For the first quarter of 2010, Jarden Corporation’s net sales increased 4% to $1.19 billion compared to $1.14 billion for the same period in the previous year. Jarden recorded a net loss of $59 million, or ($0.66) per share, compared to net income of $8.9 million, or $0.12 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 January 8 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 $0.25 per diluted share, compared to $18.4 million, or $0.24 per diluted share, for the same period in 2009.
According to Martin E. Franklin, Chairman and Chief Executive Officer of Jarden Corporation, the scale of Jarden’s global operating platform allowed the corporation to manage the inflationary cost environment that resurfaced in the quarter. Franklin said that Jarden will continue to manage commodity cost increases “through disciplined supply chain controls, sophisticated hedge and forward buy programs, productivity improvements and pricing."
Jarden Corporation was recently ranked #406 on Fortune Magazine's Fortune 500 annual listing of America's largest corporations. Jarden rose 36 positions on the list since 2009 and has risen 86 positions since its inaugural inclusion in 2008.
