Exide ends third quarter with liquidity of $126.3 million

By Jennifer Lanning Drey

Portland, Ore., Feb. 8 - Exide Technologies, Inc. reported liquidity of $126.3 million at the end of its fiscal 2007 third quarter, up from $63.6 million nine months earlier at March 31, 2006, chief financial officer Francis Corby said during the company's earnings conference call on Thursday.

The Dec. 31 liquidity figure included cash and cash equivalents of $64.6 million, he said.

Exide chief executive officer Gordon A. Ulsh said the company is using the additional liquidity to improve its accounts payable terms with most of its 5,300 North American suppliers. The new terms are expected to create a more favorable cash flow picture going forward and provide future opportunities to fund restructuring activities and capital projects, he said.

Exide reported $685.4 million of debt at Dec. 31, compared with $701.0 million at March 31, 2006.

Corby said the decreased debt and additional liquidity primarily resulted from the company's successful completion of a $75 million rights offering to existing shareholders and a separate $50 million private equity sale in 2006.

The company had $58.7 million available under its revolving loan facility at Dec. 31.

Exide Technologies is an Alpharetta. Ga.-based producer and recycler of lead-acid batteries.

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