Exide records third-quarter decline in operating income and net sales

By Caroline Salls

Pittsburgh, Nov. 8 - Exide Technologies reported $5.44 million in operating income for the three months ended Sept. 30 on $697.8 million in net sales, according to a 10-Q filed Friday with the Securities and Exchange Commission.

Those figures showed a decline from the $6.84 million of operating income posted for the three months ended Sept. 30, 2012 on $711.69 million in net sales.

According to the 10-Q, foreign currency translation, primarily the strengthening of the euro against the dollar, favorably impacted net sales in the three months ended Sept. 30 by $13.4 million.

Excluding foreign currency translation impact, Exide said net sales decreased by $27.3 million, or 3.8%, primarily because of lower Transportation Americas net sales resulting from significantly lower third-party lead and tolling sales, which stemmed from a permanent reduction in recycling plant capacity in the Americas.

The company said this was partially offset by stronger network power sales in the Americas as well as an estimated $4.3 million favorable lead-related pricing impact on battery net sales.

The net loss for the third quarter of 2013 was $39.97 million, widening from a $13.77 million net loss for the same period of last year.

In addition, Exide recorded a $19.42 million operating loss for the six months ended Sept. 30 on $1,380,044,000 in net sales, compared with $7.89 million of operating income for the first six months of 2012 on $1,405,130,000 in net sales.

The net loss for the first half of 2013 was $131.19 million, growing from $120.23 million for the same period of 2012.

The company had $83.44 million in cash and cash equivalents as of Sept. 30, down from $104.29 million at March 31, 2013.

Exide Technologies, a Milton, Ga.-based maker and recycler of lead-acid batteries, filed for bankruptcy on June 10 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 13-11482.

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