EX-99.2 3 d524089dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

JARDEN CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP

For the quarters ended March 31, 2013 and 2012

 

    For the quarters ended        
(in millions)   March 31, 2013     March 31, 2012        

Reconciliation of Non-GAAP measure:

      
 

 

 

    

 

 

    

Net income (loss)

   $ (4.4 )    $ 35.1     
 

 

 

    

 

 

    

Income tax provision (benefit)

     (5.4 )      21.8     

Interest expense, net

     49.6        44.7     

Loss on early extinguishment of debt

     17.1        —       

Depreciation and amortization

     37.7        35.9     
 

 

 

    

 

 

    
Earnings before interest, taxes, depreciation and amortization (EBITDA)     94.6        137.5     
 

 

 

    

 

 

    

Other adjustments:

      

Fair market value adjustment to inventory

     5.0        —       

Venezuela devaluation and other charges

     29.0        —       
 

 

 

    

 

 

    

AS ADJUSTED EBITDA (SEGMENT EARNINGS)

   $ 128.6      $ 137.5     
 

 

 

    

 

 

    

Net Sales

   $ 1,580.7      $ 1,495.4     
 

 

 

    

 

 

    

As Adjusted EBITDA (Segment Earnings) margin

     8.1 %      9.2 %      (1.1 %) 
 

 

 

    

 

 

    

 

 

  

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 ended March 31, 2013:

 

     For the quarter ended March 31, 2013  
     Outdoor
Solutions		     Consumer
Solutions		     Branded
Consumables		     Process
Solutions		     Elimination     Consolidated  

Reconciliation of Non-GAAP measure:

             

Net sales growth

      3.7 %      4.4 %      10.2 %      6.3 %      10.6 %      5.7 % 

Foreign exchange

      1.2 %      1.5 %      0.6 %      —          —          1.1 % 

(Acquisitions)/exited business, net

      —          (4.7 %)      (6.4 %)      —          —          (2.8 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Organic net sales growth

      4.9 %      1.2 %      4.4 %      6.3 %      10.6 %      4.0 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     For the quarters ended March 31,      
     2013     2012     Inc/(Dec)      

GROSS MARGIN (%)

         

Gross margin as reported

      28.1 %      28.1 %      —       

Fair market value adjustment to inventory

      0.3 %      —          0.3 %   
  

 

 

    

 

 

    

 

 

    

Adjusted gross margin %

      28.4 %      28.1 %      0.3 %   
  

 

 

    

 

 

    

 

 

    

 

     For the quarters ended March 31,  
     2013      2012  
INTEREST EXPENSE, NET      
Interest expense, net as reported      49.6 M         44.7 M   
Original issue discount amortization      (3.0)M         —     
  

 

 

     

 

 

  

Adjusted interest expense, net

      46.6 M         44.7 M