UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Quarterly Report under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the fiscal quarter ended January 1, 1995
Commission File Number 1 - 11263
EXIDE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 23-0552730
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
1400 N. Woodward Ave., Bloomfield Hills, Michigan 48304
(Address of principal executive offices) Zip Code
(810) 258-0080
(Registrant's telephone number, including area code)
Indicate by a check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practical date:
As of February 14, 1995, 19,991,810 shares of common stock were
outstanding.
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EXIDE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
( Amounts in thousands )
<TABLE>
<CAPTION>
For the nine months ended
January 1, January 2,
1995 1994
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CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Net income $ 16,853 $ 2,775
Adjustments to reconcile net income to
cash provided by (used in) operating activities -
Depreciation and amortization 34,171 22,585
Interest expense on zero-coupon convertible notes 6,636 5,916
Extraordinary loss related to early redemption of debt
net of income tax benefit 3,597 --
Cumulative effect of accounting change -- 12,711
Provision for losses on accounts receivable 1,450 949
Minority interest in subsidiary income 880 --
Changes in assets and liabilities excluding
effects of acquisitions -
Receivables (72,907) (25,987)
Inventories (78,778) 3,435
Prepaid expenses and other (16,845) (5,130)
Accounts payable and accrued expenses 45,686 8,440
Other, net (82) (7,012)
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Net cash provided by (used in) operating activities (59,339) 18,682
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CASH FLOWS USED IN INVESTING ACTIVITIES:
Capital expenditures (48,246) (30,021)
Acquisitions of net assets of certain businesses (net of
of cash acquired) (219,090) (5,663)
Investment in Evanite (33,827) --
Proceeds from sale of property, plant and equipment 1,271 1
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Net cash used in investing activities (299,892) (35,683)
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CASH FLOWS PROVIDED BY FINANCING ACTIVITIES:
Increase (decrease) in borrowings under credit agreements-
Increase (decrease) in U.S. revolving loan 92,000 (64,000)
Payment of U.S. revolving loan (105,000) --
Increase (decrease) in European credit facilities 11,791 --
Increase in U.S. term loans 200,000 --
Increase in European term loans 896 --
Repayment of European term loans (851) --
Redemption of preferred stock -- (6,462)
Equity from public offering 225,000 92,000
Public offering fees (9,660) (7,358)
Payment by subsidiary to acquire treasury stock (12,297) --
Dividends paid (886) --
Increase in bank overdraft 10,756 3,056
Increase in other debt 8,215 (343)
Deferred financing costs (17,364) --
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Net cash provided by financing activities 402,600 16,893
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EFFECT OF EXCHANGE RATE CHANGES ON CASH 1,451 --
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NET INCREASE (DECREASE) IN CASH AND SHORT-TERM INVESTMENTS 44,820 (108)
CASH AND SHORT-TERM INVESTMENTS, BEGINNING OF PERIOD 33,707 501
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CASH AND SHORT-TERM INVESTMENTS, END OF PERIOD $ 78,527 $ 393
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SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the year for-
Interest (net of amount capitalized) $ 31,234 $ 22,236
Income taxes $ 3,689 $ 1,549
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THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS.
4
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SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
EXIDE CORPORATION
Date: February 21, 1995 /s/ Alan E. Gauthier
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Alan E. Gauthier
Executive Vice President,
Chief Financial Officer
(Authorized Signatory)
