Energizer Holdings, Inc. Announces Fiscal 2013 Fourth Quarter and Full Year Results and Provides Fiscal 2014 Outlook for

 Energizer Holdings, Inc. Announces Fiscal 2013 Fourth Quarter and Full Year
 Results and Provides Fiscal 2014 Outlook for Adjusted EPS of $7.25 to $7.50
               and GAAP EPS of $6.30 to $6.70 per diluted share

PR Newswire

ST. LOUIS, Nov. 5, 2013

ST. LOUIS, Nov. 5, 2013 /PRNewswire/ --Energizer Holdings, Inc. (NYSE: ENR)
today announced results for the fourth fiscal quarter and full fiscal year
2013, which ended September 30, 2013. For the full fiscal year, the Company
reported net earnings per diluted share of $6.47, an increase of 4.0% compared
to the prior fiscal year and adjusted net earnings per diluted share of $6.96,
up 12.3%. For the fourth fiscal quarter, net earnings per diluted share were
$1.66 compared to $1.84 in the prior year fiscal quarter and adjusted net
earnings for the quarter were $1.38 compared to $1.76 in the prior year fiscal
quarter.

Fiscal 2013 Highlights (Unaudited)

Following is a summary of key fiscal 2013 year results. All comparisons are
with fiscal year 2012, unless otherwise stated.

  oFiscal 2013 net earnings per diluted share of $6.47, up 4.0%
  oFiscal 2013 adjusted net earnings per diluted share of $6.96, up 12.3% (a)
  oNet sales of $4,466.0 million, down 2.2% (exclusive of currencies, down
    1.1%) (b)
  oGross Margin expansion of 30 basis points (up 90 basis points exclusive of
    currencies and 2013 restructuring related costs)
  oSG&A percent of net sales improvement of 110 basis points (improvement of
    120 basis points exclusive of 2013 restructuring related costs)
     (a) See Net Earnings/Diluted EPS tables below
     (b) See Net Sales — Total Company table below

"Fiscal 2013 was another successful year for Energizer," said Ward M. Klein,
Chief Executive Officer. "Adjusted net earnings per diluted share hit a
record $6.96, up 12.3% versus the previous year, the second consecutive year
of double digit adjusted net earnings per share growth in spite of
unprecedented competitive activity, soft category dynamics, and currency
headwinds. We also delivered on our commitment to return cash to shareholders
by increasing our quarterly dividend 25% to $0.50 per share. Operationally, we
made significant progress with our enterprise-wide restructuring project,
which helped drive bottom line growth and enabled us to make investments in
our businesses. In addition, we exceeded our working capital initiative goals
ahead of schedule. As a result, we have reduced our average working capital
investment by 480 basis points (as a percentage of net sales), or more than
$250 million, since the inception of our program at the end of fiscal 2011,
and expect to make additional progress as this continues to be an area of
focus for the organization.

"I am also pleased to announce that we have closed on our acquisition of the
Stayfree® pad, Carefree® liner and o.b.® tampon feminine hygiene brands in the
U.S., Canada and the Caribbean," continued Mr. Klein. "We believe these
brands provide a solid complement to our existing Playtex Feminine Care brands
and strengthen our overall feminine care product portfolio.

"Looking toward fiscal 2014, integrating the recently acquired feminine care
brands, restoring top-line growth in Personal Care, expanding distribution in
Household Products, and continuing to execute against the restructuring and
working capital projects will remain top priorities. The benefits we realize
from the restructuring project and the working capital initiative are expected
to provide additional means to drive shareholder value, support investments in
our businesses and continue earnings growth. We expect top-line growth in our
Personal Care business, but net sales are estimated to remain below fiscal
2013 levels within Household Products. Our initial financial outlook range
for adjusted net earnings per diluted share is $7.25 to $7.50, representing
mid single-digit growth versus a record fiscal 2013."

The following tables provide a reconciliation of net earnings and net earnings
per diluted share to adjusted net earnings and adjusted net earnings per
diluted share, which are non-GAAP measures.



                                          Quarter Ended September 30,
                                          Net Earnings        Diluted EPS
                                          2013      2012      2013     2012
Net Earnings/Diluted EPS - GAAP           $ 105.1   $ 117.0   $ 1.66   $ 1.84
(Unaudited)
Impacts, net of tax: Expense/(Income)
2013 restructuring and related costs      22.5      4.6       0.37     0.07
Net pension/post-retirement curtailment   (44.0)    —         (0.70)   —
gains
Prior restructuring                       —         0.3       —        —
Other realignment / integration           1.3       1.4       0.02     0.02
Venezuela devaluation/other impacts       0.2       —         —        —
Litigation provision                      —         (8.5)     —        (0.13)
Adjustment to prior years' tax accruals   1.9       (2.8)     0.03     (0.04)
Net Earnings/Diluted EPS - adjusted       $ 87.0    $ 112.0   $ 1.38   $ 1.76
(Non-GAAP)
Weighted average shares - Diluted                             63.2     63.7



                                          Twelve Months Ended September 30,
                                          Net Earnings        Diluted EPS
                                          2013      2012      2013     2012
Net Earnings/Diluted EPS - GAAP           $ 407.0   $ 408.9   $ 6.47   $ 6.22
(Unaudited)
Impacts, net of tax: Expense/(Income)
2013 restructuring and related costs      97.9      4.6       1.55     0.07
Net pension/post-retirement curtailment   (67.5)    —         (1.07)   —
gains
Prior restructuring                       —         (5.7)     —        (0.09)
Other realignment / integration           2.6       5.6       0.04     0.08
Venezuela devaluation/other impacts       6.3       —         0.10     —
Early termination of interest rate swap   —         1.1       —        0.02
Adjustment to prior years' tax accruals   (8.3)     (7.0)     (0.13)   (0.10)
Net Earnings/Diluted EPS - adjusted       $ 438.0   $ 407.5   $ 6.96   $ 6.20
(Non-GAAP)
Weighted average shares - Diluted                             62.9     65.7



Fourth Fiscal Quarter Highlights (Unaudited)

Following is a summary of key fourth quarter fiscal 2013 results. All
comparisons are with the fourth quarter of fiscal year 2012, unless otherwise
stated.

  oNet earnings per diluted share of $1.66
  oAdjusted net earnings per diluted share of $1.38
  oNet sales down 6.7% (in line with expectations)
  oOrganic net sales down 4.9%
  oGross margin expansion of 90 basis points (up 210 basis points exclusive
    of currencies and 2013 restructuring related costs)
  oLower overhead spending

Energizer reported fourth fiscal quarter net earnings of $105.1 million, or
$1.66 per diluted share. This compares with $117.0 million, or $1.84 per
diluted share in the year ago quarter. Included within the reported results
are restructuring related pre-tax costs of approximately $34 million,
inclusive of certain information technology enablement costs (included in
SG&A) and obsolescence charges related to the exit of certain non-core product
lines (included in Cost of products sold). This is more than offset by a
pre-tax benefit of approximately $70 million related to the curtailment gain
recorded as a result of the previously disclosed discontinuation of certain
post-retirement benefits. Adjusted net earnings per diluted share were $1.38
for the current year fiscal quarter as compared to $1.76 in the prior year
quarter. Fourth fiscal quarter results reflect the impact of the expected net
sales shortfall within the Household Products segment due to the loss of
distribution in two U.S. retail customers (as discussed in the third fiscal
quarter release), increased advertising and sales promotion (A&P) spending,
and the unfavorable impact of currencies. These shortfalls were partially
offset by the continued benefit of cost savings resulting from the 2013
restructuring project and the favorable impact of organic sales growth in
Personal Care.



Net Sales - Total Company (In millions - Unaudited)

Quarter and Twelve Months Ended September 30, 2013
                    Q4          %Chg     Twelve      %Chg
                                         Months
Net Sales - FY '12  $ 1,143.2            $ 4,567.2
Organic             (56.0)      (4.9) %  (50.5)      (1.1) %
Impact of currency  (21.1)      (1.8) %  (50.7)      (1.1) %
Net Sales - FY '13  $ 1,066.1   (6.7) %  $ 4,466.0   (2.2) %



Net sales for the fourth fiscal quarter decreased 6.7%, primarily driven by
customer losses in the Household Products segment and unfavorable foreign
currency rates. These declines were partially offset by volume and pricing
growth in the Personal Care segment. Excluding the impact of unfavorable
currencies, organic net sales declined 4.9%.

Gross margin for the fourth fiscal quarter increased 90 basis points to
47.0%. The increase in gross margin was primarily driven by the benefits from
the 2013 restructuring project and favorable product costs.

Advertising and sales promotion was $121.6 million in the fourth fiscal 2013
quarter, or 11.4% of net sales. This represents an increase of approximately
$22 million versus the prior year quarter, and up 270 basis points as a
percent of net sales, due to incremental investments.

Selling, general, and administrative expense was approximately $213 million in
the fourth fiscal 2013 quarter, or 20.0% of net sales, compared to
approximately $215 million, or 18.8% of net sales, in the prior year quarter.
Included within the current quarter results was approximately $2 million of
information technology enablement costs that are recorded within SG&A but are
considered part of the overall 2013 restructuring project. The lower SG&A
costs are primarily due to the benefits realized from the 2013 restructuring
project and, to a lesser extent, the impact of foreign currencies. The
increase in SG&A as a percent of net sales was due to the top-line decline
mentioned above.

Interest expense was $31.5 million for the quarter as compared to $33.2
million for the same quarter in the prior fiscal year as a result of lower
average debt outstanding.

Other financing income was $9.5 million for the fourth fiscal quarter
reflecting foreign currency hedging contract gains, as compared to income of
$6.6 million in the prior year quarter.

The effective tax rate in the fourth fiscal quarter was  34.2%. The full year
fiscal 2013 effective tax rate was 28.3%, which was favorably impacted by
costs in the current fiscal year associated with our 2013 restructuring
initiative that have been primarily incurred in the U.S., which has resulted
in a higher tax benefit as compared to our overall global effective tax rate,
and to a lesser extent, the favorable impact of items such as the retroactive
reinstatement of the Research and Development (R&D) credit. Offsetting a
portion of this favorability was the net pension and postretirement
curtailment gain recorded in fiscal 2013, as this gain was incurred at the
higher U.S. rate. Exclusive of the tax impact of the GAAP to non-GAAP
reconciling items detailed in the earlier twelve month table, the effective
tax rate for the fiscal year was 29.5% in 2013 as compared to 29.1% on a
similar basis in the prior year.

Average diluted shares outstanding for the fourth fiscal quarter of 2013 were
63.2 million, down 0.5 million shares as compared to the same period in fiscal
2012 as the result of share repurchases in fiscal 2012.

Average working capital as a percent of sales was 18.1%, a 330 basis point
reduction versus the end of fiscal 2012. In addition, this represents a 480
basis point reduction versus the 22.9% fiscal 2011 baseline established at the
beginning of the improvement initiative, which equated to a $257.1 million
reduction in average working capital investment for fiscal 2013 versus the
fiscal 2011 baseline.

Capital spending in the quarter was approximately $32 million, a decrease of
$3 million versus the prior year quarter. Depreciation expense was
approximately $37 million, inclusive of approximately $6 million of
accelerated depreciation on assets impacted by the 2013 restructuring
project. The charges for accelerated depreciation are included in the 2013
restructuring line in the Statement of Earnings (Condensed).

Key Segment Results (Unaudited)
Following is a summary of key fourth fiscal 2013 quarter results by reportable
segment. All comparisons are with the fourth quarter of fiscal 2012, unless
otherwise stated.

Personal Care

  oNet sales up 0.4%
  oOrganic net sales up 2.7%
  oSegment profit of $111.3 million, up 11.6%, excluding currencies



Net Sales - Personal Care (In millions - Unaudited)

Quarter and Twelve Months Ended September 30, 2013
                    Q4        %Chg     Twelve      %Chg
                                       Months
Net Sales - FY '12  $ 590.1            $ 2,479.5
Organic             15.9      2.7   %  4.1         0.2   %
Impact of currency  (13.5)    (2.3) %  (34.7)      (1.4) %
Net Sales - FY '13  $ 592.5   0.4   %  $ 2,448.9   (1.2) %



Segment Profit - Personal Care (In millions - Unaudited)

Quarter and Twelve Months Ended September 30, 2013
                         Q4        %Chg      Twelve    %Chg
                                             Months
Segment Profit - FY '12  $ 109.5             $ 470.7
Operations               12.8      11.6   %  27.4      5.9   %
Impact of currency       (11.0)    (10.0) %  (22.9)    (4.9) %
Segment Profit - FY '13  $ 111.3   1.6    %  $ 475.2   1.0   %



Organic net sales in the fourth fiscal quarter increased 2.7% due primarily to
growth in Wet Shave and Feminine Care of approximately 4% and 10%,
respectively, partially offset by declines in Infant and Skin Care.

Segment profit in the fourth fiscal quarter increased $1.8 million inclusive
of the negative impact of currencies. Excluding the impact of unfavorable
currencies, segment profit increased 11.6% due to the gross profit impact of
the organic net sales gains and continued spending favorability driven by the
Company's cost savings initiatives.

Household Products

  oNet sales down 14.4%
  oOrganic net sales down 13.0%
  oSegment profit of $79.1 million



Net Sales - Household Products (In millions - Unaudited)

Quarter and Twelve Months Ended September 30, 2013
                    Q4        %Chg      Twelve      %Chg
                                        Months
Net Sales - FY '12  $ 553.1             $ 2,087.7
Organic             (71.9)    (13.0) %  (54.6)      (2.6) %
Impact of currency  (7.6)     (1.4)  %  (16.0)      (0.8) %
Net Sales - FY '13  $ 473.6   (14.4) %  $ 2,017.1   (3.4) %



Segment Profit - Household Products (In millions - Unaudited)

Quarter and Twelve Months Ended September 30, 2013
                         Q4        %Chg      Twelve    %Chg
                                             Months
Segment Profit - FY '12  $ 112.8             $ 400.2
Operations               (27.6)    (24.5) %  52.1      13.0  %
Impact of currency       (6.1)     (5.4)  %  (11.7)    (2.9) %
Segment Profit - FY '13  $ 79.1    (29.9) %  $ 440.6   10.1  %



Organic net sales in the fourth fiscal quarter decreased 13.0% in the fourth
fiscal 2013 quarter versus prior year due to the previously mentioned loss of
distribution within two U.S. retail customers, continued category declines,
the exiting of certain non-core product lines in fiscal 2013 as part of the
Company's 2013 restructuring initiatives, and prior year hurricane volumes
that did not repeat in the current year quarter.

Segment profit in the fourth fiscal quarter declined approximately $34 million
due primarily to the gross profit impact from the net sales decline mentioned
above, increased brand building investments, and unfavorable foreign currency
rates. The aforementioned declines were partially offset by continued
favorability in overhead costs resulting from the 2013 restructuring project
and favorable product input costs.

2013 Restructuring Project

Restructuring savings in the fourth fiscal quarter are estimated to be
approximately $47 million, with the primary impact reflected in improved gross
margin in Household Products and lower overhead expenses. For the full fiscal
year, the Company estimates that gross restructuring savings were
approximately $103 million. In addition, headcount reductions have totaled
nearly 1,400 to date. The Company estimates that an additional $80 to $100
million of gross pre-tax savings will be realized during fiscal 2014, bringing
the gross pre-tax total project savings to near $200 million cumulative. As
previously mentioned, the 2013 restructuring project is ahead of schedule and
the Company continues to estimate that total gross pre-tax savings of
approximately $225 million will be realized in fiscal 2015.

Restructuring related charges for the quarter and full fiscal year were
approximately $34 million and $151 million, respectively. These amounts are
inclusive of certain information technology enablement costs (included in
SG&A) and obsolescence charges related to the exit of certain non-core product
lines (included in Cost of products sold) that are considered part of the
overall restructuring project. The Company estimates that restructuring costs
for fiscal 2014 will be in the range of $70 to $90 million, with estimated
cumulative total restructuring project costs remaining near $250 million.

Fiscal Year 2014 Financial Outlook

The Company's initial financial outlook for adjusted net earnings per diluted
share for fiscal 2014 is $7.25 to $7.50. Following is a summary of key
assumptions included within the initial fiscal 2014 financial outlook. All
comparisons are with the full fiscal year 2013, unless otherwise stated.

  oDiluted GAAP EPS in the range of $6.30 to $6.70
  oAdjusted EPS in the range of $7.25 to $7.50, which excludes items such as
    restructuring and integration costs
  oFlat organic net sales growth, excluding the impact of the acquisition
  oMid single-digit net sales growth, including the impact of the acquisition
  o$80 to $100 million incremental year over year gross pre-tax savings from
    the 2013 restructuring project
  oEstimated restructuring related charges of $70 to $90 million
  oModest diluted EPS accretion from the acquisition of the Stayfree® pad,
    Carefree® liner and o.b.® tampon feminine hygiene brands in the U.S.,
    Canada and the Caribbean
  oUnfavorable foreign currency impact of approximately $20 to $25 million,
    based upon recent rates

Excluding the impact of the acquisition, Personal Care organic sales growth is
expected to increase low-single digits driven by the continued launch of
innovation, international growth, and pricing. For Household Products, the
Company expects mid single-digit net sales declines due primarily to the full
year impact of the loss of two U.S. customers and approximately $18 million of
storm volumes that occurred in the first quarter of fiscal 2013 that are not
forecasted to be repeated.

The Company expects to continue to realize significant savings from the 2013
restructuring project, yielding an additional $80 to $100 million of gross
pre-tax benefit in fiscal 2014. These savings are expected to help offset the
aforementioned top-line shortfall while providing incremental brand building
investment funds.

For the first half of fiscal 2014, the Company expects net sales and adjusted
net earnings per diluted share to decline versus prior year due primarily to
the aforementioned top-line softness within Household Products and continued
competitive pressures with improvement versus the prior year expected in the
back half of fiscal 2014.

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 fourth quarter earnings and earnings guidance for fiscal 2014. 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://edge.media-server.com/m/p/jygyprb8/lan/en

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 net earnings per diluted share,
operating results, organic sales and other comparison changes, exclude the
impact of currencies, the devaluation of the Venezuela Bolivar Fuerte, early
termination of interest rate swaps, litigation provisions, the costs
associated with restructuring, effects of certain acquisitions, certain tax
items including adjustments to prior years' tax accruals, pension curtailment
and certain other items as outlined in this announcement are not in accordance
with, nor are they a substitute for, GAAP measures. Additionally, we are
unable to provide a reconciliation of forward-looking adjusted net earnings
per diluted share due to uncertainty regarding future restructuring related
charges and the impact of fluctuations in foreign currencies and the cost of
raw materials. 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, the competitive environment, cost savings related
to restructuring projects, and the timing of such savings, costs necessary to
achieve those 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, and include the statements in the section entitled "Fiscal Year 2014
Financial Outlook." 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:

  oGeneral market and economic conditions;
  oMarket trends in the categories in which we operate;
  oThe success of new products and the ability to continually develop and
    market new products;
  oOur ability to attract, retain and improve distribution with key
    customers;
  oOur ability to continue planned advertising and other promotional
    spending;
  oOur ability to timely execute 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;
  oThe impact of strategic initiatives, including restructurings, on our
    relationships with employees, customers and vendors;
  oOur ability to maintain and improve market share in the categories in
    which we operate despite heightened competitive pressure;
  oOur ability to improve operations and realize cost savings;
  oThe impact of raw material and other commodity costs;
  oThe impact of foreign currency exchange rates and currency controls as
    well as offsetting hedges;
  oOur ability to acquire and integrate businesses;
  oThe impact of advertising and product liability claims and other
    litigation;
  oCompliance with debt covenants as well as the impact of interest and
    principal repayment of our existing and any future debt; or
  oThe 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 September 30,  Twelve Months Ended
                                                        September 30,
                           2013            2012         2013        2012
Net sales                  $  1,066.1      $  1,143.2   $ 4,466.0   $ 4,567.2
Cost of products sold      564.5           615.8        2,361.7     2,429.3
Gross profit               501.6           527.4        2,104.3     2,137.9
Selling, general and       212.7           215.0        825.0       895.1
administrative expense
Advertising and sales      121.6           99.6         439.9       449.5
promotion expense
Research and development   25.5            30.6         99.0        112.5
expense
2013 restructuring         30.2            —            139.3       —
Net
pension/post-retirement    (70.2)          —            (107.6)     —
curtailment gains
Prior restructuring        —               0.4          —           (6.8)
Interest expense           31.5            33.2         130.5       127.3
Other financing items,     (9.5)           (6.6)        10.3        (5.1)
net
Earnings before income     159.8           155.2        567.9       565.4
taxes
Income tax provision       54.7            38.2         160.9       156.5
Net earnings               $  105.1        $  117.0     $ 407.0     $ 408.9
Earnings per share
Basic                      $  1.69         $  1.86      $ 6.55      $ 6.30
Diluted                    $  1.66         $  1.84      $ 6.47      $ 6.22
Weighted average shares    62.3            62.8         62.1        64.9
of common stock - Basic
Weighted average shares    63.2            63.7         62.9        65.7
of common stock - Diluted
See Accompanying Notes



Energizer Holdings, Inc.
Notes to Condensed Financial Statements
September 30, 2013
(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 our current restructuring project),
   acquisition integration or business realignment activities, and
   amortization of intangible assets. Financial items, such as interest
   expense and income, are managed on a global basis at the corporate level.
   The exclusion from segment results of charges such as 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 are estimates, and do not necessarily represent the costs
   of such services if performed on a stand-alone basis.

   For the quarter and twelve months ended September 30, 2013, the Company
   recorded pre-tax expense of $30.2 million and $139.3 million,
   respectively, related to its 2013 restructuring. These costs are reported
   on a separate line in the accompanying Consolidated Statements of Earnings
   (Condensed). It should be noted that pre-tax costs of $2.0 million and
   $5.2 million, respectively, associated with certain information technology
   enablement activities related to our restructuring initiative were
   included in SG&A on the Consolidated Statements of Earnings (Condensed)
   for the quarter and twelve months ended September 30, 2013. Also, pre-tax
   costs of $1.4 million and $6.1 million, respectively, were recorded for
   the quarter and the twelve months ended September 30, 2013, associated
   with obsolescence charges related to the exit of certain non-core product
   lines as part of our restructuring initiative are included in Cost of
   products sold on the Consolidated Statements of Earnings (Condensed). The
2. information technology costs and non-core inventory obsolescence charges
   are considered part of the total restructuring project costs incurred for
   our restructuring initiative.

   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. In July 2013, the
   Company finalized and communicated a decision to discontinue certain
   post-retirement medical and life insurance benefits. The communication was
   provided to all eligible participants of the impacted plans and advised
   that the Company would discontinue all benefits associated with the
   impacted plans effective December 31, 2013. As a result of these actions,
   for the quarter and twelve months ended September 30, 2013, the Company
   recorded a net pre-tax curtailment gain of $70.2 million and $107.6
   million, respectively. These gains are reported on a separate line in the
   Consolidated Statements of Earnings (Condensed).

   For the twelve months ended September 30, 2013, the Company recorded
   expense of approximately $6 million, respectively, related primarily to
   the devaluation of its net monetary assets in Venezuela as a result of
   accounting for the translation of this affiliate under the accounting
   rules governing a highly inflationary economy. These results reflect an
   exchange rate of 6.30 Venezuelan Bolivar Fuerte to one U.S. dollar, which
   is the official exchange rate in Venezuela. These impacts, which are
   included in Other financing items, net on the accompanying Consolidated
   Statements of Earnings (Condensed), are not considered in the evaluation
   of segment profit. However, normal operating results in Venezuela, such as
   sales, gross profit and spending, have been negatively impacted by
   translating at less favorable exchange rates and by the impact of
   unfavorable economic conditions in the country. These operating results
   remain part of the reported segment totals. The negative segment impacts
   of the Venezuela devaluation and the unfavorable economic impact on
   operating results are discussed separately when considered relevant to
   understanding the year-over-year comparatives.

   Segment sales and profitability for the quarter and twelve months ended
   September 30, 2013 and 2012, respectively, are presented below.



                           Quarter Ended September 30,  Twelve Months Ended
                                                        September 30,
Net Sales                  2013            2012         2013        2012
Personal Care              $  592.5        $  590.1     $ 2,448.9   $ 2,479.5
Household Products         473.6           553.1        2,017.1     2,087.7
Total net sales            $  1,066.1      $  1,143.2   $ 4,466.0   $ 4,567.2
Personal Care              $  111.3        $  109.5     $ 475.2     $ 470.7
Household Products         79.1            112.8        440.6       400.2
Total segment profit       190.4           222.3        915.8       870.9
General corporate and      (40.0)          (38.6)       (141.5)     (151.7)
other expenses
 2013 restructuring (1)  (33.6)          (7.3)        (150.6)     (7.3)
Net
pension/post-retirement    70.2            —            107.6       —
curtailment gains
Prior restructuring        —               (0.4)        —           6.8
 Litigation provision    —               13.5         —           —
(2)
ASR integration            (0.7)           (2.1)        (2.5)       (8.4)
Amortization of            (4.5)           (5.6)        (20.1)      (22.7)
intangibles
Venezuela                  (0.2)           —            (6.3)       —
devaluation/other impacts
Interest and other         (21.8)          (26.6)       (134.5)     (122.2)
financing items
Total earnings before      $  159.8        $  155.2     $ 567.9     $ 565.4
income taxes

    Includes pre-tax costs of $2.0 million and $5.2 million, respectively, for
    the quarter and twelve months ended September 30, 2013, associated with
    certain information technology and related activities, which are included
    in SG&A on the Statement of Earnings (Condensed). Additionally, this
(1) includes pre-tax costs of $1.4 million and $6.1 million, respectively, for
    the quarter and twelve months ended September 30, 2013, associated with
    obsolescence charges related to the exit of certain non-core product lines
    as a result of our restructuring, which are included in Cost of products
    sold on the Statement of Earnings (Condensed).
(2) Reversal of prior year third quarter fiscal 2012 provision.



Supplemental product information is presented below for revenues from external
customers:
             Quarter Ended September 30,     Twelve Months Ended September 30,
Net Sales    2013        2012        %       2013           2012        %
                                     Change                             Change
Wet Shave    $ 426.5     $ 420.3     1    %  $  1,619.0     $ 1,644.2   (2)  %
Alkaline     299.0       349.3       (14) %  1,245.9        1,263.4     (1)  %
batteries
Other
batteries
and          174.6       203.8       (14) %  771.2          824.3       (6)  %
lighting
products
Skin Care    62.9        67.8        (7)  %  429.0          430.2       —    %
Feminine     47.9        43.6        10   %  177.1          178.3       (1)  %
Care
Infant Care  41.0        46.8        (12) %  169.2          180.3       (6)  %
Other
personal     14.2        11.6        22   %  54.6           46.5        17   %
care
products
Total net    $ 1,066.1   $ 1,143.2   (7)  %  $  4,466.0     $ 4,567.2   (2)  %
sales

   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.
   Working Capital Metrics at September 30, 2013 as compared to September 30,
4. 2012 and September 30, 2011 (our base period for our Working Capital
   improvement initiative), are presented below.



Working Capital Metrics
($ in millions)          FY '13     Days  FY '12     Days   FY '11       Days
Receivables, as          $ 590.8          $ 697.7           $ 717.5
reported (1)
Less: Trade allowance   (106.2)          (101.8)           (96.6)
in accrued liabilities
Receivables, adjusted    484.6      39.6  595.9      47.6   620.9        48.8
(2)
Inventories (3)          634.3      98.3  667.3      100.3  697.1        101.7
Accounts Payable         311.4      48.2  286.8      43.1   253.4        37.0
Average Working          $ 807.5          $ 976.4           $ 1,064.6
Capital, net (4)
Average Working Capital  18.1    %        21.4    %         22.9      %
as % of Net Sales (5)

Working Capital Highlights (unaudited)
- Improvement in all three major working capital areas
- Reduced average working capital percent of net sales by 480 basis points and
average working capital investment by $257 million v. FY'11 baseline
- Exceeded targeted Working Capital reduction goals of 400 basis points (as a
percent of net sales) and $200 million v. FY'11 baseline
(1) FY'11 Receivables reflects reclass adjustments disclosed in Q2 2012, for
all quarters in fiscal 2011.
(2) Trade receivables 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) Inventory adjusted to exclude short term inventory build as a result of
plant closures related to the 2013 restructuring.
(4) Average Working Capital calculated using an average of the four quarter
end balances for each working capital component.
(5) 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
"Forward Looking Statements" in the release as well as 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,
314-985-2169, Jacquelinee.burwitz@energizer.com