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20 Jarden Corporation Annual Report 2013
Net Income
Net income for 2013 decreased $40.0 million to $203.9 million versus the prior year. For 2013 and 2012, earnings per diluted share
were $1.77 and $2.06, respectively. The decrease in net income was primarily due to the Venezuela devaluation-related charges ($29.0
million), the loss on the extinguishment of debt related to the Tender Offer and the Facility amendment in March 2013 ($25.9 million)
and the purchase accounting adjustment for the elimination of manufacturer’s prot in inventory ($89.8 million), partially offset by the
gross margin impact of higher sales and incremental earnings from the YCC Acquisition.
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.
Net Sales
Net sales for 2012 increased $16.2 million, or 0.2%, to $6.7 billion versus the prior year. Unfavorable foreign currency translation
accounted for a decrease in net sales of approximately 2%. Excluding the impact of certain exited product categories and acquisitions,
net sales on a currency-neutral basis increased approximately 2%, primarily due to increased sell-through in certain product categories
and expanded product offerings, partially offset by weakness in certain product categories and the timing of seasonal sales in certain
categories.
Net sales in the Outdoor Solutions segment decreased $79.2 million, or 2.9%. Unfavorable foreign currency translation accounted for a
decrease in net sales of approximately 2%. Excluding the net unfavorable impact of certain exited product categories and acquisitions
of approximately 2%, net sales on a currency-neutral basis increased approximately 1%, primarily due to increased sales on a currency-
neutral basis in the shing and technical apparel businesses, which provided an increase in net sales of approximately 3%, largely
related to expanded product offerings, increased point of sale and favorable weather conditions in North America, partially offset
by a decrease in net sales on a currency-neutral basis in the camping and outdoor and winter sports businesses (approximately 2%),
primarily due to, unfavorable weather conditions, weakness in certain product categories and decreased demand in Europe due to
unfavorable economic conditions.
Net sales in the Consumer Solutions segment increased $60.6 million, or 3.2%. On a currency-neutral basis, net sales increased by
approximately 2%. Excluding the net favorable impact of certain exited product categories and acquisitions (approximately 2%), net
sales on a currency-neutral basis increased by approximately 2%. The increase is primarily due to increased demand in Latin America,
which accounted for an increase in net sales of approximately 2%, primarily due to increased point of sale, expanded distribution
and new product offerings, partially offset by a decrease in domestic net sales, which accounted for a decrease in net sales of
approximately 1%, as increased appliance sales were more than offset by weakness in certain personal care and wellness categories.
Net sales in the Branded Consumables segment increased $18.7 million, or 1.1%. Unfavorable foreign currency translation accounted
for a decrease of approximately 3% in net sales. Increased sales on a currency-neutral basis in the baby care, home care, leisure and
entertainment and safety and security businesses provided an increase in net sales of approximately 4%, in part due to increased sales
in certain product categories, especially the food preservation category, primarily due to increased point of sale, favorable weather
conditions and expanded distribution, partially offset by softness in relog sales, which were negatively affected by unfavorable
weather conditions.
Net sales in the Process Solutions segment increased 7.3% on a period-over-period basis, primarily due to increased sales within each
of its business units.
Management’s Discussion and Analysis
Jarden Corporation Annual Report 2013