Small appliance maker Jarden Corporation (Rye, New York, U.S.) reported a 10-percent increase in sales in its third quarter, ending Sept. 30, 2006. Sales reached U.S. $1.0 billion in the quarter, compared to $938 million for the same period in 2005. Net income was $51.3 million, or $0.78 per diluted share, for the quarter, compared to $24.0 million, or $0.40 per diluted share, in the third quarter of 2005.
For the 9 months ended Sept. 30, 2006, net sales increased 26 percent to $2.8 billion compared to $2.2 billion for the same period in the 2005. Net income was $70.3 million, or $1.07 per diluted share for the 9 months ended September 30, 2006, compared to $9.6 million or $0.19 per diluted share for the nine months ended September 30, 2005.
Jarden Chairman and CEO Martin E. Franklin was understandably pleased at reaching the billion-dollar milestone, as he was with the quarter's strong earnings and record third quarter operating cash flow of more than $91 million.
"We are cautiously optimistic that the holiday season will produce continuing positive results based on quarter-to-date sell- in and POS data," Franklin said. "At this point we are confident that we will exceed the goal we set for ourselves at the beginning of the year of growing as adjusted EPS by 15 percent over the 2005 level.
"During 2006, we have invested in the future of our business by spending substantial discretionary amounts focused on new product development, marketing, sales promotion and media," he added. "As a result, we have many exciting new products and marketing programs lined up for introduction in 2007 and believe the momentum we have built in 2006 should carry over into 2007."
Jarden sells small appliances under brand names such as First Alert(R), Bionaire(R), Crock-Pot(R), FoodSaver(R), Health o meter(R), Holmes(R), Mr. Coffee(R), Oster(R), Patton(R), Rival(R), Seal-a-Meal(R), Sunbeam(R), VillaWare(R), and White Mountain(TM).
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