Jarden Reports Record Fourth Quarter
and Full Year 2007 Results
|Jarden Corporation Press Release (excerpted)||FlashlightNews.org - 2/19/2008|
Coleman Company parent says over $300 million of cash flow generated from operations in 2007
Coleman PackAway Lithium Lantern
RYE, N.Y. - Jarden Corporation (NYSE: JAH) today reported its financial results for the quarter and year ended December 31, 2007.
For the quarter ended December 31, 2007, net sales increased 38% to $1.5 billion compared to $1.1 billion for the same period in the previous year. For the quarter ended December 31, 2007, there was a net loss of $11.2 million, or ($0.15) per share, compared to net income of $35.7 million, or $0.52 per diluted share, in the fourth quarter of 2006. On a non-GAAP basis, as adjusted net income was $68.7 million, or $0.89 per diluted share, an increase of 11% per diluted share, for the quarter ended December 31, 2007, compared to $54.8 million, or $0.80 per diluted share, for the quarter ended December 31, 2006. Please see the schedule accompanying this release for the reconciliation of GAAP to non-GAAP net income and diluted earnings per share.
For the year ended December 31, 2007, net sales increased 21% to $4.7 billion compared to $3.8 billion for the same period in the previous year. Net income was $28.1 million, or $0.38 per diluted share for the year ended December 31, 2007, compared to $106.0 million or $1.59 per diluted share for the year ended December 31, 2006. On a non-GAAP basis, as adjusted net income was $211.6 million, or $2.88 per diluted share for the year ended December 31, 2007, an increase of 13% per diluted share, compared to approximately $169.3 million, or $2.55 per diluted share, for the year ended December 31, 2006. The Pine Mountain, Pure Fishing and K2 Inc. businesses have been included in the results of operations from their dates of acquisition in September 2006, April 2007 and August 2007, respectively.
Martin E. Franklin, Chairman and Chief Executive Officer commented; "2007 was another excellent year for Jarden, with record revenue, as adjusted EPS growth of over 10% and cash flow from operations up nearly 30% on a year over year basis. The year was filled with significant macro economic challenges, which ranged from continuing material cost inflation to nervous retailers reducing inventory levels in the face of actual or perceived consumer weakness. Our performance in this environment highlights the strength of our market leading brands and underscores the defensible nature of our core categories. Jarden's diversity, whether by geographic region or breadth of products and price points, continues to be a key driver in our successful strategy to mitigate risk and drive long term growth. Our global operating platform has enabled us to leverage our Fortune 500 size to maximize cost savings throughout the predominately niche markets we supply. As anticipated, the acquisition of K2 in August 2007 brought many opportunities to our Outdoor Solutions segment and should provide margin expansion and topline growth opportunities in 2008 and beyond."
Mr. Franklin continued; "We look forward to commenting in more detail on the operating outlook of our businesses in 2008 at our upcoming analyst and investor meeting on March 4, 2008. However, I can say now that despite the continuing macroeconomic challenges in 2008, we anticipate growing the topline organically and continuing to deliver a minimum of 10% as adjusted EPS growth, something we have done in each of the six years I have been Chairman and CEO of the Company. Tough economic times create the environment in which we can leverage our core operating expertise and meaningful brands to offer the consumer attractive options, whether in terms of value or functionality. We will continue to focus on, and make investments in, new and innovative products to leverage the return on our strong portfolio of brands. We look forward to continuing the momentum of another record breaking year of financial performance into the current year."
About Jarden Corporation
Jarden Corporation is a leading provider of niche consumer products used in and around the home. Jarden operates in three primary business segments through a number of well recognized brands, including: Branded Consumables: Ball®, Bee®, Bicycle®, Crawford®, Diamond®, Dicon®, First Alert®, Forster®, Hoyle®, Kerr®, Lehigh®, Leslie-Locke®, Loew- Cornell® and Pine Mountain®; Consumer Solutions: Bionaire®, Crock- Pot®, FoodSaver®, Harmony®, Health o meter®, Holmes®, Mr. Coffee®, Oster®, Patton®, Rival®, Seal-a-Meal®, Sunbeam®, VillaWare® and White Mountain™; and Outdoor Solutions: Abu Garcia®, Berkley®, Campingaz® and Coleman®, Fenwick®, Gulp®, JT®, K2®, Marker®, Marmot®, Mitchell®, Penn®, Rawlings®, Shakespeare®, Stearns®, Stren®, Trilene®, and Volkl®. Headquartered in Rye, N.Y., Jarden has over 25,000 employees worldwide.
For more information, please visit www.jarden.com.
For a complete press release including financial statements, visit Jarden Reports Record Fourth Quarter and Full Year 2007 Results.