RYE, N.Y.—Jarden reported a 4.4 percent gain in its second-quarter net income, to $44.9 million.
This figure included adjustments according to generally accepted accounting principles (GAAP) for costs related to reorganization, acquisitions, amortization and tax adjustments. Without these adjustments (non-GAAP), Jarden’s second-quarter net profit was $51.4 million, a decrease of 6.2 percent from non-GAAP net in last year’s second quarter.
Net sales for the housewares giant were $1.3 billion in the second quarter, off 6.6 percent. The company trimmed selling, general and administrative expenses by 6.2 percent on a GAAP basis, and cost of goods sold dropped 6.4 percent.
Martin Franklin, chairman and chief executive officer, said Jarden’s focus on working capital management brought about improvements in inventory, receivables and payables during the quarter. “Despite the expected decline in revenue and earnings resulting from the recessionary environment, our proactive, disciplined approach to controlling costs during a period of lower sales resulted in improved gross and as-adjusted EBITDA margins during the quarter,” Franklin said.