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Stocks J / Jarden Corporation
|Subject: Q4 & YE Results||Date: 2/20/2005 6:02 PM|
|Author: newsreporter||Number: 4 of 18|
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.
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."
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