Jarden Outdoors Q1 Sales Up 3%

The units brand portfolio includes Abu Garcia, Campingaz, Coleman, K2, Marker, Marmot, Penn, Rawlings, Shakespeare, Stearns and Volkl.

Those results compared to a 4% gain in net sales to $1.19 billion for the entire company, which operates three other segments that make small kitchen appliances and other home consumer products , including Oster and Mr. Coffee, Ball canning jars, Bicycle playing cards, and First Alert home safety products.

 

Jarden Corp. recorded a net loss of $59 million, or 66 cents per share, compared to net income of $8.9 million, or 12 cents per diluted share, for the same period in 2009, due primarily to one-time, non-cash charges of $21.5 million associated with the devaluation of the Venezuelan Bolivar on Jan. 8, 2010 and an additional $56.6 million resulting from new accounting guidance from the Securities and Exchange Commission addressing Venezuela’s hyperinflationary status.  On a non-GAAP basis, adjusted net income for the first quarter was $22.2 million, or 25 cents per diluted share, compared to $18.4 million, or 24 cents per diluted share, for the same period in 2009.

 
“The first quarter of 2010 has continued the positive sales momentum the business demonstrated at the end of 2009, as each operating segment of our company produced solid organic growth and improved profitability,” said Martin E. Franklin, Chairman and Chief Executive Officer of Jarden Corporation. While less volatile than in the last several years, we believe commodity cost increases will continue throughout 2010 and we will seek to manage this headwind just as we have in the past through disciplined supply chain controls, sophisticated hedge and forward buy programs, productivity improvements and pricing.” 

Franklin said he was optimistic that the organic sales growth and gross margin improvement seen so far this year will continue as Jarden enters the more important second and third quarters.