Jarden Announces Third Quarter Results

Jarden Corporation has announced net sales declines for the third quarter and nine months to date.
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, compared to net income of $63.8 million 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.
“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,” said Martin E. Franklin, Chairman and CEO of Jarden Corporation, in a prepared statement. “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.”