Jarden Corp, which owns Coleman and K2, said it expects fourth-quarter revenue to be slightly above its prior outlook of $1.3 billion. It also said it finished 2008 with more than $360 million of cash on the balance sheet.
Full year revenue for 2008 is expected to be approximately $5.35 billion. In addition, based on initial submissions. Accordingly, the company anticipates that its leverage ratio for bank purposes at Dec. 31, 2008 will be approximately 3.7 times.
Martin E. Franklin, chairman and chief executive officer of Jarden Corporation, stated, “Our businesses continued to deliver in the fourth quarter despite the challenges in the macro environment and we believe we are well positioned for 2009. In the current environment, we felt that it was important to provide our positive fourth quarter revenue and cash position information on as timely a basis as possible.”
Franklin continued, “While the audit of our 2008 results will not be complete until we fully announce earnings on February 12th, Jarden's strong fourth quarter cash generation positions us well from a liquidity and bank covenant perspective for 2009 and beyond. As always, we will continue to focus on leveraging our market-leading brands to provide the products and value essential to our retail partners and the consumer today. Furthermore, the positive snow conditions in December have helped the start of the winter sport season and we are hopeful that the excellent ski conditions in both North America and Europe will continue through the first quarter.”
Jarden's brands in the sports space include Coleman, K2, Marker, Marmot, Rawlings, Shakespeare, Stearns, Stren, Trilene and Volkl.
