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8-K - FORM 8-K - JARDEN CORP | d718062d8k.htm |
EX-99.1 - EX-99.1 - JARDEN CORP | d718062dex991.htm |
Exhibit 99.2
JARDEN CORPORATION
Reconciliation of GAAP to Non-GAAP
For the quarters ended March 31, 2014 and 2013
in millions | ||||||||
For the quarters ended | ||||||||
March 31, 2014 |
March 31, 2013 |
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Reconciliation of Non-GAAP measure: |
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Net income (loss) |
$ | 3.7 | $ | (4.4 | ) | |||
Income tax provision (benefit) |
5.5 | (5.4 | ) | |||||
Interest expense, net |
54.0 | 49.6 | ||||||
Loss on early extinguishment of debt |
| 17.1 | ||||||
Depreciation and amortization |
45.6 | 37.7 | ||||||
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Earnings before interest, taxes, depreciation and amortization (EBITDA) |
108.8 | 94.6 | ||||||
Other adjustments: |
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Fair market value adjustment to inventory |
| 5.0 | ||||||
Venezuela foreign exchange-related charges |
4.0 | 29.0 | ||||||
Restructuring costs, net |
0.3 | | ||||||
Acquisition-related and other costs |
13.2 | | ||||||
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As Adjusted EBITDA (Segment Earnings) |
$ | 126.3 | $ | 128.6 | ||||
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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 businesses 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, 2014:
For the quarter ended March 31, 2014 | ||||||||||||||||||||||||
Branded Consumables |
Consumer Solutions |
Outdoor Solutions |
Process Solutions |
Eliminations | Consolidated | |||||||||||||||||||
Reconciliation of Non-GAAP measure: |
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Net sales growth |
40.1 | % | (5.3 | )% | (1.6 | )% | 4.8 | % | 8.5 | % | 9.6 | % | ||||||||||||
Foreign exchange impacts |
0.9 | % | 3.0 | % | 1.3 | % | (0.4 | )% | | 1.5 | % | |||||||||||||
(Acquisitions)/exited businesses, net |
(37.2 | )% | | | | | (10.5 | )% | ||||||||||||||||
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Organic net sales growth |
3.8 | % | (2.3 | )% | (0.3 | )% | 4.4 | % | 8.5 | % | 0.6 | % | ||||||||||||
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Gross margins | ||||||||||||
For the quarters ended March 31, | ||||||||||||
Increase/ | ||||||||||||
2014 | 2013 | (Decrease) | ||||||||||
Gross margins, as reported |
29.7 | % | 28.1 | % | 1.6 | % | ||||||
Fair market value adjustment to inventory |
| 0.3 | % | (0.3 | )% | |||||||
International manufacturing rationalization and other |
0.7 | % | | 0.7 | % | |||||||
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Adjusted gross margins |
30.4 | % | 28.4 | % | 2.0 | % | ||||||
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Selling, general and administrative expenses (SG&A) as a % of net sales | ||||||||||||
For the quarters ended March 31, | ||||||||||||
Increase/ | ||||||||||||
2014 |
2013 |
(Decrease) |
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SG&A as a % of net sales, as reported |
26.0 | % | 24.5 | % | 1.5 | % | ||||||
Acquisition-related and other costs |
(0.1 | )% | | (0.1 | )% | |||||||
Venezuela foreign exchange-related charges |
(0.2 | )% | (1.9 | )% | 1.7 | % | ||||||
Amortization of acquired intangible assets |
(0.3 | )% | (0.3 | )% | | |||||||
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Adjusted SG&A as a % of net sales |
25.4 | % | 22.3 | % | 3.1 | % | ||||||
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Interest expense, net | ||||||||||||
For the quarters ended March 31, | ||||||||||||
Increase/ | ||||||||||||
2014 |
2013 |
(Decrease) |
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Interest expense, net as reported |
$ | 54.0 | $ | 49.6 | $ | 4.4 | ||||||
Original issue discount amortization |
(5.7 | ) | (3.0 | ) | (2.7 | ) | ||||||
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Adjusted interest expense, net |
$ | 48.3 | $ | 46.6 | $ | 1.7 | ||||||
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