DOCSLIB.ORG

The Spin-Off Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Spin-Off Report THE SPIN-OFF REPORT June 9, 2015 Energizer Holdings Inc. (Pre-Spin) Current Share Price (6/8/15): $136.42 Ticker: ENR Fair Value Estimate: $144 per share Dividend: $2.00 Shares Outstanding: 62.2 million Yield: 1.4% Market Capitalization: $8.5 billion Edgewell Personal Care Co. (Post-Spin) Fair Value Estimate: $101 per share Ticker: EPC Shares Outstanding*: 62.2 million Dividend: Nil Market Capitalization: $6.3 billion Yield: N/A Energizer Holdings Inc. Fair Value Estimate: $42 per share Ticker: ENR Shares Outstanding*: 62.2 million Dividend: $1.00 Market Capitalization: $2.6 billion Yield: 2.4% *Assumes a distribution ratio of 1:1. N/A – Not applicable. Note: Market capitalization is based on fair value estimate for post-spin entities and current market cap for pre-spin Energizer Holdings Inc. Michael Wolleben Research Team Joanna Makris Robert Dunn Murray Stahl Steven Bregman PCS Research Services Thérèse Byars Ryan Casey James Davolos Derek Devens 14 Wall Street, 3rd Floor New York, NY 10005 Peter Doyle Rory Ewing Matthew Houk Utako Kojima (212) 233-0100 Eric Sites Salvator Tiano Fredrik Tjernstrom Steven Tuen Eric Zhou www.pcsresearchservices.com Institutional Research Group (“IRG”) is the author of this report. PCS Research Services (“PCS”) is the exclusive marketer and an authorized distributor of this and other research reports created by Horizon Kinetics LLC (“Horizon Kinetics”). Horizon Kinetics is the parent holding company to several SEC-registered investment advisors, including Horizon Asset Management LLC and Kinetics Asset Management LLC. Certain portions of this report may have been drafted by IRG based on information, ideas and data provided by Horizon Kinetics. Horizon Kinetics, IRG, PCS and each of their respective employees and affiliates may have positions in the securities of companies mentioned herein. This report is based on information available to the public, and no representation is made with regard to its accuracy or completeness. This document is neither an offer nor a solicitation to buy or sell securities. All expressions of opinion reflect judgment at the date set forth above and are subject to change. All views expressed in this research report accurately reflect the research analysts’ opinion about the subject matter contained herein. No part of the research analysts’ compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the research analysts in the research report. Reproduction of this report is strictly prohibited. Ó Horizon Kinetics LLC® 2015. Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/29/2021 THE SPIN-OFF REPORT Investment Thesis On April 30, 2014, Energizer Holdings Inc. (NYSE: ENR) announced plans to separate into two standalone publicly traded companies: one a personal care company and one a household products business. Shares of the household products company (“New Energizer”), which will retain the Energizer Holdings Inc. name, will be distributed via a tax-free distribution of shares to ENR shareholders. The parent company will be rebranded Edgewell Personal Care (“Edgewell”) and will trade on the NYSE under the symbol “EPC”. Shares of New Energizer will be distributed to ENR shareholders of record as of June 16, 2015, on July 1, 2015 before the market opens. Shares of New Energizer and Edgewell Personal Care will trade on a “when issued” basis beginning on June 12, 2015, under the tickers “ENR WI” and “EPC WI”, respectively. Shareholders of record will receive one share of New Energizer for every share of ENR held as of the record date. The two segment heads will become CEOs of the respective companies. David Hatfield will serve as CEO of Edgewell, and Alan Hoskins will be CEO of spun-off New Energizer. Current ENR CEO Ward Klein will become Executive Chairman of Edgewell, whose leading brands include Schick shavers, Edge shaving cream, and Playtex feminine products, as well as Banana Boat and Hawaiian Tropic sunscreens. Household products included in New Energizer include Energizer and Eveready branded products as well as portable lighting products. The separation makes sense from the point of view that the growth trajectory of the personal care business is opposite to that of the household products business. Personal care has opportunities for growth through increased penetration in international markets and via acquisition. The household products business, dominated by the sale of batteries, operates under the overhang of demand that is shrinking, albeit modestly, and it could be managed to maximize cash flow while maintaining market share and returning capital to shareholders. In this view, ENR’s separation can be compared to the recent wave of spin-offs conducted by media companies jettisoning their newspaper businesses, which were in the midst of a more pronounced secular decline, in favor of the growing television and broadcast businesses. The stagnant household products business has been a drag on the company’s valuation multiple as ENR shares have traded roughly in line with household product peers, which have traded at a discount between 20% and 30% versus personal care peers over the past five years. With personal care competitors trading at a premium to the slower-growth household competitors, the separation should allow each company’s valuation multiple to be rerated. The obvious benefit of the rerating is that the personal care business, which has been the beneficiary of almost all of ENR’s acquisitions since it became a public company in 2000, should be able to lower its cost of capital for funding future transactions. New Energizer, with its heavy exposure to consumer battery sales, has no pure-play public competitor, and has lost share in recent years due to competitive pricing from competitor Duracell. The Procter & Gamble Company (NYSE: PG) has entered into an agreement to sell its Duracell business to Warren Buffett’s Berkshire Hathaway Inc. (NSE: BRK-A, BRK-B). Under new stewardship, a normalization of industry pricing is likely to occur, given BRK’s history of managing businesses for cash flow versus market share. A reset of the competitive environment should slow sales losses for Energizer and improve cash flow generation. Based on peer P a g e | 2 Ó Horizon Kinetics LLC® 2015 Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/29/2021 THE SPIN-OFF REPORT comparables and cash flow generation, post-spin New Energizer can be fairly valued at $42 per share. The stable cash flow generation potential of the battery business could be an attractive asset to financial suitors down the road. Based on a leveraged buyout scenario with arguably conservative assumptions, upside for New Energizer exists to $57 per share, although it must be noted that a potential takeout is not likely to occur in the near term, in order to preserve the tax- free nature of the spin transaction. While the near term probability of a takeout of New Energizer is not high, the 2- to 3-year time horizon can be viewed as a positive in that it assists in the creation of an equity yield curve. Based on the derived fair values and upside scenario, the potential annual returns are 10% - 15%, which does not account for potential share repurchases, debt retirement, or exceeding operational targets that could result in increased returns. Edgewell Personal Care’s go-forward strategy includes accelerating top-line growth, systemic cost reduction, and generating substantial free cash flow, in addition to conducting selected acquisitions. Domestic revenue has disappointed recently, as declining sales of legacy products have been only partially offset by new product sales and international growth. To compound the company’s domestic sales decline, the current impact of a weaker U.S. dollar is offsetting some of the international growth currently being experienced. Assuming a return to modest top-line growth (2%) and margin expansion from continued cost cuts and plant rationalization, Edgewell Personal Care can be fairly valued at $101 per share based on peer multiples and cash flow generation. It has been widely noted in the financial press and investor circles that Edgewell could be an attractive takeout candidate for a strategic buyer due to its market-leading brands and cash flow generation, added to a growing international presence. The structure of the spin-off of New Energizer, with Edgewell being the legal parent entity, places much fewer restrictions on a potential acquisition of Edgewell in the near term. Indeed, ENR was spun off from Ralston Purina in 2000, with the parent (Ralston) being acquired within approximately a year and a half after the transaction. Framed in that manner, Edgewell probably is awarded a premium multiple, which may explain ENR’s share price performance since the spin announcement. The shares have appreciated approximately 40% since the announcement, versus 16% for the S&P 500, implying that shares of Edgewell may already price in a takeout. On a pre-spin basis, ENR can be valued at $144 per share, with upside to $158 based on a future potential takeout of New Energizer. Given the viewpoint that the current share price incorporates a takeout premium for Edgewell, shares of ENR are not recommended prior to the spin. Instead, we believe investors should look for attractive entry points in New Energizer following the spin- off. As a point of reference, after the 2000 Ralston/Energizer spin-off, shares of ENR underperformed the S&P 500 over the first three months of regular-way trading, before significantly outperforming in the first two years of regular-way trading. P a g e | 3 Ó Horizon Kinetics LLC® 2015 Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/29/2021 THE SPIN-OFF REPORT Company Description Energizer Holdings Inc.’s (NYSE: ENR) history traces back to when Russian immigrant Conrad Hubert (formerly known as Akiba Horowitz) was operating a novelty shop in New York City under the name of American Electrical Novelty and Manufacturing Company.
Load more

Recommended publications
  • Hawaiian Tropic® Launch Beauty Essentials That Pamper and Protect
    HAWAIIAN TROPIC® LAUNCH BEAUTY ESSENTIALS THAT PAMPER AND PROTECT New Hawaiian Tropic® Suncare Products Allow Users to Indulge in the Senses of the Tropics SHELTON, Conn., May 5, 2016 – This summer, whether you're spending the day at the beach or running daily errands, you can experience all the indulgences of the tropics thanks to Hawaiian Tropic®. Introducing NEW Hawaiian Tropic® Silk Hydration™ Weightless Lotion Sunscreen and NEW Hawaiian Tropic® Sheer Touch Ultra Radiance After Sun Moisturizer. Now, you can easily stay protected, hydrated and pampered throughout the summer months! "We are always looking to develop products that provide consumers with our one-of-a-kind sun protection, but also gives them the indulgent, multisensory experience they're looking for," says Danielle Duncan, Brand Manager, Suncare, Edgewell Personal Care. "Many don't like the way sunscreen feels going on their skin, and don't wear it as often as they should. With this in mind, we created the NEW Silk Hydration™ Weightless Lotion Sunscreen to feel as if it's barely on, and the NEW Sheer Touch Ultra Radiance After Sun Moisturizer to soften skin with indulgent moisturization, so women can go about their day looking and feeling their best." Hawaiian Tropic® Silk Hydration™ Weightless Lotion Sunscreen The latest product in the brand's Silk Hydration™ line, Hawaiian Tropic® Silk Hydration™ Weightless Lotion Sunscreen provides up to 12 hours of moisturization. With its signature hydrating ribbons of luxurious silk protein and shea butter, the sunscreen leaves skin feeling hydrated and pampered. Blended with exotic island botanicals and the unmistakable Hawaiian Tropic® fragrance, the product's unique, breathable formula delivers a light, airsoft texture that feels weightless on skin.
    [Show full text]
  • ENERGIZER HOLDINGS, INC. (Exact Name of Registrant As Specified in Its Charter)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ FORM 10-Q _______________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2013 Or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-15401 ____________________________________________________________________________________________________________ ENERGIZER HOLDINGS, INC. (Exact name of registrant as specified in its charter) Missouri 43-1863181 (State or other jurisdiction of (I. R. S. Employer incorporation or organization) Identification No.) 533 Maryville University Drive St. Louis, Missouri 63141 (Address of principal executive offices) (Zip Code) (314) 985-2000 (Registrant’s telephone number, including area code) Indicate by 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 o Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.
    [Show full text]
  • Edgewell Personal Care to Combine with Harry's, Inc. To
    EDGEWELL PERSONAL CARE TO COMBINE WITH HARRY’S, INC. TO CREATE A NEXT-GENERATION CONSUMER PRODUCTS PLATFORM Creates Complementary Portfolio of Global Brands Built for the Modern Consumer and Powered by World-Class Omni-Channel Capabilities Combines Edgewell’s Scale, Distribution Network, Product Technology and R&D Capabilities with Harry’s Best-in-Class Brand Building, Design, and Direct-to-Consumer Marketing and Technology Capabilities Harry’s Co-Founders and Co-CEOs to Join Edgewell Executive Team and Co-Lead U.S. Operations Edgewell and Harry’s Leadership to Host Conference Call Today at 8:00 a.m. Eastern Time SHELTON, Conn. & NEW YORK, May 9, 2019 – Edgewell Personal Care Company (NYSE: EPC) and Harry’s, Inc. today announced that they have entered into a definitive agreement under which Edgewell will combine with Harry’s in a cash and stock transaction that values Harry’s at $1.37 billion. The combination of Edgewell and Harry’s brings together complementary capabilities to create a next- generation consumer products platform with an expansive runway for accelerated topline growth and enhanced value creation. Together, Edgewell and Harry’s will create a platform that enables building and scaling the next generation of impactful consumer brands. Harry’s has been a disruptive force across the men’s and women’s shaving market and adjacent grooming and personal care categories. Its demonstrated expertise in brand building and direct-to-consumer marketing are a complementary fit with Edgewell’s strong intellectual property, best-in-class product technology, global scale and stable of strong consumer brands. The combined company will have a leading portfolio of global brands in men’s and women’s shaving, personal and sun and skin care.
    [Show full text]
  • FOR IMMEDIATE RELEASE Edgewell Personal
    Edgewell Personal Care Company 6 Research Drive Shelton, Conn 06484 FOR IMMEDIATE RELEASE Edgewell Personal Care Announces Plan to Acquire CREMO Company Acquisition Expands Edgewell’s Portfolio of Insurgent Brands in Men’s Grooming SHELTON, Conn., August 4, 2020 – Edgewell Personal Care Company (NYSE: EPC) today announced that it has entered into a definitive purchase agreement to acquire CREMO, a premier men's grooming company in the U.S., in an all-cash transaction at a purchase price of $235 million. CREMO is one of the strongest and fastest growing masstige brands in men’s grooming, offering a complete line of beard, hair, shave prep and skin care products. The Company will complement Edgewell’s portfolio of insurgent brands such as Jack Black and Bulldog, by uniquely serving specific consumer profiles, and therefore increasing Edgewell’s penetration in the most attractive growth categories within men’s grooming. The transaction is aligned with Edgewell’s core growth strategy of acquiring selective, fast-growing and profitable brands that increase its presence in attractive segments. Rod Little, Edgewell's President and Chief Executive Officer stated, “We are excited to announce this agreement to acquire CREMO. The men’s grooming category remains a strategic focus for Edgewell and this acquisition will help us accelerate growth and strengthen our position in the fastest growing categories in men’s grooming. We are acquiring a profitable, growing business with an established presence that is well diversified across grooming categories, yet has significant opportunities for expansion. We are extremely impressed with the CREMO brand and its positioning and expect it to continue to resonate over the long term with consumers.
    [Show full text]
  • Energizer Holdings, Inc. 2003 ANNUAL REPORT ENERGIZER IS TRADED on the NEW YORK STOCK EXCHANGE UNDER the ENR SYMBOL
    Energizer Holdings, Inc. 2003 ANNUAL REPORT ENERGIZER IS TRADED ON THE NEW YORK STOCK EXCHANGE UNDER THE ENR SYMBOL. ENERGIZER IS ONE OF THE WORLD’S LARGEST MANUFACTURERS OF PRIMARY BATTERIES AND FLASHLIGHTS AND A GLOBAL LEADER IN THE DYNAMIC BUSINESS OF PROVIDING PORTABLE POWER. IN ADDITION, ENERGIZER IS THE PARENT COMPANY OF SCHICK- WILKINSON SWORD (SWS), THE SECOND LARGEST MANUFACTURER OF WET SHAVE PRODUCTS IN THE WORLD. YEAR ENDED SEPTEMBER 30, 2003 2002 2001 $2.23 4 Net Earnings (in millions) 7 . 1 $ $1.69 Net Earnings, excluding certain unusual items $ 228.2 $ 186.4 $ 95.1 SWS inventory write-up, net of tax (a) (58.3) Provision for goodwill impairment, net of tax (b) (119.0) 03 Amortization, net of tax (b) (15.1) 01 02 Net Earnings/(Loss) $ 169.9 $ 186.4 $ (39.0) Net Sales in billions Diluted Earnings Per Share Net Earnings, excluding certain unusual items $2.59 $2.01 $ 1.01 $2.59 SWS inventory write-up, net of tax (a) (0.66) $2.01 Provision for goodwill impairment, net of tax (b) (1.27) Amortization, net of tax (b) (0.16) $1.01 Net Earnings/(Loss) $1.93 $2.01 $ (0.42) 01 02 03 Diluted Weighted-Average Shares Outstanding 88.2 92.8 94.1 Earnings Per Share* Non-GAAP Financial Presentation In addition to its earnings presented in accordance with generally accepted accounting principles (GAAP), Energizer has presented certain non-GAAP earnings in the table above * Excluding unusual which it believes are useful to readers in addition to traditional GAAP measures.
    [Show full text]
  • Year E N E R G I Z
    FULL POWER ENERGIZER HOLDINGS, INC. YEAR 2000 ENERGIZER HOLDINGS, INC.power Energizer Holdings, Inc. ANNUAL REPORT 800 Chouteau Avenue St. Louis, Missouri 63102 2000 ANNUAL REPORT 314.982.2000 www.energizer.com SELECTED FINANCIAL HIGHLIGHTS DIRECTORS S.C. Johnson & Son, Inc. (millions) (diluted earnings per share) William H. Danforth (1)(2)(3)(4) Richard A. Liddy (1)(2)(3) EARNINGS YEAR ENDED SEPTEMBER 30, YEAR ENDED SEPTEMBER 30, Trustee and former Chancellor, Chairman of the Board and Washington University Chief Executive Officer, 2000 1999 2000 1999 GenAmerica Corporation F.S. Garrison (1)(3)(4) Pro Forma Net Earnings, Chairman of the Board, Chairman of the Board, Excluding Unusuals * $163.1 $125.2 $ 1.69 $ 1.22 American Freightways, Inc. Reinsurance Group of America, Inc. (3)(4) R. David Hoover (2)(3)(4) Costs related to spin-off (3.3) – (0.04) – President, Vice Chairman and Joe R. Micheletto Loss on disposition of Spanish affiliate (15.7) – (0.16) – Chief Operating Officer, Ball Chief Executive Officer and Corporation President, Ralcorp Holdings, Restructuring charges – (8.3) – (0.08) Inc. H. Fisk Johnson (2)(3) Pro Forma Net Earnings * 144.1 116.9 1.49 1.14 Chairman of the Board and J. Patrick Mulcahy Chairman, Chief Executive Officer, Energizer Holdings, Inc. Incremental interest expense, net of tax 10.0 21.2 0.11 0.21 Other pro forma costs, net of tax 1.7 5.1 0.02 0.05 OFFICERS Randy Rose Vice President, North America President and Chief Operating Capital loss tax benefits 24.4 16.6 0.25 0.16 William P.
    [Show full text]
  • British Bulldogs, Behind SIGNATURE MOVE: F5 Rolled Into One Mass of Humanity
    MEMBERS: David Heath (formerly known as Gangrel) BRODUS THE BROOD Edge & Christian, Matt & Jeff Hardy B BRITISH CLAY In 1998, a mystical force appeared in World Wrestling B HT: 6’7” WT: 375 lbs. Entertainment. Led by the David Heath, known in FROM: Planet Funk WWE as Gangrel, Edge & Christian BULLDOGS SIGNATURE MOVE: What the Funk? often entered into WWE events rising from underground surrounded by a circle of ames. They 1960 MEMBERS: Davey Boy Smith, Dynamite Kid As the only living, breathing, rompin’, crept to the ring as their leader sipped blood from his - COMBINED WT: 471 lbs. FROM: England stompin’, Funkasaurus in captivity, chalice and spit it out at the crowd. They often Brodus Clay brings a dangerous participated in bizarre rituals, intimidating and combination of domination and funk -69 frightening the weak. 2010 TITLE HISTORY with him each time he enters the ring. WORLD TAG TEAM Defeated Brutus Beefcake & Greg With the beautiful Naomi and Cameron Opponents were viewed as enemies from another CHAMPIONS Valentine on April 7, 1986 dancing at the big man’s side, it’s nearly world and often victims to their bloodbaths, which impossible not to smile when Clay occurred when the lights in the arena went out and a ▲ ▲ Behind the perfect combination of speed and power, the British makes his way to the ring. red light appeared. When the light came back the Bulldogs became one of the most popular tag teams of their time. victim was laying in the ring covered in blood. In early Clay’s opponents, however, have very Originally competing in promotions throughout Canada and Japan, 1999, they joined Undertaker’s Ministry of Darkness.
    [Show full text]
  • Corporation Name
    Energizer Holdings, Inc. March 30, 2012 Volume XXXVIII, Issue III Searching for Value Since 1975 March 30, 2012 Volume XXXVIII, Issue III Energizer Holdings, Inc. (NYSE: ENR) Dow Jones Indus: 13,212.04 S&P 500: 1,408.47 Russell 2000: 830.30 Trigger: No Index Component: S&P MidCap 400 Type of Situation: Business Value, Franchise Value Price: $ 74.18 Shares Outstanding (MM): 65.4 Fully Diluted (MM) (% Increase): 65.7 (0.5%) Average Daily Volume (MM): 0.5 Market Cap (MM): $ 4,875.2 Enterprise Value (MM): $ 6,876.4 Percentage Closely Held: ~ 2% 52-Week High/Low: $ 84.94/62.98 5-Year High/Low: $ 118.94/30.96 Trailing Twelve Months Price/Earnings: 13.3x Price/Stated Book Value: 2.3x Overview Long-Term Debt (MM): $ 2,478.1 Energizer Holdings, Inc. (“ENR,” “Energizer,” or Upside to Estimate of “the Company”) manufactures and markets batteries, Intrinsic Value: 37.1% portable lighting and personal care products in categories such as wet shave, skin care, feminine care Dividend: and infant care. The Company’s brands include the Payout Nil flagship Energizer battery, Schick, Wilkinson Sword, Yield 0.0% Edge, Skintimate, Personna, Banana Boat, Hawaiian Net Revenue Per Share: Tropic, Wet Ones, Playtex and Diaper Genie. LTM: $ 69.8 2011: $ 66.1 The Company was spun off from pet food 2010: $ 60.3 manufacturer Ralston-Purina in 2000. In 2003, ENR 2009: $ 63.4 took the first of several steps to diversify into the personal care business with the acquisition of Schick- Earnings Per Share: Wilkinson Sword, the second largest manufacturer and LTM: $ 5.57 marketer of men's and women's wet shave products.
    [Show full text]
  • Edgewell Personal Care 2016 Annual Report 1
    2016 Annual Report Meeting the Challenge EDGEWELL AT A GLANCE Wet Shave Sun and Skin Care Feminine Care Infant/Other Key Brands: Key Brands: Key Brands: Key Brands: Schick, Edge, Wilkinson Sword, Banana Boat, Hawaiian Tropic, Playtex, Carefree, Stayfree, o.b. Playtex, Diaper Genie Skintimate Wet Ones, Bulldog Key Geographies: Key Geographies: Key Geographies: Key Geographies: US, Canada, Japan, Germany US, Mexico, Australia US, Canada US, Canada SEGMENT SALES GEOGRAPHIC SALES 6% Other 16% 36% International Feminine Care 60% 18% Wet Shave Sun and 64% Skin Care North America FINANCIAL HIGHLIGHTS ($ in millions) 2016 2015 Net Sales 2,362 2,421 Organic Net Sales versus prior year(1) 1.4% (2.5%) Gross Profit Margin 49.1% 48.9% Net Earnings (Loss) from continuing operations 179 (296) Adjusted Net Earnings(2) 213 175 Diluted EPS from continuing operations (GAAP) $ 2.99 $ (4.78) Adjusted EPS - Non-GAAP(2) $ 3.57 $ 2.80 In addition to Net Sales and Earnings presented in accordance with generally accepted accounting principles (GAAP), Edgewell has presented certain non-GAAP measures in the table above. These measures should be considered an alternative to, but not superior to or as substitute for, the comparable GAAP measures. (1) Reconciliation of reported Net Sales to Organic Net Sales included on page 32 of the 10-K. (2) Reconciliation of Net Earnings (Loss) from continuing operations to Adjusted Net Earnings and GAAP EPS to Non-GAAP EPS is included on page 31 of the 10-K. Edgewell Personal Care 2016 Annual Report 1 TO OUR Shareholders, Investors, HYDRO FRANCHISE RETAIL SALES Customers and Colleagues: ($ in millions) $500 $457 $400 $425 Meeting The Challenge is expected to provide us with even greater $382 When we launched Edgewell as a standalone distribution and sales in key growth markets.
    [Show full text]
  • CHARLEVOIX COUNTY PRESS Volume 105 Number 14 June 6, 1984 25 Cents
    BAST JORDAN PUBLIC LIBRARY PO BOX G EAST JORDAN, MI, 4972 7 CHARLEVOIX COUNTY PRESS Volume 105 Number 14 June 6, 1984 25 cents Biggest Great Lakes development announced Perhaps the biggest real estate re­ Company, which owns the land. In the planning, three golf courses ings would be recycled. next spring, according to Mary Feindt Charlevoix-Emmet County community sort project to be seen in the great Specific areas for the project in­ are indicated on the site plans, and The kiln dust mounds would be of Charlevoix Abstract and Engineer­ lakes area was revealed today to the is not totally known at this time, the clude the marina, which will be built three of the biggest names in course removed and the land where the ing, the developers firm of record. aspect of many jobs for the reclama­ Emmet County Planning commission in the present quarry that is already building are being considered for the cement company was working would This newspaper has known of the in Petoskey. tion and construction of the project 85 feet below the level of Lake Mich­ development. be smoothed over and replanted, said project since its inception, and be­ for many years is welcome, according The project, which involves all of igan. A channel will be dug to the Some of the present structures will Hickory. cause of the scope of it, has withheld to some of the officials who are in­ the former Dundee-Penn Dixie Cem­ lake which will be large enough to be retained according to the plans. The plant last made cement in 1980 the information until it was formally volved.
    [Show full text]
  • Energizer Holdings, Inc. 2015 Annual Report Annual Inc
    ENERGIZER HOLDINGS, INC. 2015 ANNUAL REPORT ENERGIZER HOLDINGS, INC. 2015 ANNUAL REPORT ANNUAL INC. 2015 ENERGIZER HOLDINGS, ENERGIZER HOLDINGS, INC. 533 Maryville University Drive St. Louis, MO 63141 (314) 985-2000 www.energizerholdings.com ©2015 Energizer. Energizer, Energizer Bunny design, Eveready and other marks included in this annual report are trademarks of Energizer. Energizer Holdings, Inc. is one of the world’s largest manufacturers of primary batteries and portable lighting products and is anchored by its two globally recognized brands Energizer® and EVEREADY®. As a global leader in power solutions, our mission is to lead the charge to connect our brands, our people and the products we offer to the world better than anyone else. Energizer Holdings, Inc. is traded on the NYSE EXECUTIVE OFFICERS CORPORATE INFORMATION under the ticker symbol ENR. as of September 30, 2015 Alan R. Hoskins Mark S. Lavigne Corporate Headquarters Transfer Agent, Registrar President and Chief Executive Vice President and Energizer Holdings, Inc. and Dividend Paying Agent SEGMENT BREAKDOWN Executive Officer Chief Operating Officer 533 Maryville University Drive Continental Stock Transfer & Trust St. Louis, MO 63141 Company is Energizer’s stock Fiscal 2015 Brian K. Hamm Emily K. Boss (314) 985-2000 transfer agent, registrar and ($ in millions) Executive Vice President and Vice President and www.energizerholdings.com dividend paying agent, and Chief Financial Officer General Counsel maintains the Company’s Fiscal Year End shareholder records. Shareholders NET SALES SEGMENT PROFIT Greg Kinder Sue Drath September 30 seeking information about account Executive Vice President and Vice President and records, stock certificates and Chief Supply Chain Officer Chief Human Resource Officer Independent Accountants change of address should contact: $304.8 $77.9 PricewaterhouseCoopers LLP Asia Pacific St.
    [Show full text]
  • Energizer Holdings, Inc
    energizer holdings, inc. 2002 Annual Report www.energizer.com energizer at a glance YEAR ENDED SEPTEMBER 30, 2002 2001 2000 Net Earnings (in millions) Net Earnings, Excluding Unusuals $ 191.8 $ 102.2 $ 170.7 (a)(b) Provisions for restructuring (7.8) (19.4) – Accounts receivable write-down (9.3) –– Sale of international property 5.0 –– Tax benefits recognized in 2002 related to prior years’ losses 6.7 Intellectual property rights income – 12.3 – Provision for goodwill impairment – (119.0) – Amortization – (15.1) (16.6) Loss on disposition of Spanish affiliate – – (15.7) Elimination of international operations one month lag – – 9.0 Net effects of pro forma interest, spin-off and other pro forma costs – – 8.4 Capital loss tax benefits – – 24.4 Net gain from discontinued operations – – 1.2 Net Earnings/(Loss) $ 186.4 $ (39.0) $ 181.4 (c) Diluted Earnings Per Share Net Earnings, Excluding Unusuals $ 2.07 $ 1.09 $ 1.77 (a)(b) Provisions for restructuring (0.08) (0.21) – Accounts receivable write-down (0.10) –– Sale of international property 0.05 –– Tax benefits recognized in 2002 related to prior years’ losses 0.07 – Intellectual property rights income – 0.13 – Provision for goodwill impairment – (1.27) – Amortization – (0.16) (0.17) Loss on disposition of Spanish affiliate – – (0.16) Elimination of international operations one month lag – – 0.09 Net effects of pro forma interest, spin-off and other pro forma costs – – 0.09 Capital loss tax benefits – – 0.25 Net gain from discontinued operations – – 0.01 Net Earnings/(Loss) $ 2.01 $ (0.42) $ 1.88 (c) Diluted Weighted-Average Shares Outstanding 92.8 94.1 96.3 (d) (a) Energizer Holdings, Inc.
    [Show full text]