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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
June 12, 1998
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(Date of earliest event reported)
RAYOVAC CORPORATION
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(Exact name of Registrant as specified in its charter)
Wisconsin 333-17895 22-2423556
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(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
601 Rayovac Drive, Madison, WI 53711
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(Address of principal executive offices, including zip code)
(608) 275-3340
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
Page 1 of 3 Pages
No Exhibits Filed Herewith
Item 5. Other Events
The Emerging Issues Task Force (EITF) recently reached a consensus on
Issue 97-14, "Accounting for Deferred Compensation Arrangements Where Amounts
Earned Are Held in a Rabbi Trust and Invested." Rayovac Corporation (the
"Company") has a deferred compensation ("Rabbi") trust that holds approximately
160,000 shares of the common stock, $.01 par value, of the Company, which
holdings may be diversified among other investment options. Currently, the
Company has recorded a liability for amounts owed to employees equal to the
historical cost of such shares, amounting to $962,000. The EITF is expected to
discuss transition treatment for deferred compensation awards prior to March 19,
1998 at a future meeting. All of the deferred compensation subject to the trust
relates to awards made prior to March 19, 1998 and it is therefore uncertain
what treatment may be required. However, the Company may be required to record
compensation expense and a corresponding liability to mark to market the
Company's obligations to employees for amounts invested in shares of the
Company's common stock. The adjustment to the liability would result in a charge
to earnings, net of tax, of approximately $1.7 million.
SIGNATURE
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.
RAYOVAC CORPORATION
Date: June 12, 1998 By: /s/ Randall J. Steward
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Name: Randall J. Steward
Title: Senior Vice President of
Finance and Chief Financial
Officer