Attached files
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| EX-99.1 - EX-99.1 - JARDEN CORP | d484362dex991.htm |
| EX-99.3 - EX-99.3 - JARDEN CORP | d484362dex993.htm |
| 8-K - FORM 8-K - JARDEN CORP | d484362d8k.htm |
Exhibit 99.2
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JARDEN CORPORATION | |||
| RECONCILIATION OF GAAP TO NON-GAAP | ||||
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For the quarters and years ended December 31, 2012 and 2011 | ||||
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| For the quarters ended | For the years ended | |||||||||||||||
| December 31, 2012 |
December 31, 2011 |
December 31, 2012 |
December 31, 2011 |
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| Reconciliation of Non-GAAP measure: |
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| Net income |
$ | 48.7 | $ | 21.1 | $ | 243.9 | $ | 204.7 | ||||||||
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| Income tax provision |
31.9 | 18.5 | 147.6 | 125.7 | ||||||||||||
| Interest expense, net |
49.5 | 44.9 | 185.3 | 179.7 | ||||||||||||
| Loss on early extinguishment of debt |
— | — | — | 12.8 | ||||||||||||
| Impairment of goodwill and other assets |
— | 52.5 | — | 52.5 | ||||||||||||
| Depreciation and amortization |
42.9 | 42.0 | 152.8 | 163.7 | ||||||||||||
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| Earnings before interest, taxes, depreciation and amortization (EBITDA) |
173.0 | 179.0 | 729.6 | 739.1 | ||||||||||||
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| Other adjustments: |
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| Fair market value adjustment to inventory |
— | — | 6.0 | 6.9 | ||||||||||||
| Cumulative adjustment of stock compensation |
33.6 | — | 33.6 | — | ||||||||||||
| Reorganization costs, net |
17.8 | 17.2 | 27.1 | 23.4 | ||||||||||||
| Acquisition-related and other costs |
5.0 | 15.0 | 17.5 | 21.4 | ||||||||||||
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| AS ADJUSTED EBITDA (SEGMENT EARNINGS) |
$ | 229.4 | $ | 211.2 | $ | 813.8 | $ | 790.8 | ||||||||
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| For the quarters ended December 31, |
Increase/ (Decrease) |
For the years ended December 31, |
Increase/ (Decrease) |
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| 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||
| GROSS MARGIN (%) |
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| Gross margin as reported |
27.9 | % | 26.6 | % | 1.3 | % | 28.7 | % | 27.8 | % | 0.9 | % | ||||||||||||
| Fair market value adjustment to inventory |
— | — | — | 0.1 | % | 0.1 | % | — | ||||||||||||||||
| Rationalization of international manufacturing facilities |
0.2 | % | 1.0 | % | (0.8 | )% | 0.2 | % | 0.4 | % | (0.2 | )% | ||||||||||||
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| Adjusted gross margin |
28.1 | % | 27.6 | % | 0.5 | % | 29.0 | % | 28.3 | % | 0.7 | % | ||||||||||||
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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 quarter and year ended December 31, 2012:
| For the quarter ended December 31, 2012 | ||||||||||||||||||||||||
| Outdoor Solutions |
Consumer Solutions |
Branded Consumables |
Process Solutions |
Elimination | Consolidated | |||||||||||||||||||
| Reconciliation of Non-GAAP measure: |
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| Net sales growth |
0.6 | % | 9.5 | % | 3.6 | % | 8.9 | % | 28.2 | % | 4.7 | % | ||||||||||||
| Foreign exchange |
1.0 | % | (0.9 | )% | 1.7 | % | (0.1 | )% | — | % | 0.5 | % | ||||||||||||
| (Acquisitions)/exited business, net |
0.7 | % | (5.3 | )% | — | % | — | % | — | % | (1.7 | )% | ||||||||||||
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| Organic net sales growth |
2.3 | % | 3.3 | % | 5.3 | % | 8.8 | % | 28.2 | % | 3.5 | % | ||||||||||||
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| For the year ended December 31, 2012 | ||||||||||||||||||||||||
| Outdoor Solutions |
Consumer Solutions |
Branded Consumables |
Process Solutions |
Elimination | Consolidated | |||||||||||||||||||
| Reconciliation of Non-GAAP measure: |
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| Net sales growth |
(2.9 | )% | 3.2 | % | 1.1 | % | 7.4 | % | 16.9 | % | 0.3 | % | ||||||||||||
| Foreign exchange |
1.6 | % | 0.4 | % | 3.3 | % | 0.1 | % | — | % | 1.6 | % | ||||||||||||
| (Acquisitions)/exited business, net |
1.7 | % | (2.0 | )% | — | % | — | % | — | % | 0.1 | % | ||||||||||||
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| Organic net sales growth |
0.4 | % | 1.6 | % | 4.4 | % | 7.5 | % | 16.9 | % | 2.0 | % | ||||||||||||
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| For the quarters ended December 31, |
For the years ended December 31, |
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| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| SELLING, GENERAL & ADMINISTRATIVE EXPENSES AS A PERCENT OF NET SALES |
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| Selling, general and administrative expenses as reported |
19.8 | % | 17.7 | % | 19.7 | % | 18.9 | % | ||||||||
| Cumulative adjustment of stock compensation |
(1.8 | )% | — | (0.4 | )% | — | ||||||||||
| Acquisition related and other costs |
(0.3 | )% | 0.1 | % | (0.3 | )% | (0.1 | )% | ||||||||
| Amortization of acquired intangible assets |
(0.3 | )% | (0.3 | )% | (0.3 | )% | (0.3 | )% | ||||||||
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| Adjusted selling, general and administrative expenses as a % of net sales |
17.4 | % | 17.5 | % | 18.7 | % | 18.5 | % | ||||||||
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| (in millions) | For the quarters ended December 31, |
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| 2012 | 2011 | |||||||
| INTEREST EXPENSE, NET |
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| Interest expense, net as reported |
$ | 49.5 | $ | 44.9 | ||||
| Original issue discount amortization |
(3.0 | ) | — | |||||
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| Adjusted interest expense, net |
$ | 46.5 | $ | 44.9 | ||||
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| (in millions) | For the years ended December 31, |
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| 2012 | ||||
| INCOME TAX PROVISION |
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| Income tax provision as reported |
$ | 147.6 | ||
| Normalization of adjusted profit before tax to estimated effective rate |
29.3 | |||
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| Adjusted income tax provision |
$ | 176.9 | ||
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