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18 Jarden Corporation Annual Report 2012
Management’s Discussion and Analysis
Jarden Corporation Annual Report 2012
Consolidated Results of Operations
Years Ended December 31,
(In millions) 2012 2011 2010
Net sales $ 6,696.1 $ 6,679.9 $ 6,022.7
Cost of sales 4,771.7 4,821.9 4,383.9
Gross profit 1,924.4 1,858.0 1,638.8
Selling, general and administrative expenses 1,320.5 1,259.2 1,211.8
Reorganization costs, net 27.1 23.4 —
Impairment of goodwill and intangibles and other assets — 52.5 19.7
Operating earnings 576.8 522.9 407.3
Interest expense, net 185.3 179.7 177.8
Loss on early extinguishment of debt — 12.8 —
Income before taxes 391.5 330.4 229.5
Income tax provision 147.6 125.7 122.8
Net income $ 243.9 $ 204.7 $ 106.7
Results of Operations—Comparing 2012 to 2011
Net Sales
Operating Earnings
(Loss)
Years Ended December 31,
(In millions) 2012 2011 2012 2011
Outdoor Solutions $ 2,692.9 $ 2,772.1 $ 250.7 $ 276.4
Consumer Solutions 1,940.9 1,880.3 232.3 236.7
Branded Consumables 1,753.1 1,734.4 209.0 105.4
Process Solutions 377.1 351.2 33.6 21.9
Corporate — — (148.8) (117.5)
Intercompany eliminations (67.9) (58.1) — —
$ 6,696.1 $ 6,679.9 $ 576.8 $ 522.9
Note: Changes in net sales on a currency neutral basis that are presented hereafter are provided to enhance visibility of the underlying operations by
excluding the impact of foreign currency translation on period-over-period changes.