15526 Thu, 10/30/2008 - 11:58am
RYE, N.Y.–Third-quarter net income rose and net sales set a new record for Jarden as all three of its business segments contributed positive results.
Net income finished the quarter at $63.8 million, compared to $21.2 million for the third quarter of 2007, figures that included adjustments for reorganization, integration costs related to last year’s acquisitions of Pure Fishing and K2, and amortization of acquired intangible assets. Without these adjustments, third-quarter net income was $74.9 million, up nearly 25 percent over last year.
Net sales totaled $1.5 billion in the quarter, rising 10 percent over the 2007 third quarter. Most of the gain came from Jarden’s Outdoor Solutions unit, with a 24 percent pickup in sales and a 15 percent rise in segment earnings. The Consumer Solutions unit, which is home to the company’s housewares products, boosted its earnings by 4.4 percent despite a flat sales performance in the quarter.
In a Jarden statement, Martin Franklin, chairman and chief executive officer, attributed the company’s strong third quarter to its portfolio of brands and “disciplined, conservative management.” Franklin said Jarden was able to keep its balance sheet in line in the quarter while reducing year-over-year inventories, which helped offset the effects of “meaningful cost increases.”