The World's Only
Flashlight Industry News Site

Jarden Reports
Record Second Quarter 2008 Results

Coleman parent company announces 38% net sales increase over last year

Jarden Corporation Press Release

FlashlightNews.org - 7/31/2008


Click photo to enlarge

Coleman 6D Rugged Lantern

Coleman 6D Rugged Lantern

RYE, N.Y. - Jarden Corporation (NYSE: JAH) today reported its financial results for the three and six months ended June 30, 2008.

For the three months ended June 30, 2008, net sales increased 30% to $1.4 billion compared to $1.1 billion for the same period in the previous year. For the three months ended June 30, 2008, net income was $43.0 million, or $0.56 per diluted share, compared to net income of $16.7 million, or $0.23 per diluted share, in the three months ended June 30, 2007. On a non-GAAP basis, adjusted net income was $54.8 million, or $0.72 per diluted share, for the three months ended June 30, 2008, compared to $44.5 million, or $0.62 per diluted share, for the three months ended June 30, 2007.

For the six months ended June 30, 2008, net sales increased 38% to $2.6 billion compared to $1.9 billion for the same period in the previous year. For the six months ended June 30, 2008, net income was $47.7 million, or $0.62 per diluted share, compared to net income of $18.1 million, or $0.25 per diluted share, in the six months ended June 30, 2007. On a non-GAAP basis, adjusted net income was $71.3 million, or $0.93 per diluted share, for the six months ended June 30, 2008, compared to $61.6 million, or $0.87 per diluted share, for the six months ended June 30, 2007.

The Pure Fishing, Inc. and K2 Inc. businesses have been included in the results of operations from their dates of acquisition in April 2007 and August 2007, respectively. Please see the schedule accompanying this release for a reconciliation of GAAP to non-GAAP net income and diluted earnings per share.

"Jarden posted an outstanding second quarter in a difficult macro economic environment," said Martin E. Franklin, Chairman and Chief Executive Officer of Jarden Corporation. "By any key measure, whether organic sales growth, gross margin expansion, free cash flow, working capital improvements, liquidity and positive momentum, we achieved our macro goals. It was particularly satisfying to deliver organic sales growth in each of our primary business segments and we anticipate continuing to grow sales organically in the second half of 2008. The defensive nature of our diversified business model is proving that market leading brands coupled with innovative, value driven products can win even in this very tough economy."

Mr. Franklin continued, "We are focused on continuing to execute well in the back half of the year, without cutting back on our investment spend on new product development and marketing that will help drive our success in future years. While we are not immune to the significant headwinds of rising costs and consumer softness affecting many companies in the consumer space, our goal is to take full advantage of the current turmoil to consolidate our leadership positions in the niche markets we serve and reinforce the relevancy of our brands and products to our customers."

The Company will be holding a conference call at 9:45 a.m. EDT today, July 29, 2008, to further discuss its results and respond to questions. The call will be accessible via a webcast through the Company's website at www.jarden.com and will be archived online until August 12, 2008.

Jarden Corporation is a leading provider of niche consumer products. Jarden operates in three primary business segments through a number of well recognized brands, including: Outdoor Solutions: Abu Garcia®, Berkley®, Campingaz® and Coleman®, Fenwick®, Gulp!®, JT®, K2®, Marker®, Marmot®, Mitchell®, Penn®, Rawlings®, Shakespeare®, Stearns®, Stren®, Trilene®, and Volkl®; Consumer Solutions: Bionaire®, 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®, Bicycle®, Crawford®, Diamond®, Dicon®, First Alert®, Forster®, Hoyle®, Kerr®, Lehigh®, Leslie-Locke®, Loew Cornell® and Pine Mountain®. Headquartered in Rye, N.Y., Jarden has over 25,000 employees worldwide. For more information, please visit www.jarden.com.

Search for other press releases from Jarden





Current FlashlightNews Headlines
Translate