurde:
ALPHARETTA, Ga.--(BUSINESS WIRE)--Dec. 21, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, today announced its expectations for the third quarter of fiscal year 2006 ending December 31, 2005.
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Current indications are that the Company will fall short of meeting the results from the same quarter a year ago primarily due to lower Transportation sales in Europe and the most recent spike in lead prices. The quarter-over-quarter comparison is also negatively impacted by insurance proceeds in the prior-year quarter related to property damage in one of the Company`s German facilities as well as the unfavorable impact of foreign exchange in the current quarter of approximately $2 million.
The Company still expects to comply with its bank covenants as calculated through the third quarter of fiscal 2006.
Take Charge! Update
The Company also announced that it provided a progress report on its Take Charge! initiative during a meeting with employees on Monday.
The Company has been working with Proudfoot Consulting since September to implement the Take Charge! initiative, which is designed to empower teams of employees to identify opportunities to eliminate wasteful practices, reduce variability and cut costs in all aspects of the business. This initiative - which to date is being implemented in three North American smelters, four manufacturing plants in North America and Europe, and one corporate administrative function - "is intended to accelerate and build on the momentum of our successful EXCELL lean program," said Exide President and CEO Gordon A. Ulsh.
The Take Charge! initiative was launched following an assessment of the business, which identified a number of quick payback projects that would require minimal capital investment.
"I have told our employees that I can think of no other initiative that has as great an opportunity to deliver rapid improvements to our business and have the potential for a significant impact on our bottom line," Mr. Ulsh said. "As liquidity allows, we will continue to invest in this initiative, which we believe after reviewing a Proudfoot Consulting analysis could ultimately result in a cost savings of as much as $100 million on an annual basis if fully and successfully implemented. While we cannot guarantee such cost savings, we are excited about the potential of Take Charge! and the early progress that we have seen."
During the first few months of the initiative, Exide`s manufacturing plants in Bristol, Tennessee, and Salina, Kansas, have experienced improved battery production and reduced scrap and downtime. Similarly, the Company`s smelters in Vernon, California, and Frisco, Texas, have increased their weekly lead production and reduced the percentage of impurities that must be removed from lead during the recycling process.
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
ALPHARETTA, Ga.--(BUSINESS WIRE)--Dec. 21, 2005--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, today announced its expectations for the third quarter of fiscal year 2006 ending December 31, 2005.
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Current indications are that the Company will fall short of meeting the results from the same quarter a year ago primarily due to lower Transportation sales in Europe and the most recent spike in lead prices. The quarter-over-quarter comparison is also negatively impacted by insurance proceeds in the prior-year quarter related to property damage in one of the Company`s German facilities as well as the unfavorable impact of foreign exchange in the current quarter of approximately $2 million.
The Company still expects to comply with its bank covenants as calculated through the third quarter of fiscal 2006.
Take Charge! Update
The Company also announced that it provided a progress report on its Take Charge! initiative during a meeting with employees on Monday.
The Company has been working with Proudfoot Consulting since September to implement the Take Charge! initiative, which is designed to empower teams of employees to identify opportunities to eliminate wasteful practices, reduce variability and cut costs in all aspects of the business. This initiative - which to date is being implemented in three North American smelters, four manufacturing plants in North America and Europe, and one corporate administrative function - "is intended to accelerate and build on the momentum of our successful EXCELL lean program," said Exide President and CEO Gordon A. Ulsh.
The Take Charge! initiative was launched following an assessment of the business, which identified a number of quick payback projects that would require minimal capital investment.
"I have told our employees that I can think of no other initiative that has as great an opportunity to deliver rapid improvements to our business and have the potential for a significant impact on our bottom line," Mr. Ulsh said. "As liquidity allows, we will continue to invest in this initiative, which we believe after reviewing a Proudfoot Consulting analysis could ultimately result in a cost savings of as much as $100 million on an annual basis if fully and successfully implemented. While we cannot guarantee such cost savings, we are excited about the potential of Take Charge! and the early progress that we have seen."
During the first few months of the initiative, Exide`s manufacturing plants in Bristol, Tennessee, and Salina, Kansas, have experienced improved battery production and reduced scrap and downtime. Similarly, the Company`s smelters in Vernon, California, and Frisco, Texas, have increased their weekly lead production and reduced the percentage of impurities that must be removed from lead during the recycling process.
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
Angeblich soll nun bald ein neuer CFO, der den zum Jahresende ausgeschiedenen Gargaro ersetzt, gefunden sein.
Schaun wir mal wen sie da aus dem Hut zaubern. Dankbarer Job ist es sicher keiner.
Schaun wir mal wen sie da aus dem Hut zaubern. Dankbarer Job ist es sicher keiner.
Die Quartalszahlen zum 31.12., nachgereicht.
Mir scheint, dass es sich in den nächsten 2 Quartalen entscheiden sollte, ob Exide überleben kann oder nicht. Der Verlust ist im letzten Quartal minimal geschrumpft. Der enorme Druck von Seiten der Bleipreise darf aber nicht allzulang mehr anhalten. Es ist offenbar sehr schwierig, Preiserhöhungen durchzusetzen.
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ALPHARETTA, Ga.--(BUSINESS WIRE)--Feb. 9, 2006--Exide Technologies (NASDAQ: XIDE - News; www.exide.com) today announced financial results for the third quarter of fiscal 2006 ended December 31, 2005.
Consolidated net sales for the third quarter of fiscal 2006 increased slightly to $733.4 million from $727.9 million during the same period a year ago. Higher sales volumes in the Company`s Industrial Energy business and the favorable impact of lead surcharges and other pricing actions were largely offset by changes in currency rates, which negatively impacted the Company`s net sales for the quarter by approximately $35.9 million.
Consolidated net loss for the third quarter of fiscal 2006 was $27.7 million, including $6.5 million in restructuring costs and $1.3 million in bankruptcy-related costs. During the same period in fiscal 2005, the Company recorded a net loss of $439 million, including a $399 million non-cash goodwill impairment charge and a tax valuation charge of $35.4 million.
"Although we are far from satisfied with our performance during the third quarter, there were clearly some bright spots for Exide," said Gordon A. Ulsh, President and Chief Executive Officer. "First, the motive and network power segments in both Industrial Energy divisions continue to provide profitable growth. Second, the reorganization that we launched last spring and the Take Charge! program initiated in late summer are providing tangible benefits in terms of reduced costs and improved efficiency. Third, we continued on a disciplined review of our customer contracts to determine which business meets our profitability requirements and which business we should discontinue if it no longer contributes to our profitable growth. Fourth, the payback from price increases and lead escalators that we began implementing months ago in response to rising commodity costs are now showing up on our bottom line."
The price of lead on the London Metal Exchange averaged $976 per metric tonne during the third quarter of fiscal 2006 compared with $893 during the previous quarter and an average of $901 during the third quarter of fiscal 2005. In the fourth quarter, the Company is dealing with lead prices that have risen as high as $1,414 per metric tonne on the LME.
Adjusted EBITDA
Exide uses Adjusted EBITDA as a key measure of the Company`s operational and financial performance because the Company believes that Adjusted EBITDA is a useful adjunct to net income (loss) and other measurements under Generally Accepted Accounting Principles ("GAAP") because it is a meaningful measure of the Company`s performance, as interest, taxes, depreciation and amortization can vary significantly between companies due in part to differences in accounting policies, tax strategies, levels of indebtedness, capital purchasing practices and interest rates. Adjusted EBITDA also assists management in evaluating operating performance, is used to evaluate performance under the Company`s senior secured bank facility, and is sometimes used to evaluate performance for executive compensation. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and restructuring charges.
The Company`s Adjusted EBITDA decreased to $41.1 million during the third quarter of fiscal 2006 from $52 million during the same period a year ago. The results were driven principally by lower sales in the European Transportation business, as well as the absence of some one-time items that benefited the Company during the prior-year period. The results also include negative currency impacts of $2.6 million.
On a comparative basis, the results reported during the third quarter of fiscal 2005 included a $7.5 million benefit associated with an insurance payment following a fire at the Company`s Bad Lauterberg manufacturing plant in Germany, a portion of which was related to property damage. In addition, the prior-year third quarter benefited from the recognition of $3.0 million of previously deferred income on a customer contract that ended and the Company had fulfilled its obligations in the period.
A reconciliation of Adjusted EBITDA to net income reported under GAAP has been included in the financial supplements of this earnings release.
Industrial Energy Business
The Company`s Industrial Energy business reported consolidated global net sales of $276.1 million during the third quarter of fiscal 2006, an increase of 2.6 percent over the same period the previous year. The increase was driven largely by strong performance in North America, where sales rose 21 percent due to a 28.6 percent increase in product demand in network power and a 13.7 percent increase in motive power. Quarterly sales in the Company`s Europe and the Rest of Word ("Europe-ROW") division declined 2.2 percent year-over-year; excluding the impact of foreign exchange, Industrial Energy sales in Europe-ROW increased by approximately 5.9 percent.
Net income for the period increased to $10.1 million from a net loss of $137.0 million, which included a goodwill impairment charge of $159.8 million. Current-year results were adversely affected by a restructuring and asset impairment charge in the aggregate amount of $10.1 million relating to the closure of the Kankakee, Illinois, plant.
Adjusted EBITDA for Industrial Energy decreased $4.6 million quarter-over-quarter to $32.9 million. The fiscal 2005 result, however, included a portion of the Bad Lauterberg insurance payment related to property damage and the $3.0 million in deferred income. Excluding the benefit from insurance and recognition of deferred income during the prior-year quarter, Adjusted EBITDA improved during the third quarter of fiscal 2006.
Transportation Business
Consolidated global net sales in Transportation decreased slightly during the period to $457.4 million from $458.8 million reported in the prior-year period. These results were primarily due to foreign exchange as the U.S. Dollar strengthened primarily against the Euro, and because of lower unit volume in Europe-ROW, which was offset by higher volumes in North America. Warmer-than-expected weather and higher commodity prices adversely impacted volumes in each region`s aftermarket business. Finally, pricing actions to recover higher commodity costs in each region resulted in erosion of market share as some customers moved their business to lower-priced competitors; reduced market share also resulted from Exide`s decision not to renew some business that no longer met the Company`s profitability requirements.
Net income for the period increased to $16.1 million from a net loss of $212.2 million, including a goodwill impairment charge of $239.6 million.
Adjusted EBITDA for the period was $35.9 million, down from $44.8 million in the same period a year ago, the result of not fully recovering rising manufacturing and distribution costs through pricing actions.
Conference Call Details
Members of Exide`s senior management team will host a conference call on Thursday, February 9, 2006 for members of the investment community to discuss the Company`s financial results and general business operations at 10:00 a.m. Eastern Standard Time.
Domestic Dial-In Number: (877) 563-6439
International Dial-In Number: (706) 758-9457
Conference Identification Number: 3786649
For individuals unable to participate in the conference call, a telephone replay will be available from 2 p.m. on February 9, 2006 until midnight on March 9, 2006 at:
Domestic Replay Number: (800) 642-1687
International Replay Number: (706) 645-9291
Conference Identification Number: 3786649
Non-financial participants can listen to the earnings call by accessing the Investor Relations page of the Exide website, www.exide.com.
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, is available at www.exide.com.
Forward-Looking Statements
Except for historical information, this press release may be deemed to contain "forward-looking" statements. The Company desires to avail itself of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the "Act") and is including this cautionary statement for the express purpose of availing itself of the protection afforded by the Act.
Examples of forward-looking statements include, but are not limited to (a) projections of revenues, cost of raw materials, income or loss, earnings or loss per share, capital expenditures, growth prospects, dividends, the effect of currency translations, capital structure and other financial items, (b) statements of plans of and objectives of the Company or its management or Board of Directors, including the introduction of new products, or estimates or predictions of actions by customers, suppliers, competitors or regulating authorities, (c) statements of future economic performance, (d) statements of assumptions, such as the prevailing weather conditions in the Company`s market areas, underlying other statements and statements about the Company or its business and (e) statements regarding the ability to comply with or alternatively obtain amendments under the Company`s debt agreements.
Factors that could cause actual results to differ materially from these forward looking statements include, but are not limited to, the following general factors such as: (i) adverse reactions by creditors, vendors, customers, and others to, among other things, the Company`s results, financial conditions or compliance with financial covenants, (ii) the Company`s ability to implement and fund based on current liquidity business strategies and restructuring plans, (iii) unseasonable weather (warm winters and cool summers) which adversely affects demand for automotive and some industrial batteries, (iv) the Company`s substantial debt and debt service requirements which may restrict the Company`s operational and financial flexibility, as well as imposing significant interest and financing costs (v) the Company`s ability to comply with the covenants in its debt agreements or obtain waivers of noncompliance, (vi) the litigation proceedings to which the Company is subject, the results of which could have a material adverse effect on the Company and its business, (vii) the realization of the tax benefits of the Company`s net operating loss carry forwards, of which is dependent upon future taxable income, (viii) the fact that lead, a major constituent in most of the Company`s products, experiences significant fluctuations in market price and is a hazardous material that may give rise to costly environmental and safety claims, (ix) competitiveness of the battery markets in North America and Europe, (x) the substantial management time and financial and other resources needed for the Company`s consolidation and rationalization of acquired entities, (xi) risks involved in foreign operations such as disruption of markets, changes in import and export laws, currency restrictions, currency exchange rate fluctuations and possible terrorist attacks against U.S. interests, (xii) the Company`s exposure to fluctuations in interest rates on its variable debt, (xiii) the Company`s ability to maintain and generate liquidity to meet its operating needs, (xiv) general economic conditions, (xv) the ability to acquire goods and services and/or fulfill labor needs at budgeted costs, (xvi) the Company`s reliance on a single supplier for its polyethylene battery separators, (xvii) the Company`s ability to comply with the provisions of Section 404 of the Sarbanes-Oxley Act of 2002, (xviii) the ability to successfully pass along increased costs to its customers, and (xix) the Company`s ability to successfully resolve the $27.5 million fine with the U.S. Attorney`s Office for the Southern District of Illinois.
Therefore, the Company cautions each reader of this press release carefully to consider those factors set forth above and those factors described in Amendment No. 1 to the Company`s Registration Statement on Form S-3 filed with the SEC on September 14, 2005 and in the Company`s most recent Form 10-Q filed on February 9, 2006 because 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.
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per-share data)
Successor Company Successor Company
for the for the
Three Months Ended Three Months Ended
December 31, 2005 December 31, 2004
--------------------------------------------
NET SALES $ 733,442 $ 727,902
COST OF SALES 614,609 602,151
------------------ ---------------------
Gross profit 118,833 125,751
------------------ ---------------------
EXPENSES:
Selling, marketing and
advertising 66,261 69,003
General and
administrative 42,471 47,365
Restructuring and
impairment 6,511 5,713
Goodwill Impairment -- 399,388
Other expense (income)
net 7,973 (5,005)
Interest expense net 18,404 11,728
------------------ ---------------------
141,620 528,192
------------------ ---------------------
Loss before
reorganization items,
income taxes and
minority interest (22,787) (402,441)
REORGANIZATION ITEMS, NET 1,311 2,236
INCOME TAX PROVISION 3,528 34,484
MINORITY INTEREST 32 (121)
------------------ ---------------------
Net loss $ (27,658) $ (439,040)
================== =====================
NET LOSS PER SHARE
Basic and Diluted $ (1.11) $ (17.56)
================== =====================
WEIGHTED AVERAGE SHARES
Basic and Diluted 25,000 25,000
================== =====================
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per-share data)
Successor Successor Predecessor
Company Company Company
for the for the for the
Nine Months Period Period
May 6, 2004 April 1, 2004
Ended to to
December 31, December 31, May 5,
2005 2004 2004
------------ ------------ -------------
NET SALES $2,089,259 $1,763,429 $ 214,607
COST OF SALES 1,764,317 1,477,867 179,137
------------ ------------ -------------
Gross profit 324,942 285,562 35,470
------------ ------------ -------------
EXPENSES:
Selling, marketing and
advertising 204,948 178,617 24,504
General and administrative 129,347 108,601 17,940
Restructuring and impairment 16,051 12,986 602
Goodwill Impairment -- 399,388 --
Other expense (income) net 12,781 (57,042) 6,222
Interest expense net 51,163 29,165 8,870
---------- ---------- -----------
414,290 671,715 58,138
---------- ---------- -----------
Loss before reorganization
items, income taxes and
minority interest (89,348) (386,153) (22,668)
REORGANIZATION ITEMS, NET 4,398 5,654 18,434
FRESH START ACCOUNTING
ADJUSTMENTS, NET -- -- (228,371)
GAIN ON DISCHARGE OF
LIABILITIES SUBJECT TO
COMPROMISE -- -- (1,558,839)
INCOME TAX PROVISION (BENEFIT) 2,572 30,782 (2,482)
MINORITY INTEREST 72 (75) 26
---------- ---------- -----------
Net income (loss) $ (96,390) $ (422,514) $ 1,748,564
========== ========== ===========
NET INCOME (LOSS) PER SHARE
Basic and Diluted $ (3.86) $ (16.90) $ 63.86
========== ========== ===========
WEIGHTED AVERAGE SHARES
Basic and Diluted 25,000 25,000 27,383
========== ========== ===========
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except per-share data)
Successor Company
-------------------------
December 31, March 31,
ASSETS 2005 2005
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 36,872 $ 76,696
Restricted cash 548 1,323
Receivables, net of allowance for doubtful
accounts of $20,236 and $22,471 635,221 687,715
Inventories 429,451 397,689
Prepaid expenses and other 34,182 21,275
Deferred financing costs, net 1,770 1,725
Deferred income taxes 5,419 4,305
---------- ----------
Total current assets 1,143,463 1,190,728
---------- ----------
PROPERTY, PLANT AND EQUIPMENT, NET 691,384 799,763
OTHER ASSETS:
Intangible assets, net 188,229 192,854
Investments in affiliates 7,147 9,010
Deferred financing costs, net 11,215 12,784
Deferred income taxes 55,711 55,896
Other 26,030 29,745
---------- ----------
288,332 300,289
---------- ----------
Total assets $2,123,179 $2,290,780
========== ==========
LIABILITIES AND STOCKHOLDERS` EQUITY
CURRENT LIABILITIES:
Short-term borrowings $ 14,700 $ 1,595
Current maturities of long-term debt 24,380 632,116
Accounts payable 341,411 340,480
Accrued expenses 347,465 385,521
Warrants liability 1,688 11,188
---------- ----------
Total current liabilities 729,644 1,370,900
LONG-TERM DEBT 639,213 20,047
NONCURRENT RETIREMENT OBLIGATIONS 313,294 329,628
NONCURRENT DEFERRED TAX LIABILITY 29,511 24,178
OTHER NONCURRENT LIABILITIES 97,532 106,004
---------- ----------
Total liabilities 1,809,194 1,850,757
---------- ----------
COMMITMENTS AND CONTINGENCIES -- --
MINORITY INTEREST 11,993 12,764
---------- ----------
STOCKHOLDERS` EQUITY
Preferred stock, $0.01 par value, 1,000
shares authorized, 0 shares issued and
outstanding -- --
Common stock, $0.01 par value, 61,500 shares
authorized, 24,542 and 24,407 shares issued
and outstanding 245 234
Additional paid-in capital 888,479 888,157
Accumulated deficit (563,313) (466,923)
Accumulated other comprehensive (loss)
income (23,419) 5,791
---------- ----------
Total stockholders` equity 301,992 427,259
---------- ----------
Total liabilities and stockholders`
equity $2,123,179 $2,290,780
========== ==========
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Successor Predecessor
Successor Company Company
Company for the for the
for the Period Period
Nine Months May 6, 2004 April 1, 2004
Ended to to
December 31, December 31, May 5, 2004
2005 2004 2004
----------- ------------ -------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss) $(96,390) $(422,514) $ 1,748,564
Adjustments to reconcile net
income (loss) to net cash used
in operating activities:
Depreciation and amortization 90,519 84,194 7,848
Impairment of Goodwill -- 399,388 --
Gain on discharge of liabilities
subject to compromise -- -- (1,558,839)
Fresh Start accounting
adjustments, net -- -- (228,371)
Unrealized gain on Warrants (9,500) (61,488) --
Net loss on asset sales 12,270 1,227 --
Provision for doubtful accounts 2,401 2,167 473
Deferred income taxes -- 680 --
Non-cash provision for
restructuring 1,002 108 18
Reorganization items, net 4,398 5,654 18,434
Insurance proceeds -- 2,143 --
Minority interest 72 (75) 26
Amortization of deferred
financing costs 1,347 -- 1,251
Changes in assets and
liabilities, excluding effects
of Fresh Start accounting,
acquisitions and divestitures:
Receivables 10,342 (41,745) 45,924
Inventories (51,451) (12,408) (10,873)
Prepaid expenses and other (13,199) (2,378) 286
Payables 19,007 32,464 (20,967)
Accrued expenses (17,208) (28,982) (20,564)
Noncurrent liabilities (7,210) (3,443) (294)
Other, net 9,199 31,360 9,898
-------- --------- -----------
Net cash used in operating
activities (44,401) (13,648) (7,186)
-------- --------- -----------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Capital expenditures (37,861) (44,577) (7,152)
Proceeds from sales of assets 19,657 20,962 2,800
-------- --------- -----------
Net cash used in investing
activities (18,204) (23,615) (4,352)
-------- --------- -----------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Increase in short-term borrowings 13,963 4,174 2,425
Repayments under Senior Notes -- -- (110,082)
Borrowings under Credit Facility -- 168,593 621,258
Repayments under Credit Facility (12,804) (169,332) (452,875)
Currency Swap (12,084) -- --
Increase (decrease) in other debt 36,081 (2,036) (2,412)
Financing costs and other -- (682) (23,146)
-------- --------- -----------
Net cash provided by financing
activities 25,156 717 35,168
-------- --------- -----------
EFFECT OF EXCHANGE RATE CHANGES
ON CASH AND CASH EQUIVALENTS (2,375) 3,031 (1,447)
NET (DECREASE) INCREASE IN CASH
AND CASH EQUIVALENTS (39,824) (33,515) 22,183
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 76,696 59,596 37,413
-------- --------- -----------
CASH AND CASH EQUIVALENTS, END OF
PERIOD $ 36,872 $ 26,081 $ 59,596
======== ========= ===========
EXIDE TECHNOLOGIES AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
SUCCESSOR COMPANY FOR THE THREE MONTHS ENDED DECEMBER 31, 2005
Industrial
Transportation Energy
---------------- ----------------
North Europe North Europe
America and ROW America and ROW Other TOTAL
------- -------- ------- -------- ------- --------
Net income (loss) $3.7 $12.4 ($4.3) $14.4 ($53.9) ($27.7)
Interest expense,
net 18.4 18.4
Income tax
provision
(benefit) 3.5 3.5
--------------------------------------------------
EBIT $3.7 $12.4 ($4.3) $14.4 ($31.9) ($5.7)
Depreciation and
amortization 7.3 8.4 2.8 8.1 3.6 30.2
Reorganization
items, net 0.0 0.0 0.0 0.0 1.3 1.3
Restructuring and
impairment, net (0.0) 2.6 1.8 1.7 0.4 6.5
Other restructuring
costs included in
cost of sales and
general and
administrative
expenses 0.1 (0.0) (0.1) 0.2 (0.1) 0.1
Currency
remeasurement
loss (gain) 1.7 0.0 0.3 0.0 (1.3) 0.7
Gain on
revaluation of
foreign currency
forward contract 0.0 0.0 0.0 0.0 0.0 0.0
Minority interest 0.0 0.0 0.0 0.0 0.1 0.1
Unrealized gain
on revaluation
of warrants 0.0 0.0 0.0 0.0 (1.8) (1.8)
Loss (gain) on
sale of capital
assets 1.5 0.3 8.5 0.2 (0.9) 9.6
Other non-cash
losses (gains) (2.0) (0.0) (0.7) (0.2) 3.0 0.1
Adjusted EBITDA $12.3 $23.6 $8.4 $24.5 ($27.7) $41.1
==================================================
Mir scheint, dass es sich in den nächsten 2 Quartalen entscheiden sollte, ob Exide überleben kann oder nicht. Der Verlust ist im letzten Quartal minimal geschrumpft. Der enorme Druck von Seiten der Bleipreise darf aber nicht allzulang mehr anhalten. Es ist offenbar sehr schwierig, Preiserhöhungen durchzusetzen.
--------
ALPHARETTA, Ga.--(BUSINESS WIRE)--Feb. 9, 2006--Exide Technologies (NASDAQ: XIDE - News; www.exide.com) today announced financial results for the third quarter of fiscal 2006 ended December 31, 2005.
Consolidated net sales for the third quarter of fiscal 2006 increased slightly to $733.4 million from $727.9 million during the same period a year ago. Higher sales volumes in the Company`s Industrial Energy business and the favorable impact of lead surcharges and other pricing actions were largely offset by changes in currency rates, which negatively impacted the Company`s net sales for the quarter by approximately $35.9 million.
Consolidated net loss for the third quarter of fiscal 2006 was $27.7 million, including $6.5 million in restructuring costs and $1.3 million in bankruptcy-related costs. During the same period in fiscal 2005, the Company recorded a net loss of $439 million, including a $399 million non-cash goodwill impairment charge and a tax valuation charge of $35.4 million.
"Although we are far from satisfied with our performance during the third quarter, there were clearly some bright spots for Exide," said Gordon A. Ulsh, President and Chief Executive Officer. "First, the motive and network power segments in both Industrial Energy divisions continue to provide profitable growth. Second, the reorganization that we launched last spring and the Take Charge! program initiated in late summer are providing tangible benefits in terms of reduced costs and improved efficiency. Third, we continued on a disciplined review of our customer contracts to determine which business meets our profitability requirements and which business we should discontinue if it no longer contributes to our profitable growth. Fourth, the payback from price increases and lead escalators that we began implementing months ago in response to rising commodity costs are now showing up on our bottom line."
The price of lead on the London Metal Exchange averaged $976 per metric tonne during the third quarter of fiscal 2006 compared with $893 during the previous quarter and an average of $901 during the third quarter of fiscal 2005. In the fourth quarter, the Company is dealing with lead prices that have risen as high as $1,414 per metric tonne on the LME.
Adjusted EBITDA
Exide uses Adjusted EBITDA as a key measure of the Company`s operational and financial performance because the Company believes that Adjusted EBITDA is a useful adjunct to net income (loss) and other measurements under Generally Accepted Accounting Principles ("GAAP") because it is a meaningful measure of the Company`s performance, as interest, taxes, depreciation and amortization can vary significantly between companies due in part to differences in accounting policies, tax strategies, levels of indebtedness, capital purchasing practices and interest rates. Adjusted EBITDA also assists management in evaluating operating performance, is used to evaluate performance under the Company`s senior secured bank facility, and is sometimes used to evaluate performance for executive compensation. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and restructuring charges.
The Company`s Adjusted EBITDA decreased to $41.1 million during the third quarter of fiscal 2006 from $52 million during the same period a year ago. The results were driven principally by lower sales in the European Transportation business, as well as the absence of some one-time items that benefited the Company during the prior-year period. The results also include negative currency impacts of $2.6 million.
On a comparative basis, the results reported during the third quarter of fiscal 2005 included a $7.5 million benefit associated with an insurance payment following a fire at the Company`s Bad Lauterberg manufacturing plant in Germany, a portion of which was related to property damage. In addition, the prior-year third quarter benefited from the recognition of $3.0 million of previously deferred income on a customer contract that ended and the Company had fulfilled its obligations in the period.
A reconciliation of Adjusted EBITDA to net income reported under GAAP has been included in the financial supplements of this earnings release.
Industrial Energy Business
The Company`s Industrial Energy business reported consolidated global net sales of $276.1 million during the third quarter of fiscal 2006, an increase of 2.6 percent over the same period the previous year. The increase was driven largely by strong performance in North America, where sales rose 21 percent due to a 28.6 percent increase in product demand in network power and a 13.7 percent increase in motive power. Quarterly sales in the Company`s Europe and the Rest of Word ("Europe-ROW") division declined 2.2 percent year-over-year; excluding the impact of foreign exchange, Industrial Energy sales in Europe-ROW increased by approximately 5.9 percent.
Net income for the period increased to $10.1 million from a net loss of $137.0 million, which included a goodwill impairment charge of $159.8 million. Current-year results were adversely affected by a restructuring and asset impairment charge in the aggregate amount of $10.1 million relating to the closure of the Kankakee, Illinois, plant.
Adjusted EBITDA for Industrial Energy decreased $4.6 million quarter-over-quarter to $32.9 million. The fiscal 2005 result, however, included a portion of the Bad Lauterberg insurance payment related to property damage and the $3.0 million in deferred income. Excluding the benefit from insurance and recognition of deferred income during the prior-year quarter, Adjusted EBITDA improved during the third quarter of fiscal 2006.
Transportation Business
Consolidated global net sales in Transportation decreased slightly during the period to $457.4 million from $458.8 million reported in the prior-year period. These results were primarily due to foreign exchange as the U.S. Dollar strengthened primarily against the Euro, and because of lower unit volume in Europe-ROW, which was offset by higher volumes in North America. Warmer-than-expected weather and higher commodity prices adversely impacted volumes in each region`s aftermarket business. Finally, pricing actions to recover higher commodity costs in each region resulted in erosion of market share as some customers moved their business to lower-priced competitors; reduced market share also resulted from Exide`s decision not to renew some business that no longer met the Company`s profitability requirements.
Net income for the period increased to $16.1 million from a net loss of $212.2 million, including a goodwill impairment charge of $239.6 million.
Adjusted EBITDA for the period was $35.9 million, down from $44.8 million in the same period a year ago, the result of not fully recovering rising manufacturing and distribution costs through pricing actions.
Conference Call Details
Members of Exide`s senior management team will host a conference call on Thursday, February 9, 2006 for members of the investment community to discuss the Company`s financial results and general business operations at 10:00 a.m. Eastern Standard Time.
Domestic Dial-In Number: (877) 563-6439
International Dial-In Number: (706) 758-9457
Conference Identification Number: 3786649
For individuals unable to participate in the conference call, a telephone replay will be available from 2 p.m. on February 9, 2006 until midnight on March 9, 2006 at:
Domestic Replay Number: (800) 642-1687
International Replay Number: (706) 645-9291
Conference Identification Number: 3786649
Non-financial participants can listen to the earnings call by accessing the Investor Relations page of the Exide website, www.exide.com.
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, is available at www.exide.com.
Forward-Looking Statements
Except for historical information, this press release may be deemed to contain "forward-looking" statements. The Company desires to avail itself of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the "Act") and is including this cautionary statement for the express purpose of availing itself of the protection afforded by the Act.
Examples of forward-looking statements include, but are not limited to (a) projections of revenues, cost of raw materials, income or loss, earnings or loss per share, capital expenditures, growth prospects, dividends, the effect of currency translations, capital structure and other financial items, (b) statements of plans of and objectives of the Company or its management or Board of Directors, including the introduction of new products, or estimates or predictions of actions by customers, suppliers, competitors or regulating authorities, (c) statements of future economic performance, (d) statements of assumptions, such as the prevailing weather conditions in the Company`s market areas, underlying other statements and statements about the Company or its business and (e) statements regarding the ability to comply with or alternatively obtain amendments under the Company`s debt agreements.
Factors that could cause actual results to differ materially from these forward looking statements include, but are not limited to, the following general factors such as: (i) adverse reactions by creditors, vendors, customers, and others to, among other things, the Company`s results, financial conditions or compliance with financial covenants, (ii) the Company`s ability to implement and fund based on current liquidity business strategies and restructuring plans, (iii) unseasonable weather (warm winters and cool summers) which adversely affects demand for automotive and some industrial batteries, (iv) the Company`s substantial debt and debt service requirements which may restrict the Company`s operational and financial flexibility, as well as imposing significant interest and financing costs (v) the Company`s ability to comply with the covenants in its debt agreements or obtain waivers of noncompliance, (vi) the litigation proceedings to which the Company is subject, the results of which could have a material adverse effect on the Company and its business, (vii) the realization of the tax benefits of the Company`s net operating loss carry forwards, of which is dependent upon future taxable income, (viii) the fact that lead, a major constituent in most of the Company`s products, experiences significant fluctuations in market price and is a hazardous material that may give rise to costly environmental and safety claims, (ix) competitiveness of the battery markets in North America and Europe, (x) the substantial management time and financial and other resources needed for the Company`s consolidation and rationalization of acquired entities, (xi) risks involved in foreign operations such as disruption of markets, changes in import and export laws, currency restrictions, currency exchange rate fluctuations and possible terrorist attacks against U.S. interests, (xii) the Company`s exposure to fluctuations in interest rates on its variable debt, (xiii) the Company`s ability to maintain and generate liquidity to meet its operating needs, (xiv) general economic conditions, (xv) the ability to acquire goods and services and/or fulfill labor needs at budgeted costs, (xvi) the Company`s reliance on a single supplier for its polyethylene battery separators, (xvii) the Company`s ability to comply with the provisions of Section 404 of the Sarbanes-Oxley Act of 2002, (xviii) the ability to successfully pass along increased costs to its customers, and (xix) the Company`s ability to successfully resolve the $27.5 million fine with the U.S. Attorney`s Office for the Southern District of Illinois.
Therefore, the Company cautions each reader of this press release carefully to consider those factors set forth above and those factors described in Amendment No. 1 to the Company`s Registration Statement on Form S-3 filed with the SEC on September 14, 2005 and in the Company`s most recent Form 10-Q filed on February 9, 2006 because 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.
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per-share data)
Successor Company Successor Company
for the for the
Three Months Ended Three Months Ended
December 31, 2005 December 31, 2004
--------------------------------------------
NET SALES $ 733,442 $ 727,902
COST OF SALES 614,609 602,151
------------------ ---------------------
Gross profit 118,833 125,751
------------------ ---------------------
EXPENSES:
Selling, marketing and
advertising 66,261 69,003
General and
administrative 42,471 47,365
Restructuring and
impairment 6,511 5,713
Goodwill Impairment -- 399,388
Other expense (income)
net 7,973 (5,005)
Interest expense net 18,404 11,728
------------------ ---------------------
141,620 528,192
------------------ ---------------------
Loss before
reorganization items,
income taxes and
minority interest (22,787) (402,441)
REORGANIZATION ITEMS, NET 1,311 2,236
INCOME TAX PROVISION 3,528 34,484
MINORITY INTEREST 32 (121)
------------------ ---------------------
Net loss $ (27,658) $ (439,040)
================== =====================
NET LOSS PER SHARE
Basic and Diluted $ (1.11) $ (17.56)
================== =====================
WEIGHTED AVERAGE SHARES
Basic and Diluted 25,000 25,000
================== =====================
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per-share data)
Successor Successor Predecessor
Company Company Company
for the for the for the
Nine Months Period Period
May 6, 2004 April 1, 2004
Ended to to
December 31, December 31, May 5,
2005 2004 2004
------------ ------------ -------------
NET SALES $2,089,259 $1,763,429 $ 214,607
COST OF SALES 1,764,317 1,477,867 179,137
------------ ------------ -------------
Gross profit 324,942 285,562 35,470
------------ ------------ -------------
EXPENSES:
Selling, marketing and
advertising 204,948 178,617 24,504
General and administrative 129,347 108,601 17,940
Restructuring and impairment 16,051 12,986 602
Goodwill Impairment -- 399,388 --
Other expense (income) net 12,781 (57,042) 6,222
Interest expense net 51,163 29,165 8,870
---------- ---------- -----------
414,290 671,715 58,138
---------- ---------- -----------
Loss before reorganization
items, income taxes and
minority interest (89,348) (386,153) (22,668)
REORGANIZATION ITEMS, NET 4,398 5,654 18,434
FRESH START ACCOUNTING
ADJUSTMENTS, NET -- -- (228,371)
GAIN ON DISCHARGE OF
LIABILITIES SUBJECT TO
COMPROMISE -- -- (1,558,839)
INCOME TAX PROVISION (BENEFIT) 2,572 30,782 (2,482)
MINORITY INTEREST 72 (75) 26
---------- ---------- -----------
Net income (loss) $ (96,390) $ (422,514) $ 1,748,564
========== ========== ===========
NET INCOME (LOSS) PER SHARE
Basic and Diluted $ (3.86) $ (16.90) $ 63.86
========== ========== ===========
WEIGHTED AVERAGE SHARES
Basic and Diluted 25,000 25,000 27,383
========== ========== ===========
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except per-share data)
Successor Company
-------------------------
December 31, March 31,
ASSETS 2005 2005
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 36,872 $ 76,696
Restricted cash 548 1,323
Receivables, net of allowance for doubtful
accounts of $20,236 and $22,471 635,221 687,715
Inventories 429,451 397,689
Prepaid expenses and other 34,182 21,275
Deferred financing costs, net 1,770 1,725
Deferred income taxes 5,419 4,305
---------- ----------
Total current assets 1,143,463 1,190,728
---------- ----------
PROPERTY, PLANT AND EQUIPMENT, NET 691,384 799,763
OTHER ASSETS:
Intangible assets, net 188,229 192,854
Investments in affiliates 7,147 9,010
Deferred financing costs, net 11,215 12,784
Deferred income taxes 55,711 55,896
Other 26,030 29,745
---------- ----------
288,332 300,289
---------- ----------
Total assets $2,123,179 $2,290,780
========== ==========
LIABILITIES AND STOCKHOLDERS` EQUITY
CURRENT LIABILITIES:
Short-term borrowings $ 14,700 $ 1,595
Current maturities of long-term debt 24,380 632,116
Accounts payable 341,411 340,480
Accrued expenses 347,465 385,521
Warrants liability 1,688 11,188
---------- ----------
Total current liabilities 729,644 1,370,900
LONG-TERM DEBT 639,213 20,047
NONCURRENT RETIREMENT OBLIGATIONS 313,294 329,628
NONCURRENT DEFERRED TAX LIABILITY 29,511 24,178
OTHER NONCURRENT LIABILITIES 97,532 106,004
---------- ----------
Total liabilities 1,809,194 1,850,757
---------- ----------
COMMITMENTS AND CONTINGENCIES -- --
MINORITY INTEREST 11,993 12,764
---------- ----------
STOCKHOLDERS` EQUITY
Preferred stock, $0.01 par value, 1,000
shares authorized, 0 shares issued and
outstanding -- --
Common stock, $0.01 par value, 61,500 shares
authorized, 24,542 and 24,407 shares issued
and outstanding 245 234
Additional paid-in capital 888,479 888,157
Accumulated deficit (563,313) (466,923)
Accumulated other comprehensive (loss)
income (23,419) 5,791
---------- ----------
Total stockholders` equity 301,992 427,259
---------- ----------
Total liabilities and stockholders`
equity $2,123,179 $2,290,780
========== ==========
EXIDE TECHNOLOGIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Successor Predecessor
Successor Company Company
Company for the for the
for the Period Period
Nine Months May 6, 2004 April 1, 2004
Ended to to
December 31, December 31, May 5, 2004
2005 2004 2004
----------- ------------ -------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss) $(96,390) $(422,514) $ 1,748,564
Adjustments to reconcile net
income (loss) to net cash used
in operating activities:
Depreciation and amortization 90,519 84,194 7,848
Impairment of Goodwill -- 399,388 --
Gain on discharge of liabilities
subject to compromise -- -- (1,558,839)
Fresh Start accounting
adjustments, net -- -- (228,371)
Unrealized gain on Warrants (9,500) (61,488) --
Net loss on asset sales 12,270 1,227 --
Provision for doubtful accounts 2,401 2,167 473
Deferred income taxes -- 680 --
Non-cash provision for
restructuring 1,002 108 18
Reorganization items, net 4,398 5,654 18,434
Insurance proceeds -- 2,143 --
Minority interest 72 (75) 26
Amortization of deferred
financing costs 1,347 -- 1,251
Changes in assets and
liabilities, excluding effects
of Fresh Start accounting,
acquisitions and divestitures:
Receivables 10,342 (41,745) 45,924
Inventories (51,451) (12,408) (10,873)
Prepaid expenses and other (13,199) (2,378) 286
Payables 19,007 32,464 (20,967)
Accrued expenses (17,208) (28,982) (20,564)
Noncurrent liabilities (7,210) (3,443) (294)
Other, net 9,199 31,360 9,898
-------- --------- -----------
Net cash used in operating
activities (44,401) (13,648) (7,186)
-------- --------- -----------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Capital expenditures (37,861) (44,577) (7,152)
Proceeds from sales of assets 19,657 20,962 2,800
-------- --------- -----------
Net cash used in investing
activities (18,204) (23,615) (4,352)
-------- --------- -----------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Increase in short-term borrowings 13,963 4,174 2,425
Repayments under Senior Notes -- -- (110,082)
Borrowings under Credit Facility -- 168,593 621,258
Repayments under Credit Facility (12,804) (169,332) (452,875)
Currency Swap (12,084) -- --
Increase (decrease) in other debt 36,081 (2,036) (2,412)
Financing costs and other -- (682) (23,146)
-------- --------- -----------
Net cash provided by financing
activities 25,156 717 35,168
-------- --------- -----------
EFFECT OF EXCHANGE RATE CHANGES
ON CASH AND CASH EQUIVALENTS (2,375) 3,031 (1,447)
NET (DECREASE) INCREASE IN CASH
AND CASH EQUIVALENTS (39,824) (33,515) 22,183
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 76,696 59,596 37,413
-------- --------- -----------
CASH AND CASH EQUIVALENTS, END OF
PERIOD $ 36,872 $ 26,081 $ 59,596
======== ========= ===========
EXIDE TECHNOLOGIES AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
SUCCESSOR COMPANY FOR THE THREE MONTHS ENDED DECEMBER 31, 2005
Industrial
Transportation Energy
---------------- ----------------
North Europe North Europe
America and ROW America and ROW Other TOTAL
------- -------- ------- -------- ------- --------
Net income (loss) $3.7 $12.4 ($4.3) $14.4 ($53.9) ($27.7)
Interest expense,
net 18.4 18.4
Income tax
provision
(benefit) 3.5 3.5
--------------------------------------------------
EBIT $3.7 $12.4 ($4.3) $14.4 ($31.9) ($5.7)
Depreciation and
amortization 7.3 8.4 2.8 8.1 3.6 30.2
Reorganization
items, net 0.0 0.0 0.0 0.0 1.3 1.3
Restructuring and
impairment, net (0.0) 2.6 1.8 1.7 0.4 6.5
Other restructuring
costs included in
cost of sales and
general and
administrative
expenses 0.1 (0.0) (0.1) 0.2 (0.1) 0.1
Currency
remeasurement
loss (gain) 1.7 0.0 0.3 0.0 (1.3) 0.7
Gain on
revaluation of
foreign currency
forward contract 0.0 0.0 0.0 0.0 0.0 0.0
Minority interest 0.0 0.0 0.0 0.0 0.1 0.1
Unrealized gain
on revaluation
of warrants 0.0 0.0 0.0 0.0 (1.8) (1.8)
Loss (gain) on
sale of capital
assets 1.5 0.3 8.5 0.2 (0.9) 9.6
Other non-cash
losses (gains) (2.0) (0.0) (0.7) (0.2) 3.0 0.1
Adjusted EBITDA $12.3 $23.6 $8.4 $24.5 ($27.7) $41.1
==================================================
exide hat erstens am 9.2.2006 gute zahlen mit großer verlustreduktion bekanntgegeben und zweitens eine "vereinbarung" mit lithium getroffen, gemeinsam deren batterien (die offenbar ein speichervermögen haben, das alles übertrifft, was auf dem markt ist) zu vermarkten. der kurs von lithium bleibt mir ein rätsel, da er überhaupt nicht reagiert, aber exide dürfte zu einem sprung ansetzen...
Pfandbrief, ich bin immer wieder fasziniert, auf welch dünnen Rasierklingen du tanzt. Erst die gute alte WCM (erinnerst du dich an unsere "Diskussionen"?), jetzt Exide. Bei WCM war ich mir tausendprozentig sicher, dass dies in die Hose gehen muss, bei Exide gestehe ich dir zumindest eine "fighting chance" zu. Nicht dass ich dir das nicht gönnen würde, ganz und gar nicht.
Der CEO hat sich zumindest entschieden, kaempfend unterzugehen. Ich mag das sehr und habe grossen Respekt vor solch einer Einstellung. Ich wünschte unsere Vorstaende haetten solch einen Charakter. Da ist der CEO von Exide doch von ganz anderem Kaliber als Roland Flach von WCM, oder?
Ich werde am Wochenende mal die Bilanz und die Unternehmensgergebnisse von Exide analysieren. Wer weiss, vielleicht springen die ja wirklich dem Tod noch von der Schippe.
Was mich primaer von einem Investment abhaelt ist dier Fakt, dass man hier nicht mit Stopp-Loss (knapp unter Jahrestief) arbeiten kann. Denn kommt der Aufruf zur Beerdigung, rasselt die Aktie 80% auf einmal herunter.
Der CEO hat sich zumindest entschieden, kaempfend unterzugehen. Ich mag das sehr und habe grossen Respekt vor solch einer Einstellung. Ich wünschte unsere Vorstaende haetten solch einen Charakter. Da ist der CEO von Exide doch von ganz anderem Kaliber als Roland Flach von WCM, oder?
Ich werde am Wochenende mal die Bilanz und die Unternehmensgergebnisse von Exide analysieren. Wer weiss, vielleicht springen die ja wirklich dem Tod noch von der Schippe.
Was mich primaer von einem Investment abhaelt ist dier Fakt, dass man hier nicht mit Stopp-Loss (knapp unter Jahrestief) arbeiten kann. Denn kommt der Aufruf zur Beerdigung, rasselt die Aktie 80% auf einmal herunter.
Nun, so ist es ja nicht. Ich kaufe diese Sachen ja nicht mit dem ganzen Vermögen. Ich glaube, wenn man nicht (mit maßvollen Einsätzen) diese riskanten Dinge spielt, verliert man das Interesse an der Börse. Und das wäre auch fürs Gesamtdepot schlecht.
Insgesamt ist mein Depot -- zumindest für die Verhältnisse hier auf w:o -- sehr konservativ ausgerichtet. Aber über Pfandbriefe mag hier keiner diskutieren, und mir ist auch nicht danach.
Also...ich habe es in diesem Thread schon mehrfach getan, aber nochmal: Bei XIDE besteht Totalverlustrisiko. Ich glaube aber, dass im Gegensatz zu vielen anderen hier vorgestellten Sachen, die ähnlich riskant sind, auch eine langfristige CHANCE zur Vervielfachung besteht. Diese Chance ist sicher deutlich kleiner als 50 %.
Insgesamt ist mein Depot -- zumindest für die Verhältnisse hier auf w:o -- sehr konservativ ausgerichtet. Aber über Pfandbriefe mag hier keiner diskutieren, und mir ist auch nicht danach.
Also...ich habe es in diesem Thread schon mehrfach getan, aber nochmal: Bei XIDE besteht Totalverlustrisiko. Ich glaube aber, dass im Gegensatz zu vielen anderen hier vorgestellten Sachen, die ähnlich riskant sind, auch eine langfristige CHANCE zur Vervielfachung besteht. Diese Chance ist sicher deutlich kleiner als 50 %.
Schöner langfristiger Auftrag, zeigt Vertrauen des prominenten Kunden! Grad rein, es steigt schon...
Exide Awarded U.S. Battery Contracts From BMW
Friday February 24, 11:49 am ET
ALPHARETTA, Ga.--(BUSINESS WIRE)--Feb. 24, 2006--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that BMW has awarded the Company its flooded-battery business for vehicles manufactured at the German automaker`s facility in Spartanburg, S.C.
In addition to winning BMW`s OEM (original equipment manufacturing) business at the Spartanburg plant, Exide was awarded the contract for replacement batteries to be installed at BMW service centers throughout the United States.
The Company expects to begin supplying batteries to BMW`s Spartanburg plant and its dealer-owned service centers on or about April 1, 2006. The total value of this new business is expected to exceed $10 million annually.
Exide has supplied OEM and replacement batteries to BMW in Europe since 1979.
"BMW is one of the world`s elite automakers, and we are thrilled and honored to expand our relationship to the United States," said Gordon A. Ulsh, President and Chief Executive Officer. "I want to congratulate everyone in our organization who helped win this prestigious contract by demonstrating Exide`s ability to meet the rigorous quality and delivery standards demanded by BMW."
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
Exide Awarded U.S. Battery Contracts From BMW
Friday February 24, 11:49 am ET
ALPHARETTA, Ga.--(BUSINESS WIRE)--Feb. 24, 2006--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that BMW has awarded the Company its flooded-battery business for vehicles manufactured at the German automaker`s facility in Spartanburg, S.C.
In addition to winning BMW`s OEM (original equipment manufacturing) business at the Spartanburg plant, Exide was awarded the contract for replacement batteries to be installed at BMW service centers throughout the United States.
The Company expects to begin supplying batteries to BMW`s Spartanburg plant and its dealer-owned service centers on or about April 1, 2006. The total value of this new business is expected to exceed $10 million annually.
Exide has supplied OEM and replacement batteries to BMW in Europe since 1979.
"BMW is one of the world`s elite automakers, and we are thrilled and honored to expand our relationship to the United States," said Gordon A. Ulsh, President and Chief Executive Officer. "I want to congratulate everyone in our organization who helped win this prestigious contract by demonstrating Exide`s ability to meet the rigorous quality and delivery standards demanded by BMW."
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world`s largest producers and recyclers of lead-acid batteries. The Company`s four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
Ein Kreuz mit dem Papier...diesmal war`s der warme Januar, sodass das EBITDA Ziel, an dem auch die Kredite hängen, mal wieder verfehlt werden. Das Spielchen mit den Kreditgebern kann also wieder mal losgehen. Es fällt vorbörslich.
Form 8-K for EXIDE TECHNOLOGIES
--------------------------------------------------------------------------------
6-Mar-2006
Other Events
Item 8.01 Other Events.
Based upon the Company`s current forecasts, the Company believes as of the date hereof that its Consolidated EBITDA, as such term is defined in its senior credit facility for the fiscal quarter ending March 31, 2006, will be between $105 million and $110 million, rather than at least $123 million as previously contemplated. The decrease in anticipated Consolidated EBITDA relates primarily to a decline in sales in North America of transportation batteries following an unusually warm January and a reduction in sales in the Industrial Energy Europe divsion following recently implemented price increases. Because the Company would be in default of its senior credit facility if the Consilidated EBITDA as of the fiscal quarter ending March 31, 2006 were less than $123 million, the Company has commenced discussions with the administrative agent and certain of its lenders to amend or waive the Consolidated EBITDA covenant. If an amendment or waiver to the senior credit facility cannot be obtained or cannot be obtained on a timely basis, the Company`s business would be signficantly and adversely impacted.
The above remarks about future expectations, plans and prospects for the Company are forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those suggested by such statements. For further information regarding cautionary statements and factors affecting future operating results, please refer to the Company’s quarterly report on Form 10-Q for the quarter ended December 31, 2005 and other documents previously filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.
Form 8-K for EXIDE TECHNOLOGIES
--------------------------------------------------------------------------------
6-Mar-2006
Other Events
Item 8.01 Other Events.
Based upon the Company`s current forecasts, the Company believes as of the date hereof that its Consolidated EBITDA, as such term is defined in its senior credit facility for the fiscal quarter ending March 31, 2006, will be between $105 million and $110 million, rather than at least $123 million as previously contemplated. The decrease in anticipated Consolidated EBITDA relates primarily to a decline in sales in North America of transportation batteries following an unusually warm January and a reduction in sales in the Industrial Energy Europe divsion following recently implemented price increases. Because the Company would be in default of its senior credit facility if the Consilidated EBITDA as of the fiscal quarter ending March 31, 2006 were less than $123 million, the Company has commenced discussions with the administrative agent and certain of its lenders to amend or waive the Consolidated EBITDA covenant. If an amendment or waiver to the senior credit facility cannot be obtained or cannot be obtained on a timely basis, the Company`s business would be signficantly and adversely impacted.
The above remarks about future expectations, plans and prospects for the Company are forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those suggested by such statements. For further information regarding cautionary statements and factors affecting future operating results, please refer to the Company’s quarterly report on Form 10-Q for the quarter ended December 31, 2005 and other documents previously filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.
Other Events, Financial Statements and Exhibits
Item 8.01 Other Events.
On March 9, 2006, the Company reached an agreement in principle with the requisite percentage of the lenders under its senior credit agreement on a form of seventh amendment thereto. The proposed form of such amendment being distributed to the lenders for their review and approval is attached to this Report as Exhibit 99.1.
Effectiveness of such amendment is conditioned upon, among other things, execution of the definitive agreement for such amendment by the requisite percentage of the lenders.
----
Man wird sich wahrscheinlich wieder einigen...es steigt.
Item 8.01 Other Events.
On March 9, 2006, the Company reached an agreement in principle with the requisite percentage of the lenders under its senior credit agreement on a form of seventh amendment thereto. The proposed form of such amendment being distributed to the lenders for their review and approval is attached to this Report as Exhibit 99.1.
Effectiveness of such amendment is conditioned upon, among other things, execution of the definitive agreement for such amendment by the requisite percentage of the lenders.
----
Man wird sich wahrscheinlich wieder einigen...es steigt.
Und wieder sind sie nochmal von der Klinge gesprungen...aber es kostet Geld (höhere Zinsen, etc.).
Nunja, man muß wohl froh sein. Es steigt mal wieder...
-------------
15-Mar-2006
Entry into Material Agreement, Financial Statements and Exhibits
Item 1.01 Entry into a Material Definitive Agreement.
On March 15, 2006, the Company obtained an amendment to its senior credit facility, a copy of which is attached hereto as Exhibit 10.1. The amendment provides, among other things, modified covenants relating to trailing twelve month Consolidated EBITDA, as such term is defined in its senior credit facility, as of the fiscal quarters ending March 31, 2006, June 30, 2006 and September 30, 2006, elimination of the "going concern" covenant for fiscal year 2006, increased call protection in the event the Company refinances the senior credit facility, a 100 basis point increase in the applicable margin for the outstanding loans, an agreement to pay fees for a financial advisor for the lenders capped at $75,000 per month and an amendment fee of 0.50% of the aggregate amount of outstanding loans and commitments of lenders consenting to the amendment.
The Company is completing certain post-effective items required under the amendment, including modifications to existing mortgage documents and certain of the foreign security documents.
Item 9.01 Financial Statements and Exhibits.
Exhibit 10.1 Seventh Amendment to Senior Credit Facility
Nunja, man muß wohl froh sein. Es steigt mal wieder...
-------------
15-Mar-2006
Entry into Material Agreement, Financial Statements and Exhibits
Item 1.01 Entry into a Material Definitive Agreement.
On March 15, 2006, the Company obtained an amendment to its senior credit facility, a copy of which is attached hereto as Exhibit 10.1. The amendment provides, among other things, modified covenants relating to trailing twelve month Consolidated EBITDA, as such term is defined in its senior credit facility, as of the fiscal quarters ending March 31, 2006, June 30, 2006 and September 30, 2006, elimination of the "going concern" covenant for fiscal year 2006, increased call protection in the event the Company refinances the senior credit facility, a 100 basis point increase in the applicable margin for the outstanding loans, an agreement to pay fees for a financial advisor for the lenders capped at $75,000 per month and an amendment fee of 0.50% of the aggregate amount of outstanding loans and commitments of lenders consenting to the amendment.
The Company is completing certain post-effective items required under the amendment, including modifications to existing mortgage documents and certain of the foreign security documents.
Item 9.01 Financial Statements and Exhibits.
Exhibit 10.1 Seventh Amendment to Senior Credit Facility
20-Apr-2006
Other Events
Item 8.01 Other Events.
As previously disclosed, the Company continues to explore certain strategic and financial alternatives, which now includes the potential sale of its Industrial Europe and Rest of World division ("Industrial Europe"). The Company has not received any specific proposals with respect to the potential sale and does not currently intend to make any further statements on its pursuit of these alternatives until such time as a definitive agreement is reached.
----
Offenbar ist man nun bereit sich vom Tafelsilber zu trennen. Wobei das Silber sicher geputzt werden müsste...
Other Events
Item 8.01 Other Events.
As previously disclosed, the Company continues to explore certain strategic and financial alternatives, which now includes the potential sale of its Industrial Europe and Rest of World division ("Industrial Europe"). The Company has not received any specific proposals with respect to the potential sale and does not currently intend to make any further statements on its pursuit of these alternatives until such time as a definitive agreement is reached.
----
Offenbar ist man nun bereit sich vom Tafelsilber zu trennen. Wobei das Silber sicher geputzt werden müsste...
Sie ist seit Tagen sehr stark, aber es gibt keine News...heute endlich mal wieder über 4 Dollar.
hier ist ja offenbar niemand investiert...bin bei 3$ eingestiegen und da kann man ja ganz zufrieden sein. vermute, dass die nächsten zahlen den trend bestätigen und dass eine batterie-generation von xide kommt, die verbesserte leistungsfähigkeit und stark verkleinerte ausmaße in sich vereinigt...
Hallo,
mit dem Einstiegskurs kann man sicher zufrieden sein, meiner ist leider etwas über 4 Dollar.
Es hat sich ja kräftig erholt in letzter Zeit, und das gegen den Markttrend. Man darf natürlich nicht übersehen, dass es nach wie vor ein Kampf auf Leben und Tod für das Unternehmen ist. Eine operative Besserung, sei es mit neuen Batterien oder sonstwie, sollte besser rasch kommen, sonst ersticken wir in der Zinslast.
mit dem Einstiegskurs kann man sicher zufrieden sein, meiner ist leider etwas über 4 Dollar.
Es hat sich ja kräftig erholt in letzter Zeit, und das gegen den Markttrend. Man darf natürlich nicht übersehen, dass es nach wie vor ein Kampf auf Leben und Tod für das Unternehmen ist. Eine operative Besserung, sei es mit neuen Batterien oder sonstwie, sollte besser rasch kommen, sonst ersticken wir in der Zinslast.
Die geplanten Zahlen kommen heute nicht...sie stellen es dar, als ginge es nur um die latenten Steuern. Wäre das so, wäre der Abschlag heute übertrieben. Aber es glaubt ihnen halt keiner mehr was, und vielleicht zu Recht.
ALPHARETTA, Ga.--(BUSINESS WIRE)--June 14, 2006--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that the Company will not file its Annual Report on Form 10-K by the SEC prescribed deadline of June 14, 2006. The delay in filing is due, in part, to the late identification of out of period deferred tax benefits. As these are tax-related items, they will have no impact on the Company's adjusted EBITDA calculations under its senior credit facility. Among other items, the identification of out of period tax benefits has also impacted the timing of the completion of the Company's final assessment of its internal control environment as required by the Sarbanes-Oxley Act and will result in a restatement of the Company's prior years' results to reflect the allocation of deferred tax benefits to the appropriate periods. The Company's previously issued financial statements for these periods should no longer be relied upon.
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Consequently, the Company will postpone its conference call to discuss the 2006 results, previously scheduled for June 15, 2006, until it has filed its Form 10-K. The Company will file with the SEC a Form 12b-25 notice of late filing with details regarding the delay and related matters. It is expected that the Company's 10-K will again in 2006 contain a going concern qualification in the audit opinion and will again likely disclose one or more material weaknesses in internal controls, including one related to taxes.
About Exide Technologies:
Exide Technologies, with operations in 89 countries, is one of the world's largest producers and recyclers of lead-acid batteries. The Company's four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
ALPHARETTA, Ga.--(BUSINESS WIRE)--June 14, 2006--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announced today that the Company will not file its Annual Report on Form 10-K by the SEC prescribed deadline of June 14, 2006. The delay in filing is due, in part, to the late identification of out of period deferred tax benefits. As these are tax-related items, they will have no impact on the Company's adjusted EBITDA calculations under its senior credit facility. Among other items, the identification of out of period tax benefits has also impacted the timing of the completion of the Company's final assessment of its internal control environment as required by the Sarbanes-Oxley Act and will result in a restatement of the Company's prior years' results to reflect the allocation of deferred tax benefits to the appropriate periods. The Company's previously issued financial statements for these periods should no longer be relied upon.
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Consequently, the Company will postpone its conference call to discuss the 2006 results, previously scheduled for June 15, 2006, until it has filed its Form 10-K. The Company will file with the SEC a Form 12b-25 notice of late filing with details regarding the delay and related matters. It is expected that the Company's 10-K will again in 2006 contain a going concern qualification in the audit opinion and will again likely disclose one or more material weaknesses in internal controls, including one related to taxes.
About Exide Technologies:
Exide Technologies, with operations in 89 countries, is one of the world's largest producers and recyclers of lead-acid batteries. The Company's four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
Heute kam es zum Bezugsrechtsabschlag. Alle, die gestern zu Börsenschluß Aktien hatten, können ausüben. Das sollte man vermutlich auch machen, da nicht anzunehmen ist dass der Kurs signifikant unter 3,50 fällt, bis das durch ist.
ALPHARETTA, Ga.--(BUSINESS WIRE)--Aug. 23, 2006--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), today announced that it has set the record date for its previously announced rights offering. The Company will be distributing non-transferable rights to subscribe for and purchase up to 21,428,571 shares of its common stock to common stockholders of record as of 5:00 p.m. Eastern Daylight Time, August 23, 2006. In the offering, each common stockholder will have the right to subscribe for 0.85753 shares of common stock, at a subscription price of $3.50 per share, for each share owned on August 23, 2006.
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Stockholders will be able to exercise their rights to purchase shares in the offering until 5:00 p.m. Eastern Daylight Time on September 14, 2006.
A copy of the prospectus relating to the rights offering meeting the requirements of Section 10 of the Securities Act of 1933 and additional materials relating to the rights offering are expected to be mailed on or about August 28, 2006 to common stockholders of the Company as of the record date. Common stockholders may also obtain a copy of the prospectus from the information agent for the offering, Georgeson Shareholders Communications Inc., 17 State Street, 10th Floor, New York, New York 10004, telephone (888) 206-5896.
ALPHARETTA, Ga.--(BUSINESS WIRE)--Aug. 23, 2006--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), today announced that it has set the record date for its previously announced rights offering. The Company will be distributing non-transferable rights to subscribe for and purchase up to 21,428,571 shares of its common stock to common stockholders of record as of 5:00 p.m. Eastern Daylight Time, August 23, 2006. In the offering, each common stockholder will have the right to subscribe for 0.85753 shares of common stock, at a subscription price of $3.50 per share, for each share owned on August 23, 2006.
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Stockholders will be able to exercise their rights to purchase shares in the offering until 5:00 p.m. Eastern Daylight Time on September 14, 2006.
A copy of the prospectus relating to the rights offering meeting the requirements of Section 10 of the Securities Act of 1933 and additional materials relating to the rights offering are expected to be mailed on or about August 28, 2006 to common stockholders of the Company as of the record date. Common stockholders may also obtain a copy of the prospectus from the information agent for the offering, Georgeson Shareholders Communications Inc., 17 State Street, 10th Floor, New York, New York 10004, telephone (888) 206-5896.
habe keine weiteren infos eingeholt... meine aktien lagen auf halde... jetzt kommt ziemliche bewegung, die ich auch nicht richtig einschätzen kann... 80% in institutioneller hand... vielleicht hat sich pfandbrief schlau gemacht..?? Einstieg bei 3 $ - macht jedenfalls Freude...
Ich weiß nicht, was den Kursanstieg verursacht hat. Wir haben ja jetzt auch um einiges mehr Aktien draußen, sodass der jetzige Kurs ja einen Turnaround schon fast einpreist...hoffen wirs mal.
Antwort auf Beitrag Nr.: 27.401.009 von Pfandbrief am 03.02.07 18:53:09möglicherweise ein paar empfehlungen!? u.a. hat der antizyklische Aktienbrief von A.Hose den Wert vergangene Woche empfohlen. (schreibe u.a., weil ich nicht weiß aus welchen quellen Herr Hose seine INfos bezieht.)
und exide soll von bmw den auftrag erhalten haben, in weiteren Werken als bisher die Fahrzeuge auszurüsten...
ist ja enorm, was hier abgeht... nach 20 min von 7,30 auf 8,70 und ich hab immer noch keine ahnung, warum.. in den usa haben alle boards geschrieben, sie würde jetzt fallen wie ein stein; das war ein grund sie zu halten...
Antwort auf Beitrag Nr.: 27.513.792 von hkweiberg am 08.02.07 15:52:04Na diesmal ist es aber klar, die Zahlen sind heraussen, wie angekündigt.
Ich find sie eigentlich nicht sooooo toll, und hab folgerichtig einen Teil versilbert.
----
ALPHARETTA, Ga., Feb. 7, 2007 (PRIME NEWSWIRE) -- Exide Technologies (NasdaqGM:XIDE - News) (http://www.exide.com), a global leader in stored electrical-energy solutions, today reported its financial results for its fiscal 2007 third quarter and year-to-date, which ended December 31, 2006. Manufacturing cost reductions and lower SG&A expenses, which totaled approximately $34 million over the first nine months coupled with selected price increases, offset somewhat lower volume and drove quarter and nine-month Adjusted EBITDA improvement.
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Quarter
Consolidated net sales for the fiscal 2007 third quarter were $769.7 million versus $733.4 million for the fiscal 2006 third quarter. Excluding the favorable impact of currency, sales were essentially flat year-over-year. All of our Divisions continue to benefit from higher pricing, which has offset the impact of lower unit volumes in our transportation businesses and weak network power demand in our Industrial Energy North America business. ``The somewhat lower unit volumes in both our Transportation North America and Transportation Europe and Rest of World businesses continue to be the result of our intended program to increase profitability,'' said Gordon Ulsh, President and CEO. ``An unseasonably warm December on both continents put further downward pressure on volume.''
The Company had a net loss of $11.2 million or ($0.18) per share for the third quarter of fiscal 2007, inclusive of an approximate $9.2 million after-tax impairment charge relating to a former manufacturing facility held for sale. This compared with a net loss of $27.7 million or ($1.08) per share for the fiscal 2006 third quarter. The decreased net loss is partially the result of improved gross margins driven by higher pricing and continued productivity gains, which more than offset the impact of lower volumes. Our results for the current quarter included a tax benefit of $2.9 million versus a tax provision in the prior year period of $3.5 million. Interest expense, net was $4.4 million higher in the current quarter due to higher average debt levels and higher interest rates. Net loss per share was also impacted by an increase in weighted average shares outstanding as a result of the September 2006 rights offering and private sale of common stock.
The Company also reported positive earnings before interest and taxes (``EBIT'') in the quarter of $8.6 million which was net of the above mentioned $9.2 million impairment charge. In the third quarter of 2006 the company reported negative EBIT of $5.7 million, which also included an after-tax asset impairment charge of $8.5 million relating to the closure of our Kankakee, IL facility in November, 2005.
Adjusted EBITDA in the third quarter of fiscal 2007 was $54.1 million, a 32% increase over third quarter fiscal 2006 Adjusted EBITDA of $41.1 million. The increase in Adjusted EBITDA is attributable to improved margins as a result of pricing actions and productivity improvements, partially offset by higher lead costs.
The Company uses Adjusted EBITDA as a key measure of its operational financial performance, as it is an important element of its bank agreement covenants. This measure underlies the Company's operational performance and excludes the nonrecurring impact of the Company's current restructuring actions. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and restructuring charges. Our Adjusted EBITDA definition also adjusts reported earnings for the effect of non-cash currency remeasurement gains or losses, the non-cash gain or loss from revaluation of the Company's warrants liability, impairment charges and non-cash gains or losses on asset sales. See the reconciliations of net losses to EBIT and Adjusted EBITDA in the attachments to this release.
Fiscal Year-To-Date
Consolidated net sales for the first nine months of fiscal 2007 were $2.13 billion versus $2.09 billion for the first nine months of fiscal 2006. Excluding the favorable impact of exchange rates, sales were flat. Mr. Ulsh stated, ``Sales for the comparable year-to-date period mirrored those of the third quarter with pricing essentially offsetting the impact of lower volumes.''
The Company had a net loss of $84.2 million or ($2.16) per share for the first nine months of fiscal 2007, compared with a net loss of $96.4 million or ($3.77) per share for the first nine months of fiscal 2006. The decrease in net loss is primarily attributable to improved gross margins and decreases in selling, marketing, and advertising expense and general and administrative expense of $3.2 million and $4.7 million, respectively These results were partially offset however, by an increase in restructuring charges of approximately $6.2 million driven principally by the April 2006 closing of the Company's automotive battery plant in Shreveport, Louisiana, and to a $16.6 million increase in interest expense due to higher debt and higher rates resulting from the fourth quarter fiscal 2006 amendments to our credit agreement. Net loss per share was also impacted by an increase in weighted average shares outstanding as a result of the September 2006 rights offering and private sale of common stock.
For the first nine months of 2007, the Company reported a $14.6 million EBIT loss compared to a $42.7 million EBIT loss in the year ago period.
Adjusted EBITDA for the first nine months of fiscal 2007 was $114.7 million, an increase of 35% over fiscal 2006 Adjusted EBITDA of $85.1 million. The increase in Adjusted EBITDA is attributable to improved margins as a result of pricing actions, reductions in selling, marketing, and advertising costs, and savings of approximately $4.7 million in general and administrative expenses as a result of ongoing initiatives to streamline the organization. These savings were partially offset, however, by higher lead and fuel costs.
Conference Call
The Company previously announced that it will hold a conference call to discuss its results on Thursday, February 8, 2007 at 10:00 a.m. (EDT).
Dial-in number for US/Canada: (877) 563-6439
Dial-in number for international callers: (706) 758-9457
Conference ID: 6641259
About Exide Technologies:
Exide Technologies, with operations in 89 countries, is one of the world's largest producers and recyclers of lead-acid batteries. The Company's four global business groups -- Transportation North America, Transportation Europe and Rest of World, Industrial Energy North America and Industrial Energy Europe and Rest of World -- provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at http://www.exide.com.
The Exide Technologies logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3300
Forward-Looking Statements
Except for historical information, this press release may be deemed to contain ``forward-looking'' statements. The Company desires to avail itself of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the ``Act'') and is including this cautionary statement for the express purpose of availing itself of the protection afforded by the Act. The Company undertakes no obligation to publicly update or revise any forward-looking statement in this or any prior forward-looking statements whether as a result of new information, future developments or otherwise.
Examples of forward-looking statements include, but are not limited to, (a) projections of revenues, cost of raw materials, income or loss, earnings or loss per share, capital expenditures, growth prospects, dividends, the effect of currency translations, capital structure and other financial items, (b) statements of plans and objectives of the Company or its management or Board of Directors, including the introduction of new products, or estimates or predictions of actions by customers, suppliers, competitors or regulating authorities, (c) statements of future economic performance, (d) statements of assumptions, such as the prevailing weather conditions in the Company's market areas, underlying other statements and statements about the Company or its business and (e) statements regarding the ability to comply with or alternatively obtain amendments under the Company's debt agreements.
Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following general factors such as: (i) the Company's ability to implement and fund based on current liquidity business strategies and restructuring plans, (ii) unseasonable weather (warm winters and cool summers) which adversely affects demand for automotive and some industrial batteries, (iii) the Company's substantial debt and debt service requirements which may restrict the Company's operational and financial flexibility, as well as imposing significant interest and financing costs, (iv) the Company's ability to comply with the covenants in its debt agreements or obtain waivers of noncompliance, (v) the litigation proceedings to which the Company is subject, the results of which could have a material adverse effect on the Company and its business, (vi) the realization of the tax benefits of the Company's net operating loss carry forwards, which is dependent upon future taxable income, (vii) the fact that lead, a major constituent in most of the Company's products, experiences significant fluctuations in market price and is a hazardous material that may give rise to costly environmental and safety claims, (viii) competitiveness of the battery markets in North America and Europe, (ix) the substantial management time and financial and other resources needed for the Company's consolidation and rationalization of acquired entities, (x) risks involved in foreign operations such as disruption of markets, changes in import and export laws, currency restrictions, currency exchange rate fluctuations and possible terrorist attacks against U.S. interests, (xi) the Company's exposure to fluctuations in interest rates on its variable debt, (xii) the Company's ability to maintain and generate liquidity to meet its operating needs, (xiii) general economic conditions, (xiv) the ability to acquire goods and services and/or fulfill labor needs at budgeted costs, (xv) the Company's reliance on a single supplier for its polyethylene battery separators, (xvi) the Company's ability to successfully pass along increased material costs to its customers, (xvii) the Company's ability to comply with the provisions of Section 404 of the Sarbanes-Oxley Act of 2002, and (xviii) the Company's significant pension obligations over the next several years.
Therefore, the Company cautions each reader of this press release carefully to consider those factors set forth above and those factors described in the Company's Form 10-Q filed on February 7, 2007 because 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
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND NINE MONTHS ENDED
(In thousands, except per-share data)
For the For the
Three Months Ended Nine Months Ended
----------------------- -----------------------
December 31, December 31,
2006 2005 2006 2005
---------- ---------- ---------- ----------
NET SALES $ 769,743 $ 733,442 $2,133,232 $2,089,259
COST OF SALES 640,038 614,609 1,788,447 1,764,317
---------- ---------- ---------- ----------
Gross profit 129,705 118,833 344,785 324,942
---------- ---------- ---------- ----------
EXPENSES:
Selling, marketing
and advertising 67,336 66,261 201,786 204,948
General and
administrative 42,263 42,471 124,650 129,347
Restructuring 6,299 6,511 22,222 16,051
Other (income)
expense, net 3,737 7,973 6,448 12,781
Interest expense, net 22,814 18,404 67,742 51,163
---------- ---------- ---------- ----------
142,449 141,620 422,848 414,290
---------- ---------- ---------- ----------
Loss before
reorganization items,
income taxes, and
minority interest (12,744) (22,787) (78,063) (89,348)
REORGANIZATION ITEMS,
NET 1,213 1,311 3,784 4,398
INCOME TAX PROVISION
(BENEFIT) (2,947) 3,528 1,924 2,572
MINORITY INTEREST 234 32 478 72
---------- ---------- ---------- ----------
Net loss $ (11,244) $ (27,658) $ (84,249) $ (96,390)
========== ========== ========== ==========
NET LOSS PER SHARE
---------- ---------- ---------- ----------
Basic and Diluted $ (0.18) $ (1.08) $ (2.16) $ (3.77)
========== ========== ========== ==========
WEIGHTED AVERAGE
SHARES ---------- ---------- ---------- ----------
Basic and Diluted 60,829 25,576 38,940 25,576
========== ========== ========== ==========
EXIDE TECHNOLOGIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2006 AND MARCH 31, 2006
(In thousands, except per share data)
December 31, March 31,
2006 2006
---------- ----------
ASSETS
Current assets:
Cash and cash equivalents $ 64,610 $ 32,161
Restricted cash 610 561
Receivables, net of allowance for doubtful
accounts of $28,909 and $21,637 621,810 617,677
Inventories 451,788 414,943
Prepaid expenses and other 42,540 30,243
Deferred financing costs, net 3,326 3,169
Deferred income taxes 15,225 11,066
---------- ----------
Total current assets 1,199,909 1,109,820
---------- ----------
Property, plant and equipment, net 651,320 685,842
---------- ----------
Other assets:
Other intangibles, net 192,114 186,820
Investments in affiliates 5,057 4,783
Deferred financing costs, net 13,441 15,196
Deferred income taxes 59,447 56,358
Other 19,944 24,090
---------- ----------
Total other assets 290,003 287,247
---------- ----------
Total assets $2,141,232 $2,082,909
========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings $ 15,892 $ 11,375
Current maturities of long-term debt 3,579 5,643
Accounts payable 358,999 360,538
Accrued expenses 313,094 298,631
Warrants liability 2,648 2,063
---------- ----------
Total current liabilities 694,212 678,250
Long-term debt 665,909 683,986
Noncurrent retirement obligations 320,119 333,248
Deferred income tax liability 36,501 33,590
Other noncurrent liabilities 110,977 116,430
---------- ----------
Total liabilities 1,827,718 1,845,504
---------- ----------
Commitments and contingencies (Note 13) -- --
Minority interest 14,019 12,666
---------- ----------
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value,
1,000 shares authorized, 0 shares
issued and outstanding -- --
Common stock, $0.01 par value,
100,000 and 61,500 shares authorized,
60,706 and 24,546 shares issued
and outstanding 607 245
Additional paid-in capital 1,007,970 888,647
Accumulated deficit (723,904) (639,655)
Accumulated other comprehensive
income (loss) 14,822 (24,498)
---------- ----------
Total stockholders' equity 299,495 224,739
---------- ----------
Total liabilities and
stockholders' equity $2,141,232 $2,082,909
========== ==========
EXIDE TECHNOLOGIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2006 AND 2005
(In thousands) For the
Nine Months Ended
----------------------
December 31,
2006 2005
-------- --------
Cash Flows From Operating Activities:
Net loss $(84,249) $(96,390)
Adjustments to reconcile net loss to net cash
used in operating activities--
Depreciation and amortization 90,152 90,519
Unrealized loss (gain) on warrants 585 (9,500)
Net loss on asset sales / disposals 16,699 12,270
Provision for doubtful accounts 6,749 2,401
Non-cash stock compensation 1,814 333
Reorganization items, net 3,784 4,398
Minority interest 478 72
Amortization of deferred financing costs 2,535 1,347
Changes in assets and liabilities --
Receivables 28,573 10,342
Inventories (12,670) (51,451)
Prepaid expenses and other (8,898) (13,199)
Payables (23,863) 19,007
Accrued expenses 3,143 (16,206)
Noncurrent liabilities (47,679) (7,210)
Other, net (12,205) 8,866
-------- --------
Net cash used in operating activities (35,052) (44,401)
-------- --------
Cash Flows From Investing Activities:
Capital expenditures (28,978) (37,861)
Proceeds from sales of assets, net 3,385 19,657
-------- --------
Net cash used in investing activities (25,593) (18,204)
-------- --------
Cash Flows From Financing Activities:
Increase in short-term borrowings 3,106 13,963
Repayments under Senior Secured
Credit Facility (27,654) (12,804)
Settlement of foreign currency swap -- (12,084)
Increase (decrease) in other debt (2,441) 36,081
Net Proceeds from rights offering
and private equity sale 117,871 --
-------- --------
Net cash provided by financing activities 90,882 25,156
-------- --------
Effect of Exchange Rate Changes on Cash
and Cash Equivalents 2,212 (2,375)
-------- --------
Net Increase (Decrease) In Cash and
Cash Equivalents 32,449 (39,824)
Cash and Cash Equivalents,
Beginning of Period 32,161 76,696
-------- --------
Cash and Cash Equivalents,
End of Period $ 64,610 $ 36,872
======== ========
EXIDE TECHNOLOGIES AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
FOR THE THREE MONTHS ENDED DECEMBER 31, 2006
(in millions)
Industrial
Transportation Energy
--------------- ---------------
Europe Europe
North and North and
America ROW America ROW Other TOTAL
------- ------ ------- ------ ----- -----
Net income (loss) $17.1 ($8.2) $ 5.8 $ 3.7 ($29.6) ($11.2)
Interest expense,
net - - - - 22.8 22.8
Income tax provision
(benefit) - - - - (3.0) (3.0)
------------------------------------------------
EBIT $17.1 ($8.2) $ 5.8 $ 3.7 ($9.8) $ 8.6
Depreciation and
amortization 7.2 8.1 2.3 8.9 3.2 29.7
Take Charge 0.0 0.0 0.0 2.6 0.0 2.6
Reorganization items,
net - - - - 1.2 1.2
Restructuring and
impairment, net 1.3 1.8 0.1 3.2 (0.1) 6.3
Other restructuring
costs included in
cost of sales and
general and
administrative
expenses 0.1 0.0 0.0 0.0 - 0.1
Currency remeasure-
ment loss (gain) 0.4 - (0.3) (0.1) (6.4) (6.4)
Gain on revaluation
of foreign currency
forward contract - - - - - 0.0
Minority interest - - - - 0.3 0.3
Unrealized gain on
revaluation of
warrants - - - - 1.3 1.3
Loss (gain) on sale
of capital assets 0.2 9.2 0.1 0.2 0.1 9.8
Other, principally
non cash stock
compensation
expense (0.2) (0.1) (0.1) 0.2 0.8 0.6
Adjusted EBITDA $26.1 $10.8 $ 7.9 $18.7 ($9.4) $ 54.1
================================================
EXIDE TECHNOLOGIES AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
FOR THE NINE MONTHS ENDED DECEMBER 31, 2006
(in millions)
Industrial
Transportation Energy
--------------- ---------------
Europe Europe
North and North and
America ROW America ROW Other TOTAL
------- ------ ------- ------ ------ -----
Net income (loss) $ 18.1 ($21.5) $18.6 $ 6.2 ($105.6) ($84.2)
Interest expense,
net - - - - 67.7 67.7
Income tax provision
(benefit) - - - - 1.9 1.9
-------------------------------------------------
EBIT $ 18.1 ($21.5) $18.6 $ 6.2 ($36.0) ($14.6)
Depreciation and
amortization 21.4 24.6 7.0 27.0 10.2 90.2
Take Charge 1.0 0.3 0.0 2.6 0.1 4.0
Reorganization
items, net - - - - 3.8 3.8
Restructuring and
impairment, net 8.0 7.9 0.5 5.5 0.3 22.2
Other restructuring
costs included in
cost of sales and
general and
administrative
expenses 0.4 - - - (0.3) 0.1
Currency remeasur-
ement loss (gain) 0.5 - 0.1 (0.1) (11.1) (10.6)
Gain on revaluation
of foreign currency
forward contract - - - - - 0.0
Minority interest - - - - 0.5 0.5
Unrealized gain on
revaluation of
warrants - - - - 0.6 0.6
Loss (gain) on sale
of capital assets 7.1 9.5 - - 0.1 16.7
Other, principally
non cash stock
compensation
expense (0.1) (0.1) - 0.2 1.8 1.8
Adjusted EBITDA $ 56.4 $ 20.7 $26.2 $41.4 ($30.0) $114.7
=================================================
EXIDE TECHNOLOGIES AND SUBSIDIARIES
COMPARATIVE FY07 Q3 NET SALES AND ADJUSTED EBITDA BY SEGMENT
(in millions)
--------------- ---------------
Industrial
Transportation Energy
--------------- ---------------
Europe Europe
North and North and Unallocated
America ROW America ROW Corporate Consolidated
------- ------ ------- ------ ----------- ------------
Q3 FY07
-------
Net sales $234.3 $236.6 $61.7 $237.1 - $769.7
Adjusted
EBITDA $26.1 $10.9 $7.9 $18.7 ($9.5) $54.1
Q3 FY06
-------
Net sales $237.6 $219.7 $67.3 $208.8 - $733.4
Adjusted
EBITDA (1) $8.2 $16.9 $7.1 $18.1 ($9.2) $41.1
(1) Includes pro forma effect of the allocation of certain
Corporate costs.
EXIDE TECHNOLOGIES AND SUBSIDIARIES
COMPARATIVE FY07 Q3 YTD NET SALES AND ADJUSTED EBITDA BY SEGMENT
(in millions)
--------------- ---------------
Industrial
Transportation Energy
--------------- ---------------
Europe Europe
North and North and Unallocated
America ROW America ROW Corporate Consolidated
------- ------ ------- ------ ----------- ------------
Q3 YTD FY07
-----------
Net sales $676.5 $606.3 $199.7 $650.7 - $2,133.2
Adjusted
EBITDA $56.4 $20.7 $26.2 $41.4 ($30.0) $114.7
Q3 YTD FY06
-----------
Net sales $681.8 $587.1 $207.8 $612.6 - $2,089.3
Adjusted
EBITDA (1) $24.7 $25.6 $20.1 $44.2 ($29.5) $85.1
(1) Includes pro forma effect of the allocation of certain
Corporate costs.
The EXIDE Technologies Adjusted EBITDA Variances graphs are available at http://media.primezone.com/cache/8076/file/3706.html
Contact:
J.Addams & Partners, Inc.
Media:
Jeannine Addams
jfaddams@jaddams.com
Kristin Wohlleben
kwohlleben@jaddams.com
404/231-1132
Exide Technologies
Investors:
Todd Atenhan
770/425-7877
investorrelations@exide.com
--------------------------------------------------------------------------------
Source: Exide Technologies
Ich find sie eigentlich nicht sooooo toll, und hab folgerichtig einen Teil versilbert.
----
ALPHARETTA, Ga., Feb. 7, 2007 (PRIME NEWSWIRE) -- Exide Technologies (NasdaqGM:XIDE - News) (http://www.exide.com), a global leader in stored electrical-energy solutions, today reported its financial results for its fiscal 2007 third quarter and year-to-date, which ended December 31, 2006. Manufacturing cost reductions and lower SG&A expenses, which totaled approximately $34 million over the first nine months coupled with selected price increases, offset somewhat lower volume and drove quarter and nine-month Adjusted EBITDA improvement.
ADVERTISEMENT
Quarter
Consolidated net sales for the fiscal 2007 third quarter were $769.7 million versus $733.4 million for the fiscal 2006 third quarter. Excluding the favorable impact of currency, sales were essentially flat year-over-year. All of our Divisions continue to benefit from higher pricing, which has offset the impact of lower unit volumes in our transportation businesses and weak network power demand in our Industrial Energy North America business. ``The somewhat lower unit volumes in both our Transportation North America and Transportation Europe and Rest of World businesses continue to be the result of our intended program to increase profitability,'' said Gordon Ulsh, President and CEO. ``An unseasonably warm December on both continents put further downward pressure on volume.''
The Company had a net loss of $11.2 million or ($0.18) per share for the third quarter of fiscal 2007, inclusive of an approximate $9.2 million after-tax impairment charge relating to a former manufacturing facility held for sale. This compared with a net loss of $27.7 million or ($1.08) per share for the fiscal 2006 third quarter. The decreased net loss is partially the result of improved gross margins driven by higher pricing and continued productivity gains, which more than offset the impact of lower volumes. Our results for the current quarter included a tax benefit of $2.9 million versus a tax provision in the prior year period of $3.5 million. Interest expense, net was $4.4 million higher in the current quarter due to higher average debt levels and higher interest rates. Net loss per share was also impacted by an increase in weighted average shares outstanding as a result of the September 2006 rights offering and private sale of common stock.
The Company also reported positive earnings before interest and taxes (``EBIT'') in the quarter of $8.6 million which was net of the above mentioned $9.2 million impairment charge. In the third quarter of 2006 the company reported negative EBIT of $5.7 million, which also included an after-tax asset impairment charge of $8.5 million relating to the closure of our Kankakee, IL facility in November, 2005.
Adjusted EBITDA in the third quarter of fiscal 2007 was $54.1 million, a 32% increase over third quarter fiscal 2006 Adjusted EBITDA of $41.1 million. The increase in Adjusted EBITDA is attributable to improved margins as a result of pricing actions and productivity improvements, partially offset by higher lead costs.
The Company uses Adjusted EBITDA as a key measure of its operational financial performance, as it is an important element of its bank agreement covenants. This measure underlies the Company's operational performance and excludes the nonrecurring impact of the Company's current restructuring actions. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and restructuring charges. Our Adjusted EBITDA definition also adjusts reported earnings for the effect of non-cash currency remeasurement gains or losses, the non-cash gain or loss from revaluation of the Company's warrants liability, impairment charges and non-cash gains or losses on asset sales. See the reconciliations of net losses to EBIT and Adjusted EBITDA in the attachments to this release.
Fiscal Year-To-Date
Consolidated net sales for the first nine months of fiscal 2007 were $2.13 billion versus $2.09 billion for the first nine months of fiscal 2006. Excluding the favorable impact of exchange rates, sales were flat. Mr. Ulsh stated, ``Sales for the comparable year-to-date period mirrored those of the third quarter with pricing essentially offsetting the impact of lower volumes.''
The Company had a net loss of $84.2 million or ($2.16) per share for the first nine months of fiscal 2007, compared with a net loss of $96.4 million or ($3.77) per share for the first nine months of fiscal 2006. The decrease in net loss is primarily attributable to improved gross margins and decreases in selling, marketing, and advertising expense and general and administrative expense of $3.2 million and $4.7 million, respectively These results were partially offset however, by an increase in restructuring charges of approximately $6.2 million driven principally by the April 2006 closing of the Company's automotive battery plant in Shreveport, Louisiana, and to a $16.6 million increase in interest expense due to higher debt and higher rates resulting from the fourth quarter fiscal 2006 amendments to our credit agreement. Net loss per share was also impacted by an increase in weighted average shares outstanding as a result of the September 2006 rights offering and private sale of common stock.
For the first nine months of 2007, the Company reported a $14.6 million EBIT loss compared to a $42.7 million EBIT loss in the year ago period.
Adjusted EBITDA for the first nine months of fiscal 2007 was $114.7 million, an increase of 35% over fiscal 2006 Adjusted EBITDA of $85.1 million. The increase in Adjusted EBITDA is attributable to improved margins as a result of pricing actions, reductions in selling, marketing, and advertising costs, and savings of approximately $4.7 million in general and administrative expenses as a result of ongoing initiatives to streamline the organization. These savings were partially offset, however, by higher lead and fuel costs.
Conference Call
The Company previously announced that it will hold a conference call to discuss its results on Thursday, February 8, 2007 at 10:00 a.m. (EDT).
Dial-in number for US/Canada: (877) 563-6439
Dial-in number for international callers: (706) 758-9457
Conference ID: 6641259
About Exide Technologies:
Exide Technologies, with operations in 89 countries, is one of the world's largest producers and recyclers of lead-acid batteries. The Company's four global business groups -- Transportation North America, Transportation Europe and Rest of World, Industrial Energy North America and Industrial Energy Europe and Rest of World -- provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and 42-volt automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at http://www.exide.com.
The Exide Technologies logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3300
Forward-Looking Statements
Except for historical information, this press release may be deemed to contain ``forward-looking'' statements. The Company desires to avail itself of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the ``Act'') and is including this cautionary statement for the express purpose of availing itself of the protection afforded by the Act. The Company undertakes no obligation to publicly update or revise any forward-looking statement in this or any prior forward-looking statements whether as a result of new information, future developments or otherwise.
Examples of forward-looking statements include, but are not limited to, (a) projections of revenues, cost of raw materials, income or loss, earnings or loss per share, capital expenditures, growth prospects, dividends, the effect of currency translations, capital structure and other financial items, (b) statements of plans and objectives of the Company or its management or Board of Directors, including the introduction of new products, or estimates or predictions of actions by customers, suppliers, competitors or regulating authorities, (c) statements of future economic performance, (d) statements of assumptions, such as the prevailing weather conditions in the Company's market areas, underlying other statements and statements about the Company or its business and (e) statements regarding the ability to comply with or alternatively obtain amendments under the Company's debt agreements.
Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following general factors such as: (i) the Company's ability to implement and fund based on current liquidity business strategies and restructuring plans, (ii) unseasonable weather (warm winters and cool summers) which adversely affects demand for automotive and some industrial batteries, (iii) the Company's substantial debt and debt service requirements which may restrict the Company's operational and financial flexibility, as well as imposing significant interest and financing costs, (iv) the Company's ability to comply with the covenants in its debt agreements or obtain waivers of noncompliance, (v) the litigation proceedings to which the Company is subject, the results of which could have a material adverse effect on the Company and its business, (vi) the realization of the tax benefits of the Company's net operating loss carry forwards, which is dependent upon future taxable income, (vii) the fact that lead, a major constituent in most of the Company's products, experiences significant fluctuations in market price and is a hazardous material that may give rise to costly environmental and safety claims, (viii) competitiveness of the battery markets in North America and Europe, (ix) the substantial management time and financial and other resources needed for the Company's consolidation and rationalization of acquired entities, (x) risks involved in foreign operations such as disruption of markets, changes in import and export laws, currency restrictions, currency exchange rate fluctuations and possible terrorist attacks against U.S. interests, (xi) the Company's exposure to fluctuations in interest rates on its variable debt, (xii) the Company's ability to maintain and generate liquidity to meet its operating needs, (xiii) general economic conditions, (xiv) the ability to acquire goods and services and/or fulfill labor needs at budgeted costs, (xv) the Company's reliance on a single supplier for its polyethylene battery separators, (xvi) the Company's ability to successfully pass along increased material costs to its customers, (xvii) the Company's ability to comply with the provisions of Section 404 of the Sarbanes-Oxley Act of 2002, and (xviii) the Company's significant pension obligations over the next several years.
Therefore, the Company cautions each reader of this press release carefully to consider those factors set forth above and those factors described in the Company's Form 10-Q filed on February 7, 2007 because 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
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND NINE MONTHS ENDED
(In thousands, except per-share data)
For the For the
Three Months Ended Nine Months Ended
----------------------- -----------------------
December 31, December 31,
2006 2005 2006 2005
---------- ---------- ---------- ----------
NET SALES $ 769,743 $ 733,442 $2,133,232 $2,089,259
COST OF SALES 640,038 614,609 1,788,447 1,764,317
---------- ---------- ---------- ----------
Gross profit 129,705 118,833 344,785 324,942
---------- ---------- ---------- ----------
EXPENSES:
Selling, marketing
and advertising 67,336 66,261 201,786 204,948
General and
administrative 42,263 42,471 124,650 129,347
Restructuring 6,299 6,511 22,222 16,051
Other (income)
expense, net 3,737 7,973 6,448 12,781
Interest expense, net 22,814 18,404 67,742 51,163
---------- ---------- ---------- ----------
142,449 141,620 422,848 414,290
---------- ---------- ---------- ----------
Loss before
reorganization items,
income taxes, and
minority interest (12,744) (22,787) (78,063) (89,348)
REORGANIZATION ITEMS,
NET 1,213 1,311 3,784 4,398
INCOME TAX PROVISION
(BENEFIT) (2,947) 3,528 1,924 2,572
MINORITY INTEREST 234 32 478 72
---------- ---------- ---------- ----------
Net loss $ (11,244) $ (27,658) $ (84,249) $ (96,390)
========== ========== ========== ==========
NET LOSS PER SHARE
---------- ---------- ---------- ----------
Basic and Diluted $ (0.18) $ (1.08) $ (2.16) $ (3.77)
========== ========== ========== ==========
WEIGHTED AVERAGE
SHARES ---------- ---------- ---------- ----------
Basic and Diluted 60,829 25,576 38,940 25,576
========== ========== ========== ==========
EXIDE TECHNOLOGIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2006 AND MARCH 31, 2006
(In thousands, except per share data)
December 31, March 31,
2006 2006
---------- ----------
ASSETS
Current assets:
Cash and cash equivalents $ 64,610 $ 32,161
Restricted cash 610 561
Receivables, net of allowance for doubtful
accounts of $28,909 and $21,637 621,810 617,677
Inventories 451,788 414,943
Prepaid expenses and other 42,540 30,243
Deferred financing costs, net 3,326 3,169
Deferred income taxes 15,225 11,066
---------- ----------
Total current assets 1,199,909 1,109,820
---------- ----------
Property, plant and equipment, net 651,320 685,842
---------- ----------
Other assets:
Other intangibles, net 192,114 186,820
Investments in affiliates 5,057 4,783
Deferred financing costs, net 13,441 15,196
Deferred income taxes 59,447 56,358
Other 19,944 24,090
---------- ----------
Total other assets 290,003 287,247
---------- ----------
Total assets $2,141,232 $2,082,909
========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings $ 15,892 $ 11,375
Current maturities of long-term debt 3,579 5,643
Accounts payable 358,999 360,538
Accrued expenses 313,094 298,631
Warrants liability 2,648 2,063
---------- ----------
Total current liabilities 694,212 678,250
Long-term debt 665,909 683,986
Noncurrent retirement obligations 320,119 333,248
Deferred income tax liability 36,501 33,590
Other noncurrent liabilities 110,977 116,430
---------- ----------
Total liabilities 1,827,718 1,845,504
---------- ----------
Commitments and contingencies (Note 13) -- --
Minority interest 14,019 12,666
---------- ----------
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value,
1,000 shares authorized, 0 shares
issued and outstanding -- --
Common stock, $0.01 par value,
100,000 and 61,500 shares authorized,
60,706 and 24,546 shares issued
and outstanding 607 245
Additional paid-in capital 1,007,970 888,647
Accumulated deficit (723,904) (639,655)
Accumulated other comprehensive
income (loss) 14,822 (24,498)
---------- ----------
Total stockholders' equity 299,495 224,739
---------- ----------
Total liabilities and
stockholders' equity $2,141,232 $2,082,909
========== ==========
EXIDE TECHNOLOGIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2006 AND 2005
(In thousands) For the
Nine Months Ended
----------------------
December 31,
2006 2005
-------- --------
Cash Flows From Operating Activities:
Net loss $(84,249) $(96,390)
Adjustments to reconcile net loss to net cash
used in operating activities--
Depreciation and amortization 90,152 90,519
Unrealized loss (gain) on warrants 585 (9,500)
Net loss on asset sales / disposals 16,699 12,270
Provision for doubtful accounts 6,749 2,401
Non-cash stock compensation 1,814 333
Reorganization items, net 3,784 4,398
Minority interest 478 72
Amortization of deferred financing costs 2,535 1,347
Changes in assets and liabilities --
Receivables 28,573 10,342
Inventories (12,670) (51,451)
Prepaid expenses and other (8,898) (13,199)
Payables (23,863) 19,007
Accrued expenses 3,143 (16,206)
Noncurrent liabilities (47,679) (7,210)
Other, net (12,205) 8,866
-------- --------
Net cash used in operating activities (35,052) (44,401)
-------- --------
Cash Flows From Investing Activities:
Capital expenditures (28,978) (37,861)
Proceeds from sales of assets, net 3,385 19,657
-------- --------
Net cash used in investing activities (25,593) (18,204)
-------- --------
Cash Flows From Financing Activities:
Increase in short-term borrowings 3,106 13,963
Repayments under Senior Secured
Credit Facility (27,654) (12,804)
Settlement of foreign currency swap -- (12,084)
Increase (decrease) in other debt (2,441) 36,081
Net Proceeds from rights offering
and private equity sale 117,871 --
-------- --------
Net cash provided by financing activities 90,882 25,156
-------- --------
Effect of Exchange Rate Changes on Cash
and Cash Equivalents 2,212 (2,375)
-------- --------
Net Increase (Decrease) In Cash and
Cash Equivalents 32,449 (39,824)
Cash and Cash Equivalents,
Beginning of Period 32,161 76,696
-------- --------
Cash and Cash Equivalents,
End of Period $ 64,610 $ 36,872
======== ========
EXIDE TECHNOLOGIES AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
FOR THE THREE MONTHS ENDED DECEMBER 31, 2006
(in millions)
Industrial
Transportation Energy
--------------- ---------------
Europe Europe
North and North and
America ROW America ROW Other TOTAL
------- ------ ------- ------ ----- -----
Net income (loss) $17.1 ($8.2) $ 5.8 $ 3.7 ($29.6) ($11.2)
Interest expense,
net - - - - 22.8 22.8
Income tax provision
(benefit) - - - - (3.0) (3.0)
------------------------------------------------
EBIT $17.1 ($8.2) $ 5.8 $ 3.7 ($9.8) $ 8.6
Depreciation and
amortization 7.2 8.1 2.3 8.9 3.2 29.7
Take Charge 0.0 0.0 0.0 2.6 0.0 2.6
Reorganization items,
net - - - - 1.2 1.2
Restructuring and
impairment, net 1.3 1.8 0.1 3.2 (0.1) 6.3
Other restructuring
costs included in
cost of sales and
general and
administrative
expenses 0.1 0.0 0.0 0.0 - 0.1
Currency remeasure-
ment loss (gain) 0.4 - (0.3) (0.1) (6.4) (6.4)
Gain on revaluation
of foreign currency
forward contract - - - - - 0.0
Minority interest - - - - 0.3 0.3
Unrealized gain on
revaluation of
warrants - - - - 1.3 1.3
Loss (gain) on sale
of capital assets 0.2 9.2 0.1 0.2 0.1 9.8
Other, principally
non cash stock
compensation
expense (0.2) (0.1) (0.1) 0.2 0.8 0.6
Adjusted EBITDA $26.1 $10.8 $ 7.9 $18.7 ($9.4) $ 54.1
================================================
EXIDE TECHNOLOGIES AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION BY SEGMENT
FOR THE NINE MONTHS ENDED DECEMBER 31, 2006
(in millions)
Industrial
Transportation Energy
--------------- ---------------
Europe Europe
North and North and
America ROW America ROW Other TOTAL
------- ------ ------- ------ ------ -----
Net income (loss) $ 18.1 ($21.5) $18.6 $ 6.2 ($105.6) ($84.2)
Interest expense,
net - - - - 67.7 67.7
Income tax provision
(benefit) - - - - 1.9 1.9
-------------------------------------------------
EBIT $ 18.1 ($21.5) $18.6 $ 6.2 ($36.0) ($14.6)
Depreciation and
amortization 21.4 24.6 7.0 27.0 10.2 90.2
Take Charge 1.0 0.3 0.0 2.6 0.1 4.0
Reorganization
items, net - - - - 3.8 3.8
Restructuring and
impairment, net 8.0 7.9 0.5 5.5 0.3 22.2
Other restructuring
costs included in
cost of sales and
general and
administrative
expenses 0.4 - - - (0.3) 0.1
Currency remeasur-
ement loss (gain) 0.5 - 0.1 (0.1) (11.1) (10.6)
Gain on revaluation
of foreign currency
forward contract - - - - - 0.0
Minority interest - - - - 0.5 0.5
Unrealized gain on
revaluation of
warrants - - - - 0.6 0.6
Loss (gain) on sale
of capital assets 7.1 9.5 - - 0.1 16.7
Other, principally
non cash stock
compensation
expense (0.1) (0.1) - 0.2 1.8 1.8
Adjusted EBITDA $ 56.4 $ 20.7 $26.2 $41.4 ($30.0) $114.7
=================================================
EXIDE TECHNOLOGIES AND SUBSIDIARIES
COMPARATIVE FY07 Q3 NET SALES AND ADJUSTED EBITDA BY SEGMENT
(in millions)
--------------- ---------------
Industrial
Transportation Energy
--------------- ---------------
Europe Europe
North and North and Unallocated
America ROW America ROW Corporate Consolidated
------- ------ ------- ------ ----------- ------------
Q3 FY07
-------
Net sales $234.3 $236.6 $61.7 $237.1 - $769.7
Adjusted
EBITDA $26.1 $10.9 $7.9 $18.7 ($9.5) $54.1
Q3 FY06
-------
Net sales $237.6 $219.7 $67.3 $208.8 - $733.4
Adjusted
EBITDA (1) $8.2 $16.9 $7.1 $18.1 ($9.2) $41.1
(1) Includes pro forma effect of the allocation of certain
Corporate costs.
EXIDE TECHNOLOGIES AND SUBSIDIARIES
COMPARATIVE FY07 Q3 YTD NET SALES AND ADJUSTED EBITDA BY SEGMENT
(in millions)
--------------- ---------------
Industrial
Transportation Energy
--------------- ---------------
Europe Europe
North and North and Unallocated
America ROW America ROW Corporate Consolidated
------- ------ ------- ------ ----------- ------------
Q3 YTD FY07
-----------
Net sales $676.5 $606.3 $199.7 $650.7 - $2,133.2
Adjusted
EBITDA $56.4 $20.7 $26.2 $41.4 ($30.0) $114.7
Q3 YTD FY06
-----------
Net sales $681.8 $587.1 $207.8 $612.6 - $2,089.3
Adjusted
EBITDA (1) $24.7 $25.6 $20.1 $44.2 ($29.5) $85.1
(1) Includes pro forma effect of the allocation of certain
Corporate costs.
The EXIDE Technologies Adjusted EBITDA Variances graphs are available at http://media.primezone.com/cache/8076/file/3706.html
Contact:
J.Addams & Partners, Inc.
Media:
Jeannine Addams
jfaddams@jaddams.com
Kristin Wohlleben
kwohlleben@jaddams.com
404/231-1132
Exide Technologies
Investors:
Todd Atenhan
770/425-7877
investorrelations@exide.com
--------------------------------------------------------------------------------
Source: Exide Technologies
Vorbörslich stärker wegen:
ALPHARETTA, Ga.--(BUSINESS WIRE)--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announces a new supply agreement with Toyota Motor Engineering & Manufacturing North America. Exide has begun shipping lead-acid starting batteries for the next generation of Toyota Tundra trucks assembled at Toyota Motor Manufacturing, Texas, Inc. (TMMTX) in San Antonio, the automotive manufacturer's $1.28 billion assembly facility which began operations in November 2006.
ADVERTISEMENT
According to the terms of the supply contract, Exide will provide TMMTX group 24 and 27 starting batteries -- with an annual capacity of 200,000 units -- for the Texas-produced Tundra truck. The batteries are manufactured at Exide's Bristol, Tennessee facility and shipped from Exide's San Antonio branch location.
"To be selected by Toyota as the exclusive battery supplier to TMMTX to help power the next generation of one of the world's best-selling vehicles is testament to the marketplace's confidence in our product quality, customer service and unsurpassed commitment to helping our business partners succeed, " said E.J. O'Leary, President of the Transportation-Americas business division for Exide Technologies. "Equally important, the expansion of our supply agreement with Toyota demonstrates that this very important customer recognizes and highly values the strength of Exide's branch network."
Exide currently supplies Toyota with batteries for its North American-produced Camry and Avalon cars, Tundra trucks and Sequoia sport-utility vehicles. The new supply agreement continues a long-standing, successful relationship between Exide Technologies and Toyota Motor Engineering & Manufacturing North America that began in 1988.
ALPHARETTA, Ga.--(BUSINESS WIRE)--Exide Technologies (NASDAQ: XIDE - News; www.exide.com), a global leader in stored electrical-energy solutions, announces a new supply agreement with Toyota Motor Engineering & Manufacturing North America. Exide has begun shipping lead-acid starting batteries for the next generation of Toyota Tundra trucks assembled at Toyota Motor Manufacturing, Texas, Inc. (TMMTX) in San Antonio, the automotive manufacturer's $1.28 billion assembly facility which began operations in November 2006.
ADVERTISEMENT
According to the terms of the supply contract, Exide will provide TMMTX group 24 and 27 starting batteries -- with an annual capacity of 200,000 units -- for the Texas-produced Tundra truck. The batteries are manufactured at Exide's Bristol, Tennessee facility and shipped from Exide's San Antonio branch location.
"To be selected by Toyota as the exclusive battery supplier to TMMTX to help power the next generation of one of the world's best-selling vehicles is testament to the marketplace's confidence in our product quality, customer service and unsurpassed commitment to helping our business partners succeed, " said E.J. O'Leary, President of the Transportation-Americas business division for Exide Technologies. "Equally important, the expansion of our supply agreement with Toyota demonstrates that this very important customer recognizes and highly values the strength of Exide's branch network."
Exide currently supplies Toyota with batteries for its North American-produced Camry and Avalon cars, Tundra trucks and Sequoia sport-utility vehicles. The new supply agreement continues a long-standing, successful relationship between Exide Technologies and Toyota Motor Engineering & Manufacturing North America that began in 1988.
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