Jarden Reports Record Fourth Quarter and Full Year 2011 Revenue and Segment Earnings Full Year Operating Cash Flow of over $425 million

RYE, N.Y., Feb. 15, 2012 /PRNewswire/ -- Jarden Corporation (NYSE: JAH) today reported its financial results for the quarter and year ended December 31, 2011.

For the quarter ended December 31, 2011, net sales increased 3% to $1.74 billion compared to $1.68 billion for the same period in the previous year. For the quarter ended December 31, 2011, the Company recorded net income of $21.1 million, or $0.24 per diluted share, compared to net income of $46.7 million, or $0.52 per diluted share, for the same period in 2010, a decrease of $0.28 per diluted share or 54%. On a non-GAAP basis, adjusted net income for the quarter ended December 31, 2011 was $84.4 million, or $0.96 per diluted share, compared to $76.6 million, or $0.86 per diluted share, for the same period in 2010, an increase of $0.10 per diluted share or 12%.

For the year ended December 31, 2011, net sales increased 11% to $6.7 billion compared to $6.0 billion for the same period in the previous year. For the year ended December 31, 2011, the Company recorded net income of $205 million, or $2.31 per diluted share, compared to net income of $107 million, or $1.19 per diluted share, for the same period in 2010, an increase of $1.12 per diluted share or 94%. On a non-GAAP basis, adjusted net income for the year ended December 31, 2011 was $304 million, or $3.43 per diluted share, compared to $260 million, or $2.90 per diluted share, for the same period in 2010, an increase of $0.53 per diluted share or 18%. The year ended December 31, 2010 includes the results from the Mapa Spontex acquisition since April 1, 2010.

"Jarden delivered record revenues, segment earnings and adjusted earnings per share, to culminate what has been a decade of outstanding performance," said Martin E. Franklin, Executive Chairman. "Jarden's success is based on the dedication of our employees as well as our passion for developing innovative, new products to provide consumers with the value and experience they expect from our authentic, iconic brands. As Jarden enters its second decade, we look forward to working hard to produce continued consistent, profitable long-term growth and compelling returns for our shareholders in the future. "

James E. Lillie, Chief Executive Officer commented, "The organic sales and point-of-sale performance our businesses achieved during the quarter and for the year speaks to the on-going resilience of Jarden and to the benefit of having a broad range of seasonal staple products consumers and retailers continually demand.  Coming out of the recession, Jarden has achieved organic net sales growth of over 3% on a trailing twelve month basis for six consecutive quarters in an extremely difficult economic and unpredictable weather environment. The increase of 94% and 18% in diluted EPS and as adjusted diluted EPS respectively for 2011 underscores how our top line growth can be leveraged to produce exceptional bottom line performance. We believe our businesses are well positioned to build on this positive momentum in 2012 as we drive toward our goal of $5.00 adjusted earnings per share by the end of 2014."

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

The Company will be hosting a conference call at 4:45 p.m. (EST) today, February 15, 2012, to further discuss its full year results. To listen to the call by telephone, please dial 888-211-0226 (domestic) or 913-312-1391 (international) and provide passcode: 4025206. The call will be simultaneously webcast at www.jarden.com.  Supplemental information can be found in the For Investors section of the Company's website.  A replay of the call and webcast will be available for three weeks shortly after completion of the live call. To access the replay, call 888-203-1112 (domestic) or 719-457-0820 (international) and provide passcode: 4025206 or visit www.jarden.com.

Jarden Corporation is a leading provider of a diverse range of consumer products with a portfolio of over 100 trusted, quality brands sold globally. Jarden operates in three primary business segments through a number of well recognized brands, including: Outdoor Solutions: Abu Garcia®, Aero®, Berkley®, Campingaz® and Coleman®, ExOfficio®, Fenwick®, Gulp!®, K2®, Marker®, Marmot®, Mitchell®, Penn®, Rawlings®, Shakespeare®, Stearns®, Stren®, 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®, Bernardin®, Bicycle®, Billy Boy®, Crawford®, Diamond®, Dicon®, Fiona®, First Alert®, First Essentials®, Hoyle®, Kerr®, Lehigh®, Lillo®, Loew Cornell®, Mapa®, NUK®, Pine Mountain®, Quickie®, Spontex® and Tigex®. Headquartered in Rye, N.Y., Jarden ranks #379 on the Fortune 500 and has over 23,000 employees worldwide. For in-depth information about Jarden, please visit www.jarden.com.

Note: This news release contains "forward-looking statements" within the meaning of the federal securities laws and is intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's earnings per share and adjusted diluted earnings per share, expected or estimated revenue, segment earnings, cash flow from operations, and reorganization and other non-cash charges, the outlook for the Company's markets and the demand for its products,  consistent profitable growth, free cash flow, future revenues and gross, operating and EBITDA margin improvement requirement and expansion, organic net sales growth, bank leverage ratio, the success of new product introductions, growth in costs and expenses, the impact of commodities, currencies and transportation costs and the Company's  ability to manage its risk in these areas, repurchase of shares of common stock from time to time under the Company's stock repurchase program or through any tender offer, our ability to raise new debt, and the impact of acquisitions, divestitures, restructurings, and other unusual items, including the Company's ability to integrate and obtain the anticipated results and synergies from its consummated acquisitions. These projections and statements are based on management's estimates and assumptions with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could differ materially from those projected as a result of certain factors. A discussion of factors that could cause results to vary is included in the Company's periodic and other reports filed with the Securities and Exchange Commission.

JARDEN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(In millions, except earnings per share)



Quarters ended


December 31, 2011


December 31, 2010



As
Reported
(GAAP)


Adjustments
(1)(3)


Adjusted
(non-GAAP)
(1)(3)


As
Reported
(GAAP)


Adjustments
(1)(3)


Adjusted
(non-GAAP)
(1)(3)














Net sales

$

1,738.0

$

--

$

1,738.0

$

1,684.2

$

--

$

1,684.2














Cost of sales


1,276.3


(18.2)


1,258.1


1,224.0


(10.6)


1,213.4

Gross profit


461.7


18.2


479.9


460.2


10.6


470.8

Selling, general and administrative expenses


307.5


(3.4)


304.1


319.0


(15.3)


303.7

Reorganization costs


17.2


(17.2)


--


--


--


--

Impairment of goodwill, intangibles  and other assets


52.5


(52.5)


--


0.7


--


0.7

Operating earnings


84.5


91.3


175.8


140.5


25.9


166.4

Interest expense, net


44.9


--


44.9


47.5


--


47.5

Income before taxes


39.6


91.3


130.9


93.0


25.9


118.9

Income tax provision (benefit)


18.5


28.0


46.5


46.3


(4.0)


42.3

Net income

$

21.1

$

63.3

$

84.4

$

46.7

$

29.9

$

76.6














Earnings per share:













Basic

$

0.24



$

0.97

$

0.53



$

0.86

Diluted

$

0.24



$

0.96

$

0.52



$

0.86

Weighted average shares outstanding:













Basic


87.1




87.1


88.7




88.7

Diluted


87.7




87.7


89.5




89.5














See Notes to Earnings Release attached



JARDEN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(In millions, except earnings per share)



Years ended


December 31, 2011


December 31, 2010



As
Reported
(GAAP)


Adjustments
(1)(3)


Adjusted
(non-GAAP)
(1)(3)


As
Reported
(GAAP)


Adjustments
(1)(3)


Adjusted
(non-GAAP)
(1)(3)














Net sales

$

6,679.9

$

--

$

6,679.9

$

6,022.7

$

--

$

6,022.7














Cost of sales


4,821.9


(29.1)


4,792.8


4,383.9


(35.9)


4,348.0

Gross profit


1,858.0


29.1


1,887.1


1,638.8


35.9


1,674.7

Selling, general and administrative expenses


1,259.2


(22.9)


1,236.3


1,211.8


(120.4)


1,091.4

Reorganization costs


23.4


(23.4)


--


--


--


--

Impairment of goodwill, intangibles and other assets


52.5


(52.5)


--


19.7


(18.3)


1.4

Operating earnings


522.9


127.9


650.8


407.3


174.6


581.9

Interest expense, net