(23) PRO FORMA FINANCIAL RESULTS The pro forma statement of earnings may not necessarily reflect the consolidated results of operations that would have existed had the spin-off been effected on the dates specified nor are they necessarily indicative of future results. The pro forma consolidated statements of earnings for the years ended September 30, 1999 and 2000 present the consolidated results of Energizer’s operations assuming the spin-off had occurred as of October 1, 1998. Such statement of earnings has been pre- pared by adjusting the historical statement of earnings to indicate the effect of estimated costs and expenses and the recapitalization  associated with the spin-off. PRO FORMA CONSOLIDATED STATEMENT OF EARNINGS (Dollars in millions except per share data – unaudited) YEAR ENDED SEPTEMBER 30, 2000 Adjustments Related to Historic Distribution Pro Forma Net Sales $1,914.3 $ 1,914.3 Costs and Expenses Cost of products sold 974.7  974.7 Selling, general and administrative 374.4  4.0 (a)  378.4 0.8 (b) (0.8) (c) Advertising and promotion 187.4  187.4 Research and development 49.9  49.9 Costs related to spin-off 5.5  5.5 Loss on disposition of Spanish affiliate 15.7  15.7 Interest 27.5 17.1 (d) 44.6 1,635.1 21.1 1,656.2 Earnings from Continuing Operations before Income Taxes 279.2  (21.1) 258.1 Income Taxes (99.0) (23.4) (e)  (114.0) 8.4 (f) Earnings from Continuing Operations $ 180.2  $ (36.1) $ 144.1 Earnings Per Share from Continuing Operations (g) Basic $1.88 $1.50 Diluted $1.87 $1.49 Weighted-average Shares of Common Stock (g) Basic 96.1 96.1 Diluted 96.3 96.3 47 (a) To reflect the incremental costs associated with becoming a stand-alone company  including Board of Director costs, stock exchange registration fees, shareholder  record keeping services, external financial reporting, treasury services, tax planning  and compliance, certain legal expenses and compensation planning and administration. (b) To adjust pension income on plan assets transferred to Energizer plans upon the spin-off. (c) To eliminate expense of certain postretirement benefits to be retained by Ralston. (d) To reflect the increase in interest expense associated with debt levels assigned to  Energizer upon the spin-off. The adjustment reflects an average interest rate of 6.7%  for $67.0 of incremental notes payable and 7.2% for $411.0 of incremental long-term  debt. Approximately $303.0 of the incremental debt has a variable interest rate. A 1/8% variation in the interest rate would change interest expense by $.4. (e) To reflect taxes as if Energizer was a single, stand-alone U.S. taxpayer. (f) To reflect tax effect of the above pro forma adjustments. (g) The number of shares used to compute earnings per share is based on the weighted- average number of shares of Ralston stock outstanding during the six months ended  March 31, 2000 (adjusted for the distribution of one share of Energizer stock for each  three shares of Ralston stock) and the weighted-average number of shares of Energizer stock outstanding from April 1, 2000 to September 30, 2000.