Electric housewares maker Jarden Corporation reported net sales increased 28 percent to U.S. $962 million for the period ended June 30, 2006, compared to $754 million in the prior-year period.
Net income was $13.3 million, or $0.20 per diluted share, for the quarter ended June 30, 2006, compared to $5.7 million, or $0.12 per diluted share, in 2005. On a non-GAAP basis, net income as adjusted was $39.3 million, or $0.60 per diluted share, for the quarter, compared to $36.5 million, or $0.58 per diluted share, in 2005.
Current year amounts include the results of operations from the American Household and Holmes Group businesses, which were acquired in January 2005 and July 2005, respectively.
For the 6 months ended June 30, 2006, net sales increased 37 percent to $1.8 billion compared to $1.3 billion for the same period in 2005. Net income was $19 million, or $0.29 per diluted share, for the 6-month period, compared to a net loss of $14.4 million or $(0.33) per diluted share for the same period in 2005. On a non-GAAP basis, net income as adjusted was $55.1 million, or $0.84 per diluted share, for the 6 months, compared to $52.3 million, or $0.83 per diluted share, in 2005.
Martin E. Franklin, Chairman and Chief Executive Officer, commented, "Despite questions about the economy and consumers, we believe that the more time consumers spend at home the better it is for Jarden."
Franklin said the company's Outdoor Solutions segment showed strong sales in the first half of the year and will present new products into 2007. "The healthy momentum in all of our segments, despite continued pressure on supply chain costs, continued through the second quarter," he said. "This momentum positions us well for the back half of the year and on track to achieve our long-term financial goals."
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