Jarden Ups Guidance, Proposes 10-Year Notes

While noting an audit was still underway, the company said it expected revenue for the fourth quarter of 2009 to be approximately $1.35 billion, slightly above the previously provided guidance of $1.3 billion. It also upped its estimate of full-year revenue to approximately $5.1 billion and estimated cash on hand as of Dec. 31, 2009 was approximately $800 million thanks to continued strong cash flow at the end of the quarter.

Martin E. Franklin, Chairman and Chief Executive Officer of Jarden Corporation, stated, “During 2009 we exceeded the financial goals we set for ourselves at the beginning of the year, despite the challenges in the macro environment. This is a testament to the resiliency and strength of our diversified business model, which has continued to deliver solid results during this recessionary period. We expect to return to organic revenue growth in 2010.”

Separately, Jarden announced it had proposed a $400 million debt offering to be guaranteed by certain of its domestic subisdiaires. Jarden expects to use the net proceeds of the proposed offering to repay part of its term loan that matures in 2012 with the balance for general corporate purposes.

“The proposed bond offering announced today would complete the balance sheet goals we communicated to investors in the first quarter of 2009, namely lowering our Term B debt while extending our debt maturities and maintaining our strong liquidity position,” said Franklin. “Consistent with our philosophy of accessing the capital markets on an opportunistic basis, we believe that raising 10-year capital at current rates should help create attractive returns for shareholders in the long run, even if it increases the short term effective interest rate.”

Jarden expects to report its fourth quarter and year end results on its conference call scheduled for Feb. 18, 2010 and plans to discuss its longer-term strategy at its analyst and investor day at the New York Stock Exchange on March 10, 2010.