0001193125-13-057366.txt : 20130214 0001193125-13-057366.hdr.sgml : 20130214 20130214065225 ACCESSION NUMBER: 0001193125-13-057366 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20130214 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130214 DATE AS OF CHANGE: 20130214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JARDEN CORP CENTRAL INDEX KEY: 0000895655 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MISCELLANEOUS NONDURABLE GOODS [5190] IRS NUMBER: 351828377 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13665 FILM NUMBER: 13606150 BUSINESS ADDRESS: STREET 1: 555 THEODORE FREMD AVE CITY: RYE STATE: NY ZIP: 10580 BUSINESS PHONE: 914 967 9400 MAIL ADDRESS: STREET 1: 555 THEODORE FREMD STREET 2: AVE CITY: RYE STATE: NY ZIP: 10580 8-K 1 d484362d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

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

Date of Report (Date of earliest event reported) February 14, 2013

 

 

Jarden Corporation

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-13665   35-1828377

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

555 Theodore Fremd Avenue, Rye, New York   10580
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code (914) 967-9400

 

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02 Results of Operations and Financial Condition.

On February 14, 2013, we issued a press release announcing our financial results for the quarter and year ended December 31, 2012. A copy of our press release announcing our earnings results for the quarter and year ended December 31, 2012 is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The earnings press release furnished herewith contains financial measures that are not in accordance with generally accepted accounting principles in the United States of America (“GAAP”). 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 in accordance with GAAP in the statements of operations, 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, Jarden Corporation (the “Company”) has provided reconciliations within the earnings release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

To supplement our consolidated financial statements presented in accordance with GAAP, the Company uses non-GAAP measures of adjusted gross margin, segment earnings, adjusted net income, adjusted basic and diluted earnings per share, adjusted net interest expense, adjusted income tax provision, adjusted selling, general and administrative costs and organic net sales growth. These non-GAAP measures are provided because management of the Company uses these financial measures in monitoring 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’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 charges 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 a domestic business, non-cash stock-based compensation costs, loss on early extinguishment of debt, non-cash original issue discount amortization and other items. These non-GAAP measures should be considered in addition to, not a substitute for, measures of financial performance prepared in accordance with GAAP.

Also attached to this Current Report on Form 8-K as Exhibit 99.2 is a reconciliation of certain non-GAAP financial measures anticipated to be discussed during our February 14, 2013 earnings conference call to the most directly comparable financial measure in accordance with GAAP. EBITDA is expected to be presented in the earnings conference call because the Company’s credit facility and senior subordinated notes contain financial and other covenants which are based on or refer to the Company’s EBITDA. Additionally, EBITDA is a basis upon which our management assesses financial performance and we believe it is frequently used by securities analysts, investors and other interested parties in measuring the operating performance


and creditworthiness of companies with comparable market capitalization to the Company, many of which present EBITDA when reporting their results. Furthermore, EBITDA is one of the factors used to determine the total amount of bonuses available to be awarded to executive officers and other employees. EBITDA is widely used by the Company to evaluate potential acquisition candidates. Adjusted EBITDA (“Segment Earnings”), excluding net reorganization costs, acquisition-related and other costs, non-recurring items, the elimination of manufacturer’s profit in inventory, inventory write-offs, non-cash impairment charges of goodwill, intangibles and other assets, duplicative administrative costs, non-cash stock-based compensation costs, loss on early extinguishment of debt and non-cash original issue discount amoritization, as applicable, is expected to be presented in the earnings conference call because it is a basis upon which the Company’s management has assessed its financial performance in the years presented. Organic net sales growth, net sales growth excluding the impacts of foreign exchange, certain acquisitions and exited business from year over year comparisons, is expected to be presented in the earnings conference call because 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 and it is one of the measures management of the Company uses to analyze operating performance. 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 charges 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 a domestic business, non-cash stock-based compensation costs, loss on early extinguishment of debt, non-cash original issue discount amortization and other items.

The non-GAAP financial measures described above should be considered in addition to, but not as a substitute for, measures of financial performance prepared in accordance with GAAP that are presented in the earnings release.

The information in this Item 2.02 of this Current Report on Form 8-K and Exhibits 99.1 and 99.2 attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

 

Item 7.01 Regulation FD Disclosure.

On February 14, 2013, the Company also issued a press release announcing that its Board of Directors had declared a three-for-two stock split (“Stock Split”) on the Company’s common stock to be effected in the form of a stock dividend of one additional share of common stock for every two shares of common stock payable on or about March 18, 2013, to holders of record as of the close of business on February 25, 2013. No fractional shares will be issued in connection with the Stock Split. In lieu of fractional shares, stockholders will receive a cash payment based on the average of the high and low sales prices of the common stock on the record date. Stockholders with shares held in book-entry form or through a bank, broker or other nominee are not required to take any action and will see the impact of the Stock Split reflected in their accounts after March 18, 2013. Beneficial holders may contact their bank, broker or nominee for more information. In connection with the Stock Split the Company hereby gives notice of the adjustment to the conversion rate for the Company’s 1 7/8% Senior Subordinated Convertible Notes due 2018 (the “Notes”) from 14.1152 shares of the Company’s common stock per $1,000 principal amount of Notes to 21.1728 shares of the Company’s common stock per $1,000 principal amount of Notes. The information disclosed under this Item 7.01, including Exhibit 99.3 hereto, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.


Item 9.01 Financial Statements and Exhibits

(d) Exhibits. The following Exhibits are furnished herewith as part of this report:

 

Exhibit

  

Description

99.1    Press Release of Jarden Corporation, dated February 14, 2013, with respect to our financial results for the quarter and year ended December 31, 2012 (furnished only).
99.2    Reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures (furnished only).
99.3    Press Release of Jarden Corporation, dated February 14, 2013, with respect to the announcement of the Company’s 3-for 2 stock split (furnished only).


SIGNATURES

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.

Dated: February 14, 2013

 

JARDEN CORPORATION
By:  

/s/ James L. Cunningham III

Name:   James L. Cunningham III
Title:   Vice President and Chief Accounting Officer


EXHIBIT INDEX

 

Number

  

Exhibit

99.1    Press Release of Jarden Corporation, dated February 14, 2013, with respect to our financial results for the quarter and year ended December 31, 2012 (furnished only).
99.2    Reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures (furnished only).
99.3    Press Release of Jarden Corporation, dated February 14, 2013, with respect to the announcement of the Company’s 3-for 2 stock split (furnished only).
EX-99.1 2 d484362dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO      FOR:       Jarden Corporation
     CONTACT:      

Trisha Mount/Rachel Wilson

914-967-9400

      Investor Relations: Allison Malkin
      Press: Alecia Pulman
      ICR, Inc.
      203-682-8200

FOR IMMEDIATE RELEASE

JARDEN REPORTS RECORD FULL YEAR RESULTS

Full Year Operating Cash Flow of $480 million

Full Year Gross Margin Expansion of over 70 bps

RYE, N.Y., February 14, 2013—Jarden Corporation (NYSE:JAH) today reported its financial results for the fourth quarter and year ended December 31, 2012.

For the quarter ended December 31, 2012:

 

   

Organic net sales increased 3.5%;

 

   

Reported net sales were $1.82 billion, compared to $1.74 billion for the same period in 2011;

 

   

Gross margin increased 130 basis points to 27.9%, compared to gross margin of 26.6% for the same period in 2011;

 

   

Diluted earnings per share increased 167% to $0.64 per diluted share, compared to $0.24 per diluted share for the same period in 2011;

 

   

Net income increased approximately 131% to $48.7 million, compared to $21.1 million for the same period in 2011;

 

   

Adjusted gross margin increased approximately 50 basis points to 28.1%, compared to adjusted gross margin of 27.6% for the same period in 2011;

 

   

Adjusted diluted earnings per share increased approximately 33% to $1.28 per diluted share, compared to $0.96 per diluted share for the same period in 2011; and

 

   

Adjusted net income increased approximately 15% to $96.7 million, compared to $84.4 million for the same period in 2011.

For the year ended December 31, 2012:

 

   

Organic net sales grew 2.0%;

 

   

Reported net sales were $6.70 billion, compared to $6.68 billion for the same period in 2011;

 

   

Gross margin increased 90 basis points to 28.7%, compared to gross margin of 27.8% for the same period in 2011;

 

   

Diluted earnings per share increased approximately 34% to $3.10 per diluted share, compared to $2.31 per diluted share for the same period in 2011;

 

- 1 -


   

Net income increased approximately 19% to $243.9 million, compared to $204.7 million for the same period in 2011;

 

   

Adjusted gross margin increased 70 basis points to 29.0%, compared to adjusted gross margin of 28.3% for the same period in 2011;

 

   

Adjusted diluted earnings per share increased approximately 22% to $4.17 per diluted share, compared to $3.43 per diluted share for the same period in 2011; and

 

   

Adjusted net income increased approximately 8% to $328.7 million, compared to $303.6 million for the same period in 2011.

“During 2012, Jarden once again delivered record revenues, segment earnings and adjusted earnings per share and finished the year with a record level of cash,” said Martin E. Franklin, Executive Chairman. “We are also proud to have been among the top five performing stocks compared to the S&P 500 Consumer Staples Index for 2012 on a one-, five- and ten-year basis. Looking forward, we believe there are many exciting opportunities for Jarden to continue to deliver long-term growth and expand profitability based on the strength of our diversified portfolio of leading brands, new product introductions and the hard work and dedication of our employees.”

James E. Lillie, Chief Executive Officer commented, “Organic growth across all of our business segments for the fourth quarter has once again validated the strength of our diversified business model. Among the highlights of Jarden’s performance in 2012 was our adjusted gross margin expansion of 70 basis points. We believe that this expansion illustrates that our operating model is yielding the intended results and we will continue to invest in our businesses to help drive returns for our shareholders. We are excited about the outlook for 2013 and beyond, as the investments we have made over the last several years lay the foundation for long-term future success.”

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

The Company will be hosting a conference call at 8:45 a.m. (EST) today, February 14, 2013, to further discuss its fourth quarter and full year results. To listen to the call by telephone, please dial 888-240-9373 (domestic) or 913-312-0639 (international) and provide passcode: 3674220. 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: 3674220 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®, Völkl® 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®, Lifoam®, 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 25,000 employees worldwide. For in-depth information about Jarden, please visit www.jarden.com.

 

- 2 -


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, net interest expense, income tax provision, 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.

 

- 3 -


JARDEN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in millions, except earnings per share)

 

     Quarters ended  
     December 31, 2012      December 31, 2011  
     As
Reported
(GAAP)
     Adjustments
(1)(3)
    Adjusted
(non-GAAP)
(1)(3)
     As
Reported
(GAAP)
     Adjustments
(1)(3)
    Adjusted
(non-GAAP)
(1)(3)
 

Net sales

   $ 1,819.2       $ —        $ 1,819.2       $ 1,738.0       $ —        $ 1,738.0   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Cost of sales

     1,311.8         (3.6     1,308.2         1,276.3         (18.2     1,258.1   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Gross profit

     507.4         3.6        511.0         461.7         18.2        479.9   

Selling, general and administrative expenses

     359.5         (43.7     315.8         307.5         (3.4     304.1   

Reorganization costs

     17.8         (17.8     —           17.2         (17.2     —     

Impairment of goodwill and other intangible assets

     —           —          —           52.5         (52.5     —     
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Operating earnings

     130.1         65.1        195.2         84.5         91.3        175.8   

Interest expense, net

     49.5         (3.0     46.5         44.9         —          44.9   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Income before taxes

     80.6         68.1        148.7         39.6         91.3        130.9   

Income tax provision

     31.9         20.1        52.0         18.5         28.0        46.5   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Net income

   $ 48.7       $ 48.0      $ 96.7       $ 21.1       $ 63.3      $ 84.4   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Earnings per share:

               

Basic

   $ 0.65         $ 1.29       $ 0.24         $ 0.97   

Diluted

   $ 0.64         $ 1.28       $ 0.24         $ 0.96   

Weighted average shares outstanding:

               

Basic

     75.1           75.1         87.1           87.1   

Diluted

     75.7           75.7         87.7           87.7   

See Notes to Earnings Release attached

 

- 4 -


JARDEN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in millions, except earnings per share)

 

     Years ended  
     December 31, 2012      December 31, 2011  
     As
Reported
(GAAP)
     Adjustments
(1)(3)
    Adjusted
(non-GAAP)
(1)(3)
     As
Reported
(GAAP)
     Adjustments
(1)(3)
    Adjusted
(non-GAAP)
(1)(3)
 

Net sales

   $ 6,696.1       $ —        $ 6,696.1       $ 6,679.9       $ —        $ 6,679.9   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Cost of sales

     4,771.7         (14.8     4,756.9         4,821.9         (29.1     4,792.8   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Gross profit

     1,924.4         14.8        1,939.2         1,858.0         29.1        1,887.1   

Selling, general and administrative expenses

     1,320.5         (68.9     1,251.6         1,259.2         (22.9     1,236.3   

Reorganization costs, net

     27.1         (27.1     —           23.4         (23.4     —     

Impairment of goodwill and other intangible assets

     —           —          —           52.5         (52.5     —     
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Operating earnings

     576.8         110.8        687.6         522.9         127.9        650.8   

Interest expense, net

     185.3         (3.3     182.0         179.7         —          179.7   

Loss on early extinguishment of debt

     —           —          —           12.8         (12.8     —     
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Income before taxes

     391.5         114.1        505.6         330.4         140.7        471.1   

Income tax provision

     147.6         29.3        176.9         125.7         41.8        167.5   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Net income

   $ 243.9       $ 84.8      $ 328.7       $ 204.7       $ 98.9      $ 303.6   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Earnings per share:

               

Basic

   $ 3.12         $ 4.20       $ 2.33         $ 3.45   

Diluted

   $ 3.10         $ 4.17       $ 2.31         $ 3.43   

Weighted average shares outstanding:

               

Basic

     78.3           78.3         88.1           88.1   

Diluted

     78.8           78.8         88.6           88.6   

See Notes to Earnings Release attached

 

- 5 -


JARDEN CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in millions)

 

     December 31,
2012
     December 31,
2011
 

Assets

     

Current assets:

     

Cash and cash equivalents

   $ 1,034.1       $ 808.3   

Accounts receivable, net

     1,137.7         1,080.5   

Inventories

     1,310.3         1,274.4   

Deferred taxes on income

     174.5         181.6   

Prepaid expenses and other current assets

     153.8         148.7   
  

 

 

    

 

 

 

Total current assets

     3,810.4         3,493.5   
  

 

 

    

 

 

 

Property, plant and equipment, net

     678.6         615.9   

Goodwill

     1,824.0         1,717.1   

Intangible assets, net

     1,256.7         1,156.5   

Other assets

     140.9         133.7   
  

 

 

    

 

 

 

Total assets

   $ 7,710.6       $ 7,116.7   
  

 

 

    

 

 

 

Liabilities and stockholders’ equity

     

Current liabilities:

     

Short-term debt and current portion of long-term debt

   $ 504.7       $ 269.3   

Accounts payable

     615.4         557.5   

Accrued salaries, wages and employee benefits

     187.6         181.1   

Taxes on income

     —           22.3   

Other current liabilities

     421.0         433.5   
  

 

 

    

 

 

 

Total current liabilities

     1,728.7         1,463.7   
  

 

 

    

 

 

 

Long-term debt

     3,293.4         2,890.1   

Deferred taxes on income

     566.8         507.8   

Other non-current liabilities

     362.1         343.1   
  

 

 

    

 

 

 

Total liabilities

     5,951.0         5,204.7   
  

 

 

    

 

 

 

Total stockholders’ equity

     1,759.6         1,912.0   
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 7,710.6       $ 7,116.7   
  

 

 

    

 

 

 

See Notes to Earnings Release attached

 

- 6 -


JARDEN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in millions)

 

     Quarters ended     Years ended  
     December 31,
2012
    December 31,
2011
    December 31,
2012
    December 31,
2011
 

Cash flows from operating activities:

        

Net income

   $ 48.7      $ 21.1      $ 243.9      $ 204.7   

Adjustments to reconcile net income to net cash provided by operating activities:

        

Depreciation and amortization

     42.9        42.0        152.8        163.7   

Loss on early extinguishment of debt

     —          —          —          12.8   

Impairment of goodwill and other assets

     —          52.5        —          52.5   

Excess tax benefits from stock-based compensation

     (0.3     —          (43.0     —     

Other non-cash items

     70.4        (19.2     96.9        65.5   

Changes in assets and liabilities, net of effects from acquisitions:

        

Accounts receivable

     73.3        104.3        (23.6     (25.2

Inventory

     265.0        281.6        30.0        (7.0

Accounts payable

     (46.6     (78.7     34.5        (12.4

Other current assets and liabilities

     (54.5     (1.0     (11.2     (27.5
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

     398.9        402.6        480.3        427.1   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

        

Net change in short-term debt

     (8.9     (1.7     74.7        1.0   

Proceeds from issuance of long-term debt

     1.9        —          802.5        1,025.0   

Payments on long-term debt

     (19.5     (7.8     (172.7     (1,110.6

(Repurchase of) proceeds from common stock, net

     (21.3     3.3        (557.9     (80.8

Debt issuance costs

     —          —          (17.4     (12.3

Dividends paid

     —          (7.5     (7.5     (30.1

Excess tax benefits from stock-based compensation

     0.3        —          43.0        —     

Other

     —          4.0        —          11.1   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     (47.5     (9.7     164.7        (196.7
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

        

Additions to property, plant and equipment

     (77.6     (47.5     (154.5     (126.9

Acquisitions of businesses, net of cash acquired

     (131.1     (1.0     (286.3     (14.4

Other

     3.5        23.4        13.3        28.2   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

     (205.2     (25.1     (427.5     (113.1
  

 

 

   

 

 

   

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     1.2        (5.8     8.3        (4.4
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in cash and cash equivalents

     147.4        362.0        225.8        112.9   

Cash and cash equivalents at beginning of period

     886.7        446.3        808.3        695.4   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 1,034.1      $ 808.3      $ 1,034.1      $ 808.3   
  

 

 

   

 

 

   

 

 

   

 

 

 

See Notes to Earnings Release attached

 

- 7 -


JARDEN CORPORATION

NET SALES AND OPERATING EARNINGS BY SEGMENT (Unaudited)

(in millions)

 

     Outdoor
Solutions
    Consumer
Solutions
    Branded
Consumables
    Process
Solutions
    Intercompany
Eliminations (a)
    Total
Operating
Segments
    Corporate/
Unallocated
    Consolidated  

Quarter ended December 31, 2012

                

Net sales

   $ 617.9      $ 680.4      $ 452.4      $ 84.4      $ (15.9   $ 1,819.2      $ —        $ 1,819.2   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment earnings (loss)

   $ 61.7      $ 109.9      $ 66.2      $ 7.8      $ —        $ 245.6      $ (16.2   $ 229.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjustments to reconcile to reported operating earnings (loss):

                

Reorganization cost

     (3.3     (14.1     (0.4     —          —          (17.8     —          (17.8

Acquisition-related and other costs

     —          —          (2.4     —          —          (2.4     (2.6     (5.0

Cumulative adjustment of stock compensation

     —          —          —          —          —          —          (33.6     (33.6

Depreciation and amortization

     (17.2     (8.8     (12.2     (3.8     —          (42.0     (0.9     (42.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating earnings (loss)

   $ 41.2      $ 87.0      $ 51.2      $ 4.0      $ —        $ 183.4      $ (53.3   $ 130.1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

     Outdoor
Solutions
    Consumer
Solutions
    Branded
Consumables
    Process
Solutions
    Intercompany
Eliminations (a)
    Total
Operating
Segments
    Corporate/
Unallocated
    Consolidated  

Quarter ended December 31, 2011

                

Net sales

   $ 614.5      $ 621.9      $ 436.5      $ 77.5      $ (12.4   $ 1,738.0      $ —        $ 1,738.0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment earnings (loss)

   $ 56.4      $ 102.4      $ 54.4      $ 10.6      $ —        $ 223.8      $ (12.6   $ 211.2   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjustments to reconcile to reported operating earnings (loss):

                

Reorganization costs

     (9.7     (2.1     (4.0     (1.4     —          (17.2     —          (17.2

Acquisition-related and other costs

     8.5        (4.8     (9.5     (2.0     —          (7.8     (7.2     (15.0

Impairment of goodwill and other assets

     —          —          (52.5     —          —          (52.5     —          (52.5

Depreciation and amortization

     (16.1     (8.3     (13.7     (3.3     —          (41.4     (0.6     (42.0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating earnings (loss)

   $ 39.1      $ 87.2      $ (25.3   $ 3.9      $ —        $ 104.9      $ (20.4   $ 84.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) Intersegment sales are recorded at cost plus an agreed-upon intercompany profit on intersegment sales.

 

- 8 -


JARDEN CORPORATION

NET SALES AND OPERATING EARNINGS BY SEGMENT (Unaudited)

(in millions)

 

     Outdoor
Solutions
    Consumer
Solutions
    Branded
Consumables
    Process
Solutions
    Intercompany
Eliminations (a)
    Total
Operating
Segments
    Corporate/
Unallocated
    Consolidated  

Year ended December 31, 2012

                

Net sales

   $ 2,692.9      $ 1,940.9      $ 1,753.1      $ 377.1      $ (67.9   $ 6,696.1      $ —        $ 6,696.1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment earnings (loss)

   $ 325.2      $ 285.9      $ 259.2      $ 47.1      $ —        $ 917.4      $ (103.6   $ 813.8   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjustments to reconcile to reported operating earnings (loss):

                

Reorganization cost, net

     (12.6     (14.1     (0.4     —          —          (27.1     —          (27.1

Fair market value adjustments to inventory

     (2.8     (3.2     —          —          —          (6.0     —          (6.0

Acquisition-related and other costs

     (3.9     (1.6     (3.8     —          —          (9.3     (8.2     (17.5

Cumulative adjustment of stock compensation

     —          —          —          —          —          —          (33.6     (33.6

Depreciation and amortization

     (55.2     (34.7     (46.0     (13.5     —          (149.4     (3.4     (152.8
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating earnings (loss)

   $ 250.7      $ 232.3      $ 209.0      $ 33.6      $ —        $ 725.6      $ (148.8   $ 576.8   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

     Outdoor
Solutions
    Consumer
Solutions
    Branded
Consumables
    Process
Solutions
    Intercompany
Eliminations (a)
    Total
Operating
Segments
    Corporate/
Unallocated
    Consolidated  

Year Ended December 31, 2011

                

Net sales

   $ 2,772.1      $ 1,880.3      $ 1,734.4      $ 351.2      $ (58.1   $ 6,679.9      $ —        $ 6,679.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment earnings (loss)

   $ 344.6      $ 274.7      $ 237.9      $ 37.7      $ —        $ 894.9      $ (104.1   $ 790.8   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjustments to reconcile to reported operating earnings (loss):

                

Reorganization costs, net

     (13.5     (2.1     (6.4     (1.4     —          (23.4     —          (23.4

Fair market value adjustment to inventory

     —          —          (6.9     —          —          (6.9     —          (6.9

Acquisition-related and other costs

     7.1        (4.8     (10.8     (2.0     —          (10.5     (10.9     (21.4

Impairment of goodwill and other assets

     —          —          (52.5     —          —          (52.5     —          (52.5

Depreciation and amortization

     (61.8     (31.1     (55.9     (12.4     —          (161.2     (2.5     (163.7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating earnings (loss)

   $ 276.4      $ 236.7      $ 105.4      $ 21.9      $ —        $ 640.4      $ (117.5   $ 522.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) Intersegment sales are recorded at cost plus an agreed-upon intercompany profit on intersegment sales.

 

- 9 -


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 quarters and years ended December 31, 2012 and 2011. For the quarter ended December 31, 2012, adjustments to net income included $3.6 million of accelerated depreciation recorded in cost of sales primarily associated with the rationalization of international manufacturing facilities; $33.6 million of non-cash cumulative adjustment of stock compensation associated with certain restricted stock, related to achieving a goal of $5.00 per adjusted EPS by 2014; $17.8 million of reorganization costs primarily associated with the rationalization of international manufacturing facilities; $5.0 million of acquisition related and other costs; $5.1 million of amortization of acquired intangible assets; and $3.0 million of non-cash original issue discount amortization on the convertible notes. Also, included in the adjustments to net income for the quarter ended December 31, 2012 is the tax provision adjustment of $20.1 million, which reflects the normalization of the adjusted results to the Company’s estimated 35% effective tax rate.

For the quarter ended December 31, 2011, adjustments to net income included $18.2 million of expense in cost of goods sold primarily associated with the rationalization of manufacturing facilities; $17.2 million of reorganization costs primarily associated with the international platform rationalization; $52.5 million of a non-cash impairment of goodwill, intangibles and other assets; $1.2 million net gain primarily associated with domestic rationalization more than offset by the gain of the sale of a domestic business; and $4.6 million of amortization of acquired intangible assets. Also, included in the adjustments to net income for the quarter ended December 31, 2011 is the tax provision adjustment of $28.0 million, which reflects the normalization of the adjusted results to the Company’s estimated 35.5% effective tax rate.

For the year ended December 31, 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 acquisitions; $8.8 million of accelerated depreciation recorded in cost of sales primarily associated with the rationalization of international manufacturing facilities; $33.6 million of non-cash cumulative adjustment of stock compensation associated with certain restricted stock, related to achieving a goal of $5.00 per adjusted EPS by 2014; $27.1 million of net reorganization costs primarily associated with the rationalization of international manufacturing facilities; $17.5 million of acquisition related and other costs; $17.8 million of amortization of acquired intangible assets; and $3.3 million of non-cash original issue discount amortization on the convertible notes. Also, included in the adjustments to net income for the year ended December 31, 2012 is the tax provision adjustment of $29.3 million, which reflects the normalization of the adjusted results to the Company’s estimated 35% effective tax rate.

For the year ended December 31, 2011, adjustments to net income included $22.2 million of expense in cost of goods sold primarily associated with the rationalization of 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; $23.4 million of net reorganization costs primarily associated with the international platform rationalization; $52.5 million of a non-cash impairment of goodwill, intangibles and other assets; $4.2 million of net other costs primarily associated with domestic rationalization offset by the gain of the sale of a domestic business; $12.8 million of a non-cash write-off of deferred debt issue costs; and $18.7 million of amortization of acquired intangible assets. Also, included in the adjustments to net income for the year ended December 31, 2011 is the tax provision adjustment of $41.8 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 quarter and year ended December 31, 2012:

 

     Quarter ended
December 31,
2012
    Year ended
December 31,
2012
 

Reconciliation of Non- GAAP measure

    

Net sales growth

     4.7     0.3

Foreign exchange impacts

     0.5     1.6

(Acquisitions)/exited business, net

     (1.7 %)      0.1
  

 

 

   

 

 

 

Organic net sales growth

     3.5     2.0
  

 

 

   

 

 

 

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

 

- 10 -


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 reorganization and acquisition-related integration 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. Adjusted net interest expense is calculated by deducting original issue discount amortization from net interest expense. Adjusted income tax provision is calculated by adding the income tax provision adjustment, which reflects the normalization of the adjusted results to the Company’s estimated effective tax rate, to the income tax provision. 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.

# # #

 

- 11 -

EX-99.2 3 d484362dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

LOGO      JARDEN CORPORATION
  RECONCILIATION OF GAAP TO NON-GAAP
 

 

For the quarters and years ended December 31, 2012 and 2011

     (In millions)

 

     For the quarters ended      For the years ended  
     December 31,
2012
     December 31,
2011
     December 31,
2012
     December 31,
2011
 

Reconciliation of Non-GAAP measure:

  

        

Net income

   $ 48.7       $ 21.1       $ 243.9       $ 204.7   
  

 

 

    

 

 

    

 

 

    

 

 

 

Income tax provision

     31.9         18.5         147.6         125.7   

Interest expense, net

     49.5         44.9         185.3         179.7   

Loss on early extinguishment of debt

     —           —           —           12.8   

Impairment of goodwill and other assets

     —           52.5         —           52.5   

Depreciation and amortization

     42.9         42.0         152.8         163.7   
  

 

 

    

 

 

    

 

 

    

 

 

 

Earnings before interest, taxes, depreciation and amortization (EBITDA)

     173.0         179.0         729.6         739.1   
  

 

 

    

 

 

    

 

 

    

 

 

 

Other adjustments:

           

Fair market value adjustment to inventory

     —           —           6.0         6.9   

Cumulative adjustment of stock compensation

     33.6         —           33.6         —     

Reorganization costs, net

     17.8         17.2         27.1         23.4   

Acquisition-related and other costs

     5.0         15.0         17.5         21.4   
  

 

 

    

 

 

    

 

 

    

 

 

 

AS ADJUSTED EBITDA (SEGMENT EARNINGS)

   $ 229.4       $ 211.2       $ 813.8       $ 790.8   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     For the quarters ended
December 31,
   

Increase/

(Decrease)

    For the years ended
December 31,
   

Increase/

(Decrease)

 
     2012     2011       2012     2011    

GROSS MARGIN (%)

            

Gross margin as reported

     27.9     26.6     1.3     28.7     27.8     0.9

Fair market value adjustment to inventory

     —          —          —          0.1     0.1     —     

Rationalization of international manufacturing facilities

     0.2     1.0     (0.8 )%      0.2     0.4     (0.2 )% 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted gross margin

     28.1     27.6     0.5     29.0     28.3     0.7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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 quarter and year ended December 31, 2012:

 

     For the quarter ended December 31, 2012  
     Outdoor
Solutions
    Consumer
Solutions
    Branded
Consumables
    Process
Solutions
    Elimination     Consolidated  

Reconciliation of Non-GAAP measure:

            

Net sales growth

     0.6     9.5     3.6     8.9     28.2     4.7

Foreign exchange

     1.0     (0.9 )%      1.7     (0.1 )%      —       0.5

(Acquisitions)/exited business, net

     0.7     (5.3 )%      —       —       —       (1.7 )% 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Organic net sales growth

     2.3     3.3     5.3     8.8     28.2     3.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     For the year ended December 31, 2012  
     Outdoor
Solutions
    Consumer
Solutions
    Branded
Consumables
    Process
Solutions
    Elimination     Consolidated  

Reconciliation of Non-GAAP measure:

            

Net sales growth

     (2.9 )%      3.2     1.1     7.4     16.9     0.3

Foreign exchange

     1.6     0.4     3.3     0.1     —       1.6

(Acquisitions)/exited business, net

     1.7     (2.0 )%      —       —       —       0.1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Organic net sales growth

     0.4     1.6     4.4     7.5     16.9     2.0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

     For the quarters ended
December 31,
    For the years ended
December 31,
 
     2012     2011     2012     2011  

SELLING, GENERAL & ADMINISTRATIVE EXPENSES AS A PERCENT OF NET SALES

        

Selling, general and administrative expenses as reported

     19.8     17.7     19.7     18.9

Cumulative adjustment of stock compensation

     (1.8 )%      —          (0.4 )%      —     

Acquisition related and other costs

     (0.3 )%      0.1     (0.3 )%      (0.1 )% 

Amortization of acquired intangible assets

     (0.3 )%      (0.3 )%      (0.3 )%      (0.3 )% 
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted selling, general and administrative expenses as a % of net sales

     17.4     17.5     18.7     18.5
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(in millions)    For the quarters ended
December 31,
 
     2012      2011  

INTEREST EXPENSE, NET

     

Interest expense, net as reported

   $ 49.5       $ 44.9   

Original issue discount amortization

     (3.0      —     
  

 

 

    

 

 

 

Adjusted interest expense, net

   $ 46.5       $ 44.9   
  

 

 

    

 

 

 

 

(in millions)    For the years ended
December 31,
 
     2012  

INCOME TAX PROVISION

  

Income tax provision as reported

   $ 147.6   

Normalization of adjusted profit before tax to estimated effective rate

     29.3   
  

 

 

 

Adjusted income tax provision

   $ 176.9   
  

 

 

 
EX-99.3 4 d484362dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

 

LOGO

    FOR:       Jarden Corporation
    CONTACT:       Trisha Mount / Rachel Wilson
     914-967-9400
     Investor Relations: Allison Malkin
     Press: Alecia Pulman
     ICR, Inc.
     203-682-8200

FOR IMMEDIATE RELEASE

JARDEN ANNOUNCES 3-FOR-2 STOCK SPLIT

Rye, N.Y. – February 14, 2013 – Jarden Corporation (NYSE: JAH) today announced that its Board of Directors approved a 3-for-2 stock split of its outstanding shares of common stock. Stockholders of record at the close of business on February 25, 2013 will receive one additional share of Jarden common stock for every two shares of Jarden common stock owned on that date. The additional shares are expected to be distributed on or about March 18, 2013. After giving effect to the split, the Company will have approximately 117.9 million shares of common stock outstanding.

Martin E. Franklin, Executive Chairman, commented, “The stock split announced today reflects the confidence the Board and management have in our business strategy and ability to continue Jarden’s positive performance over the long term. Today’s stock split represents our fourth since 2002.”

About Jarden Corporation

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!®, K2®, Marker®, Marmot®, Mitchell®, Penn®, Rawlings®, Shakespeare®, Stearns®, Stren®, Trilene®, Völkl® 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®, Lifoam®, 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 25,000 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, net interest expense, income tax provision, 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

 

- 1 -


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.

 

- 2 -

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