Jarden Corp. (JAH, Financial) filed Quarterly Report for the period ended 2010-03-31.
Jarden Corp. has a market cap of $3.09 billion; its shares were traded at around $33.51 with a P/E ratio of 13.1 and P/S ratio of 0.6. The dividend yield of Jarden Corp. stocks is 1%. Jarden Corp. had an annual average earning growth of 25.7% over the past 10 years. GuruFocus rated Jarden Corp. the business predictability rank of 3.5-star.JAH is in the portfolios of David Dreman of Dreman Value Management, Kenneth Fisher of Fisher Asset Management, LLC, Murray Stahl of Horizon Asset Management, Jim Simons of Renaissance Technologies LLC, John Keeley of Keeley Fund Management, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC.
SG&A increased $109 million, or 47.9%, to $338 million for the three months ended March 31, 2010 versus the same prior year period. The change is primarily due to $78.1 million of charges related to the Companys Venezuela operations (see Venezuela Operations), acquisition related transaction costs ($21.1 million), the majority of which relate to the Acquisition, and an increase in stock-based compensation ($7.4 million).
Operating earnings for the three months ended March 31, 2010 in the Outdoor Solutions segment increased $13.3 million, or 50.0%, versus the same prior year period primarily due to the gross margin impact of higher sales and a $9.4 million decrease in reorganization and acquisition-related integration costs, net (collectively, reorganization costs). Operating earnings for the three months ended March 31, 2010 in the Consumer Solutions segment increased $7.2 million, or 22.5%, versus the same prior year period primarily as the result of a decrease in reorganization costs ($2.8 million), and improved gross margins, which is primarily due to lower commodity and transportation costs, partially offset by the unfavorable impact on gross margins related to the devaluation of the Bolivar (see Venezuela Operations). Operating earnings for the three months ended March 31, 2010 in the Branded Consumables segment increased $1.7 million, or 16.7%, versus the same prior year period primarily as the result of the gross margin impact of an increase in sales, partially offset by an increase in SG&A ($2.0 million). Operating earnings in the Process Solutions segment for the three months ended March 31, 2010 increased $1.6 million, or 40.0%, versus the same prior year period primarily as the result of the gross margin impact of higher sales.
Net income (loss) for the three months ended March 31, 2010 decreased $67.9 million to ($59.0) million versus the same prior year period. For the three months ended March 31, 2010, earnings (loss) per share was ($0.66) per diluted share versus $0.12 per diluted share for the three months ended March 31, 2009. The decrease in net income was primarily due to the one-time, non-cash charges related to the Venezuela operations ($78.1 million), partially offset by the decrease in reorganization costs ($12.2 million) and the gross margin impact of higher sales.
Net cash provided by financing activities for the three months ended March 31, 2010 was $221 million versus net cash used by financing activities of $101 million for the same prior year period. The change is primarily due the proceeds from the issuance of long-term debt in excess of payments on long-term debt ($233 million) during 2010 and impact of the incremental net change in short-term debt on a year-over-year basis ($105 million).
On January 20, 2010, the Company completed a registered public offering for $492 million aggregate principal amount of 7 1/2% senior subordinated notes due 2020 and received approximately $476 million in net proceeds. The offering consisted of two tranches: a U.S. dollar tranche with aggregate principal amount of $275 million and a Euro tranche with aggregate principal amount of 150 million or approximately $217 million. The Company used the net proceeds to repay $250 million of the Facility term loans, with the balance
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Jarden Corp. has a market cap of $3.09 billion; its shares were traded at around $33.51 with a P/E ratio of 13.1 and P/S ratio of 0.6. The dividend yield of Jarden Corp. stocks is 1%. Jarden Corp. had an annual average earning growth of 25.7% over the past 10 years. GuruFocus rated Jarden Corp. the business predictability rank of 3.5-star.JAH is in the portfolios of David Dreman of Dreman Value Management, Kenneth Fisher of Fisher Asset Management, LLC, Murray Stahl of Horizon Asset Management, Jim Simons of Renaissance Technologies LLC, John Keeley of Keeley Fund Management, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
Net sales for the three months ended March 31, 2010 increased $50.2 million, or 4.4%, to $1.2 billion versus the same prior year period. The overall increase in net sales was primarily due to improving economic conditions, improved point of sale in certain product categories, expanded product offerings and favorable foreign currency translation of approximately $17 million, which includes the unfavorable impact of approximately $17 million related to the currency devaluation in Venezuela (see Venezuela Operations). Net sales in the Outdoor Solutions segment increased $22.9 million, or 3.9%, primarily as the result of improved sales in the Coleman business due to increased category space at a major domestic retailer; expanded product offerings; an increase in demand resulting from overall economic improvement; and favorable foreign currency translation (approximately $23 million), partially offset by the exiting of two business lines (approximately $9 million). Net sales in the Consumer Solutions segment increased $1.5 million, or 0.4%, primarily as the result of increased demand domestically, especially in the slow cooking and beverage categories and certain personal care and wellness categories, which is primarily due to new product placements; increased point of sales; increased sell through for seasonal products at certain major retailers; and overall economic improvement, offset by unfavorable foreign currency translation (approximately $9 million), which includes the unfavorable impact related to the currency devaluation in Venezuela. Net sales in the Branded Consumables segment increased $9.8 million, or 6.2%, which is mainly due to improved firelog sales, which is in part due to the harsh winter season and market share gains in this category; improvements in the safety and security business due to overall economic improvement; and new product placements, including safes and shredders and favorable foreign currency translation (approximately $3 million). Net sales in the Process Solutions segment increased 22.9% on a year over year basis, primarily due to an increase in the pass through pricing of commodities.SG&A increased $109 million, or 47.9%, to $338 million for the three months ended March 31, 2010 versus the same prior year period. The change is primarily due to $78.1 million of charges related to the Companys Venezuela operations (see Venezuela Operations), acquisition related transaction costs ($21.1 million), the majority of which relate to the Acquisition, and an increase in stock-based compensation ($7.4 million).
Operating earnings for the three months ended March 31, 2010 in the Outdoor Solutions segment increased $13.3 million, or 50.0%, versus the same prior year period primarily due to the gross margin impact of higher sales and a $9.4 million decrease in reorganization and acquisition-related integration costs, net (collectively, reorganization costs). Operating earnings for the three months ended March 31, 2010 in the Consumer Solutions segment increased $7.2 million, or 22.5%, versus the same prior year period primarily as the result of a decrease in reorganization costs ($2.8 million), and improved gross margins, which is primarily due to lower commodity and transportation costs, partially offset by the unfavorable impact on gross margins related to the devaluation of the Bolivar (see Venezuela Operations). Operating earnings for the three months ended March 31, 2010 in the Branded Consumables segment increased $1.7 million, or 16.7%, versus the same prior year period primarily as the result of the gross margin impact of an increase in sales, partially offset by an increase in SG&A ($2.0 million). Operating earnings in the Process Solutions segment for the three months ended March 31, 2010 increased $1.6 million, or 40.0%, versus the same prior year period primarily as the result of the gross margin impact of higher sales.
Net income (loss) for the three months ended March 31, 2010 decreased $67.9 million to ($59.0) million versus the same prior year period. For the three months ended March 31, 2010, earnings (loss) per share was ($0.66) per diluted share versus $0.12 per diluted share for the three months ended March 31, 2009. The decrease in net income was primarily due to the one-time, non-cash charges related to the Venezuela operations ($78.1 million), partially offset by the decrease in reorganization costs ($12.2 million) and the gross margin impact of higher sales.
Net cash provided by financing activities for the three months ended March 31, 2010 was $221 million versus net cash used by financing activities of $101 million for the same prior year period. The change is primarily due the proceeds from the issuance of long-term debt in excess of payments on long-term debt ($233 million) during 2010 and impact of the incremental net change in short-term debt on a year-over-year basis ($105 million).
On January 20, 2010, the Company completed a registered public offering for $492 million aggregate principal amount of 7 1/2% senior subordinated notes due 2020 and received approximately $476 million in net proceeds. The offering consisted of two tranches: a U.S. dollar tranche with aggregate principal amount of $275 million and a Euro tranche with aggregate principal amount of 150 million or approximately $217 million. The Company used the net proceeds to repay $250 million of the Facility term loans, with the balance
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