[JARDEN CORPORATION LOGO] FOR: Jarden Corporation CONTACT: Martin E. Franklin Chairman and Chief Executive Officer 914-967-9400 Investor Relations: Cara O'Brien/Melissa Myron Press: Evan Goetz/Alecia Pulman Financial Dynamics FOR IMMEDIATE RELEASE 212-850-5600 - --------------------- JARDEN CORPORATION REPORTS 2004 YEAR END AND FOURTH QUARTER RESULTS RYE, NY - FEBRUARY 17, 2005 - JARDEN CORPORATION (NYSE:JAH) today reported its financial results for the year ended December 31, 2004 and the fourth quarter of 2004, which included record sales and operating earnings for the year. For the year ended December 31, 2004, net sales increased 42.7% to $838.6 million, compared with $587.7 million in 2003. Including the non-cash restricted stock charges and related tax benefits described below, net income for 2004 was $42.4 million, or $1.49 per diluted share and net income for 2003 was $31.8 million, or $1.35 per diluted share. Current year amounts include the results of operations from the Lehigh and the United States Playing Cards businesses, which were acquired in September 2003 and June 2004, respectively. For the fourth quarter of 2004, net sales increased 23.6% to $236.7 million compared to $191.5 million for the same quarter last year. Net loss was $3.4 million or $0.12 per diluted share for the fourth quarter of 2004, which includes the pre-tax effect of a non-cash restricted stock charge of $32.4 million and the related tax benefit. This compares to net income of $2.3 million or $0.09 per diluted share in the fourth quarter of 2003, which includes the pre-tax effect of a non-cash restricted stock charge of $21.8 million and the related tax benefit. Current year amounts include the results of operations from the United States Playing Cards business which was acquired in June 2004. -- more -- Martin E. Franklin, Chairman and Chief Executive Officer, commented, "2004 was another exceptional year for Jarden both financially and strategically, as we continue to move towards our goal of building a world class consumer products company. Sales in the fourth quarter were strong, led by demand for our Bicycle(R) and Bee(R) playing cards and related products and our FoodSaver(R) home vacuum packaging machines. Operationally the businesses positioned themselves for continued growth in 2005, while also leveraging our resources to mitigate the impact of raw material price increases. Cash flow for the quarter was strong, resulting in annual cash flow from operations in excess of $70 million." Mr. Franklin concluded, "With the closing of the American Household transaction in January 2005, we are excited by the tremendous opportunities the addition of such brands as Coleman(R), First Alert(R), Mr. Coffee(R), Oster(R) and Sunbeam(R) will bring to Jarden. Morale in the company is high as both management and employees recognize the cross-selling and cost saving opportunities that exist in our expanded group. We are focused on executing our strategic plan and are optimistic about our prospects for 2005 and beyond." The Company will be holding a conference call at 9:45 A.M. (Eastern Time) today, February 17, 2005, to further discuss its results and respond to questions. The call will be accessible via a webcast through the Company's website at www.jarden.com and will be archived online until March 3, 2005. Jarden Corporation is a leading provider of niche consumer products used in and around the home, under well-known brand names including Ball(R), Bee(R), Bicycle(R), Campingaz(R), Coleman(R), Crawford(R), Diamond(R), First Alert(R), FoodSaver(R), Forster(R), Health o meter(R), Hoyle(R), Kerr(R), Lehigh(R), Leslie-Locke(R), Loew-Cornell(R), Mr. Coffee(R), Oster(R), Sunbeam(R) and VillaWare(R). Jarden operates through four business segments: Branded Consumables, Consumer Solutions, Outdoor Solutions and Other. Headquartered in Rye, N.Y., Jarden has over 9,000 employees worldwide. For more information, 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 outlook for Jarden's markets and the demand for its products, future cash flows from operations, Jarden's future revenues and margin requirements, growth in costs and expenses and the impact of acquisitions, divestitures, restructurings and other unusual items, including our ability to integrate and obtain the anticipated results and synergies from our acquisition of AHI. 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. -- more -- JARDEN CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) THREE MONTHS ENDED YEAR ENDED ------------------------------------- ----------------------------------- DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, 2004 2003 2004 2003 ---------------- ---------------- --------------- --------------- Net sales $ 236,670 $ 191,480 $ 838,609 $ 587,657 Costs and expenses: Cost of sales 158,884 123,463 563,210 374,614 Selling, general and administrative expenses 42,510 36,355 146,901 119,760 Non-cash restricted stock charges 32,415 21,833 32,415 21,833 ---------------- ---------------- --------------- --------------- Operating earnings 2,861 9,829 96,083 71,450 Interest expense, net 8,353 5,883 27,608 19,184 ---------------- ---------------- --------------- --------------- (Loss) income before taxes (5,492) 3,946 68,475 52,266 Income tax benefit (provision) 2,087 (1,597) (26,041) (20,488) ---------------- ---------------- --------------- --------------- Net (loss) income $ (3,405) $ 2,349 $ 42,434 $ 31,778 ================ ================ =============== =============== Basic (loss) earnings per share $ (0.12) $ 0.09 $ 1.55 $ 1.40 Diluted (loss) earnings per share $ (0.12) $ 0.09 $ 1.49 $ 1.35 Weighted average shares outstanding: Basic 27,962 26,505 27,353 22,663 Diluted 29,062 27,514 28,455 23,531 Note: Certain prior year amounts in the financial statements have been reclassified to conform to the 2004 presentation. These reclassifications have no impact on previously reported net income. -- more -- JARDEN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) ------------------ ----------------- DECEMBER 31, DECEMBER 31, 2004 2003 ------------------ ----------------- ASSETS Current assets Cash and cash equivalents $ 20,665 $ 125,400 Accounts receivable, net 127,468 92,777 Inventories, net 154,180 105,573 Other current assets 32,749 23,369 ------------------ ----------------- Total current assets 335,062 347,119 ------------------ ----------------- Non-current assets Property, plant and equipment, net 85,429 79,119 Intangibles, net 602,383 315,826 Other assets 19,507 17,610 ------------------ ----------------- Total assets $ 1,042,381 $ 759,674 ================== ================= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term debt and current portion of long-term debt $ 16,951 $ 17,512 Accounts payable 48,910 34,211 Deferred consideration for acquisitions 28,995 2,833 Other current liabilities 58,835 50,524 ------------------ ----------------- Total current liabilities 153,691 105,080 ------------------ ----------------- Non-current liabilities Long-term debt 470,500 369,870 Other non-current liabilities 84,239 34,819 ------------------ ----------------- Total non-current liabilities 554,739 404,689 ------------------ ----------------- Stockholders' equity 333,951 249,905 ------------------ ----------------- Total liabilities and stockholders' equity $ 1,042,381 $ 759,674 ================== ================= -- more -- JARDEN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) YEAR ENDED ---------------------------------- DECEMBER 31, DECEMBER 31, 2004 2003 ----------------- ---------------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 42,434 $ 31,778 Reconciliation of net income to net cash provided by operating activities: Depreciation and amortization 19,175 15,045 Other non-cash items 43,295 31,134 Changes in working capital components (34,489) (4,136) ----------------- ---------------- Net cash provided by operating activities 70,415 73,821 ----------------- ---------------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from revolving credit borrowings 72,250 78,000 Payments on revolving credit borrowings (72,254) (78,000) Proceeds from bond issuance - 31,950 Proceeds from issuance of senior debt 116,000 160,000 Payments on long term debt (13,684) (7,941) Payments on seller notes (5,400) (10,000) Proceeds from issuance of common stock, net of underwriting fees and related expenses 3,406 114,469 Debt issue and amendment costs (2,252) (5,913) Other - 2,231 ----------------- ---------------- Net cash provided by financing activities 98,066 284,796 ----------------- ---------------- CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (10,761) (12,822) Acquisition of businesses, net of cash acquired (258,008) (277,259) Prepaid transaction costs (3,976) (23) Other, net (471) 108 ----------------- ---------------- Net cash (used in) investing activities (273,216) (289,996) ----------------- ---------------- NET (DECREASE) INCREASE IN CASH (104,735) 68,621 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 125,400 56,779 ----------------- ---------------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 20,665 $ 125,400 ================= ================ Note: Certain prior year amounts in the financial statements have been reclassified to conform to the 2004 presentation. -- more -- JARDEN CORPORATION NET SALES AND OPERATING EARNINGS BY SEGMENT (in thousands) THREE MONTHS ENDED YEAR ENDED ---------------------------------- ---------------------------------- DECEMBER 31, DECEMBER 31, DECEMBER DECEMBER 31, 2004 2003 31, 2004 2003 --------------- --------------- -------------- ---------------- Net sales: Branded consumables $ 123,137 $ 75,895 $ 473,073 $ 257,869 Consumer solutions 82,679 85,211 222,185 216,123 Plastic consumables 28,505 28,688 128,115 109,056 Other 13,288 13,089 67,486 42,802 Intercompany elimination (10,939) (11,403) (52,250) (38,193) --------------- --------------- -------------- --------------- Total net sales $ 236,670 $ 191,480 $ 838,609 $ 587,657 =============== =============== ============== =============== Operating earnings: Branded consumables $ 16,311 $ 7,131 $ 75,685 $ 36,521 Consumer solutions 17,702 19,867 37,021 42,550 Plastic consumables (609) 2,877 6,689 9,551 Other 1,472 1,416 9,017 5,531 Intercompany 400 371 86 (870) Unallocated corporate expense (1) (32,415) (21,833) (32,415) (21,833) --------------- --------------- -------------- --------------- Total operating earnings $ 2,861 $ 9,829 $ 96,083 $ 71,450 =============== =============== ============== =============== (1) Unallocated corporate expense is comprised of the non-cash restricted stock charges. ###
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8-K Filing
Jarden (JAH) Inactive 8-KResults of Operations and Financial Condition
Filed: 17 Feb 05, 12:00am