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Jarden Reports Third Quarter Results



                     Jarden Reports Third Quarter Results

Third Quarter Cash Flow from Operations of over $75M

Adjusted Diluted Earnings per Share Increased 14% in the Third Quarter

PR Newswire

RYE, N.Y., Oct. 24, 2012

RYE, N.Y., Oct. 24, 2012 /PRNewswire/ -- Jarden Corporation (NYSE: JAH) today
reported its financial results for the three and nine months ended September
30, 2012.

For the three months ended September 30, 2012:

  o Reported net sales were $1.71 billion compared to $1.78 billion, for the
    same period in 2011;
  o Organic net sales declined 1.8% or $32 million;
  o Gross margin increased 40 basis points to 29.4% compared to gross margin
    of 29.0%, for the same period in 2011;
  o Adjusted gross margin increased 80 basis points to 30.0% compared to
    adjusted gross margin of 29.2%, for the same period in 2011;
  o Diluted earnings per share declined 3% to $1.00 per diluted share compared
    to $1.03 per diluted share, for the same period in 2011; and
  o Adjusted diluted earnings per share increased 14% to $1.35 per diluted
    share compared to $1.18 per diluted share, for the same period in 2011.

For the nine months ended September 30, 2012:

  o Reported net sales were $4.88 billion compared to $4.94 billion, for the
    same period in 2011;
  o Organic net sales grew 1.5% or $73 million;
  o Gross margin increased 80 basis points to 29.1% compared to gross margin
    of 28.3%, for the same period in 2011;
  o Adjusted gross margin increased 80 basis points to 29.3% compared to
    adjusted gross margin of 28.5%, for the same period in 2011;
  o Diluted earnings per share increased approximately 19% to $2.45 per
    diluted share compared to $2.06 per diluted share, for the same period in
    2011; and
  o Adjusted diluted earnings per share increased approximately 18% to $2.91
    per diluted share compared to $2.46 per diluted share, for the same period
    in 2011.

"In addition to the strong performance of the business so far this year, we
acted opportunistically to strengthen our long-term capital position by
completing a convertible note offering in September.  The strong demand for
the offering and its successful execution allowed Jarden to take advantage of
positive market conditions to strengthen our balance sheet and ensure that we
have cash readily available to pay down more expensive debt, or to take
advantage of value creating opportunities that may arise in the future," said
Martin E. Franklin, Executive Chairman. "As we continue to invest in our
targeted growth initiatives, a number of these plans revolve around growing
international sales. While the tuck-in acquisitions we completed during the
third quarter are not meaningful from a financial perspective, they provide
strong international operating platforms to support long-term growth in these
markets."

James E. Lillie, Chief Executive Officer commented, "I am pleased with our
performance in both the quarter and year to date. Our diversified business
model allowed us to deliver strong earnings and cash flow in the quarter. We
achieved this performance despite the well known topline challenges we
forecasted stemming from the warm winter of 2011-12. Notwithstanding the year
over year weather related revenue impact, we are pleased that our strong gross
margin performance also led to expanded segment earnings margins, and we
remain on track to exceed last year's strong cash flow performance in 2012. We
expect that the healthy momentum across each of our business segments should
result in continued strength in fiscal 2013, with growth in line with our
stated long-term objectives."

Please see the schedule accompanying this release for a reconciliation of
non-GAAP segment earnings, adjusted net income, adjusted basic and diluted
earnings per share, adjusted gross margins, adjusted interest expense and
organic net sales growth to the comparable GAAP measures.

The Company will be hosting a conference call at 9:45 a.m. (EDT) tomorrow,
October 25, 2012, to further discuss its third quarter results. To listen to
the call by telephone, please dial 888-254-3595 (domestic) or 913-312-0686
(international) and provide passcode: 9240069. The call will be simultaneously
webcast at www.jarden.com.  Supplemental information can be found in the For
Investors section of the Company's website.  A replay of the call and webcast
will be available for three weeks shortly after completion of the live call.
To access the replay, call 888-203-1112 (domestic) or 719-457-0820
(international) and provide passcode: 9240069 or visit www.jarden.com.

Jarden Corporation is a leading provider of a diverse range of consumer
products with a portfolio of over 100 trusted, quality brands sold globally.
 Jarden operates in three primary business segments through a number of well
recognized brands, including: Outdoor Solutions: Abu Garcia®, Aero®, Berkley®,
Campingaz® and Coleman®, ExOfficio®, Fenwick®, Gulp!®, Invicta®, K2®, Marker®,
Marmot®, Mitchell®, Penn®, Rawlings®, Shakespeare®, Stearns®, Stren®,
Trilene®, Volkl® and Zoot®; Consumer Solutions: Bionaire®, Breville®,
Crock-Pot®, FoodSaver®, Health o meter®, Holmes®, Mr. Coffee®, Oster®,
Patton®, Rival®, Seal-a-Meal®, Sunbeam®, VillaWare® and White Mountain®; and
Branded Consumables: Ball®, Bee®, Bernardin®, Bicycle®, Billy Boy®, Crawford®,
Diamond®, Dicon®, Fiona®, First Alert®, First Essentials®, Hoyle®, Kerr®,
Lehigh®, Lillo®, Loew Cornell®, Mapa®, NUK®, Pine Mountain®, Quickie®,
Spontex® and Tigex®. Headquartered in Rye, N.Y., Jarden ranks #371 on the
Fortune 500 and has over 23,000 employees worldwide. For in-depth information
about Jarden, please visit www.jarden.com.

Note: This news release contains "forward-looking statements" within the
meaning of the federal securities laws and is intended to qualify for the safe
harbor from liability established by the Private Securities Litigation Reform
Act of 1995, including statements regarding the Company's earnings per share
and adjusted diluted earnings per share, expected or estimated revenue,
segment earnings, cash flow from operations, and reorganization and other
non-cash charges, the outlook for the Company's markets and the demand for its
products,  consistent profitable growth, free cash flow, future revenues and
gross, operating and EBITDA margin improvement requirement and expansion,
organic net sales growth, bank leverage ratio, the success of new product
introductions, growth in costs and expenses, the impact of commodities,
currencies and transportation costs and the Company's  ability to manage its
risk in these areas, repurchase of shares of common stock from time to time
under the Company's stock repurchase program, our ability to raise new debt,
and the impact of acquisitions, divestitures, restructurings, and other
unusual items, including the Company's ability to integrate and obtain the
anticipated results and synergies from its consummated acquisitions. These
projections and statements are based on management's estimates and assumptions
with respect to future events and financial performance and are believed to be
reasonable, though are inherently uncertain and difficult to predict. Actual
results could differ materially from those projected as a result of certain
factors. A discussion of factors that could cause results to vary is included
in the Company's periodic and other reports filed with the Securities and
Exchange Commission.

 

JARDEN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in millions, except earnings per share)
               Three months ended
               September 30, 2012                      September 30, 2011
                                                                                 
                                          Adjusted
                 As                                    As                       Adjusted
                 Reported                 (non-GAAP)
                            Adjustments                Reported   Adjustments   (non-GAAP)
                 (GAAP)                   (1)(3)
                            (1)(3)                     (GAAP)     (1)(3)        (1)(3)
Net sales      $ 1,705.9  $ --          $ 1,705.9    $ 1,784.7  $ --          $ 1,784.7
Cost of sales    1,204.9    (11.2)        1,193.7      1,267.7    (4.2)         1,263.5
Gross profit     501.0      11.2          512.2        517.0      4.2           521.2
Selling,
general and      322.9      (16.6)        306.3        326.0      (10.1)        315.9
administrative
expenses
Reorganization   9.3        (9.3)         --           6.2        (6.2)         --
costs, net
Operating        168.8      37.1          205.9        184.8      20.5          205.3
earnings
Interest         46.1       (0.3)         45.8         43.7       --            43.7
expense, net
Income before    122.7      37.4          160.1        141.1      20.5          161.6
taxes
Income tax       45.8       10.3          56.1         50.4       7.1           57.5
provision
Net income     $ 76.9     $ 27.1        $ 104.0      $ 90.7     $ 13.4        $ 104.1
Earnings per
share:
Basic          $ 1.00                   $ 1.36       $ 1.03                   $ 1.19
Diluted        $ 1.00                   $ 1.35       $ 1.03                   $ 1.18
Weighted
average shares
outstanding:
Basic            76.6                     76.6         87.7                     87.7
Diluted          77.2                     77.2         88.2                     88.2
See Notes to Earnings Release attached

 

 

JARDEN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in millions, except earnings per share)
               Nine months ended
               September 30, 2012                      September 30, 2011
                                                                                 
                                          Adjusted
                 As                                    As                       Adjusted
                 Reported                 (non-GAAP)
                            Adjustments                Reported   Adjustments   (non-GAAP)
                 (GAAP)                   (1)(3)
                            (1)(3)                     (GAAP)     (1)(3)        (1)(3)
Net sales      $ 4,876.9  $ --          $ 4,876.9    $ 4,941.9  $ --          $ 4,941.9
Cost of sales    3,459.9    (11.2)        3,448.7      3,545.6    (10.9)        3,534.7
Gross profit     1,417.0    11.2          1,428.2      1,396.3    10.9          1,407.2
Selling,
general and      961.0      (25.2)        935.8        951.7      (19.5)        932.2
administrative
expenses
Reorganization   9.3        (9.3)         --           6.2        (6.2)         --
costs, net
Operating        446.7      45.7          492.4        438.4      36.6          475.0
earnings
Interest         135.8      (0.3)         135.5        134.8      --            134.8
expense, net
Loss on early
extinguishment   --         --            --           12.8       (12.8)        --
of debt
Income before    310.9      46.0          356.9        290.8      49.4          340.2
taxes
Income tax       115.7      9.2           124.9        107.2      13.8          121.0
provision
Net income     $ 195.2    $ 36.8        $ 232.0      $ 183.6    $ 35.6        $ 219.2
Earnings per
share:
Basic          $ 2.46                   $ 2.92       $ 2.08                   $ 2.48
Diluted        $ 2.45                   $ 2.91       $ 2.06                   $ 2.46
Weighted
average shares
outstanding:
Basic            79.3                     79.3         88.4                     88.4
Diluted          79.8                     79.8         88.9                     88.9
See Notes to Earnings Release attached

 

 

JARDEN CORPORATION

CONSOLIDATED BALANCE SHEETS (Unaudited)

(in millions)
                                  September 30,   September 30,   December 31,

                                  2012            2011            2011
Assets
Current assets:
Cash and cash equivalents       $ 886.7         $ 446.3         $ 808.3
Accounts receivable, net          1,194.1         1,188.6         1,080.5
Inventories                       1,546.8         1,569.2         1,274.4
Deferred taxes on income          191.6           126.4           181.6
Prepaid expenses and other        152.9           185.9           148.7
current assets
Total current assets              3,972.1         3,516.4         3,493.5
Property, plant and equipment,    614.2           618.9           615.9
net
Goodwill                          1,793.0         1,756.8         1,717.1
Intangible assets, net            1,209.8         1,169.8         1,156.5
Other assets                      145.3           127.2           133.7
Total assets                    $ 7,734.4       $ 7,189.1       $ 7,116.7
Liabilities and stockholders'
equity
Current liabilities:
Short-term debt and current     $ 502.4         $ 162.9         $ 269.3
portion of long-term debt
Accounts payable                  652.5           641.1           557.5
Accrued salaries, wages and       188.2           162.5           181.1
employee benefits
Taxes on income                   11.8            28.8            22.3
Other current liabilities         451.9           478.7           433.5
Total current liabilities         1,806.8         1,474.0         1,463.7
Long-term debt                    3,313.1         3,016.7         2,890.1
Deferred taxes on income          552.0           462.5           507.8
Other non-current liabilities     365.8           324.4           343.1
Total liabilities                 6,037.7         5,277.6         5,204.7
Total stockholders' equity        1,696.7         1,911.5         1,912.0
Total liabilities and           $ 7,734.4       $ 7,189.1       $ 7,116.7
stockholders' equity
See Notes to Earnings Release attached

 

 

JARDEN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in millions)
                                                                                     Three months ended        Nine months ended
                                                                                     September    September    September    September
                                                                                     30, 2012     30, 2011     30, 2012     30, 2011
Cash flows from operating activities:
Net income                                                                         $ 76.9       $ 90.7       $ 195.2      $ 183.6
Adjustments to reconcile net income to net cash provided by
       operating
activities:                                                                       
Depreciation and amortization                                                        38.7         40.3         109.9        121.7
      Debt extinguishment costs                                                      --           --           --           12.8
      Other non-cash items                                                           0.4          41.6         26.5         84.7
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable                                                                  (54.8)       (120.9)      (96.9)       (129.5)
Inventory                                                                            (44.7)       (29.4)       (235.0)      (288.6)
Accounts payable                                                                     (19.2)       (1.0)        81.1         66.3
Other current assets and liabilities                                                 80.9         27.9         0.6          (26.5)
Net cash provided by operating activities                                            78.2         49.2         81.4         24.5
Cash flows from financing activities:
Net change in short-term debt                                                        4.7          --           83.6         2.7
Proceeds from issuance of long-term debt                                             500.1        --           800.6        1,025.0
Payments on long-term debt                                                           (20.6)       (7.8)        (153.2)      (1,102.8)
(Repurchase of) proceeds from common stock, net                                      (103.6)      (44.1)       (536.6)      (84.1)
Debt issuance costs                                                                  (14.0)       (0.2)        (17.4)       (12.3)
Dividends paid                                                                       --           (7.6)        (7.5)        (22.6)
Other                                                                                20.3         4.9          42.7         7.1
Net cash provided by (used in) financing activities                                  386.9        (54.8)       212.2        (187.0)
Cash flows from investing
activities:                                               
Additions to property, plant and equipment                                           (26.8)       (28.3)       (76.9)       (79.4)
Acquisitions of businesses, net of cash acquired, and earnout
                                                                                     (155.2)      (13.4)       (155.2)      (13.4)
payments
Other                                                                                3.5          14.4         9.8          4.8
Net cash used in investing activities                                                (178.5)      (27.3)       (222.3)      (88.0)
Effect of exchange rate changes on cash and cash equivalents                         9.9          (15.4)       7.1          1.4
Net increase (decrease) in cash and cash equivalents                                 296.5        (48.3)       78.4         (249.1)
Cash and cash equivalents at beginning of period                                     590.2        494.6        808.3        695.4
Cash and cash equivalents at end of period                                         $ 886.7      $ 446.3      $ 886.7      $ 446.3
See Notes to Earnings Release attached

 

 

JARDEN CORPORATION

NET SALES AND OPERATING EARNINGS BY SEGMENT (Unaudited)

(in millions)
                                                                                                          
                       Outdoor    Consumer   Branded      Process    Intercompany Total      Corporate/
                       Solutions  Solutions  Consumables  Solutions  Eliminations Operating               
                                                                     (a)          Segments   Unallocated
                                                                                                         Consolidated
Three months ended
September 30, 2012
Net sales              $  657.6   $  509.6   $   459.0    $  97.6    $  (17.9)    $ 1,705.9  $  --       $  1,705.9
Segment earnings       $  96.2    $  79.0    $   72.3     $  12.9    $  --        $ 260.4    $  (25.1)   $  235.3
(loss)
Adjustments to
reconcile to reported
operating

    earnings (loss):
Fair market value
adjustments to            (2.8)      (3.2)       --          --         --          (6.0)       --          (6.0)
inventory
Acquisition-related       (3.9)      (1.6)       (1.4)       --         --          (6.9)       (5.6)       (12.5)
and other costs
Reorganization costs,     (9.3)      --          --          --         --          (9.3)       --          (9.3)
net
Depreciation and          (13.8)     (10.2)      (10.8)      (3.0)      --          (37.8)      (0.9)       (38.7)
amortization
Operating earnings     $  66.4    $  64.0    $   60.1     $  9.9     $  --        $ 200.4    $  (31.6)   $  168.8
(loss)
                                                                                                          
                       Outdoor    Consumer   Branded      Process    Intercompany Total      Corporate/
                       Solutions  Solutions  Consumables  Solutions  Eliminations Operating               
                                                                     (a)          Segments   Unallocated
                                                                                                         Consolidated
Three
months ended September
30, 2011
Net sales              $  707.3   $  522.4   $   477.8    $  92.4    $  (15.2)    $ 1,784.7  $  --       $  1,784.7
Segment earnings       $  104.6   $  74.7    $   76.2     $  7.7     $  --        $ 263.2    $  (23.9)   $  239.3
(loss)
Adjustments to
reconcile  to reported
operating

    earnings (loss):
Fair value adjustment     --         --          (1.6)       --         --          (1.6)       --          (1.6)
to inventory
Acquisition-related       (1.4)      --          (1.3)       --         --          (2.7)       (3.7)       (6.4)
and other costs
Reorganization costs      (3.8)      --          (2.4)       --         --          (6.2)       --          (6.2)
Depreciation and          (15.7)     (8.1)       (12.7)      (3.1)      --          (39.6)      (0.7)       (40.3)
amortization
Operating earnings     $  83.7    $  66.6    $   58.2     $  4.6     $  --        $ 213.1    $  (28.3)   $  184.8
(loss)
(a)   Intersegment sales are recorded at cost plus an agreed-upon intercompany profit on intersegment sales.

 

 

JARDEN CORPORATION

NET SALES AND OPERATING EARNINGS BY SEGMENT (Unaudited)

(in millions)

 
                                                                                                          
                       Outdoor    Consumer   Branded      Process    Intercompany Total      Corporate/
                       Solutions  Solutions  Consumables  Solutions  Eliminations Operating               
                                                                     (a)          Segments   Unallocated
                                                                                                         Consolidated
Nine months ended
September 30, 2012
Net sales              $ 2,075.0  $ 1,260.5  $  1,300.7   $  292.7   $  (52.0)    $ 4,876.9  $  --       $  4,876.9
Segment earnings       $ 263.5    $ 176.0    $  193.0     $  39.3    $  --        $ 671.8    $  (87.4)   $  584.4
(loss)
Adjustments to
reconcile  to reported
operating

    earnings (loss):
Fair market value
adjustments to           (2.8)      (3.2)       --           --         --          (6.0)       --          (6.0)
inventory
Acquisition-related      (3.9)      (1.6)       (1.4)        --         --          (6.9)       (5.6)       (12.5)
and other costs
Reorganization costs,    (9.3)      --          --           --         --          (9.3)       --          (9.3)
net
Depreciation and         (38.0)     (25.9)      (33.8)       (9.7)      --          (107.4)     (2.5)       (109.9)
amortization
Operating earnings     $ 209.5    $ 145.3    $  157.8     $  29.6    $  --        $ 542.2    $  (95.5)   $  446.7
(loss)
                                                                                                          
                       Outdoor    Consumer   Branded      Process    Intercompany Total      Corporate/
                       Solutions  Solutions  Consumables  Solutions  Eliminations Operating               
                                                                     (a)          Segments   Unallocated
                                                                                                         Consolidated
Nine
months ended September
30, 2011
Net sales              $ 2,157.6  $ 1,258.4  $  1,297.9   $  273.7   $  (45.7)    $ 4,941.9  $  --       $  4,941.9
Segment earnings       $ 288.2    $ 172.3    $  183.5     $  27.1    $  --        $ 671.1    $  (91.5)   $  579.6
(loss)
Adjustments to
reconcile  to reported
operating

    earnings (loss):
Fair value adjustment    --         --          (6.9)        --         --          (6.9)       --          (6.9)
to inventory
Acquisition-related      (1.4)      --          (1.3)        --         --          (2.7)       (3.7)       (6.4)
and other costs
Reorganization costs     (3.8)      --          (2.4)        --         --          (6.2)       --          (6.2)
Depreciation and         (45.7)     (22.8)      (42.2)       (9.1)      --          (119.8)     (1.9)       (121.7)
amortization
Operating earnings     $ 237.3    $ 149.5    $  130.7     $  18.0    $  --        $ 535.5    $  (97.1)   $  438.4
(loss)
(a)   Intersegment sales are recorded at cost plus an agreed-upon intercompany profit on intersegment sales.

 

Jarden Corporation
Notes to Earnings Release

Note 1: Adjustments relate to items that are excluded from the "As Reported"
results to arrive at the "Adjusted" results for the three and nine months
ended September 30, 2012 and 2011.  For the three months ended September 30,
2012, adjustments to net income included $6.0 million associated with the
manufacturer's profit in inventory charged to cost of sales which is the
purchase accounting fair value adjustment to inventory associated with our
tuck-in acquisitions; $5.2 million of accelerated depreciation primarily
associated with the rationalization of international manufacturing facilities;
$12.5 million of acquisition related and other costs; $4.1 million of
amortization of acquired intangible assets; $9.3 million of net reorganization
costs primarily associated with the rationalization of international
manufacturing facilities; and $0.3 million of non-cash original issue discount
amortization on the convertible notes. Also, included in the adjustments to
net income for the quarter ended September 30, 2012 is the tax provision
adjustment of $10.3 million, which reflects the normalization of the adjusted
results to the Company's estimated 35% effective tax rate.

For the three months ended September 30, 2011, adjustments to net income
included $6.2 million of reorganization costs and $1.6 million of accelerated
depreciation primarily associated with the rationalization of international
manufacturing facilities; $8.0 million of acquisition-related and other costs
and $4.7 million of amortization of acquired intangible assets. Also, included
in the adjustments to net income for the quarter ended September 30, 2011 is
the tax provision adjustment of $7.1 million, which reflects the normalization
of the adjusted results to the Company's estimated 35.5% effective tax rate.

For the nine months ended September 30, 2012, adjustments to net income
included $6.0 million associated with the manufacturer's profit in inventory
charged to cost of sales which is the purchase accounting fair value
adjustment to inventory associated with our tuck-in acquisitions; $5.2 million
of accelerated depreciation primarily associated with the rationalization of
international manufacturing facilities; $12.5 million of acquisition related
and other costs; $12.7 million of amortization of acquired intangible assets;
$9.3 million of net reorganization costs primarily associated with the
rationalization of international manufacturing facilities; and $0.3 million of
non-cash original issue discount amortization on the convertible notes. Also,
included in the adjustments to net income for the quarter ended September 30,
2012 is the tax provision adjustment of $9.2 million, which reflects the
normalization of the adjusted results to the Company's estimated 35% effective
tax rate.

For the nine months ended September 30, 2011, adjustments to net income
included $6.2 million of reorganization costs and $3.0 million of accelerated
depreciation primarily associated with the rationalization of international
manufacturing facilities; $6.9 million primarily associated with the
manufacturer's profit in inventory charged to cost of sales which is the
purchase accounting fair value adjustment to inventory primarily associated
with the Quickie acquisition; $6.4 million of acquisition-related and other
costs and $14.1 million of amortization of acquired intangible assets. Also,
included in the adjustments to net income for the nine months ended September
30, 2011 is the tax provision adjustment of $13.8 million, which reflects the
normalization of the adjusted results to the Company's estimated 35.5%
effective tax rate.

Note 2:  Organic net sales growth is a non-GAAP measure of net sales growth
excluding the impacts of foreign exchange, certain acquisitions and exited
business from year-over-year comparisons.  The Company believes this measure
provides investors with a more complete understanding of the underlying sales
trends by providing net sales on a consistent basis.  Organic net sales growth
is also one of the measures used by management to analyze operating
performance.  The following table provides a reconciliation of organic net
sales growth to the comparable GAAP measure of net sales growth for the three
and nine months ended September 30, 2012:

 

                                Three months ended         Nine months ended
                                September 30, 2012         September 30, 2012
Reconciliation of Non- GAAP
measure
Net sales (decline)/growth      (4.4%)                     (1.4%)
Foreign exchange impacts        2.5%                       2.1%
(Acquisitions)/exited business, 0.1%                       0.8%
net
Organic net sales               (1.8%)                     1.5%
(decline)/growth

 

Note 3: This earnings release contains non-GAAP financial measures that may
not be directly comparable to other similarly titled measures used by other
companies. For purposes of Regulation G, a non-GAAP financial measure is a
numerical measure of a company's historical or future financial performance,
financial position or cash flows that excludes amounts, or is subject to
adjustments that have the effect of excluding amounts, that are included in
the most directly comparable measure calculated and presented in accordance
with GAAP in the statements of income, balance sheets, or statements of cash
flows of the Company; or includes amounts, or is subject to adjustments that
have the effect of including amounts, that are excluded from the most directly
comparable measure so calculated and presented. Pursuant to the requirements
of Regulation G, the Company has provided reconciliations of the non-GAAP
financial measures to the most directly comparable GAAP financial measures.
These non-GAAP measures are provided because management of the Company uses
these financial measures in maintaining and evaluating the Company's ongoing
financial results and trends.  Management uses this non-GAAP information as an
indicator of business performance, and evaluates overall management with
respect to such indicators.  Additionally, the Company uses non-GAAP financial
measures because the Company's credit agreement provides for certain
adjustments in calculations used for determining whether the Company is in
compliance with certain credit agreement covenants, including, but not limited
to, adjustments relating to non-cash purchase accounting adjustments, non-cash
impairment charge of goodwill, intangibles and other assets, certain net
reorganization costs,  acquisition-related and other costs, transaction and
integration costs, non-cash Venezuela hyperinflationary and devaluation
charges, gains and losses as a result of currency fluctuations, gain on the
sale of the domestic business, non-cash stock-based compensation costs, loss
on early extinguishment of debt, non-cash original issue discount amortization
and other items.  Adjusted gross margin is calculated by dividing adjusted
gross profit by net sales.  These non-GAAP measures should be considered in
addition to, but not as a substitute for, measures of financial performance
prepared in accordance with GAAP.

SOURCE Jarden Corporation

Website: http://www.jarden.com
Contact: Trisha Mount, Senior Vice President, Finance, +1-914-967-9400;
Investor Relations: Allison Malkin, or Press: Alecia Pulman, both of ICR,
Inc., +1-203-682-8200
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