JARDEN CORP - FORM 8-K - EX-99.2 - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES - February 15, 2012

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Exhibit 99.2

 

JARDEN CORPORATION

Reconciliation of GAAP to NON GAAP

For the quarters and years ended December 31, 2011 and 2010

 

     Quarters ended     Years ended  
(in millions)    December 31,
2011		      December 31,
2010		     December 31,
2011		      December 31,
2010		  

Reconciliation of Non-GAAP measure:

           

Net income

    $ 21.1       $ 46.7      $ 204.7       $ 106.7   

Income tax provision

      18.5         46.3        125.7         122.8   

Interest expense, net

      44.9         47.5        179.7         177.8   

Loss on early extinguishment of debt

      —           —          12.8         —     

Depreciation and amortization

      42.0         39.8        163.7         142.8   
  

 

 

     

 

 

    

 

 

     

 

 

  

Earnings before interest, taxes, depreciation and amortization (EBITDA)

      126.5         180.3        686.6         550.1   
  

 

 

     

 

 

    

 

 

     

 

 

  

Other adjustments:

           

Fair market value adjustment to inventory

      —           2.1        6.9         27.4   

Venezuela hyperinflationary and devaluation charges, net

      —           (7.5 )      —           70.6   

Reorganization costs

      17.2         —          23.4         —     

Acquisition-related and other costs, net

      15.0         27.8        21.4         42.3   

Impairment of goodwill, intangibles and other assets

      52.5         0.7        52.5         19.7   
  

 

 

     

 

 

    

 

 

     

 

 

  

AS ADJUSTED EBITDA (“Segment Earnings”)

    $ 211.2       $ 203.4      $ 790.8       $ 710.1   
  

 

 

     

 

 

    

 

 

     

 

 

  

 

     For the years ended  
     December 31,
2011		     December 31,
2010		     Increase/
(Decrease)		  

Gross margin as reported

      27.82 %      27.21 %      0.61 % 

Fair market value adjustment to inventory

      0.10 %      0.46 %      (0.36 %) 

Rationalization of manufacturing platforms

      0.33 %      0.14 %      0.19 % 
  

 

 

    

 

 

    

 

 

  

Adjusted gross margin

      28.25 %      27.81 %      0.44 % 
  

 

 

    

 

 

    

 

 

  

Organic net sales growth is a non-GAAP measure of net sales growth excluding the impacts of foreign exchange, significant acquisitions and exited business from year-over-year comparisons. The Company believes this measure provides investors with a more complete understanding of the underlying sales trends by providing net sales on a consistent basis. Organic net sales growth is also one of the measures used by management to analyze operating performance. The following table provides a reconciliation of organic net sales growth to the comparable GAAP measure of net sales growth for the quarter and year ended December 31, 2011:

 

     For the quarter ended December 31, 2011  
     Outdoor
Solutions		     Consumer
Solutions		     Branded
Consumables		     Process
Solutions		     Elimination     Consolidated  

Reconciliation of Non-GAAP measure:

             

Net sales growth

      1.7 %      0.8 %      9.5 %      —   %      (3.1 %)      3.2 % 

Foreign exchange impacts

      (0.1 %)      0.9 %      0.9 %      —   %      —   %      0.5 % 

(Acquisitions)/Exit of business

      2.5 %      0.2 %      (5.4 %)      —   %      —   %      (0.3 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Organic net sales growth

      4.1 %      1.9 %      5.0 %      —   %      (3.1 %)      3.4 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     For the year ended December 31, 2011  
     Outdoor
Solutions		     Consumer
Solutions		     Branded
Consumables		     Process
Solutions		     Elimination     Consolidated  

Reconciliation of Non-GAAP measure:

             

Net sales growth

      10.0 %      0.6 %      28.9 %      2.5 %      8.4 %      10.9 % 

Foreign exchange impacts

      (2.5 %)      (0.4 %)      (2.4 %)      (0.3 %)      —   %      (1.7 %) 

(Acquisitions)/Exit of business

      (1.6 %)      0.5 %      (24.2 %)      —   %      —   %      (5.9 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Organic net sales growth

      5.9 %      0.7 %      2.3 %      2.2 %      8.4 %      3.3 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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