8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 7, 2007

Exide Technologies

(Exact name of registrant as specified in its charter)

Delaware	1-11263	23-0552730
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

13000 Deerfield Parkway, Building 200,
Alpharetta, Georgia	30004
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (678) 566-9000

Not Applicable

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

Attached as Exhibit 99.1 is a press release dated February 7, 2007, which contains information regarding the Company’s results of operations and financial condition for the fiscal quarter ended December 31, 2006. The earnings release shall be deemed furnished but not filed.

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 Press release dated February 7, 2007.

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SIGNATURES

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 hereunto duly authorized.

	Exide Technologies
February 7, 2007	By:	/s/ Francis M. Corby, Jr.
		Name:	Francis M. Corby, Jr.
		Title:	Executive Vice President and Chief Financial Officer

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EX-99.1

Exhibit 99.1

N E W S     R E L E A S E

FOR IMMEDIATE RELEASE

MEDIA CONTACTS:

Jeannine Addams
Kristin Wohlleben
J. Addams & Partners, Inc.
404/231-1132 phone
jfaddams@jaddams.com
kwohlleben@jaddams.com

INVESTOR CONTACT:

Todd Atenhan
770/425-7877 phone
investorrelations@exide.com

EXIDE TECHNOLOGIES REPORTS THIRD QUARTER 2007 RESULTS

Alpharetta, Ga. — (February 7, 2007) — Exide Technologies (NASDAQ: XIDE, www.exide.com), a global leader in stored electrical-energy solutions, today reported its financial results for its fiscal 2007 third quarter and year-to-date, which ended December 31, 2006. Manufacturing cost reductions and lower SG&A expenses, which totaled approximately $34 million over the first nine months coupled with selected price increases, offset somewhat lower volume and drove quarter and nine-month adjusted EBITDA improvement.

Quarter

Consolidated net sales for the fiscal 2007 third quarter were $769.7 million versus $733.4 million for the fiscal 2006 third quarter. Excluding the favorable impact of currency, sales were essentially flat year-over-year. All of our Divisions continue to benefit from higher pricing, which has offset the impact of lower unit volumes in our transportation businesses and weak network power demand in our Industrial Energy North America business. “The somewhat lower unit volumes in both our Transportation North America and Transportation Europe and Rest of World businesses continue to be the result of our intended program to increase profitability,” said Gordon Ulsh, President and CEO. “An unseasonably warm December on both continents put further downward pressure on volume.”

The Company had a net loss of $11.2 million or ($0.18) per share for the third quarter of fiscal 2007, inclusive of an approximate $9.2 million after-tax impairment charge relating to a former manufacturing facility held for sale. This compared with a net loss of $27.7 million or ($1.08) per share for the fiscal 2006 third quarter. The decreased net loss is partially the result of improved gross margins driven by higher pricing and continued productivity gains, which more than offset the impact of lower volumes. Our results for the current quarter included a tax benefit of $2.9 million versus a tax provision in the prior year period of $3.5 million. Interest expense, net was $4.4 million higher in the current quarter due to higher average debt levels and higher interest rates. Net loss per share was also impacted by an increase in weighted average shares outstanding as a result of the September 2006 rights offering and private sale of common stock.

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The Company also reported positive earnings before interest and taxes (“EBIT”) in the quarter of $8.6 million which was net of the above mentioned $9.2 million impairment charge. In the third quarter of 2006 the company reported negative EBIT of $5.7 million, which also included an after-tax asset impairment charge of $8.5 million relating to the closure of our Kankakee, IL facility in November, 2005.

Adjusted EBITDA in the third quarter of fiscal 2007 was $54.1 million, a 32% increase over third quarter fiscal 2006 Adjusted EBITDA of $41.1 million. The increase in Adjusted EBITDA is attributable to improved margins as a result of pricing actions and productivity improvements, partially offset by higher lead costs.

The Company uses Adjusted EBITDA as a key measure of its operational financial performance, as it is an important element of its bank agreement covenants. This measure underlies the Company’s operational performance and excludes the nonrecurring impact of the Company’s current restructuring actions. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and restructuring charges. Our Adjusted EBITDA definition also adjusts reported earnings for the effect of non-cash currency remeasurement gains or losses, the non-cash gain or loss from revaluation of the Company’s warrants liability, impairment charges and non-cash gains or losses on asset sales. See the reconciliations of net losses to EBIT and Adjusted EBITDA in the attachments to this release.

Fiscal Year-To-Date

Consolidated net sales for the first nine months of fiscal 2007 were $2.13 billion versus $2.09 billion for the first nine months of fiscal 2006. Excluding the favorable impact of exchange rates, sales were flat. Mr. Ulsh stated, “sales for the comparable year-to-date period mirrored those of the third quarter with pricing essentially offsetting the impact of lower volumes.”

The Company had a net loss of $84.2 million or ($2.16) per share for the first nine months of fiscal 2007, compared with a net loss of $96.4 million or ($3.77) per share for the first nine months of fiscal 2006. The decrease in net loss is primarily attributable to improved gross margins and decreases in selling, marketing, and advertising expense and general and administrative expense of $3.2 million and $4.7 million, respectively These results were partially offset however, by an increase in restructuring charges of approximately $6.2 million driven principally by the April 2006 closing of the Company’s automotive battery plant in Shreveport, Louisiana, and to a $16.6 million increase in interest expense due to higher debt and higher rates resulting from the fourth quarter fiscal 2006 amendments to our credit agreement. Net loss per share was also impacted by an increase in weighted average shares outstanding as a result of the September 2006 rights offering and private sale of common stock.

For the first nine months of 2007, the Company reported a $14.6 million EBIT loss compared to a $42.7 million EBIT loss in the year ago period.

Adjusted EBITDA for the first nine months of fiscal 2007 was $114.7 million, an increase of 35% over fiscal 2006 Adjusted EBITDA of $85.1 million. The increase in Adjusted EBITDA is attributable to improved margins as a result of pricing actions, reductions in selling, marketing, and advertising costs, and savings of approximately $4.7 million in general and administrative expenses as a result of ongoing initiatives to streamline the organization. These savings were partially offset, however, by higher lead and fuel costs.

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Conference Call

The Company previously announced that it will hold a conference call to discuss its results on Thursday, February 8, 2007 at 10:00 a.m. (EDT).

Dial-in number for US/Canada: (877) 563-6439
Dial-in number for international callers: (706) 758-9457
Conference ID: 6641259

# # #

About Exide Technologies:

Exide Technologies, with operations in 89 countries, is one of the world’s largest producers and recyclers of lead-acid batteries. The Company’s four global business groups — Transportation North America, Transportation Europe and Rest of World, Industrial Energy North America 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 42-volt 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 Exide, including its financial results, are available at www.exide.com.

Forward-Looking Statements

Except for historical information, this press 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. The Company undertakes no obligation to publicly update or revise any forward-looking statement in this or any prior forward-looking statements whether as a result of new information, future developments or otherwise.

Examples of forward-looking statements include, but are not limited to (a) 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, (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 and (e) statements regarding the ability to comply with or alternatively obtain amendments under the Company’s debt agreements.

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 Company’s ability to implement and fund based on current liquidity business strategies and restructuring plans, (ii) unseasonable weather (warm winters and cool summers) which adversely affects demand for automotive and some industrial batteries, (iii) 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, (iv) the Company’s ability to comply with the covenants in its debt agreements or obtain waivers of noncompliance, (v) 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, (vi) the realization of the tax benefits of the Company’s net operating loss carry forwards, which is dependent upon future taxable income, (vii) 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, (viii) competitiveness of the battery markets in North America and Europe, (ix) the substantial management time and financial and other resources needed for the Company’s consolidation and rationalization of acquired entities, (x) 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, (xi) the Company’s exposure to fluctuations in interest rates on its variable debt, (xii) the Company’s ability to maintain and generate liquidity to meet its operating needs, (xiii) general economic conditions, (xiv) the ability to acquire goods and services and/or fulfill labor needs at budgeted costs, (xv) the Company’s

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reliance on a single supplier for its polyethylene battery separators, (xvi) the Company’s ability to successfully pass along increased material costs to its customers, (xvii) the Company’s ability to comply with the provisions of Section 404 of the Sarbanes-Oxley Act of 2002, and (xviii) the Company’s significant pension obligations over the next several years.

Therefore, the Company cautions each reader of this press release carefully to consider those factors set forth above and those factors described in the Company’s Form 10-Q filed on February 7, 2007 because such factors 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.

Financial tables attached

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EXIDE TECHNOLOGIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS AND NINE MONTHS ENDED DECEMBER 31, 2006 AND 2005
(In thousands, except per-share data)

	For the Three Months Ended						For the Nine Months Ended
	December 31, 2006			December 31, 2005			December 31, 2006			December 31, 2005
NET SALES	$	769,743		$	733,442		$	2,133,232		$	2,089,259
COST OF SALES		640,038			614,609			1,788,447			1,764,317
Gross profit		129,705			118,833			344,785			324,942
EXPENSES:
Selling, marketing and advertising		67,336			66,261			201,786			204,948
General and administrative		42,263			42,471			124,650			129,347
Restructuring		6,299			6,511			22,222			16,051
Other (income) expense, net		3,737			7,973			6,448			12,781
Interest expense, net		22,814			18,404			67,742			51,163
		142,449			141,620			422,848			414,290
Loss before reorganization items, income taxes, and minority interest		(12,744	)		(22,787	)		(78,063	)		(89,348	)
REORGANIZATION ITEMS, NET		1,213			1,311			3,784			4,398
INCOME TAX PROVISION (BENEFIT)		(2,947	)		3,528			1,924			2,572
MINORITY INTEREST		234			32			478			72
Net loss	$	(11,244	)	$	(27,658	)	$	(84,249	)	$	(96,390	)
NET LOSS PER SHARE
Basic and Diluted	$	(0.18	)	$	(1.08	)	$	(2.16	)	$	(3.77	)
WEIGHTED AVERAGE SHARES
Basic and Diluted		60,829			25,576			38,940			25,576

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EXIDE TECHNOLOGIES

CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2006 AND MARCH 31, 2006
(In thousands, except per share data)

	December 31, 2006			March 31, 2006
ASSETS
Current assets:
Cash and cash equivalents	$	64,610		$	32,161
Restricted cash		610			561
Receivables, net of allowance for doubtful accounts of $28,909 and $21,637		621,810			617,677
Inventories		451,788			414,943
Prepaid expenses and other		42,540			30,243
Deferred financing costs, net		3,326			3,169
Deferred income taxes		15,225			11,066
Total current assets		1,199,909			1,109,820
Property, plant and equipment, net		651,320			685,842
Other assets:
Other intangibles, net		192,114			186,820
Investments in affiliates		5,057			4,783
Deferred financing costs, net		13,441			15,196
Deferred income taxes		59,447			56,358
Other		19,944			24,090
Total other assets		290,003			287,247
Total assets	$	2,141,232		$	2,082,909
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings	$	15,892		$	11,375
Current maturities of long-term debt		3,579			5,643
Accounts payable		358,999			360,538
Accrued expenses		313,094			298,631
Warrants liability		2,648			2,063
Total current liabilities		694,212			678,250
Long-term debt		665,909			683,986
Noncurrent retirement obligations		320,119			333,248
Deferred income tax liability		36,501			33,590
Other noncurrent liabilities		110,977			116,430
Total liabilities		1,827,718			1,845,504
Commitments and contingencies (Note 13)		—			—
Minority interest		14,019			12,666
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value, 1,000 shares authorized, 0 shares issued and outstanding		—			—
Common stock, $0.01 par value, 100,000 and 61,500 shares authorized, 60,706 and 24,546 shares issued and outstanding		607			245
Additional paid-in capital		1,007,970			888,647
Accumulated deficit		(723,904	)		(639,655	)
Accumulated other comprehensive income (loss)		14,822			(24,498	)
Total stockholders’ equity		299,495			224,739
Total liabilities and stockholders’ equity	$	2,141,232		$	2,082,909

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EXIDE TECHNOLOGIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED DECEMBER 31, 2006 AND 2005
(In thousands)

	For the Nine Months Ended
	December 31, 2006			December 31, 2005
Cash Flows From Operating Activities:
Net loss	$	(84,249	)	$	(96,390	)
Adjustments to reconcile net loss to net cash used in operating activities—
Depreciation and amortization		90,152			90,519
Unrealized loss (gain) on warrants		585			(9,500	)
Net loss on asset sales / disposals		16,699			12,270
Provision for doubtful accounts		6,749			2,401
Non-cash stock compensation		1,814			333
Reorganization items, net		3,784			4,398
Minority interest		478			72
Amortization of deferred financing costs		2,535			1,347
Changes in assets and liabilities —
Receivables		28,573			10,342
Inventories		(12,670	)		(51,451	)
Prepaid expenses and other		(8,898	)		(13,199	)
Payables		(23,863	)		19,007
Accrued expenses		3,143			(16,206	)
Noncurrent liabilities		(47,679	)		(7,210	)
Other, net		(12,205	)		8,866
Net cash used in operating activities		(35,052	)		(44,401	)
Cash Flows From Investing Activities:
Capital expenditures		(28,978	)		(37,861	)
Proceeds from sales of assets, net		3,385			19,657
Net cash used in investing activities		(25,593	)		(18,204	)
Cash Flows From Financing Activities:
Increase in short-term borrowings		3,106			13,963
Repayments under Senior Secured Credit Facility		(27,654	)		(12,804	)
Settlement of foreign currency swap		—			(12,084	)
Increase (decrease) in other debt		(2,441	)		36,081
Net Proceeds from rights offering and private equity sale		117,871			—
Net cash provided by financing activities		90,882			25,156
Effect of Exchange Rate Changes on Cash and Cash Equivalents		2,212			(2,375	)
Net Increase (Decrease) In Cash and Cash Equivalents		32,449			(39,824	)
Cash and Cash Equivalents, Beginning of Period		32,161			76,696
Cash and Cash Equivalents, End of Period	$	64,610		$	36,872
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period -
Interest	$	45,709		$	31,839
Income taxes (net of refunds)	$	6,973		$	7,980

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EXIDE TECHNOLOGIES AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION BY SEGMENT FOR THE THREE MONTHS ENDED DECEMBER 31, 2006
(in millions)

	Transportation						Industrial Energy
	North			Europe			North			Europe
	America			and ROW			America			and ROW			Other			TOTAL
Net income (loss)	$	17.1			($8.2	)	$	5.8		$	3.7			($29.6	)		($11.2	)
Interest expense, net		—			—			—			—			22.8			22.8
Income tax provision (benefit)		—			—			—			—			(3.0	)		(3.0	)
EBIT	$	17.1			($8.2	)	$	5.8		$	3.7			($9.8	)	$	8.6
Depreciation and amortization		7.2			8.1			2.3			8.9			3.2			29.7
Take Charge		0.0			0.0			0.0			2.6			0.0			2.6
Reorganization items, net		—			—			—			—			1.2			1.2
Restructuring and impairment, net		1.3			1.8			0.1			3.2			(0.1	)			6.3
Other restructuring costs included in cost of sales and general and administrative expenses		0.1			0.0			0.0			0.0			—			0.1
Currency remeasurement loss (gain)		0.4			—			(0.3	)		(0.1	)		(6.4	)		(6.4	)
Gain on revaluation of foreign currency forward contract		—			—			—			—			—			0.0
Minority interest		—			—			—			—			0.3			0.3
Unrealized gain on revaluation of warrants		—			—			—			—			1.3			1.3
Loss (gain) on sale of capital assets		0.2			9.2			0.1			0.2			0.1			9.8
Other, principally non cash stock compensation expense		(0.2	)		(0.1	)		(0.1	)		0.2			0.8			0.6
Adjusted EBITDA	$	26.1		$	10.8		$	7.9		$	18.7			($9.4	)	$	54.1

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EXIDE TECHNOLOGIES AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION BY SEGMENT FOR THE NINE MONTHS ENDED DECEMBER 31, 2006
(in millions)

	Transportation						Industrial Energy
	North			Europe			North		Europe
	America			and ROW			America		and ROW			Other			TOTAL
Net income (loss)	$	18.1			($21.5	)	$	18.6	$	6.2			($105.6	)		($84.2	)
Interest expense, net		—			—			—		—			67.7			67.7
Income tax provision (benefit)		—			—			—		—			1.9			1.9
EBIT	$	18.1			($21.5	)	$	18.6	$	6.2			($36.0	)		($14.6	)
Depreciation and amortization		21.4			24.6			7.0		27.0			10.2			90.2
Take Charge		1.0			0.3			0.0		2.6			0.1			4.0
Reorganization items, net		—			—			—		—			3.8			3.8
Restructuring and impairment, net		8.0			7.9			0.5		5.5			0.3			22.2
Other restructuring costs included in cost of sales and general and administrative expenses		0.4											(0.3	)		0.1
Currency remeasurement loss (gain)		0.5			—			0.1		(0.1	)		(11.1	)		(10.6	)
Gain on revaluation of foreign currency forward contract		—			—			—		—			—			0.0
Minority interest		—			—			—		—			0.5			0.5
Unrealized gain on revaluation of warrants		—			—			—		—			0.6			0.6
Loss (gain) on sale of capital assets		7.1			9.5			—		—			0.1			16.7
Other, principally non cash stock compensation expense		(0.1	)		(0.1	)				0.2			1.8			1.8
Adjusted EBITDA	$	56.4		$	20.7		$	26.2	$	41.4			($30.0	)	$	114.7

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EXIDE TECHNOLOGIES AND SUBSIDIARIES
COMPARATIVE FY07 Q3 NET SALES AND ADJUSTED EBITDA BY SEGMENT

	(in millions)
	Transportation				Industrial Energy
			Europe				Europe
	North		and		North		and		Unallocated
	America		ROW		America		ROW		Corporate			Consolidated
Q3 FY07
Net sales	$	234.3	$	236.6	$	61.7	$	237.1		—		$	769.7
Adjusted EBITDA	$	26.1	$	10.9	$	7.9	$	18.7		($9.5	)	$	54.1
Q3 FY06
Net sales	$	237.6	$	219.7	$	67.3	$	208.8		—		$	733.4
Adjusted EBITDA (1)	$	8.2	$	16.9	$	7.1	$	18.1		($9.2	)	$	41.1

(1) Includes pro forma effect of the allocation of certain Corporate costs.

EXIDE TECHNOLOGIES AND SUBSIDIARIES
COMPARATIVE FY07 Q3 YTD NET SALES AND ADJUSTED EBITDA BY SEGMENT

	(in millions)
	Transportation				Industrial Energy
			Europe				Europe
	North		and		North		and		Unallocated
	America		ROW		America		ROW			Corporate			Consolidated
Q3 YTD FY07
Net sales	$	676.5	$	606.3	$	199.7	$	650.7			—		$	2,133.2
Adjusted EBITDA	$	56.4	$	20.7	$	26.2	$	41.4			($30.0	)	$	114.7
Q3 YTD FY06
Net sales	$	681.8	$	587.1	$	207.8	$	612.6			—		$	2,089.3
Adjusted EBITDA (1)	$	24.7	$	25.6	$	20.1	$	44.2			($29.5	)	$	85.1

(1) Includes pro forma effect of the allocation of certain Corporate costs.

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