PRESS RELEASE:
Jarden Reports Record Third Quarter 2010 Results
Jarden Corporation (NYSE: JAH) today reported its financial results for the three and nine months ended September 30, 2010.
For the three months ended September 30, 2010, net sales increased 18.5%, with organic net sales growth of 7.3%, to $1.6 billion compared to $1.4 billion for the same period in the previous year.
For the three months ended September 30, 2010, the Company recorded net income of $80.6 million, or $0.90 per diluted share, compared to net income of $73.7 million, or $0.83 per diluted share, for the same period in 2009.
On a non-GAAP basis, adjusted net income for the three months ended September 30, 2010 was $86.1 million, or $0.96 per diluted share, compared to $82.2 million, or $0.93 per diluted share, for the same period in 2009. The three months ended September 30, 2010 include the results from the Mapa Spontex acquisition.
For the nine months ended September 30, 2010, net sales increased 15.4%, with organic net sales growth of 6.5%, to $4.3 billion compared to $3.8 billion for the same period in the previous year.
For the nine months ended September 30, 2010, the Company recorded net income of $60.0 million, or $0.67 per diluted share, compared to net income of $127.5 million, or $1.53 per diluted share, for the same period in 2009.
On a non-GAAP basis, adjusted net income was $183.8 million, or $2.04 per diluted share, for the nine months ended September 30, 2010, compared to $152 million, or $1.82 per diluted share, for the same period in 2009. The nine months ended September 30, 2010 include the results from the Mapa Spontex acquisition since April 1, 2010.
“Our third quarter results, which were led by another solid performance in our Outdoor Solutions and Consumer Solutions segments, once again demonstrate that Jarden continues to execute well in the current macro environment,” said Martin E. Franklin, Chairman and Chief Executive Officer of Jarden Corporation.
“Overall organic sales for the quarter increased more than seven percent. Notably, we achieved record segment earnings as consumers continued to turn to Jarden’s portfolio of leading brands and innovative products.”
Mr. Franklin continued, “The business has performed exceptionally well year-to-date, growing in many of our existing categories, leveraging our brands into adjacent categories, and expanding our presence in under-penetrated geographies.
“Based on current trends within our businesses, we believe that organic top-line growth will continue in 2011 within our 3-5% long-term range. At the same time, we are focusing on enhancing our margins through continuous operational improvement initiatives, new product introductions and pricing to partially offset the cost increases experienced in 2010.”
Supplemental information can be found in the Investor Relations section of the Company’s website.
About Jarden
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(R), Aero(R), Berkley(R), Campingaz(R) and Coleman(R), Fenwick(R), Gulp!(R), K2(R), Marker(R), Marmot(R), Mitchell(R), Penn(R), Rawlings(R), Shakespeare(R), Stearns(R), Stren(R), Trilene(R), Völkl(R) and Zoot(R); Consumer Solutions: Bionaire(R), Crock-Pot(R), FoodSaver(R), Health o meter(R), Holmes(R), Mr. Coffee(R), Oster(R), Patton(R), Rival(R), Seal-a-Meal(R), Sunbeam(R), VillaWare(R) and White Mountain(R); and Branded Consumables: Ball(R), Bee(R), Bicycle(R), Billy Boy(R), Crawford(R), Diamond(R), Dicon(R), Fiona(R), First Alert(R), First Essentials(R), Forster(R), Hoyle(R), Kerr(R), Lehigh(R), Leslie-Locke(R), Lillo(R), Loew Cornell(R), Mapa(R), NUK(R), Pine Mountain(R), Spontex(R) and Tigex(R).
Headquartered in Rye, N.Y., Jarden has over 25,000 employees worldwide. For more information, please visit www.jarden.com.
