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Energizer Holdings, Inc. Announces First Quarter Results and Reaffirms Fiscal 2013 Outlook for Adjusted EPS of $6.75 to $7.00



Energizer Holdings, Inc. Announces First Quarter Results and Reaffirms Fiscal
2013 Outlook for Adjusted EPS of $6.75 to $7.00 and GAAP EPS of $5.60 to $6.10
                              per diluted share

First Quarter Highlights

- Net Earnings per diluted share of $2.07

- Adjusted net earnings per diluted share of $2.20 (a)

- Net Sales of $1,192.5 million (b)

(a) See Diluted EPS table below

(b) See Net Sales — Total Company table below

PR Newswire

ST. LOUIS, Jan. 31, 2013

ST. LOUIS, Jan. 31, 2013 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR)
today announced results for the first fiscal quarter ended December 31, 2012. 
Net earnings for the quarter were $129.8 million, or $2.07 per diluted share,
as compared to net earnings of $143.8 million, or $2.15 per diluted share, in
the first fiscal quarter of 2012.  Average diluted shares outstanding were
62.6 million for the first fiscal quarter of 2013, down 4.3 million shares as
compared to the same quarter in the prior fiscal year due to the timing of
share repurchases in fiscal 2012.

The following table provides a reconciliation of net earnings and net earnings
per diluted share to adjusted net earnings and adjusted net earnings per
diluted share, which is a non-GAAP measure.

                                              Quarter Ended December 31,
                                              Net Earnings      Diluted EPS
                                              2012     2011     2012    2011
Net Earnings/Diluted EPS - GAAP               $ 129.8  $ 143.8  $ 2.07  $ 2.15
Impacts, net of tax:  Expense/(Income)
     2013 restructuring                       30.7     —        0.49    —
     Pension curtailment                      (23.5)   —        (0.37)  —
     Prior restructuring                      —        (7.6)    —       (0.11)
Other realignment / integration               0.7      0.9      0.01    0.01
Net Earnings/Diluted EPS - adjusted           $ 137.7  $ 137.1  $ 2.20  $ 2.05
(Non-GAAP)
Weighted average shares - Diluted                               $ 62.6  $ 66.9

"Earnings for the quarter slightly exceeded our expectations," said Ward
Klein, Chief Executive Officer.  "Despite top-line challenges in our Personal
Care division due to heightened competitive promotional activity, our Hydro
franchise continues to grow and to show strong repeat purchases.  Furthermore,
we have several innovative products that are launching this quarter that we
anticipate will positively impact the top-line growth in fiscal 2013.  In
addition, our restructuring plans remain on track to achieve $25 to $35
million in savings for fiscal 2013.  We are maintaining our fiscal 2013
financial outlook range for adjusted diluted earnings per share of $6.75 to
$7.00, including estimated net cost savings from our restructuring efforts in
fiscal 2013, but excluding restructuring costs." 

Net Sales - Total Company (In millions - Unaudited)
Quarter Ended December 31, 2012
                        Q1                 %Chg
Net Sales - FY '12      $   1,198.1
Organic                 (2.7)              (0.3)%
Impact of currency      (2.9)              (0.2)%
Net Sales - FY '13      $   1,192.5        (0.5)%

For the first fiscal quarter of 2013, lower sales from category and market
share declines in battery and the unfavorable impact of heightened competitive
activity in Wet Shave were offset by incremental volume from the impact of
Hurricane Sandy.  Excluding the incremental volume related to Hurricane Sandy,
the Company estimates organic sales declined 1.7% in the quarter, with
Personal Care down 1.4% and Household Products down 2.0%.

Gross margin for the quarter ended December 31, 2012, was 47.1%, which was
flat versus the same quarter in the prior year as favorable pricing in
Household Products offset unfavorable product mix.  Overall, product costs
were flat with the prior year as modest favorability in commodity costs were
offset by unfavorable currency exchange, and the impact of certain promotional
and project costs included in cost of products sold.

For the quarter, advertising and sales promotion (A&P) was $94.8 million, or
7.9% of net sales, which was essentially flat in both dollars and as a percent
of net sales as compared to $96.4 million, or 8.0% of net sales in the prior
year quarter.  The timing of advertising and sales promotion for fiscal 2013
is impacted, in part, by the timing of new product initiatives, including the
upcoming launch of Schick Hydro Disposables in the second fiscal quarter of
2013.

Total selling, general and administrative expense (SG&A) was $200.5 million,
or 16.8% of net sales, for the current year quarter as compared to $214.1
million, or 17.9% of net sales, for the prior year quarter. SG&A expenses were
lower for the quarter as a result of effective spending controls, lower
compensation costs and the impact of the change in the underlying value of the
Company's unfunded deferred compensation liabilities as compared to the change
in the prior year quarter.

Personal Care

Net Sales - Personal Care (In millions - Unaudited)
Quarter Ended December 31, 2012
                        Q1               %Chg
Net Sales - FY '12      $   564.4
Organic                 (8.0)            (1.4)%
Impact of currency      (2.1)            (0.4)%
Net Sales - FY '13      $   554.3        (1.8)%

For the quarter, net sales decreased 1.8% including the unfavorable impact of
currencies. Organic sales declined 1.4% due primarily to the following:

  o Wet Shave net sales decreased 3.9% on a reported basis, and 3.3%
    operationally in the quarter.  Sales of Schick Hydro men's systems
    continued to grow, up 26% in the quarter, on higher refill volume, higher
    Schick Hydro Power razor sales and lower promotional spending. 
    Additionally, incremental Schick Hydro Silk sales offset the sales decline
    in legacy women's systems in the quarter.  These increases were more than
    offset by sales declines in disposables, men's legacy systems and shave
    preps due, in part, to heavy competitive promotional activity, and
  o Collectively, all other Personal Care product categories increased 3.8% on
    a reported basis, and 3.6% operationally in the quarter, which partially
    offset the decline in Wet Shave.  The key drivers of the increase in the
    product categories other than Wet Shave were higher shipments in Skin
    Care, Feminine Care and Litter Genie.  These sales gains were partially
    offset by lower sales in Infant Care due to continued category weakness
    and competitive activity.

Segment Profit - Personal Care (In millions - Unaudited)
Quarter Ended December 31, 2012
                             Q1               %Chg
Segment Profit - FY '12      $   123.5
Operations                   (7.7)            (6.2)%
Impact of currency           0.4              0.3%
Segment Profit - FY '13      $   116.2        (5.9)%

Segment profit for the quarter was $116.2 million, down 5.9%.  The decrease in
segment profit for the quarter was due to lower margin as a result of the
lower Wet Shave sales noted above.  The reduction in segment profit due to
lower sales margin was partially offset by lower overhead spending in the
quarter.

Household Products

Net Sales - Household Products (In millions - Unaudited)
Quarter Ended December 31, 2012
                          Q1                  %Chg
Net Sales - FY '12        $    633.7
Organic                   5.3                 0.8%
Impact of currency        (0.8)               (0.1)%
Net Sales- FY '13         $    638.2          0.7%

Net sales increased 0.7% on a reported basis, and 0.8% organically in the
quarter.  This organic growth was driven by incremental volume related to the
impact of Hurricane Sandy.  The Company believes the storm and its aftermath
resulted in approximately $18 million of incremental sales in the quarter, as
the Company responded to meet the needs for portable power throughout the
affected region.  Excluding the impact of this incremental storm volume,
organic sales declined approximately 2% in the quarter due to continued
category declines, exclusive of the storm impact, and lower market share in
the U.S. due primarily to the previously disclosed loss in display and shelf
space at a key U.S. retailer.  These declines were partially offset by
improved pricing.

We estimate that the global battery category declined approximately 2% in
volume and was down approximately 0.5% in value during the latest 12 weeks,
excluding the impact of Hurricane Sandy, as a continued downward trend in unit
volume for the current year quarter was partially offset by the positive
impact of pricing actions implemented in fiscal 2012.  We will anniversary the
2012 pricing actions in the second fiscal quarter of 2013.  Thus, we expect
that the trend in category value will more closely align with the unit volume
trend as we move through the remainder of the fiscal year. 

Segment Profit - Household Products (In millions - Unaudited)
Quarter Ended December 31, 2012
                               Q1                   %Chg
Segment Profit - FY '12        $    148.8
Operations                     11.8                 7.9%
Impact of currency             —                    —
Segment Profit - FY '13        $    160.6           7.9%

Segment profit for the quarter was $160.6 million, up $11.8 million, or 7.9%,
versus the same quarter last year due primarily to the impact of the
incremental margin from the hurricane volume noted above.  In addition,
segment profit increased, exclusive of the incremental hurricane margin, as
both A&P and overhead spending were lower in the current year quarter.

Other Items

Interest expense was $33.5 million for the quarter as compared to $29.9
million for the same quarter in the prior fiscal year.  The fiscal 2013
quarter result is higher than the prior year quarter due to a combination of
higher average debt outstanding, resulting in part from share repurchases in
fiscal 2012 and somewhat higher average rates as a result of issuing ten-year
public notes that replaced the lower-rate, maturing term loan.

Other financing expense was $7.9 million for the first fiscal quarter of
2013.  This cost was due primarily to foreign exchange losses related
primarily to the strengthening of the U.S. dollar in relation to the Japanese
Yen.

For the first fiscal quarter of 2013, the Company's effective tax rate was
31.2%, which was essentially flat with the prior year quarter. 

For the quarter, capital expenditures were approximately $15 million and
depreciation expense was approximately $37 million, inclusive of approximately
$4 million of accelerated depreciation on assets currently in operation at
certain facilities, which will be impacted by our 2013 restructuring
initiatives.  In addition, impairment charges of approximately $19 million
were recognized in the first quarter and related primarily to anticipated
plant closures as a result of the 2013 restructuring. 

2013 Restructuring Plan

The 2013 Restructuring Plan is progressing, and the Company continues to
forecast gross annualized pre-tax cost savings of approximately $200 million
as a result of this plan, with costs in the range of $250 million. The Company
continues to expect that nearly three quarters of the savings should improve
profitability, and the remaining portion of the savings to be re-invested in
the business to drive long-term growth.  Finally, the Company anticipates that
a substantial portion of the actions necessary to achieve the targeted savings
should be completed by the end of fiscal 2014 and the total on-going savings
realized in fiscal 2015. 

Given the timing of the approval of the plan, we anticipate that the savings
will start to be realized in the second quarter of fiscal 2013.  We are
forecasting that restructuring savings for the remainder of fiscal 2013 should
be in the range of $25 to $35 million, consistent with our initial financial
outlook estimate.

For the first quarter of fiscal 2013, the Company recorded $49.0 million of
charges related to the 2013 Restructuring Plan including:

  o Non-cash asset impairment charges of $19.3 million and accelerated
    depreciation charges of $4.1 million related primarily to anticipated
    plant closures,
  o Severance and related benefit costs of $13.6 million associated with
    staffing reductions that have been identified to date, and
  o Consulting and other charges including project management costs of $12.0
    million related specifically to the restructuring project and certain
    enabling activities.

The Company estimates that restructuring costs for the remainder of fiscal
2013 will be in the range of $70 to $90 million.  The 2013 restructuring and
related charges are reported as a separate line in the Consolidated Statements
of Earnings (Condensed).

Working Capital Update

As previously disclosed, we are committed to improving working capital as a
percent of sales in excess of 400 basis points, as compared to our fiscal year
2011 baseline metric of 22.9%.  This would result in a reduction of more than
$200 million of working capital.  We are targeting completion of the actions
required to drive this improvement by the end of fiscal 2013, with full
benefit achieved in fiscal 2014.

As shown on the attachments to this press release, working capital as a
percent of net sales for the trailing four quarters ending December 31, 2012
was 20.9%, an improvement of 50 basis points versus the comparable measure at
fiscal year end 2012 and an improvement of 200 basis points versus our fiscal
2011 baseline metric.  While the pace of improvement will vary by the
component of working capital, we are seeing steady improvement in Days Payable
Outstanding and a modest improvement in Days Sales Outstanding. 

The company expects to experience a temporary increase in inventory days as we
execute certain Household Products manufacturing footprint changes as part of
our 2013 restructuring.  We will provide insight on the level of these
temporary inventory builds in our quarterly updates, when such impacts are
considered material to the baseline comparative.

Fiscal 2013 Financial Outlook

The Company's financial outlook for adjusted, diluted earnings per share
remains in the range of $6.75 to $7.00 for fiscal 2013.  This outlook includes
estimated net pre-tax restructuring savings of $25 to $35 million for fiscal
2013, excludes the impact of estimated restructuring costs of $120 to $140
million for fiscal 2013 and does not assume any share repurchases during the
fiscal year.  

Within Personal Care, our sales expectation remains consistent with our
initial financial outlook in November, which was mid-single digit sales growth
driven by innovation across our categories, especially in Wet Shave and Skin
Care.  As expected, this innovation pipeline did not have a material impact in
the first fiscal quarter.  For Household Products we continue to expect a
low-single digit sales decline for the remainder of the fiscal year, driven by
continuing category volume declines and some additional impact, most notably
in the second fiscal quarter, from the previously discussed shelf space and
display losses in the U.S. nearly one year ago.

On a GAAP basis, the Company's financial outlook for GAAP diluted earnings per
share is in the range of $5.60 to $6.10, inclusive of both the estimates for
pre-tax restructuring savings and pre-tax restructuring costs noted above, and
includes the pension curtailment gain recorded in the first fiscal quarter of
2013. 

Webcast Information

In conjunction with this announcement, the Company will hold an investor
conference call beginning at 10:00 a.m. eastern time today. The call will
focus on first-quarter earnings and earnings guidance for fiscal 2013. All
interested parties may access a live webcast of this conference call at
www.energizerholdings.com, under "Investors", "Investor Information", and
"Webcasts and Presentations" tabs or by using the following link:

http://www.media-server.com/m/acs/ed795df24b93616f57c5b91634cc1a24

For those unable to participate during the live webcast, a replay will be
available on www.energizerholdings.com, under "Investors", "Investor
Information", "Webcasts and Presentations", and "Audio Archives" tabs.

Non-GAAP Financial Measures. While the Company reports financial results in
accordance with accounting principles generally accepted in the U.S. ("GAAP"),
this discussion includes non-GAAP measures. These non-GAAP measures, such as
historical and forward-looking adjusted diluted earnings per share, operating
results, organic sales and other comparison changes, which exclude the impact
of currencies, the acquisition of ASR including related integration and
transaction costs, the costs associated with restructuring, a gain on the sale
of a facility closed as a result of restructuring, unusual litigation items,
costs associated with the early retirement of debt and early termination of
related interest rate swaps, the impact of accounting rules on our Venezuelan
operations, prior years' tax accruals, pension curtailment and certain other
items as outlined in the table below are not in accordance with, nor are they
a substitute for, GAAP measures. The Company believes these non-GAAP measures
provide a meaningful comparison to the corresponding historical or future
period and assist investors in performing analysis consistent with financial
models developed by research analysts. Investors should consider non-GAAP
measures in addition to, not as a substitute for, or superior to, the
comparable GAAP measures.

Forward-Looking Statements. This document contains both historical and
forward-looking statements. Forward-looking statements are not based on
historical facts but instead reflect our expectations, estimates or
projections concerning future results or events, including, without
limitation, statements regarding future company-wide or segment sales,
earnings and earnings per share, investments, capital expenditures, product
launches, consumer trends, cost savings related to restructuring projects,
costs necessary to achieve those savings and the timing of such savings,
improvements to working capital levels and the timing and savings associated
with such improvements, the impact of price increases, advertising and
promotional spending, the impact of foreign currency movements, category value
and future growth in our businesses. These statements generally can be
identified by the use of forward-looking words or phrases such as "believe,"
"expect," "expectation," "anticipate," "may," "could," "intend," "belief,"
"estimate," "plan," "target," "predict," "likely," "will," "should,"
"forecast," "outlook," or other similar words or phrases. These statements are
not guarantees of performance and are inherently subject to known and unknown
risks, uncertainties and assumptions that are difficult to predict and could
cause our actual results, performance or achievements to differ materially
from those expressed in or indicated by those statements. We cannot assure you
that any of our expectations, estimates or projections will be achieved.  The
forward-looking statements included in this document are only made as of the
date of this document and we disclaim any obligation to publicly update any
forward-looking statement to reflect subsequent events or circumstances. 
Numerous factors could cause our actual results and events to differ
materially from those expressed or implied by forward-looking statements,
including, without limitation:

  o General market and economic conditions;
  o The success of new products and the ability to continually develop new
    products;
  o Energizer's ability to predict category and product consumption trends;
  o Energizer's ability to continue planned advertising and other promotional
    spending;
  o Energizer's ability to attract and retain key customers;
  o Energizer's ability to timely execute its strategic initiatives, including
    restructurings, in a manner that will positively impact our financial
    condition and results of operations and does not disrupt our business
    operations;
  o The impact of strategic initiatives, including restructurings, on
    Energizer's relationships with its employees, its major customers and
    vendors;
  o Energizer's ability to maintain and improve market share in the categories
    in which we operate despite competitive pressure;
  o Energizer's ability to improve operations and realize cost savings;
  o The impact of raw material and other commodity costs;
  o The impact of foreign currency exchange rates and offsetting hedges on
    Energizer's profitability;
  o Compliance with debt covenants as well as the impact of interest and
    principal repayment of our existing and any future debt;
  o The impact of legislative or regulatory determinations or changes by
    federal, state and local, and foreign authorities, including taxing
    authorities.

In addition, other risks and uncertainties not presently known to us or that
we consider immaterial could affect the accuracy of any such forward-looking
statements.  The list of factors above is illustrative, but by no means
exhaustive. All forward-looking statements should be evaluated with the
understanding of their inherent uncertainty. Additional risks and
uncertainties include those detailed from time to time in Energizer's publicly
filed documents, including its annual report on Form 10-K for the year ended
September 30, 2012.

ENERGIZER HOLDINGS, INC.

STATEMENT OF EARNINGS

(Condensed)

(In millions, except per share data - Unaudited)
                                                   Quarter Ended December 31,
                                                   2012           2011
Net sales                                          $  1,192.5     $  1,198.1
Cost of products sold                              630.9          633.6
Gross profit                                       561.6          564.5
Selling, general and administrative expense        200.5          214.1
Advertising and sales promotion expense            94.8           96.4
Research and development expense                   24.6           25.6
2013 restructuring                                 49.0           —
Pension curtailment                                (37.4)         —
Prior restructuring                                —              (9.2)
Interest expense                                   33.5           29.9
Other financing expense/(income), net              7.9            (0.7)
Earnings before income taxes                       188.7          208.4
Income tax provision                               58.9           64.6
Net earnings                                       $  129.8       $  143.8
Earnings per share
Basic                                              $  2.10        $  2.17
Diluted                                            $  2.07        $  2.15
Weighted average shares of common stock - Basic    61.8           66.2
Weighted average shares of common stock - Diluted  62.6           66.9

See Accompanying Notes to Unaudited Condensed Financial Statements
Energizer Holdings, Inc.
Notes to Condensed Financial Statements
December 31, 2012
(In millions, except per share data - Unaudited)
1. Operating results for any quarter are not necessarily indicative of the
   results for any other quarter or the full year.
   Operations for the Company are managed via two segments - Personal Care
   (Wet Shave, Skin Care, Feminine Care and Infant Care) and Household
   Products (Battery and Portable Lighting).  Segment performance is evaluated
   based on segment operating profit, exclusive of general corporate expenses,
   share-based compensation costs, costs associated with most restructurings
   including the recently announced 2013 Restructuring Plan, acquisition
2. integration or business realignment activities, and amortization of
   intangible assets.  Financial items, such as interest income and expense,
   are managed on a global basis at the corporate level.  The exclusion from
   segment results of charges such as inventory write-up related to purchase
   accounting, if any, other acquisition transaction and integration costs,
   and substantially all restructuring and realignment costs, reflects
   management's view on how it evaluates segment performance.
   The Company's operating model includes a combination of stand-alone and
   combined business functions between the Personal Care and Household
   Products businesses, varying by country and region of the world.  Shared
   functions include product warehousing and distribution, various transaction
   processing functions, and in most countries, a  combined sales force and
   management.  The Company applies a fully allocated cost basis, in which
   shared business functions are allocated between the segments.  Such
   allocations do not represent the costs of such services if performed on a
   stand-alone basis. 
   For the quarter ended December 31, 2012, the Company recorded pre-tax
   expense of $49.0 related to its 2013 restructuring.  These costs were
   reported on a separate line in the Consolidated Statements of Earnings
   (Condensed).  
   In the first quarter of fiscal 2013, the Company approved and communicated
   changes to its U.S. pension plan, which is the most significant of the
   Company's pension obligations. Effective January 1, 2014, the pension
   benefit earned to date by active participants under the legacy Energizer
   U.S. pension plan will be frozen and future service benefits will no longer
   be accrued under this retirement program.  For the quarter ended December
   31, 2012, the Company recorded a pre-tax curtailment gain of $37.4 as a
   result of this plan change.  The pension curtailment gain was reported on a
   separate line in the Consolidated Statements of Earnings (Condensed).  
   For the prior year fiscal quarter, our prior Household Products
   restructuring activities generated pre-tax income of $9.2 due to the gain
   on the sale of our former battery manufacturing facility in Switzerland,
   which was shut down in fiscal 2011. This gain was partially offset by $3.6
   of additional restructuring costs. 
   Segment sales and profitability for the quarter ended December 31, 2012 and
   2011, respectively, are presented below.

                                      Quarter Ended December 31,
Net Sales                             2012           2011
Personal Care                         $  554.3       $  564.4
Household Products                    638.2          633.7
Total net sales                       $  1,192.5     $  1,198.1
Operating Profit
Personal Care                         $  116.2       $  123.5
Household Products                    160.6          148.8
Total operating profit                276.8          272.3
General corporate and other expenses  (29.5)         (38.2)
2013 restructuring                    (49.0)         —
   Pension curtailment                37.4           —
   Prior restructuring                —              9.2
Amortization of intangibles           (5.6)          (5.7)
Interest and other financing items    (41.4)         (29.2)
Total earnings before income taxes    $  188.7       $  208.4

Supplemental product information is presented below for revenues from external
customers:

                                          Quarter Ended December 31,  %
Net Sales                                 2012           2011         Change
Alkaline batteries                        $  401.7       $  393.8     2%
   Wet Shave                              394.5          410.5        (4)%
   Other batteries and lighting products  236.5          239.9        (1)%
Skin Care                                 63.1           56.7         11%
Feminine Care                             42.0           42.1         —
Infant Care                               41.0           44.7         (8)%
Other personal care products              13.7           10.4         32%
Total net sales                           $  1,192.5     $  1,198.1   (0.5)%

   Basic earnings per share is based on the average number of common shares
   outstanding during the period.  Diluted earnings per share is based on the
3. average number of shares used for the basic earnings per share calculation,
   adjusted for the dilutive effect of stock options and restricted stock
   equivalents.
4. Working Capital Metrics at September 30, 2011 as compared to December 31,
   2012, respectively, are presented below.

Fiscal '11 Baseline Working Capital Metrics
($ in millions)            FY '11     Days
                                             Working Capital Improvement
                                             Objective:
Receivables, as reported   $ 717.5           -- improve working capital
(1)                                          investment in all three major
Less:  Trade allowance in  (96.6)            working capital categories
accrued liabilities
Receivables, adjusted (2)  620.9      48.8
                                             -- Targeted working capital
Inventories                697.1      101.7  reduction of more than $200
                                             million v. FY'11 baseline
                                             -- improve working capital as a %
Accounts Payable           253.4      37.0   of net sales by more than 400
                                             basis points versus FY '11
                                             baseline.
Average Working Capital,   $ 1,064.6
net (3)
                                             -- improvements targeted by the
Average Working Capital    22.9%             end of fiscal '13 for full
as % of Net Sales (4)                        benefit in FY '14

(1) Receivables reflects reclass adjustments disclosed in Q2 2012, for all
quarters in fiscal 2011.
(2) Trade receivable adjusted for trade allowance recorded as a reduction of
net sales per US GAAP, but included in accrued expenses on the consolidated
balance sheet.
(3) Average Working Capital for FY '11 calculated using an average of the four
quarter end balances for each working capital component.
(4) Average Working Capital / FY '11 net sales.

Q1 Fiscal '13 Working Capital Metrics
($ in millions)                                   FY '13   Days
  Receivables, as reported                        $ 684.4
Less:  Trade allowance in accrued liabilities     (105.3)
  Receivables, adjusted (1)                       $ 579.1  46.3
Inventories                                       666.6    100.3
Accounts Payable                                  293.9    44.2
   Average Working Capital, net (2)               $ 951.8
   Average Working Capital as % of Net Sales (3)  20.9%

(1) Trade receivable adjusted for trade allowance recorded as a reduction of
net sales per US GAAP, but included in accrued expenses on the consolidated
balance sheet.
(2) Average Working Capital for FY '13 Q1 calculated using an average of the
four quarter end balances for each working capital component.
(3) Average Working Capital / Trailing 4 Quarter net sales.
Statements in this Working Capital Comparative are not guarantees of
performance and are inherently subject to known and unknown risks and
uncertainties which could cause actual performance or achievements to differ
materially from those expressed in or indicated by those statements. Numerous
factors could cause our actual results and events to differ materially from
those expressed or implied by forward-looking statements.  Please refer to
Energizer's publicly filed documents for the risks that may cause actual
results to differ from statements herein, including its annual report on Form
10-K for the Year Ended September 30, 2012.

 

SOURCE Energizer Holdings, Inc.

Website: http://www.energizer.com
Contact: Jacqueline E. Burwitz, Vice President, Investor Relations,
+1-314-985-2169, Jacquelinee.burwitz@energizer.com
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