JARDEN CORP - FORM 8-K - EX-99.2

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8-K - FORM 8-K - JARDEN CORP	d571994d8k.htm
EX-99.1 - EX-99.1 - JARDEN CORP	d571994dex991.htm

Exhibit 99.2

JARDEN CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP

For the three and six months ended June 30, 2013 and 2012

(in millions)


	For the three months ended						Inc/(Dec)			For the six months ended
	June 30, 2013			June 30, 2012			Inc/(Dec)			June 30, 2013		June 30, 2012
Reconciliation of Non-GAAP measure:
Net income	$	76.4		$	83.2					$	72.0	$	118.3
Income tax provision		47.8			48.1						42.4		69.9
Interest expense, net		46.2			45.0						95.8		89.7
Loss on early extinguishment of debt		8.8			—						25.9		—
Depreciation and amortization		38.5			35.3						76.2		71.2

Earnings before interest, taxes, depreciation and amortization (EBITDA)		217.7			211.6						312.3		349.1

Other adjustments:
Fair market value adjustment to inventory		—			—						5.0		—
Venezuela devaluation and other charges		—			—						29.0		—
Reorganization costs		1.4			—						1.4		—

AS ADJUSTED EBITDA (SEGMENT EARNINGS)	$	219.1		$	211.6					$	347.7	$	349.1

Net Sales	$	1,758.8		$	1,675.6
As Adjusted EBITDA (Segment Earnings) margin		12.5	%		12.6	%		(0.1	%)

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 three and six months ended June 30, 2013:


	For the three months ended June 30, 2013
	Outdoor Solutions			Consumer Solutions			Branded Consumables			Process Solutions			Elimination			Consolidated
Reconciliation of Non-GAAP measure:
Net sales growth		(0.9	%)		9.8	%		11.2	%		3.8	%		18.7	%		5.0	%
Foreign exchange		1.9	%		3.4	%		0.3	%		0.2	%		—			1.7	%
(Acquisitions)/exited business, net		—			(4.8	%)		(6.4	%)		—			—			(2.8	%)

Organic net sales growth		1.0	%		8.4	%		5.1	%		4.0	%		18.7	%		3.9	%


	For the six months ended June 30, 2013
	Outdoor Solutions			Consumer Solutions			Branded Consumables			Process Solutions			Elimination			Consolidated
Reconciliation of Non-GAAP measure:
Net sales growth		1.3	%		7.3	%		10.7	%		5.0	%		14.7	%		5.3	%
Foreign exchange		1.6	%		2.5	%		0.5	%		0.1	%		—			1.4	%
(Acquisitions)/exited business, net		—			(4.8	%)		(6.4	%)		—			—			(2.8	%)

Organic net sales growth		2.9	%		5.0	%		4.8	%		5.1	%		14.7	%		3.9	%


	For the six months ended June 30,						Inc/(Dec)
	2013			2012			Inc/(Dec)
GROSS MARGIN (%)
Gross margin as reported		28.7	%		28.9	%		(0.2	%)
Fair market value adjustment to inventory		0.1	%		—			0.1	%

Adjusted gross margin (%)		28.8	%		28.9	%		(0.1	%)


	For the three months ended June 30,					For the six months ended June 30,
	2013			2012		2013			2012
INTEREST EXPENSE, NET
Interest expense, net as reported	$	46.2		$	45.0	$	95.8		$	89.7
Original issue discount amortization		(3.3	)		—		(6.3	)		—

Adjusted interest expense, net	$	42.9		$	45.0	$	89.5		$	89.7


	For the three months ended June 30,						Inc/(Dec)
	2013			2012			Inc/(Dec)
SELLING, GENERAL & ADMINISTRATIVE EXPENSES AS A % OF SALES
Selling, general and administrative expenses as a % of sales as reported		18.9	%		19.1	%		(0.2	%)
Amortization of acquired intangible assets		(0.3	%)		(0.2	%)		(0.1	%)

Adjusted selling, general and administrative expenses as a % of sales		18.6	%		18.9	%		(0.3	%)

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