<PAGE>

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10K/A
                                 AMENDMENT NO. 1

[X]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the Fiscal Year Ended    September 30, 2001

                                       OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the transition period from     ________     to     ________

         Commission File Number       001-13615

                               Rayovac Corporation

                           --------------------------

             (Exact name of registrant as specified in its charter)


           Wisconsin                                       22-2423556
           ---------                                       ----------
 (State or other jurisdiction of                        (I.R.S. Employer
  incorporation or organization)                      Identification Number)


                   601 Rayovac Drive, Madison, Wisconsin 53711

                    -----------------------------------------

               (Address of principal executive offices) (Zip Code)

                                 (608) 275-3340

                  --------------------------------------------

              (Registrant's telephone number, including area code)


                                 Not Applicable

                  --------------------------------------------


              (Former name, former address and former fiscal year,
                         if changed since last report.)


         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                                 Yes (X) No ( )

         Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in part III of this Form 10-K or any
amendment to this Form 10-K.


         On May 7, 2002, the aggregate market value of the voting stock held
by non-affiliates of the registrant was $524,973,421. As of May 7, 2002,
there were outstanding 32,030,105 shares of the registrant's Common Stock,
$0.01 par value.

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Explanatory Note

         This Amendment No. 1 to the Annual Report on Form 10-K (the "Form
10-K") of Rayovac Corporation (the "Company") for the fiscal year ended
September 30, 2001 is being filed to amend Item 11 (Executive Compensation) of
the Form 10-K to revise the summary compensation table required by Item 11. In
accordance with Rule 12b-15 under the Securities Exchange Act of 1934, the
complete text of Item 11 as amended is set forth herein. The revised summary
compensation table properly reflects the bonus and other compensation paid to
the Company's chief executive officer and the other four most highly compensated
executive officers (the "Named Executive Officers") during the fiscal years
ended September 30, 2001, 2000 and 1999, respectively. The revised summary
compensation table corrects presentation errors for the bonus and other
compensation paid to the Named Executive Officers, which were reflected in the
incorrect fiscal years. The revised summary compensation table contains no
change in previously reported information other than as described above. The
Company's audited financial statements as of and for the fiscal year ended
September 30, 2001 did not contain these errors and have not been changed.



<Page>
ITEM 11. EXECUTIVE COMPENSATION

    The following table sets forth compensation paid to our Chief Executive
Officer and the other four most highly compensated executive officers during
fiscal 2001, fiscal 2000 and fiscal 1999 (the "Named Executive Officers") for
services rendered in all capacities to us. Certain prior year amounts have been
reclassified to conform with current year presentation.
<Table>
<Caption>
                                                                                    OTHER            RESTRICTED      SECURITIES
                                         FISCAL                                     ANNUAL             STOCK         UNDERLYING
NAME AND PRINCIPAL POSITION               YEAR     SALARY ($)    BONUS ($)     COMPENSATION($)      AWARDS($)(1)     OPTIONS(#)
---------------------------             --------   -----------   ----------   ------------------   --------------   ------------
<S>                                     <C>        <C>           <C>          <C>                  <C>              <C>
David A. Jones,                           2001      $550,000                       $361,200 (2)      $1,180,000         50,000
  Chairman of the Board and               2000       500,000      $400,000          278,700 (4)
  Chief Executive Officer.............    1999       500,000       250,000          272,800 (5)

Kent J. Hussey,                           2001       385,000                        125,200 (7)         826,000         50,000
  President and Chief Operating           2000       350,000                         56,500 (8)                         40,000
  Officer.............................    1999       325,000       412,500

Luis A. Cancio,                           2001       293,000                         80,000 (9)         537,500         50,000
  Executive Vice President-Latin          2000       286,000                         33,200(10)                         50,000
  America.............................    1999        47,700                                                           100,000

Stephen P. Shanesy,                       2001       290,000                         84,700(12)         567,500         50,000
  Executive Vice President of             2000       265,000                                                            35,000
  Global Brand Management.............    1999       250,000       100,000                                              25,000

Merrell M. Tomlin,                        2001       290,000                         70,800(12)         560,000         50,000
  Executive Vice President of             2000       250,000                         32,500(14)                         35,000
  Sales...............................    1999       230,000       114,000                                              25,000

<Caption>

                                            ALL OTHER
NAME AND PRINCIPAL POSITION              COMPENSATION($)
---------------------------             ------------------
<S>                                     <C>
David A. Jones,                             $5,741,400 (3)
  Chairman of the Board and
  Chief Executive Officer.............           4,700 (6)

Kent J. Hussey,                              1,418,500 (3)
  President and Chief Operating
  Officer.............................           4,700 (6)

Luis A. Cancio,
  Executive Vice President-Latin
  America.............................          10,000(11)

Stephen P. Shanesy,                            796,200(13)
  Executive Vice President of
  Global Brand Management.............           1,800 (6)

Merrell M. Tomlin,                             924,600 (3)
  Executive Vice President of
  Sales...............................         143,100(15)
</Table>

--------------------------

 (1) At September 30, 2001 an aggregate of 277,137 restricted shares were
    outstanding valued at $4,226,355. Vesting is scheduled for September 30,
    2003 on 210,423 shares. The remaining 66,714 shares are scheduled to vest
    one third each year beginning September 30, 2001. The Company has the
    discretion to pay or defer dividends, if declared, until the expiration of
    restrictions.

 (2) Includes approximately $104,000 related to a supplemental executive
    retirement program, $80,000 related to personal use of the Company aircraft,
    $70,000 related to interest on the Executive Note (as defined herein) and
    $60,000 related to a Company provided residence.

 (3) Represents compensation from the exercise of stock options.

 (4) Includes approximately $70,000 related to a Company provided residence,
    $70,000 related to interest on the Executive Note (as defined herein) and
    $90,000 related to personal use of the Company aircraft.

 (5) Includes approximately $120,000 related to a Company provided residence,
    $70,000 related to interest on the Executive Note (as defined herein) and
    $50,000 related to personal use of the Company aircraft.

 (6) Represents pension plan termination benefits.

 (7) Includes approximately $70,000 related to a supplemental executive
    retirement program.

 (8) Includes approximately $20,000 related to personal use of the Company
    aircraft and $20,000 related to personal use of a Company provided vehicle.

 (9) Includes approximately $50,000 related to a supplemental executive
    retirement program.

(10) Represents personal use of a Company provided vehicle and contributions to
    401K plan.

(11) Represents relocation payments.

(12) Includes approximately $55,000 related to a supplemental executive
    retirement program.

(13) Represents compensation from the exercise of stock options and the purchase
    of a company vehicle.


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(14) Includes approximately $20,000 related to personal use a company provided
    vehicle.

(15) Represents pension plan termination benefits and approximately $140,000 of
    relocation payments.

OPTION GRANTS AND EXERCISES

    In connection with the 1996 recapitalization, the Board adopted the Rayovac
Corporation 1996 Stock Option Plan (the "1996 Plan"). Pursuant to the 1996 Plan,
options may be granted with respect to an aggregate of 2,318,127 shares of
Common Stock. At September 30, 2001 an aggregate of 1,287,867 options to
purchase shares of Common Stock at a weighted average exercise price of $7.42
per share, 508,181 of which relate to the 911,577 granted to David A. Jones in
accordance with the terms of his employment agreement, were outstanding. See
"Employment Agreement". In September 1997, the Board adopted the 1997 Rayovac
Incentive Plan ("Incentive Plan"). Pursuant to the Incentive Plan, we may grant
stock-based awards, including options and restricted stock, to purchase up to
5,000,000 shares of Common Stock. At September 30, 2001 an aggregate of
1,978,413 options at a weighted average exercise price of $18.48 were
outstanding under the Incentive Plan.

    The following table discloses the grants of stock options during fiscal 2001
to the Named Executive Officers.

                          OPTION GRANTS IN FISCAL 2001

<Table>
<Caption>
                                                     INDIVIDUAL GRANTS                          POTENTIAL REALIZABLE
                                ------------------------------------------------------------      VALUE AT ASSUMED
                                 NUMBER OF    PERCENT OF TOTAL                                  ANNUAL RATES OF STOCK
                                SECURITIES        OPTIONS        EXERCISE                      PRICE APPRECIATION FOR
                                UNDERLYING       GRANTED TO       OR BASE                            OPTION TERM
                                  OPTIONS       EMPLOYEES IN       PRICE                       -----------------------
NAME                            GRANTED (#)     FISCAL YEAR      ($/SHARE)   EXPIRATION DATE    5% ($)       10% ($)
----                            -----------   ----------------   ---------   ---------------   ---------   -----------
<S>                             <C>           <C>                <C>         <C>               <C>         <C>
David A. Jones................    50,000             5.8          $14.50        9/30/2010      $455,950    $1,155,450
Kent J. Hussey................    50,000             5.8          $14.50        9/30/2010      $455,950    $1,155,450
Luis A. Cancio................    50,000             5.8          $14.50        9/30/2010      $455,950    $1,155,450
Stephen P. Shanesy............    50,000             5.8          $14.50        9/30/2010      $455,950    $1,155,450
Merrell M. Tomlin.............    50,000             5.8          $14.50        9/30/2010      $455,950    $1,155,450
</Table>

    The following table sets forth information concerning options to purchase
Common Stock held by the Named Executive Officers.

  AGGREGATED OPTION EXERCISES IN FISCAL 2001 AND FISCAL YEAR-END OPTION VALUES

<Table>
<Caption>
                                                          NUMBER OF SECURITIES          VALUE OF UNEXERCISED
                                                         UNDERLYING UNEXERCISED             IN-THE-MONEY
                              SHARES                           OPTIONS AT                    OPTIONS AT
                             ACQUIRED       VALUE          FISCAL YEAR END (#)         FISCAL YEAR END ($)(1)
NAME                        ON EXERCISE   REALIZED $   (EXERCISABLE/UNEXERCISABLE)   (EXERCISABLE/UNEXERCISABLE)
----                        -----------   ----------   ---------------------------   ---------------------------
<S>                         <C>           <C>          <C>                           <C>
David A. Jones............    403,396     $5,722,200      325,865/232,316              $3,538,894/$2,017,452
Kent J. Hussey............    100,000     $1,418,500      106,747/149,112                523,181/532,477
Luis A. Cancio............         --             --       53,125/146,875                    0/37,500
Stephen P. Shanesy........     55,355     $  785,200       53,553/115,039                388,821/284,989
Merrell M. Tomlin.........     65,184     $  924,600       43,724/115,039                282,078/284,989
</Table>

------------------------

(1) These values are calculated using the $15.25 per share closing price of the
    Common Stock as quoted on the NYSE on September 30, 2001.


<Page>
PENSION PLAN

    In fiscal 1997 we contributed to a defined benefit pension plan covering all
domestic non-union employees (the "Pension Plan"). On August 1, 1997 the Pension
Plan accruals were frozen and the Pension Plan was officially terminated on
October 1, 1997. We made no contributions to the Pension Plan during fiscal
1999, 2000 or 2001. Distribution of benefits due to participating employees
under the Pension Plan was made during fiscal 1999. In fiscal 1999, 2000 and
2001, we contributed to a defined contribution 401(k) plan covering domestic
non-union employees (the "401(k) Plan"). We made contributions allocated on the
basis of compensation and age as identified in the summary compensation table.

DIRECTOR COMPENSATION

    Directors who are employees of the Company receive no compensation for
serving on the Board of Directors. Non-employee directors of the Company are
reimbursed for their out-of-pocket expenses in attending meetings of the Board
of Directors. Messrs. Lupo and Pellegrino received $5,000 per quarterly meeting
in their capacities as directors for fiscal year 2001, plus $1,000 for each of
the four Board of Director meetings they attended. In addition, each received
$500 for each Board Committee meetings he attended. Commencing July 2001,
Mr. Shepherd began receiving the same compensation as Messrs. Lupo and
Pellegrino for attending Board of Director and Board Committee meetings.
Messrs. Schoen and Smith receive no fees in their capacities as directors.
However, as described in "Certain Relationships and Related Transactions",
Thomas H. Lee Company, an affiliate of Thomas H. Lee Partners, L.P., of which
Messrs. Schoen and Smith are managing directors and Mr. Shepherd is formerly a
managing director and currently a special partner, receives fees from us for
consulting and management advisory services.

EMPLOYMENT AGREEMENTS

    We have an employment agreement with each of the Named Executive Officers.
On October 1, 2000, we entered into amended and restated employment agreements
with David A. Jones (the "Jones Employment Agreement") and Kent J. Hussey (the
"Hussey Employment Agreement"), as well as employment agreements with each of
Luis A. Cancio, Stephen P. Shanesy and Merrell M. Tomlin (together with the
Jones Employment Agreement and the Hussey Employment Agreement, the "Executive
Employment Agreements").

    Each of the Executive Employment Agreements:

    - has a term of three years, expiring on September 30, 2003, and, except for
      the Jones Employment Agreement, provides for automatic renewal for
      successive one-year periods unless terminated earlier upon 90-days'
      written notice by either the respective Named Executive Officer or us;

    - provides that the Named Executive Officer has the right to resign and
      terminate his respective Executive Employment Agreement at any time upon
      60-days' notice. Upon such resignation, we must pay any unpaid base salary
      through the date of termination to the resigning Named Executive Officer;

    - except in the case of the Jones Employment Agreement, provides that upon
      termination of the Named Executive Officer's employment without cause or
      for death or disability, we will pay to the terminated Named Executive
      Officer, or such Named Executive Officer's estate, two times the Named
      Executive Officer's base salary and annual bonus, to be paid out over the
      following twelve months. In addition, each Named Executive Officer shall
      be entitled to receive insurance and other benefits for the greater of
      24 months or the remainder of the term;


<Page>
    - provides us with the right to terminate the Named Executive Officer's
      employment for "cause" (as defined therein), in which event we shall be
      obligated to pay to the terminated Named Executive Officer any unpaid base
      salary accrued through the date of termination; and

    - provides that, during the term of the agreement or the period of time
      served as an employee or director, and for one year thereafter, the Named
      Executive Officer shall not engage in or have any business which is
      involved in the industries in which we are engaged.

    Under their respective employment agreements, Mr. Jones is entitled to a
base salary of $550,000 per annum, Mr. Hussey is entitled to a base salary of
$385,000 per annum, Mr. Shanesy and Mr. Tomlin are each entitled to a base
salary of $290,000 per annum and Mr. Cancio is entitled to a base salary of
$275,000 per annum (such base salaries may be increased from time to time at the
discretion of the Board of Directors) and each Named Executive Officer is
entitled to an annual bonus based upon our achieving certain annual performance
goals established by the Board of Directors.

    In addition, pursuant to the Jones Employment Agreement, Mr. Jones was paid
a bonus of $400,000 in October 2000 as compensation for past services and will
be paid an additional bonus of $400,000 on September 30, 2003. In addition, the
Jones Employment Agreement provides that Mr. Jones will be granted the option to
purchase his Rayovac-owned home for a nominal amount on April 30, 2003. In the
event of a "sale" of Rayovac (as defined in the Jones Employment Agreement),
Mr. Jones' right to receive the September 30, 2003 bonus and his right to
acquire his Rayovac-owned home shall accelerate to the date of the "sale".
Pursuant to the Jones Employment Agreement, Mr. Jones purchased 227,895 shares
of Common Stock at approximately $4.39 per share in connection with our 1996
recapitalization. One-half of the purchase price for those shares was paid in
cash and one-half was paid with a promissory note from Mr. Jones will receive
additional salary at an initial rate of $35,000 annually as long as the Jones
Equity Note remains outstanding.

    The Jones Employment Agreement further provides that, upon termination of
Mr. Jones' employment due to death or disability, we will pay him or his estate
his base salary for the next 24 months following termination and we will
continue to pay him or his estate two times the pro rata portion of his annual
bonus. In addition, we will continue to pay him his additional salary at an
initial rate of $35,000 annually, as long as the Jones Equity Note is
outstanding, for the duration of the term of his agreement, and he shall be
entitled to insurance and other specified benefits for the greater of 24 months
or the remainder of the term. In the event Mr. Jones is terminated "without
cause" (as defined in the Jones Employment Agreement), he shall continue to be
paid his annual bonus for the greater of 24 months or the remainder of the term.
Mr. Jones shall also be entitled to receive additional salary at an initial rate
of $35,000 annually, as long as the Jones Equity Note is outstanding, and
insurance and other benefits for the greater of 24 months or the remainder of
the term.

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

    During fiscal 2001, the Compensation Committee of the Board of Directors was
comprised of Scott A. Schoen, Thomas R. Shepherd and Warren C. Smith, Jr. No
member of our Compensation Committee is currently or has been, at any time since
our formation, one of our officers or employees. No member of our Compensation
Committee serves a member of the board of directors or compensation committee of
any entity that has one of more executive officers serving as a member of our
Board of Directors or Compensation Committee.


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                                   SIGNATURES

         Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                           RAYOVAC CORPORATION
                                           By: /s/ David A. Jones
                                              ----------------------------
                                           Name:  David A. Jones
                                           Title: Chairman of the Board and
                                                  Chief Executive Officer
                                                  (Principal Executive Officer)


Date: May 14, 2002

         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated as of May 14, 2002.

                SIGNATURE                 TITLE

          /s/ David A. Jones
--------------------------------------
             David A. Jones               Chairman of the Board and Chief
                                          Executive Officer
                                          (PRINCIPAL EXECUTIVE OFFICER)

          /s/ Kent J. Hussey
--------------------------------------
             Kent J. Hussey               President and Chief Financial
                                          Officer and Director
                                          (PRINCIPAL FINANCIAL AND
                                          ACCOUNTING OFFICER)

            /s/ John S. Lupo
--------------------------------------
              John S. Lupo                Director

        /s/ Philip F. Pellegrino
--------------------------------------
          Philip F. Pellegrino            Director

          /s/ Scott A. Schoen
--------------------------------------
             Scott A. Schoen              Director

        /s/ Thomas R. Shepherd
--------------------------------------
           Thomas R. Shepherd             Director

          /s/ Scott L. Jaeckel
--------------------------------------
            Scott L. Jaeckel              Director

         /s/ Barbara S. Thomas
--------------------------------------
            Barbara S. Thomas             Director