Jarden Goes From Loss to Profit in Fourth Quarter
RYE, N.Y.--Jarden reported net income of $1.2 million, reversing a net loss of $170 million from the fourth quarter of one year ago.
The bottom-line results included a non-cash impairment charge of $22.9 million for the 2009 fourth quarter, compared to a similar charge of $283 million for the fourth quarter of 2008. Without these charges, Jarden's fourth-quarter 2009 net income was $68.5 million, up 9.3 percent from last year's profit minus the charge.
The housewares giant improved its fourth-quarter net sales by 3 percent to $1.39 billion. Selling, general and administrative expenses rose 7.8 percent. Gross margin edged up by 0.5 percent.
For the full 2009 fiscal year, Jarden's net income totaled $129 million compared to a 2008 net loss of $58.9 million. Without the charges, the 2009 net was $221 million, up from $209 million. Net sales decreased 4 percent to $5.2 billion.