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Exide Technologies sees $24.85 million loss for quarter ended June 30
By Caroline Salls
Pittsburgh, Aug. 9 - Exide Technologies, Inc. reported a $24.85 million operating loss for the three months ended June 30 on $682.24 million in net sales, according to a 10-Q filed Friday with the Securities and Exchange Commission.
The figures showed a decline from the $1.05 million of operating income posted for the quarter ended June 30, 2012 on $693.44 million in net sales.
According to the 10-Q, foreign currency translation, primarily the strengthening of the euro against the dollar, favorably affected net sales in the three months ended June 30 by about $6 million.
Excluding foreign currency translation impact, net sales decreased by $17.2 million, or 2.5%, primarily as a result of lower transportation net sales resulting from Exide's sale of the Transportation Australasia business.
In addition, the company said significantly lower third-party lead and tolling sales resulting from the permanent reduction in recycling plant capacity in the Americas partially offset stronger network power net sales in the Americas, as well as an estimated $8.1 million favorable lead-related pricing effect on battery net sales.
The net loss for the most recent quarter was $91.22 million, narrowing from a $106.47 million net loss for the same period of 2012.
The company had $71.56 million in cash and cash equivalents as of June 30, down from $104.29 million at March 31.
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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