Jarden Corporation fourth quarter net sales increased 312% to $975 million compared to $237 million for the same period last year. Net income for the fourth quarter increased to $2.5 million from a net loss of $3.4 million last year. Income available to common stockholders for the fourth quarter of 2005 was $2.5 million or 4 cents per diluted share compared to a net loss of $(0.08) per diluted share in 2004. Outdoor Solutions reported $125 million in Q4 sales.

On a non-GAAP basis, adjusted net income was $33.8 million or $0.50 per diluted share for the three months ended December 31, 2005. Jarden results of operations include the US Playing Card, American Household and Holmes Group businesses from their dates of acquisition, which were June 2004, January 2005 and July 2005, respectively.

For the year ended December 31, 2005, net sales increased 280% to $3.2 billion compared to $839 million for the same period in the previous year. Net income for 2005 increased by 43.2% to $60.7 million from $42.4 million in 2004. Income available to common stockholders was $12.1 million or $0.22 per diluted share for the year ended December 31, 2005, compared to income available to common stockholders of $42.4 million or $0.99 per diluted share in 2004. On a non-GAAP basis, adjusted net income was $138.5 million or $2.14 per diluted share for the year ended December 31, 2005.

Martin E. Franklin, Chairman and Chief Executive Officer, commented, “2005 was a year of significant positive change for Jarden Corporation with the acquisitions of both American Household and Holmes. We added tremendous brands to our portfolio, including, Bionaire®, Coleman®, Crock-Pot®, First Alert®, Mr. Coffee®, Oster®, Rival® and Sunbeam® to name just a few. Additionally, we have expanded distribution channels domestically and internationally, added talented employees to our team and strengthened our foundation for profitable future growth.”

Mr. Franklin continued, “Overall the year end results were in line with the estimates we provided in January. With the results now finalized, I am pleased to report that our cash flow from operations was significantly stronger than our original estimates, with over $250 million generated during the fourth quarter. This strong cash flow will help fuel future growth opportunities in our business. Our plan for 2006 and beyond is unchanged, as we continue to focus on expanding margins, increasing the top-line through new product introductions and leveraging the ongoing integration of the businesses we acquired in 2005 into the overall Jarden structure. We believe we are on track to achieve our three to five year goals outlined at the beginning of 2005 and the businesses all have significant momentum coming into the new year. Our brands are the cornerstones of many of our retailers' strategies for innovation in the categories we serve.”

Mr. Franklin concluded, “Recently, we have been subjected to a group of purported class action lawsuits. We believe these lawsuits are totally without merit and our intention is to vigorously contest these claims, while staying focused on our primary responsibility to our shareholders, employees and customers. To that end, we will continue to concentrate on delivering strong operating results, which we believe is the best way to create long-term shareholder value.”


    Jarden Corporation
    Consolidated Statements of Operations (Unaudited)
    (in thousands, except share and  per share data)

                                 Three Months Ended December 31,

                                          2005                       2004
                                                    As Adjusted   As Reported
                         As Reported   Adjustments  (Non-GAAP)      (GAAP)
                            (GAAP)       (1)(4)       (1)(4)        (2)(3)

    Net sales             $975,398          $-        $975,398     $236,670

    Costs and expenses:
     Cost of sales         744,706      (4,410)        740,296      158,884
     Gross profit          230,692       4,410         235,102       77,786
     Selling, general and
      administrative
      expenses             187,075     (31,841)        155,234       74,925
     Reorganization and
      acquisition-related
      integration costs     13,019     (13,019)              -            -
    Operating earnings      30,598      49,270          79,868        2,861
    Interest expense, net   26,660           -          26,660        8,353
    Loss on early
     extinguishment of debt      -           -               -            -
    Income (loss) before
     taxes                   3,938      49,270          53,208       (5,492)
    Income tax provision
    (benefit)                1,471      17,984          19,455       (2,087)
    Net income (loss)        2,467     $31,286         $33,753       (3,405)
    Paid in-kind dividends
     on Series B preferred
     stock                       -                                        -
    Income (loss) available to
     common stockholders    $2,467                                  $(3,405)

    Earnings (loss) per share:
     Basic                   $0.04                                   $(0.08)
     Diluted                 $0.04                                   $(0.08)
    Weighted average shares
     outstanding (in millions):
     Basic                    65.6                                     42.0
     Diluted                  67.8                                     43.6

    Net income (loss)
    (from above)                                       $33,753      $(3,405)
    Diluted weighted average
     shares outstanding                                   67.8         43.6

    Diluted earnings (loss)
     per share (as adjusted)                             $0.50       $(0.08)