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Jarden Reports Fourth Quarter
and Full Year 2008 Results

Coleman parent company reports record full year revenue, segment earnings, and adjusted EPS

Jarden Corporation Press Release

FlashlightNews.org - 2/17/2009
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Coleman 8D Pack-Away® Lantern

Coleman 8D Pack-Away® Lantern

RYE, N.Y. - Jarden Corporation (NYSE: JAH) today reported its financial results for the quarter and year ended December 31, 2008.

For the quarter ended December 31, 2008, net sales decreased 8% to $1.4 billion compared to $1.5 billion for the same period in the previous year. For the quarter ended December 31, 2008, the Company recorded a net loss of $170 million, or ($2.28) per share, compared to a net loss of $11.2 million, or ($0.15) per share, in the quarter ended December 31, 2007. The results include a non-cash impairment charge against goodwill and intangible assets of $283 million resulting from the Company's annual impairment testing. On a non-GAAP basis, adjusted net income was $62.7 million, or $0.83 per diluted share, for the quarter ended December 31, 2008, compared to $48.9 million, or $0.64 per diluted share, for the quarter ended December 31, 2007.

For the year ended December 31, 2008, net sales increased 16% to $5.4 billion compared to $4.7 billion in the previous year. For the year ended December 31, 2008, the Company recorded a net loss of $58.9 million, or ($0.78) per share, compared to net income of $28.1 million, or $0.38 per diluted share, in the year ended December 31, 2007. The results include a non-cash impairment charge against goodwill and intangible assets of $283 million resulting from the Company's annual impairment testing. On a non-GAAP basis, adjusted net income was $209 million, or $2.74 per diluted share, for the year ended December 31, 2008, compared to $171 million, or $2.33 per diluted share, for the year ended December 31, 2007.

At December 31, 2008, the Company's working capital was $1.4 billion and cash and cash equivalents were $393 million, over $30 million higher than the estimate provided in early January. The Company's leverage ratio for bank purposes was 3.5x, ahead of the estimate provided in January, the position at the end of 2007 and leaving significant room below the bank covenant. For the year ended December 31, 2008 cash flows from operations was $250 million, adding to the Company's overall strong liquidity position.

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.

"Despite an incredibly challenging macroeconomic environment, Jarden delivered another record year of sales, segment earnings and adjusted EPS in 2008," said Martin E. Franklin, Chairman and Chief Executive Officer of Jarden Corporation. "Our strong operating results and market share gains have shown that our business can outperform the competition even in the most difficult of times. The improvement in operating margins during the fourth quarter was a testament to our focus on operating excellence and the mix shift within our business. Our diversified portfolio of market-leading brands continued to demonstrate resiliency in 2008. We attribute the successful year to our ongoing investments in developing innovative new products, enhancing our brands and leveraging our scale within the flexible operating platform we have built."

Mr. Franklin continued, "We fully expect the difficult operating environment to continue for the near term. As such, we believe Jarden is positioned from a balance sheet, as well as sales and margin perspective to emerge from this recessionary environment better positioned for organic growth than at any time in our history. While the creation of Jarden began in 2001, the company has only operated in its present form for the last 18 months during which period we have proved that Jarden can produce a strong and sustainable performance. We believe that having proved the robustness of our diversified business model, the outlook for Jarden should only get better as the macro economy improves."

The Company will be holding a conference call on February 11, 2009, to further discuss its results and respond to questions. The call will be accessible via a webcast through the Company's website at jarden.com and will be archived online until February 25, 2009.

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 20,000 employees worldwide. For more information, please visit jarden.com.

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