Exide Technologies Announces Expected Fourth Fiscal Quarter Results

Apr 23, 2001, 01:00 ET from Exide Technologies

    PRINCETON, N.J., April 23 /PRNewswire Interactive News Release/ -- Exide
 Technologies (NYSE:   EX), the global leader in stored electrical energy
 solutions, announced today that it expects net earnings for its fourth fiscal
 quarter ending March 31, 2001, excluding non-recurring items, to be
 approximately break-even or slightly better, exceeding analysts' estimates.
     The current consensus of analyst estimates for the fourth quarter, as
 reported by First Call, is a net loss of $.01 per diluted share.  The company
 reported a net loss of $.04 per diluted share, excluding non-recurring items,
 in its fourth quarter of last year.  In January, the company announced that it
 had expected to earn approximately $.15 to $.20 per diluted share for the
 fourth quarter.  Weaker than expected unit volume in its North American
 transportation business and higher energy-related costs resulted in the
 shortfall against the company's earlier estimates.  The company expects to
 report its actual results on May 18, 2001.
     Fourth quarter unit volume in the company's North American transportation
 business was approximately 8.2 million units, down approximately 16 percent
 year-over-year, when compared to pro-forma results including the former GNB
 Technologies which Exide acquired in September 2000.  The decline was a result
 of lower demand from aftermarket customers and original equipment
 manufacturers.  Unit volume in Europe was up 1% over last year.  Revenue in
 the fourth quarter in the industrial business was up approximately 11% year-
 over-year, excluding currency effects and on a pro-forma basis.
     The company confirmed that it realized approximately $7 million in savings
 in the fourth quarter from its restructuring initiatives, largely related to
 its acquisition of GNB.  In total, the company expects its restructuring
 initiatives to result in approximately $90 million of annualized cost savings.
     The company expects to record a pre-tax, non-recurring charge of
 approximately $135 million in the fourth quarter including charges totaling
 approximately $95 million related to its restructuring and integration
 initiatives.  These charges include the closure of an automotive battery plant
 in the U.S., workforce reductions at two manufacturing facilities in Europe,
 reorganization of its European transportation business sales force, a charge
 for commitments for future purchases of materials in excess of current
 expected requirements and other costs associated with the integration of GNB.
 The expected fourth quarter charge also includes an approximate $32 million
 provision for the fine and costs associated with the previously announced plea
 agreement with the U.S. Attorney of the Southern District of Illinois related
 to past improper business practices of the company's former management.  The
 company also will record reserves for an automotive battery plant closure of
 approximately $15 million in connection with the purchase accounting for the
 GNB acquisition.
     Exide Technologies currently expects the following range of results,
 before non-recurring items, for the fourth fiscal quarter.
 
     -- Consolidated revenues of $700 million to $710 million.
     -- Consolidated earnings before interest, taxes, depreciation and
         amortization and losses on receivables sold of $70 million to
         $72 million.
     -- Consolidated earnings per diluted share of approximately break-even or
         slightly better.
 
     The company expects its industrial business, including both motive power
 and network power applications, to grow at an annualized rate of seven to
 10 percent for the next several months after taking into consideration recent
 economic conditions in the major material handling, telecommunications and
 data transmission markets.
     For fiscal year 2002, which began April 1, the company currently expects
 unit volume in its North American transportation business to be at
 approximately the annualized level experienced in the fourth quarter.  Unit
 volume in Europe is expected to be flat year-over-year.
     Exide Technologies will conduct an analyst and investor call to discuss
 its current fourth quarter estimates and recent developments on April 24, 2001
 at 9:00 a.m. Eastern Standard Time.  The call will be available to investors
 in real-time, listen-only format on the Internet at www.exide.com and/or
 www.streetfusion.com.  The call will be repeated on webcast from April 24,
 2001 at 12:00 p.m. Eastern Time until May 1, 2001 at 11:59 p.m.
     Exide Technologies is the global leader of stored electrical energy
 solutions.  With annual revenues of more than $3 billion, operations in
 89 countries and 20,000 employees, the company serves the industrial market
 and the transportation aftermarket and original equipment market.
     Industrial applications include network power batteries for
 telecommunications systems, electric utilities, railroads, photovoltaic and
 critical uninterruptible power supply (UPS) markets; and motive power
 batteries for a broad range of equipment uses including lift trucks, mining
 and other commercial electric vehicles.
     Transportation uses include automotive, heavy duty, agricultural, marine
 and other batteries and new technologies being developed for hybrid vehicles
 and new 42-volt automobile applications.  Further information on Exide
 Technologies, its financial results and other recent events can be found on
 the Internet at www.exide.com.
 
     Certain statements in this press release may constitute forward-looking
 statements as defined by the Securities Litigation Reform Act of 1995.  As
 such, they involve known and unknown risks, uncertainties and other factors,
 which may cause the actual results of the company to differ materially from
 any results or estimates expressed or implied by such forward-looking
 statements.  These are enumerated in further detail in the company's Form
 10-K.
 
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SOURCE Exide Technologies
    PRINCETON, N.J., April 23 /PRNewswire Interactive News Release/ -- Exide
 Technologies (NYSE:   EX), the global leader in stored electrical energy
 solutions, announced today that it expects net earnings for its fourth fiscal
 quarter ending March 31, 2001, excluding non-recurring items, to be
 approximately break-even or slightly better, exceeding analysts' estimates.
     The current consensus of analyst estimates for the fourth quarter, as
 reported by First Call, is a net loss of $.01 per diluted share.  The company
 reported a net loss of $.04 per diluted share, excluding non-recurring items,
 in its fourth quarter of last year.  In January, the company announced that it
 had expected to earn approximately $.15 to $.20 per diluted share for the
 fourth quarter.  Weaker than expected unit volume in its North American
 transportation business and higher energy-related costs resulted in the
 shortfall against the company's earlier estimates.  The company expects to
 report its actual results on May 18, 2001.
     Fourth quarter unit volume in the company's North American transportation
 business was approximately 8.2 million units, down approximately 16 percent
 year-over-year, when compared to pro-forma results including the former GNB
 Technologies which Exide acquired in September 2000.  The decline was a result
 of lower demand from aftermarket customers and original equipment
 manufacturers.  Unit volume in Europe was up 1% over last year.  Revenue in
 the fourth quarter in the industrial business was up approximately 11% year-
 over-year, excluding currency effects and on a pro-forma basis.
     The company confirmed that it realized approximately $7 million in savings
 in the fourth quarter from its restructuring initiatives, largely related to
 its acquisition of GNB.  In total, the company expects its restructuring
 initiatives to result in approximately $90 million of annualized cost savings.
     The company expects to record a pre-tax, non-recurring charge of
 approximately $135 million in the fourth quarter including charges totaling
 approximately $95 million related to its restructuring and integration
 initiatives.  These charges include the closure of an automotive battery plant
 in the U.S., workforce reductions at two manufacturing facilities in Europe,
 reorganization of its European transportation business sales force, a charge
 for commitments for future purchases of materials in excess of current
 expected requirements and other costs associated with the integration of GNB.
 The expected fourth quarter charge also includes an approximate $32 million
 provision for the fine and costs associated with the previously announced plea
 agreement with the U.S. Attorney of the Southern District of Illinois related
 to past improper business practices of the company's former management.  The
 company also will record reserves for an automotive battery plant closure of
 approximately $15 million in connection with the purchase accounting for the
 GNB acquisition.
     Exide Technologies currently expects the following range of results,
 before non-recurring items, for the fourth fiscal quarter.
 
     -- Consolidated revenues of $700 million to $710 million.
     -- Consolidated earnings before interest, taxes, depreciation and
         amortization and losses on receivables sold of $70 million to
         $72 million.
     -- Consolidated earnings per diluted share of approximately break-even or
         slightly better.
 
     The company expects its industrial business, including both motive power
 and network power applications, to grow at an annualized rate of seven to
 10 percent for the next several months after taking into consideration recent
 economic conditions in the major material handling, telecommunications and
 data transmission markets.
     For fiscal year 2002, which began April 1, the company currently expects
 unit volume in its North American transportation business to be at
 approximately the annualized level experienced in the fourth quarter.  Unit
 volume in Europe is expected to be flat year-over-year.
     Exide Technologies will conduct an analyst and investor call to discuss
 its current fourth quarter estimates and recent developments on April 24, 2001
 at 9:00 a.m. Eastern Standard Time.  The call will be available to investors
 in real-time, listen-only format on the Internet at www.exide.com and/or
 www.streetfusion.com.  The call will be repeated on webcast from April 24,
 2001 at 12:00 p.m. Eastern Time until May 1, 2001 at 11:59 p.m.
     Exide Technologies is the global leader of stored electrical energy
 solutions.  With annual revenues of more than $3 billion, operations in
 89 countries and 20,000 employees, the company serves the industrial market
 and the transportation aftermarket and original equipment market.
     Industrial applications include network power batteries for
 telecommunications systems, electric utilities, railroads, photovoltaic and
 critical uninterruptible power supply (UPS) markets; and motive power
 batteries for a broad range of equipment uses including lift trucks, mining
 and other commercial electric vehicles.
     Transportation uses include automotive, heavy duty, agricultural, marine
 and other batteries and new technologies being developed for hybrid vehicles
 and new 42-volt automobile applications.  Further information on Exide
 Technologies, its financial results and other recent events can be found on
 the Internet at www.exide.com.
 
     Certain statements in this press release may constitute forward-looking
 statements as defined by the Securities Litigation Reform Act of 1995.  As
 such, they involve known and unknown risks, uncertainties and other factors,
 which may cause the actual results of the company to differ materially from
 any results or estimates expressed or implied by such forward-looking
 statements.  These are enumerated in further detail in the company's Form
 10-K.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X44372371
 
 SOURCE  Exide Technologies