ALPHARETTA, GA -- Exide Technologies reported a second quarter (fiscal year 2006 ending Sept. 30) net loss of $33 million compared to a net loss of $17.1 million reported in the second quarter of fiscal 2005. The company said the loss was due to the restructuring costs of $6.6 million, continuing reorganization items of $1.7 million and a loss on the revaluation of warrants of $400,000.

Exide's net sales increased by 7.7 percent from $637.6 million (second quarter of fiscal 2005) to $686.5 million. Those improved results, which include favorable currency impacts of $2.3 million, benefited from higher average selling prices in all businesses as a result of the pass-through of continued commodity-related price increases, as well as increased demand in the industrial energy business.

"While the management team is encouraged by the progress made over the past two quarters, we fully recognize that much remains to be done to get the company's performance to levels commensurate with its potential," said Gordon Ulsh, president and CEO of Exide Technologies.

The company also announced that Timothy Gargaro has resigned as CFO. Gargaro will stay with the battery manufacturer until the year's end.

"We thank Tim for his commitment and improvements to Exide over the past year," said Ulsh. "He is a talented colleague who brought valuable experience and financial leadership to Exide during a challenging time for the company. We wish him well in all of his future endeavors."

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