Exide Reports Fourth-Quarter Results
Exide Technologies (Princeton, NJ) announced results for its fourth fiscal quarter and full year results for fiscal 2001, ended March 31, 2001. For the fourth fiscal quarter, consolidated net income was $0.5 million, or $0.02 per diluted share, excluding non-recurring items, on consolidated revenues of $707.7 million. This compares to a net loss of $1.0 million, or $0.04 per diluted share, excluding non-recurring items, on consolidated revenues of $524.7 million for the same period a year before. Earnings before interest, taxes, depreciation and amortization and losses on sales of receivables, excluding non-recurring items, was $71.1 million for the quarter, as compared to $47.7 million for the same period one year earlier.
Robert A. Lutz, chairman and CEO, commented, “In the fourth quarter, we saw the initial benefits of our restructuring program as well as the initial savings generated from our acquisition of GNB. This is the first time in six years that we have been able to report a profit, excluding non-recurring items, in the fourth fiscal quarter. Strong earnings from our global industrial business, an improved cost structure in our transportation business and the superb efforts of our employees globally made it possible.”