Jarden Corporation reported its financial results for the quarter and year ended Dec. 31, 2005. For the year ended Dec. 31, 2005, net sales increased 280 percent to U.S. $3.2 billion compared to $839 million for the same period in the previous year. Net income for 2005 increased by 43.2 percent to $60.7 million from $42.4 million in 2004. Income available to common stockholders was $12.1 million or $0.22 per diluted share for the year ended Dec. 31, 2005, compared to income available to common stockholders of $42.4 million or $0.99 per diluted share in 2004. On a non-GAAP basis, adjusted net income was $138.5 million or $2.14 per diluted share for the year ended Dec. 31, 2005.
Fourth quarter net sales increased 312 percent to $975 million compared to $237 million for the same period last year. Net income for the fourth quarter of 2005 increased to $2.5 million from a net loss of $3.4 million for the same period last year. Income available to common stockholders for the fourth quarter of 2005 was $2.5 million or $0.04 per diluted share compared to a net loss of $0.08 per diluted share in 2004. On a non-GAAP basis, adjusted net income was $33.8 million or $0.50 per diluted share for the 3 months ended Dec. 31, 2005.
Martin E. Franklin, chairman and CEO, commented, "2005 was a year of significant positive change for Jarden Corporation with the acquisitions of both American Household and Holmes. We added tremendous brands to our portfolio, including, Bionaire(R), Coleman(R), Crock-Pot(R), First Alert(R), Mr. Coffee(R), Oster(R), Rival(R), and Sunbeam(R) to name just a few. Additionally, we have expanded distribution channels domestically and internationally, added talented employees to our team and strengthened our foundation for profitable future growth."
Mr. Franklin continued, "Overall the year end results were in line with the estimates we provided in January. With the results now finalized, I am pleased to report that our cash flow from operations was significantly stronger than our original estimates, with over $250 million generated during the fourth quarter. This strong cash flow will help fuel future growth opportunities in our business. Our plan for 2006 and beyond is unchanged, as we continue to focus on expanding margins, increasing the top-line through new product introductions and leveraging the ongoing integration of the businesses we acquired in 2005 into the overall Jarden structure. We believe we are on track to achieve our 3 year to 5 year goals outlined at the beginning of 2005 and the businesses all have significant momentum coming into the new year. Our brands are the cornerstones of many of our retailers' strategies for innovation in the categories we serve."
Mr. Franklin concluded, "Recently, we have been subjected to a group of purported class action lawsuits. We believe these lawsuits are totally without merit and our intention is to vigorously contest these claims, while staying focused on our primary responsibility to our shareholders, employees and customers. To that end, we will continue to concentrate on delivering strong operating results, which we believe is the best way to create long-term shareholder value."
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