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8-K - FORM 8-K - JARDEN CORP | d524089d8k.htm |
EX-99.1 - EX-99.1 - JARDEN CORP | d524089dex991.htm |
Exhibit 99.2
JARDEN CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
For the quarters ended March 31, 2013 and 2012
For the quarters ended | ||||||||||||
(in millions) | March 31, 2013 | March 31, 2012 | ||||||||||
Reconciliation of Non-GAAP measure: |
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Net income (loss) |
$ | (4.4 | ) | $ | 35.1 | |||||||
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Income tax provision (benefit) |
(5.4 | ) | 21.8 | |||||||||
Interest expense, net |
49.6 | 44.7 | ||||||||||
Loss on early extinguishment of debt |
17.1 | | ||||||||||
Depreciation and amortization |
37.7 | 35.9 | ||||||||||
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Earnings before interest, taxes, depreciation and amortization (EBITDA) | 94.6 | 137.5 | ||||||||||
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Other adjustments: |
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Fair market value adjustment to inventory |
5.0 | | ||||||||||
Venezuela devaluation and other charges |
29.0 | | ||||||||||
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AS ADJUSTED EBITDA (SEGMENT EARNINGS) |
$ | 128.6 | $ | 137.5 | ||||||||
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Net Sales |
$ | 1,580.7 | $ | 1,495.4 | ||||||||
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As Adjusted EBITDA (Segment Earnings) margin |
8.1 | % | 9.2 | % | (1.1 | %) | ||||||
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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 ended March 31, 2013:
For the quarter ended March 31, 2013 | ||||||||||||||||||||||||
Outdoor Solutions |
Consumer Solutions |
Branded Consumables |
Process Solutions |
Elimination | Consolidated | |||||||||||||||||||
Reconciliation of Non-GAAP measure: |
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Net sales growth |
3.7 | % | 4.4 | % | 10.2 | % | 6.3 | % | 10.6 | % | 5.7 | % | ||||||||||||
Foreign exchange |
1.2 | % | 1.5 | % | 0.6 | % | | | 1.1 | % | ||||||||||||||
(Acquisitions)/exited business, net |
| (4.7 | %) | (6.4 | %) | | | (2.8 | %) | |||||||||||||||
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Organic net sales growth |
4.9 | % | 1.2 | % | 4.4 | % | 6.3 | % | 10.6 | % | 4.0 | % | ||||||||||||
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For the quarters ended March 31, | ||||||||||||||
2013 | 2012 | Inc/(Dec) | ||||||||||||
GROSS MARGIN (%) |
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Gross margin as reported |
28.1 | % | 28.1 | % | | |||||||||
Fair market value adjustment to inventory |
0.3 | % | | 0.3 | % | |||||||||
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Adjusted gross margin % |
28.4 | % | 28.1 | % | 0.3 | % | ||||||||
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For the quarters ended March 31, | ||||||||
2013 | 2012 | |||||||
INTEREST EXPENSE, NET | ||||||||
Interest expense, net as reported | 49.6 M | 44.7 M | ||||||
Original issue discount amortization | (3.0)M | | ||||||
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Adjusted interest expense, net |
46.6 M | 44.7 M | ||||||
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