Rayovac Announces Second-Quarter 2004 Results
Rayovac Corp. (Madison, WI) announced fiscal 2004 second-quarter diluted earnings per share of $0.08 and pro-forma diluted earnings per share of $0.19, exceeding first call consensus estimates by $0.03. The results compare to diluted earnings per share of $0.01 and pro-forma diluted earnings per share of $0.14 for the comparable prior year period.
General battery sales increased 4.1 percent, with strong growth in rechargeable and heavy-duty batteries somewhat offset by a slight decline in alkaline battery sales. Alkaline sales were negatively impacted by lower sales to the US government compared to last year when sales spiked during the orange terror alert. North American profitability improved to $19.7 million, up from the $11 million reported last year, largely due to the benefits of the Remington acquisition and to the favorable impact of last year's restructuring and cost-improvement initiatives.