Jarden Corporation, a provider of niche consumer products, reported its financial results for the three and 9 months ended Sept. 30, 2004.
For the third quarter of 2004, net sales increased 46 percent to U.S. $244.6 million, compared to $168.0 million for the same quarter last year. Third-quarter net income increased 46 percent to $22.3 million, or $0.79 per diluted share, compared to net income of $15.2 million, or $0.69 per diluted share, for the same quarter last year. 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 9 months ended September 30, 2004, net sales increased 52 percent to $601.9 million, compared with $396.2 million for the same period in 2003. For the 9 months ended September 30, 2004, net income increased 56 percent to $45.8 million, or $1.62 per diluted share, compared to net income of $29.4 million, or $1.33 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.
"We are delighted to report another record quarter of sales, operating profits and earnings per share," said Martin E. Franklin, chairman and CEO. "Our branded consumables business continued to report strong top line organic growth, driven by our new product launches, while the other business segments reported a solid quarterly performance. Margins were impacted by rising raw material costs, but overall the businesses worked hard to minimize the impact of these increases on the bottom line. Cash flow in the quarter was strong and we anticipate seeing continuing strong cash flow from operations during the fourth quarter."
Mr. Franklin added that The American Household transaction remains on course to close in the first quarter of 2005. "We are expending considerable time and energy on planning for the successful integration of the Coleman and Sunbeam businesses into Jarden," he said. "There is real excitement in both companies about the opportunities the transaction should bring to them in 2005 and beyond."
In September 2004, Jarden signed a definitive agreement to acquire American Household, Inc.; this transaction is expected to close in early 2005. Through its subsidiaries, The Coleman Company, Inc. and Sunbeam Products, Inc., American Household produces products under brand names such as Coleman(R), First Alert(R), Health o meter(R), Mr. Coffee(R), Oster(R), and Sunbeam(R).
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