Exide Announces Results for Fiscal Year Ended March 31, 2000

8 June 2000

    READING, Pa. - Exide Corporation , the global leader in electrical energy 
storage solutions, today reported results for its fiscal year and fourth fiscal 
quarter ended March 31, 2000.

    Excluding non-recurring or unusual charges, the company reported net
income of $6.5 million, or $.31 per diluted share, for the fiscal year ended
March 31, 2000, as compared to a restated net loss, excluding non-recurring or
unusual charges, of $8.5 million, or $.40 per diluted share, for the previous
fiscal year.  Earnings before interest, taxes, depreciation and amortization
(EBITDA) was $227.5 million for the fiscal year and $47.7 million for the
fourth fiscal quarter.

    Net sales for fiscal year 2000 were $2.2 billion as compared to
$2.4 billion in the previous fiscal year.

    For the fourth quarter ended March 31, 2000, the company reported a net
loss, excluding non-recurring or unusual items, of $1.0 million, or $.04 per
diluted share, as compared to a restated net loss, excluding non-recurring or
unusual items, of $12.6 million, or $.59 per diluted share, in the previous
year.  Net sales for the fourth fiscal quarter were $524.7 million compared to
$550.0 million in the fourth quarter of the previous year.

    Including non-recurring or unusual items, the company reported a net loss
of $136.0 million, or $6.40 per diluted share, for the fiscal year and
$127.3 million, or $5.99 per diluted share for its fourth fiscal quarter,
compared to a restated net loss of $127.0 million, or $5.98 per diluted share,
for the previous fiscal year and a restated net loss of $78.8 million, or
$3.70 per diluted share for the same quarter of the previous year.

    Non-recurring or unusual pre-tax items for the fourth quarter ending
March 31, 2000 totaled $125.1 million, consisting of:

   -- A $13.4 million provision to cover resolution of quality claims
       litigation.
   -- $39.3 million of restructuring charges, related primarily to our
       realignment to a customer-focused global business strategy.  This
       includes severance charges, along with costs related to planned
       closures of manufacturing operations and other facilities.
   -- $18.4 million of writedowns to net realizable value related to the
       ongoing divestiture of non-core businesses.
   -- Other non-cash charges related to asset writedowns and adjustments of
       balance sheet reserves, including $23.9 million in warranty reserves,
       $3.0 million in environmental reserves and $27.1 million of other
       charges.

    The Company also recorded $17.5 million of unusual items in the third
fiscal quarter, including a charge for in-process research and development of
$14.3 million for the acquisition of Lion Compact Energy and additional
divestiture related charges of $3.2 million.

    Robert A. Lutz, Chairman and Chief Executive Officer of Exide Corporation,
said, "The company reported improved results for the year, although the
continuing decline in demand for aftermarket automotive batteries in North
America and the weakness of the Euro versus the dollar adversely affected our
financial results for the fiscal year.  We have taken major strategic
initiatives to ensure the long-term success of the company.  With these
actions, and our new management team and structure in place, we are confident
of Exide's ability to perform well in the coming fiscal year."

    Among strategic and other items cited by Lutz were:

   -- The appointment of Craig H. Muhlhauser, former Vice President of Ford
       Motor Company and President of Visteon Corporation, as President and
       Chief Operating Officer and the appointment of Kevin R. Morano, former
       President and Chief Operating Officer of ASARCO, as Chief Financial
       Officer.
   -- An agreement to purchase GNB Technologies from Pacific Dunlop Ltd.  The
       acquisition would mark Exide's re-entry into the U.S. industrial
       battery business as well as greatly strengthening its U.S. automotive
       business. The acquisition remains subject to due diligence, regulatory
       review and financing.
   -- The appointments of Lynne V. Cheney, a senior fellow at the American
       Enterprise Institute for Public Policy Research, and Jody G. Miller, a
       venture partner with Maveron LLC, to the company's board of directors.
   -- The realignment of the company into global business units, including
       Emerging Technologies; Transportation/Original Equipment;
       Transportation/Aftermarket; Military; Standby and Motive Power.
   -- The introduction of a "Fresh Check" seal and plain-language dating to
       its automotive aftermarket batteries in North America, making them the
       most consumer-friendly batteries in the industry.
   -- The sale of non-core businesses and other assets, which generated more
       than $80 million in cash and assumed liabilities in fiscal 2000.
   -- The acquisition of a majority interest in Lion Compact Energy, a
       company doing research in breakthrough dual graphite battery
       technology.

    As previously reported, the company is restating results for fiscal year
1999 as a result of improperly deferring a pre-fiscal 1998 charge until fiscal
1998 and 1999.  This results in an increase in earnings of $.06 per diluted
share and $.14 per diluted share for the fourth quarter and full year,
respectively, of fiscal 1999. Additionally, the company will change its method
of valuing inventory for U.S. battery inventories from the last-in, first-out
("LIFO") method to the first-in, first-out ("FIFO") method.  This change will
not impact the company's earnings for any of the periods presented.

    The company will conduct an investor call to discuss fourth quarter
results on June 9, 2000 at 10:00 a.m. Eastern Time.  The call is available to
investors in a listen-only format on the Internet at http://www.Exideworld.com, and
at http://www.StreetFusion.com.  The call will be repeated on Webcast from June 9,
2000 at 2:00 p.m. Eastern Time until June 16, 2000 at 11:45 p.m. Eastern Time
at the same Internet addresses.

    Exide Corporation, with annual revenues of approximately $2.2 billion and
operations in 23 countries, is the world's largest manufacturer of automotive
and industrial lead-acid batteries and a leader in electric storage solutions.

    Certain statements in this press release may constitute forward-looking
statements as defined by the Securities Litigation Reform Act of 1995.  As
such, they involve known and unknown risks, uncertainties and other factors,
which may cause the actual results of the Company to be materially different
from any results expressed or implied by such forward-looking statements.
These are enumerated in further detail in the Company's Form 10-K.

                      EXIDE CORPORATION AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF OPERATIONS
           (Amounts in thousands, except share and per-share data)

                      For the Three Months Ended    For the Fiscal Year Ended

                                (Unaudited)
                                       (Restated)                (Restated)
                          March 31,    March 31,     March 31,    March 31,
                            2000          1999         2000         1999

    NET SALES             $500,770      $550,080   $2,194,447    $2,374,278

    COST OF SALES
     BEFORE ASSET SALES    401,067       457,774    1,640,371     1,815,022
    (GAIN)/LOSS ON
     ASSET SALES            18,409            --       21,584            --
      Cost of sales        419,476       457,774    1,661,955     1,815,022

       Gross profit         81,294        92,306      532,492       559,256

    OPERATING EXPENSES:
     Selling, marketing
      and advertising       81,501        87,274      319,476       334,638
     General and
      administrative        46,970        42,294      145,770       169,744
     Restructuring          39,336            --       39,336            --
     Purchased research
      and development           --            --       14,262            --
     Goodwill amortization   4,502         4,642       17,165        20,016
                           172,309       134,210      536,009       524,398

       Operating
        income (loss)      (91,015)      (41,904)      (3,517)       34,858

    INTEREST EXPENSE, net   24,929        28,477      103,988       111,679
    OTHER (INCOME)
     EXPENSE, net            9,130        10,750       16,043        28,852

       Income (loss)
        before income
        taxes, minority
        interest and
        extraordinary
        loss              (125,074)      (81,131)    (123,548)     (105,673)


    INCOME TAX EXPENSE       1,872          (643)      10,769        23,001

       Loss before
        minority interest
        and extraordinary
        loss              (126,946)      (80,488)    (134,317)     (128,674)

    MINORITY INTEREST          377        (1,672)       1,725        (1,981)

       Loss before
        extraordinary
        loss              (127,323)      (78,816)    (136,042)     (126,693)

    EXTRAORDINARY LOSS
     RELATED TO EARLY
     RETIREMENT OF DEBT,
     net of income tax
     benefit of $0              --            --           --          (301)

       Net loss          $(127,323)     $(78,816)   $(136,042)    $(126,994)


    BASIC EARNINGS
     PER SHARE:
     Loss before
      extraordinary loss    $(5.99)       $(3.70)      $(6.40)       $(5.97)
     Extraordinary loss         --            --           --         (0.01)
       Net loss             $(5.99)       $(3.70)      $(6.40)       $(5.98)


    DILUTED EARNINGS
     PER SHARE:
     Loss before
      extraordinary loss    $(5.99)       $(3.70)      $(6.40)       $(5.97)
     Extraordinary loss         --            --           --         (0.01)
       Net loss             $(5.99)       $(3.70)      $(6.40)       $(5.98)


    WEIGHTED
     AVERAGE SHARES:
     Basic              21,253,062    21,276,232   21,263,101    21,245,494

     Diluted            21,253,062    21,276,232   21,263,101    21,245,494