Exide Technologies Reports Results for the First Quarter of 2002

August 08, 2001 by Jeff Shepard

Exide Technologies (Princeton, NJ) reported its results for the first quarter of fiscal 2002, which ended on June 30, 2001. Consolidated net loss for the quarter was $6.7 million, or $0.26 per diluted share, prior to the effect of adopting the Financial Accounting Standards (FAS) board's new standards on derivative accounting. This compares to a consolidated net loss of $9.4 million, or $0.44 per diluted share, last year.

The company reported a $0.5-million charge, or $0.02 per diluted share, for the cumulative effect of adopting FAS No. 133, as amended by FAS No. 138. Including the adoption of the accounting for derivatives, the company reported a consolidated net loss of $7.2 million, or $0.28 per diluted share, in this year's first quarter.

Consolidated net revenues for the current quarter were $631.2 million versus $465.8 million for the same period a year ago.

Earnings before interest, taxes, depreciation and amortization, and losses on sales of receivables were $53.0 million for the quarter, as compared with $36.6 million for the same period a year ago.

"We are pleased that we were able to achieve these results in what is shaping up to be a more and more difficult environment. The first quarter of the fiscal year has traditionally been our weakest quarter due to seasonal demand and a leaner product mix in our transportation business," said Robert Lutz, chairman and CEO of Exide Technologies. "Given that, and despite the well-known current difficulties in the automotive original-equipment market, our first-quarter results came in about as expected. However, the recent drop in demand from our telecommunications customers causes us to believe that our second-quarter results will be lower than we previously projected."