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Exide shows $3.55 million operating income for quarter ended Dec. 31
By Kali Hays
New York, Feb. 6 – Exide Technologies Inc. reported an operating income of $3.55 million for the three months ended Dec. 31 on $692.57 million in net sales, according to a 10-Q filed with the Securities and Exchange Commission.
Those figures show a decline from an operating income of $12.03 million reported for the three months ended Dec. 31, 2013 on $759.67 million in net sales.
The net loss for the Dec. 31 quarter was $63.28 million, increasing from a $34.48 million net loss for the same quarter of 2013.
Exide said that volatile price fluctuations of lead and spent batteries adversely affected its net sales for the most recent period.
Though the company expects continued volatility in lead and other commodity costs will continue to put pressure on its financial performance, Exide said it has implemented pricing measures, such as selective pricing actions and lead price escalators, in an attempt to mitigate risk.
Foreign currency translation also had an unfavorable effect on net sales for the three months ended Dec. 31.
In addition, Exide reported a $32.59 million operating loss for the nine months ended Dec. 31 on $1.99 billion in net sales, compared with an operating loss of $7.39 million and net sales of $2.14 billion for the nine months ended Dec. 31, 2013.
The net loss for the most recent nine-month period was $230.98 million, widening from $165.66 million during the nine months ended Dec. 31, 2013.
The company also had $54.98 million in cash and cash equivalents as of Dec. 31, down from $103.71 million as of March 31, 2014.
Exide Technologies, a Milton, Ga.-based maker and recycler of lead-acid batteries, filed for bankruptcy on June 10, 2013 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 13-11482.
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