Exide Technologies Reports Unaudited Preliminary Fiscal 2013 Results

     Exide Technologies Reports Unaudited Preliminary Fiscal 2013 Results

PR Newswire

MILTON, Ga., June 10, 2013

MILTON, Ga., June 10, 2013 /PRNewswire/ --Exide Technologies (NASDAQ: XIDE,
www.exide.com), a global leader in stored electrical energy solutions,
announced today its unaudited preliminary fiscal 2013 fourth quarter and full
year financial results. In addition earlier today the Company filed a
voluntary petition for reorganization pursuant to U.S. federal restructuring
laws. The petition was filed in the District of Delaware.

The Company is currently completing its financial statement close process for
deferred income taxes and other areas for the fiscal year ended March 31, 2013
in connection with filing of its Annual Report on Form 10-K expected to be
filed on June 14, 2013. Also, the estimates for net sales, Adjusted EBITDA as
well as the consolidated financial statements accompanying this release are
preliminary and have not been audited and could be subject to change upon
completion of the audit of the Company's consolidated financial statements.

Q4 Fiscal 2013

The Company expects to report preliminary net sales of $762 million for the
fourth quarter as compared to net sales of $783 million in the prior year
fourth quarter. Net sales in the fiscal 2013 period were positively impacted
by foreign currency translation of approximately $3 million. Excluding the
impact of foreign currency translation, expected net sales decreased 3.1%,
primarily due to lower OEM unit sales in the Company's global transportation
business and lower third party lead sales.

Fiscal 2013 fourth quarter preliminary Adjusted EBITDA is expected to be $12
million as compared to $45 million in the prior year fourth quarter. The
decrease is primarily due to lower third-party lead margins in the Americas,
combined with higher commodity costs and manufacturing inefficiencies due to
lower production and certain plant related operational issues in Europe and
the Americas.

Full Year Fiscal 2013

Fiscal 2013 preliminary net sales are expected to be $3.0 billion as compared
with $3.1 billion for the prior fiscal year period. Net sales in fiscal 2013
were negatively impacted by lead related price decreases of approximately $78
million and unfavorable foreign currency translation of approximately $94
million, partially offset by higher unit sales in many of the Company's
markets.

The Company expects to report fiscal 2013 preliminary Adjusted EBITDA of $104
million versus $179 million in the prior fiscal year. The decline is primarily
the result of higher spent battery costs coupled with lower LME based
escalator pricing, higher commodity costs, and manufacturing inefficiencies.
Higher spent battery acquisition costs combined with lower third party lead
margins in the Americas impacted results by approximately $58 million.

Non-GAAP Financial Measure

The Company uses Adjusted EBITDA as a key measure of its operational financial
performance. This measure is a key indicator of the Company's operational
performance and excludes the impact of the Company's restructuring actions.
Adjusted EBITDA is defined as operating income before depreciation,
amortization, non-cash stock compensation, restructuring charges, impairment
charges and non-cash gains or losses on asset sales. Please refer to the
reconciliations of operating income to Adjusted EBITDA below.

The foregoing non-GAAP financial measure should be used in addition to, but 
not in isolation or as  a substitute for, the analysis provided in the
Company's measures of financial performance prepared in conformity with U.S.
GAAP. The non-GAAP financial measure should be read only in conjunction with
the Company's consolidated financial statements prepared in accordance with
GAAP.

About Exide Technologies

Exide Technologies, with operations in more than 80 countries, is one of the
world's largest producers and recyclers of lead-acid batteries. The Company's
four global business groups -- Transportation Americas, Transportation Europe
and Rest of World, Industrial Energy Americas and Industrial Energy Europe and
Rest of World -- provide a comprehensive range of stored electrical energy
products and services for industrial and transportation applications.

Transportation markets include original-equipment and aftermarket automotive,
heavy-duty truck, agricultural and marine applications, and new technologies
for hybrid vehicles and automotive applications. Industrial markets include
network power applications such as telecommunications systems, electric
utilities, railroads, photovoltaic (solar-power related) and uninterruptible
power supply (UPS), and motive-power applications including lift trucks,
mining and other commercial vehicles.

Further information about the Company, including its financial results, are
available at www.exide.com.

Forward-Looking Statements

Except for historical information, this news release may be deemed to contain
"forward-looking" statements. The Company desires to avail itself of the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995 (the
"Act") and is including this cautionary statement for the express purpose of
availing itself of the protection afforded by the Act.

Examples of forward-looking statements include, but are not limited to
(a)preliminary financial results, projections of revenues, cost of raw
materials, income or loss, earnings or loss per share, capital expenditures,
growth prospects, dividends, the effect of currency translations, capital
structure, and other financial items, (b)statements of plans and objectives
of the Company or its management or Board of Directors, including the
introduction of new products, or estimates or predictions of actions by
customers, suppliers, competitors or regulating authorities, (c)statements of
future economic performance, and (d)statements of assumptions, such as the
prevailing weather conditions in the Company's market areas, underlying other
statements and statements about the Company or its business.

Factors that could cause actual results to differ materially from these
forward looking statements include, but are not limited to, the following
general factors such as: (i) the ability of the Company to develop, prosecute,
confirm and consummate the Chapter 11 plan of reorganization, (ii) the
potential adverse impact of the Chapter 11 filing on the Company's liquidity
and operations and the risks associated with operating businesses under
Chapter 11 protection, (iii) the ability of the Company to comply with the
terms of the DIP financing facility, (iv) the Company's ability to obtain
additional financing, (v) the Company's ability to retain key management and
employees, (vi) customer response to the Chapter 11 filing, (vii) the risk
factors or uncertainties listed from time to time in the Company's filings
with the Securities and Exchange Commission and with the U.S. Bankruptcy Court
in connection with the company's Chapter 11 filing, (viii)the fact that lead,
a major constituent in most of the Company's products, experiences significant
fluctuations in market price and is a hazardous material that may give rise to
costly environmental and safety claims, (ix)the Company's ability to
implement and fund business strategies based on current liquidity, (x)the
Company's ability to realize anticipated efficiencies and avoid additional
unanticipated costs related to its restructuring activities, (xi)the cyclical
nature of the industries in which the Company operates and the impact of
current adverse economic conditions on those industries, (xii)unseasonable
weather (warm winters and cool summers) which adversely affects demand for
automotive and some industrial batteries, (xiii)the Company's substantial
debt and debt service requirements which may restrict the Company's
operational and financial flexibility, as well as imposing significant
interest and financing costs, (xiv)the litigation proceedings to which the
Company is subject, the results of which could have a material adverse effect
on the Company and its business, (xv)the realization of the tax benefits of
the Company's net operating loss carry forwards, which is dependent upon
future taxable income, (xvi)competitiveness of the battery markets in the
Americas and Europe, (xvii)risks involved in foreign operations such as
disruption of markets, changes in import and export laws, currency
restrictions, currency exchange rate fluctuations and possible terrorist
attacks against U.S. interests, (xviii)the ability to acquire goods and
services and/or fulfill later needs at budgeted costs, (xix)general economic
conditions, (xx)the Company's ability to successfully pass along increased
material costs to its customers, and (xxi)recently adopted U.S. lead
emissions standards and the implementation of such standards by applicable
states, and (xxii) those risk factors described in the Company's fiscal 2012
Form 10-K for the fiscal year ended March 31, 2012.

The Company cautions each reader of this news release to carefully consider
those factors herein above set forth. Such factors and statements have, in
some instances, affected and in the future could affect the ability of the
Company to achieve its projected results and may cause actual results to
differ materially from those expressed herein.



EXIDE TECHNOLOGIES AND SUBSIDIARIES
RECONCILIATION OF PRELIMINARY ADJUSTED EBITDA
(Unaudited, in thousands)
FOR THE THREE MONTHS ENDED MARCH 31, 2013
                                            Industrial Industrial
              Transportation Transportation Energy     Energy     Unallocated Total
              Americas       Europe and ROW Americas   Europe and Corporate
                                                       ROW
Operating    $        $        $      $      $       $   
Income        (63,949)         2,431                    (8,042)    (65,977)
(loss)                                     6,345     (2,762)
Restructuring
&             52,938         295            701        723        438         55,095
impairments,
net
Segment       (11,011)       2,725          7,046      (2,039)    (7,604)     (10,883)
Income (loss)
Depreciation
&             7,535          5,073          2,893      4,712      1,100       21,314
amortization
Non cash
stock         -              -              -          -          1,708       1,708
compensation
Adjusted     $          $         $      $      $          $ 
EBITDA       (3,476)       7,798                  2,673   (4,795)    12,139
                                            9,939
FOR THE THREE MONTHS ENDED MARCH 31, 2012
                                            Industrial Industrial
              Transportation Transportation Energy     Energy     Unallocated Total
              Americas       Europe and ROW Americas   Europe and Corporate
                                                       ROW
Operating    $        $        $      $      $        $    
Income          9,809      13,497                       (10,205)    15,881
(loss)                                     9,075     (6,294)
Restructuring
&             421            4,131          96         1,287      1,222       7,157
impairments,
net
Segment       10,229         17,627         9,171      (5,007)    (8,983)     23,038
Income (loss)
Depreciation
&             7,356          4,020          2,800      5,152      1,036       20,364
amortization
Non cash
stock         -              -              -          -          1,468       1,468
compensation
Adjusted     $          $          $      $      $          $ 
EBITDA       17,585        21,648         11,971        144  (6,479)    44,870
FOR THE TWELVE MONTHS ENDED MARCH 31, 2013
                                            Industrial Industrial
              Transportation Transportation Energy     Energy     Unallocated Total
              Americas       Europe and ROW Americas   Europe and Corporate
                                                       ROW
Operating    $        $        $      $      $        $   
Income        (80,262)        12,172                       (29,576)    (53,361)
(loss)                                     27,130     17,174
Restructuring
&             57,104         8,163          1,136      4,613      479         71,495
impairments,
net
Segment       (23,158)       20,335         28,266     21,787     (29,096)    18,134
Income (loss)
Depreciation
&             28,465         19,052         10,963     17,386     4,320       80,187
amortization
Non cash
stock         -              -              -          -          5,624       5,624
compensation
Adjusted     $         $          $      $      $ (19,152)  $
EBITDA       5,307         39,387           39,229 39,173                 103,944
FOR THE TWELVE MONTHS ENDED MARCH 31, 2012
                                            Industrial Industrial
              Transportation Transportation Energy     Energy     Unallocated Total
              Americas       Europe and ROW Americas   Europe and Corporate
                                                       ROW
Operating    $        $        $      $       $        $    
Income          7,145      51,813         41,006 12,134    (33,223)    78,875
(loss)
Restructuring
&             2,369          4,115          652        2,301      1,442       10,878
impairments,
net
Segment       9,513          55,928         41,657     14,435     (31,780)    89,753
Income (loss)
Depreciation
&             28,215         18,590         11,701     21,039     4,807       84,353
amortization
Non cash
stock         -              -              -          -          5,152       5,152
compensation
Adjusted     $          $          $      $      $          $ 
EBITDA       37,728        74,518         53,359     35,474     (21,821)   179,258





EXIDE TECHNOLOGIES AND SUBSIDIARIES
PRELIMINARY CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands except per-share data)
                              For the Fiscal Year Ended
                              March 31, 2013  March 31, 2012   March 31, 2011
Net sales                     $            $             $   
                              2,971,698       3,084,650        2,887,516
Cost of sales                 2,564,403       2,599,822        2,346,189
Gross profit                  407,295         484,828          541,327
Selling and administrative    389,161         395,075          403,268
expenses
Restructuring and             71,495          10,878           42,286
impairments, net
Operating (loss) income       (53,361)        78,875           95,773
Other expense, net            4,180           6,320            2,220
Interest expense, net         65,635          71,804           62,410
Loss on early extinguishment  —               —                10,827
of debt
(Loss) income before income   (123,176)       751              20,316
taxes
Income tax provision          99,915          (55,203)         (6,496)
(benefit)
Net (loss) income             (223,091)       55,954           26,812
Net income (loss)
attributable to               308             (785)            369
noncontrolling interests
Net (loss) income
attributable to
Exide Technologies            $            $           $     
                              (223,399)      56,739          26,443
(Loss) earnings per share
Basic                         $         $         $       
                              (2.89)         0.73            0.34
Diluted                       $         $         $       
                              (2.89)         0.69            0.33
Weighted average shares
Basic                         77,270          77,667           76,678
Diluted                       77,270          82,081           81,309





EXIDE TECHNOLOGIES AND SUBSIDIARIES
PRELIMINARY CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
                                      March 31, 2013       March 31, 2012
ASSETS
Current assets:
Cash and cash equivalents             $     104,289   $     155,368
Accounts receivable, net              504,795              500,375
Inventories                           488,221              479,467
Prepaid expenses and other current    33,316               21,840
assets
Deferred income taxes                 11,470               30,804
Total current assets                  1,142,091            1,187,854
Property, plant and equipment, net    558,115              622,975
Other assets:
Goodwill and intangibles, net         145,310              164,039
Deferred income taxes                 107,865              174,601
Other noncurrent assets               51,049               45,517
                                      304,224              384,157
Total assets                          $    2,004,430    $    2,194,986


LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings                 $      22,017  $      20,014
Current maturities of long-term debt  60,131               3,787
Accounts payable                      435,736              390,549
Accrued expenses                      281,432              276,809
Deferred income taxes                 8,721                —
Total current liabilities             808,037              691,159
Long-term debt                        693,864              752,930
Noncurrent retirement obligations     233,404              236,312
Deferred income taxes                 17,171               17,158
Other noncurrent liabilities          98,022               95,075
Total liabilities                     1,850,498            1,792,634


STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value,
1,000 shares authorized, 0 shares
issued and                            —                    —

outstanding
Common stock, $0.01 par value,
200,000 shares authorized, 79,253
and 78,351                            793                  783

shares issued and outstanding
Additional paid-in capital            1,139,030            1,133,417
Accumulated deficit                   (939,312)            (715,913)
Accumulated other comprehensive loss  (47,439)             (16,493)
Total stockholders' equity            153,072              401,794
attributable to Exide Technologies
Noncontrolling interests              860                  558
Total stockholders' equity            153,932              402,352
Total liabilities and stockholders'   $    2,004,430    $    2,194,986
equity





EXIDE TECHNOLOGIES AND SUBSIDIARIES
PRELIMINARY CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
                                For the Fiscal Year Ended
                                March 31, 2013  March 31, 2012  March 31, 2011
Cash flows from operating
activities:
Net (loss) income               $            $          $     
                                (223,091)      55,954         26,812
Adjustments to reconcile net
(loss) income to net cash
provided by

operating activities-
Depreciation and amortization   80,187          84,353          84,067
Unrealized gain on warrants     —               (68)            (268)
Impairments, net                60,144          3,773           9,055
Deferred income taxes           93,178          (77,913)        (11,383)
Provision for doubtful          1,284           1,529           (759)
accounts
Non-cash stock compensation     5,624           5,152           6,567
Amortization of deferred        4,266           4,289           4,798
financing costs
Loss on early extinguishment    —               —               10,827
of debt
Currency remeasurement loss     2,883           10,036          (2,373)
(gain)
Changes in assets and
liabilities—
Receivables                     (1,655)         (9,899)         (2,094)
Inventories                     (33,644)        20,025          (83,369)
Other current assets            (2,144)         866             (4,360)
Payables                        57,375          (9,099)         66,925
Accrued expenses                12,812          13,131          (4,383)
Other noncurrent liabilities    (26,193)        (25,236)        (21,302)
Other, net                      (3,009)         14,875          1,230
Net cash provided by       28,017          91,768          79,990
operating activities
Cash flows from investing
activities:
Capital expenditures            (101,501)       (109,836)       (88,589)
Insurance Proceeds              3,290           —               —
Proceeds from asset sales       18,965          635             16,793
Net cash used in           (79,246)        (109,201)       (71,796)
investing activities
Cash flows from financing
activities:
Increase in short-term          2,965           12,408          1,820
borrowings
Decrease in borrowings under    —               —               (285,423)
Senior Secured Credit Facility
(Decrease) increase in other    (1,505)         5,409           (291,695)
debt
Issuance of Senior Secured      —               —               675,000
Notes
Financing costs                 —               —               (23,093)
Debt redemption premium         —               —               (3,865)
Acquisition of noncontrolling   —               (544)           (15,145)
interests/other
Net cash provided by       1,460           17,273          57,599
financing activities
Effect of exchange rate
changes on cash and cash        (1,310)         (5,835)         6,012
equivalents
Net (decrease) increase in      (51,079)        (5,995)         71,805
cash and cash equivalents
Cash and cash equivalents,      155,368         161,363         89,558
beginning of period
Cash and cash equivalents, end  $           $           $    
of period                       104,289        155,368        161,363



SOURCE Exide Technologies

Website: http://www.exide.com