Exide Technologies Reports Fiscal Year 2004 Results

June 29, 2004 by Jeff Shepard

Exide Technologies (Princeton, NJ) announced results for its fiscal year 2004, which ended March 31, 2004. As previously announced, the company's Plan of Reorganization became effective on May 5, 2004, and the company emerged from bankruptcy. All figures are based on pre-emergence accounting and going forward the company's financial results will be based on fresh start accounting.

The consolidated net loss for fiscal 2004 was $114.1 million, or $4.17 per diluted share, as compared to fiscal 2003's net loss of $140.9 million, or $5.14 per diluted share. Included in fiscal 2004 consolidated net loss were reorganization items in connection with the bankruptcy of $67 million, restructuring costs of $52.7 million and a charge of $15.6 million for the cumulative effect of a change in accounting principle.

Net sales were $2.5 billion for fiscal 2004, up from $2.36 billion in fiscal 2003. Although sales volumes were lower in all three of the company's business segments during fiscal 2004, currency positively impacted net sales for fiscal 2004 by approximately $229 million.