Jarden Reports Record
Second Quarter 2007 Results
|Jarden Corporation Press Release||FlashlightNews.org - 7/30/2007|
Net sales up 7% to $1.9 billion compared to $1.8 billion for the same period in the prior year.
Coleman MicroPacker Lantern
RYE, N.Y. - Jarden Corporation (NYSE: JAH - News) today reported its financial results for the three and six months ended June 30, 2007.
For the three months ended June 30, 2007, net sales increased 9% to $1.05 billion compared to $962 million for the same period in the prior year. Net income was $16.7 million, or $0.23 per diluted share, for the three months ended June 30, 2007, compared to $13.3 million, or $0.20 per diluted share, for the three months ended June 30, 2006. On a non-GAAP basis, as adjusted net income was $50.6 million, or $0.70 per diluted share for the three months ended June 30, 2007, an increase of 17% per diluted share, compared to $39.5 million, or $0.60 per diluted share, for the three months ended June 30, 2006.
For the six months ended June 30, 2007, net sales increased 7% to $1.9 billion compared to $1.8 billion for the same period in the prior year. Net income was $18.1 million, or $0.25 per diluted share, for the six months ended June 30, 2007, compared to $19.0 million, or $0.29 per diluted share, for the six months ended June 30, 2006. On a non-GAAP basis, as adjusted net income was $72.0 million, or $1.01 per diluted share for the six months ended June 30, 2007, an increase of 20% per diluted share, compared to $55.6 million, or $0.84 per diluted share, for the six months ended June 30, 2006. Please see the schedule accompanying this release for the reconciliation of GAAP to non- GAAP net income and diluted earnings per share.
Martin E. Franklin, Chairman and Chief Executive Officer commented; "The second quarter further supported our strategy of focusing on market leading brands and new product development to deliver strong financial results. The Pure Fishing acquisition, new products and cost controls all contributed to considerable gross margin enhancement. As anticipated, this meaningful improvement allowed us to increase our investment in selling and marketing expenses while still expanding segment earnings margin to 12.4% in the second quarter of this year compared to 10.9% for the second quarter of 2006. Equally satisfying was the significant growth in cash flow from operations with a ten- fold year-over-year increase to over $73 million for the second quarter 2007."
Mr. Franklin continued, "The performance of the core Jarden businesses has remained strong during the first half of the year, with growth being led by our international and specialty units. With the closing of the K2 transaction anticipated in August, we believe that having a solid platform on which to integrate K2 should accelerate the timing of potential revenue and operating synergies between the businesses. We are excited about this next growth stage for Jarden, and particularly Jarden Outdoor Solutions, and look forward to continuing the positive momentum from the first half of 2007 into the remainder of the year."
The Company will be holding a conference call at 9:45 a.m. (EDT) today, July 30, 2007, to further discuss its second quarter 2007 results. The call will be accessible via a webcast through the Company's website at www.jarden.com and will be archived online until August 13, 2007.
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®, Java Log®, 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®, Coleman®, Fenwick®, Gulp®, Mitchell®, Stren®, and Trilene®. Headquartered in Rye, N.Y., Jarden has over 20,000 employees worldwide. For more information, please visit www.jarden.com.