MILTON, Ga. — Exide Technologies has announced its fiscal 2011 second quarter financial results for the period ended Sept. 30.
The company reported net sales for the fiscal 2011 second quarter of $668 million, compared to $631.8 million in the prior year quarter, on estimated 2.3 percent higher unit volumes.
Net income in the current year period was $18 million or 22 cents per diluted share, compared to the prior year period net loss of $8 million or 11 cents per share.
Adjusted net income for the fiscal 2011 second quarter was $13.9 million or 17 cents per share as compared to adjusted net income of $3.8 million or 5 cents per share in the fiscal 2010 comparative period.
Jim Bolch, president and CEO, said, "I am pleased to report improved gross profit, lower operating expenses and higher unit volumes in our second quarter results. We expect continued improvement in the second half of our fiscal year as global markets strengthen, reflecting increased demand in substantially all channels."
Net sales for the first six months of fiscal 2011 aggregated $1.31 billion as compared with $1.22 billion for the prior fiscal year period, an increase of approximately 7 percent.
The company reported net income for the six months ended Sept. 30 of $8.9 million or 11 cents per diluted share as compared to a net loss of $62 million or (82 cents) per share in the six months ended Sept. 30, 2009.
"We are encouraged by improving unit sales in substantially all channels and expect fiscal 2011 second half Adjusted EBITDA to be slightly higher than the second half of fiscal 2010," said Bolch. "This expected increase is in spite of the strong sales in the prior fall and winter seasons that were the coldest in the recent ten year period in both the U.S. and Europe. This weather impact resulted in higher than normal replacement rates in the second half of the prior fiscal year in the Transportation aftermarket than had been seen in several years."
