Energizer Holdings Inc. (St. Louis, MO) announced results of its third quarter ended June 30, 2003. Net earnings for the quarter were $17.5 million, or $0.20 per diluted share, versus net earnings of $39.8 million, or $0.43 per diluted share, in the third fiscal quarter of 2002.
The current quarter includes an after-tax expense of $35.9 million, or $0.42 per diluted share, relating to the write-up of inventory purchased in the Schick-Wilkinson Sword (SWS) acquisition, as well as an after-tax gain on a property sale of $5.7 million, or $0.07 per diluted share, and intellectual property rights income of $1.5 million, after taxes, or $0.02 per diluted share. For the current quarter, sales increased 52% to $594 million and segment profit increased 20% to $83.4 million, due to the acquisition of SWS on March 28, 2003. General corporate and other expenses increased $2.8 million, and interest and other financing items increased $6.2 million.
For the nine months ended June 30, 2003, net earnings were $136.9 million, or $1.55 per diluted share, compared to net earnings of $130.2 million, or $1.40 per diluted share, in the same period last year. In addition to the inventory write-up and property sale mentioned above, the current nine-month results include total intellectual property rights income of $5.2 million, after taxes, or $0.06 per diluted share. Included in the nine months ended June 30, 2002, are restructuring provisions and related costs of $5.8 million, after taxes, or $0.06 per diluted share, and a bad debt reserve of $6.1 million, after taxes, or $0.07 per diluted share.
For the nine months ended June 30, 2003, sales and segment profit increased $231.7 million, or 18%, and $29.7 million, or 12%, respectively, due to the acquisition of SWS on March 28, 2003, and increases in the international battery business. General corporate and other expenses increased $1.4 million, and interest and other financing items increased $1.2 million.
