MILTON, Ga. – Exide Technologies has announced its fiscal 2012 fourth quarter and full year financial results for the periods ended March 31.
The company has reported net sales of $782.6 million, versus $774.5 million in the prior year fourth quarter. Operating income was $15.9 million, versus $9.3 million in the fourth quarter of fiscal 2011. Net loss was $2.7 million or (3 cents) per share as compared to the prior year period net loss of $13.7 million or (18 cents) per share. Free cash flow generation was approximately $55.7 million compared to a use of cash of ($14.7 million) in the prior year period.
Jim Bolch, president and CEO, said, "Our fourth quarter results improved over the comparative prior year period, principally due to lower restructuring and impairment charges. We are making steady progress with substantial opportunities for further improvement in the areas of product cost, recovery through pricing and optimization of plant capacity."
Gross profit of $123.1 million was $12.3 million lower than the prior year quarter. The company said this decline was due principally to rising spent battery input costs, particularly in North America, lower production levels in the late third and early fourth quarters to address inventory levels and a continued higher percentage of OE sales in both the transportation and motive power channels.
Fiscal 2012 fourth quarter operating income was $15.9 million compared to $9.3 million in the prior year fourth quarter. Operating income increased primarily due to lower restructuring and impairment charges as compared to the prior year fiscal fourth quarter.
Net sales for fiscal 2012 were $3.1 billion as compared with $2.9 billion for the prior fiscal year, an increase of approximately 7 percent. Net sales benefited from higher unit sales in many of the company’s markets, from lead related price increases of $115.5 million and from favorable foreign currency translation of approximately $59.2 million.
The company reported net income for fiscal 2012 of $56.7 million or 69 cents per diluted share as compared to net income of $26.4 million or 33 cents per diluted share in the prior fiscal year.
As of March 31, 2012, the company had cash and cash equivalents of $155.4 million and $152.8 million of availability under its bank revolving credit facility. This compares to cash and cash equivalents of $161.4 million and $144 million of availability under the bank revolving credit facility at March 31, 2011.
The company reported free cash flow usage of $17.4 million for fiscal 2012 as compared to a generation of free cash flow of $8.2 million for the comparable prior fiscal year. The impact of working capital initiatives in the current year quarter resulted in positive free cash flow of $55.6 million as compared with a $14.7 million use of cash in the fiscal 2011 comparative period.
