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Jarden Reports
Third Quarter 2009 Results

Coleman parent company reports record 3rd Quarter cash flow from operations of $117 million

Jarden Corporation Press Release

FlashlightNews.org - 10/29/2009


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Coleman PackAway Lantern

Coleman PackAway Lantern

RYE, N.Y. - Jarden Corporation (NYSE: JAH) today reported its financial results for the three and nine months ended September 30, 2009.

For the three months ended September 30, 2009, net sales decreased to $1.4 billion compared to $1.5 billion for the same period in the previous year. Approximately $44 million of the $104 million decrease in net sales was due to foreign exchange fluctuations and declines in Jarden Process Solutions between the periods. The balance of the decrease was primarily due to overall retail weakness as a result of the current macro economic environment. For the third quarter of 2009, the Company recorded net income of $73.7 million, or $0.83 per diluted share, compared to net income of $63.8 million, or $0.83 per diluted share, for the third quarter of 2008. On a non-GAAP basis, adjusted net income was $82.2 million, or $0.93 per diluted share, for the third quarter of 2009, compared to $74.9 million, or $0.98 per diluted share, for the third quarter of 2008.

For the nine months ended September 30, 2009, net sales decreased to $3.8 billion compared to $4.0 billion for the same period in the previous year. Approximately $189 million of the $273 million decrease in net sales was due to foreign exchange fluctuations and declines in Jarden Process Solutions between the periods. The balance of the decrease was primarily due to overall retail weakness as a result of the current macro economic environment. For the nine months ended September 30, 2009, the Company recorded net income of $127.5 million, or $1.53 per diluted share, compared to net income of $111.5 million, or $1.46 per diluted share, for the same period in 2008. On a non-GAAP basis, adjusted net income was $152.0 million, or $1.82 per diluted share, for the nine months ended September 30, 2009, compared to $146.2 million, or $1.91 per diluted share, for the same period in 2008.

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

Martin E. Franklin, Chairman and Chief Executive Officer of Jarden Corporation commented, "The businesses performed extremely well in the third quarter, as Jarden produced record third quarter cash flow from operations, bringing our nine month operating cash flow close to $350 million compared to $55 million in 2008. In addition, our focus on being proactive in managing costs and making continuous operational improvements led to meaningful gross margin and EBITDA margin expansion. Revenues remained in line with our expectations, the decline principally reflecting the tough macro economic conditions and foreign currency movements. Due to solid execution across our operating segments, we anticipate completing the full year 2009 ahead of the goals we set at the beginning of the year to generate revenue of approximately $5 billion and free cash flow in excess of $250 million."

Mr. Franklin continued, "Based on the investments we have continued to make in new product development and brand support during the last two years and the positive momentum from 2009, we anticipate that all three primary business segments should produce organic sales growth during 2010. Despite the recessionary environment, we have created a business model that has its foundation in our focus on new products and being leaders in all the core categories that we serve. Our leadership role is driven by our commitment to innovate and encourage creativity, while at the same time offering retailers and consumers the best possible value for the products we sell. Having not completed a meaningful acquisition for over two years, we have had the opportunity to demonstrate the strength of our existing businesses and how being part of the Jarden group can enhance the growth and margin prospects for the many brands within our portfolio."

The Company held a conference call at 4:45 p.m. EDT, October 28, 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 November 27, 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®, Stern®, Trilene®, Volkl®, and Zoot®; 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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