JARDEN CORP - FORM 8-K - EX-99.2 - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES - October 24, 2012

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Exhibit 99.2

JARDEN CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP

For the three and nine months ended September 30, 2012 and 2011

In millions

 

     For the three months ended      For the nine months ended  
     September 30, 2012      September 30, 2011      September 30, 2012      September 30, 2011  
       

Reconciliation of Non-GAAP measure:

                    
                   

Net income

    $ 76.9       $ 90.7       $ 195.2       $ 183.6   
       

Income tax provision

      45.8         50.4         115.7         107.2   

Interest expense, net

      46.1         43.7         135.8         134.8   

Loss on early extinguishment of debt

      —           —           —           12.8   

Depreciation and amortization

      38.7         40.3         109.9         121.7   
       

Earnings before interest, taxes, depreciation

                    

and amortization (EBITDA)

      207.5         225.1         556.6         560.1   
       

Other adjustments:

                    

Reorganization costs, net

      9.3         6.2         9.3         6.2   

Fair market value adjustment to inventory

      6.0         1.6         6.0         6.9   

Acquisition related and other costs

      12.5         6.4         12.5         6.4   
                   

AS ADJUSTED EBITDA (SEGMENT EARNINGS)

    $ 235.3       $ 239.3       $ 584.4       $ 579.6   
                                   

 

     Three months ended
September 30,		     Increase/
(Decrease) 		         Nine months ended
September 30,		     Increase/
(Decrease)		  
     2012     2011          2012     2011    

Gross margin as reported

      29.4 %      29.0 %      0.4 %         29.1 %      28.3 %      0.8 % 

Fair market value adjustment to inventory

      0.3 %      0.1 %      0.2 %         0.1 %      0.1 %      —     

Rationalization of international manufacturing facilities

      0.3 %      0.1 %      0.2 %         0.1 %      0.1 %      —     
  

 

 

    

 

 

    

 

 

       

 

 

    

 

 

    

 

 

  

Adjusted gross margin

      30.0 %      29.2 %      0.8 %         29.3 %      28.5 %      0.8 % 
  

 

 

    

 

 

    

 

 

       

 

 

    

 

 

    

 

 

  

Organic net sales growth is a non-GAAP measure of net sales growth excluding the impacts of foreign exchange, certain 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 three and nine months ended September 30, 2012:

 

     For the three months ended September 30, 2012  
     Outdoor
Solutions		     Consumer
Solutions		     Branded
Consumables		     Process
Solutions		     Elimination     Consolidated  

Reconciliation of Non-GAAP measure:

                                                 

Net sales (decline)/growth

      (7.0 %)      (2.5 %)      (3.9 %)      5.6 %      17.8 %      (4.4 %) 

Foreign exchange

      2.7 %      0.7 %      4.6 %      0.1 %      —          2.5 % 

(Acquisitions)/Exited business, net

      1.8 %      (2.0 %)      —          —          —          0.1 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Organic net sales (decline)/growth

      (2.5 %)      (3.8 %)      0.7 %      5.7 %      17.8 %      (1.8 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
            
     For the nine months ended September 30, 2012  
     Outdoor
Solutions		     Consumer
Solutions		     Branded
Consumables		     Process
Solutions		     Elimination     Consolidated  

Reconciliation of Non-GAAP measure:

             

Net sales (decline)/growth

      (3.9 %)      0.2 %      0.2 %      7.0 %      13.8 %      (1.4 %) 

Foreign exchange

      1.8 %      0.9 %      3.8 %      0.1 %      —          2.1 % 

(Acquisitions)/Exited business, net

      2.0 %      (0.4 %)      —          —          —          0.8 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Organic net sales (decline)/growth

      (0.1 %)      0.7 %      4.0 %      7.1 %      13.8 %      1.5 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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