Sunbeam 2003 Annual Report Download - page 64

Download and view the complete annual report

Please find page 64 of the 2003 Sunbeam annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 66

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66

Jarden Corporation
Notes to Consolidated Financial Statements (continued)
19. Quarterly Results of Operations (Unaudited)
Summarized quarterly results of operations for 2003 and 2002 were as follows (see Note 3 for a
discussion of the Company’s acquisitions that occurred during this period):
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter Total
(in thousands, except per share amounts)
2003
Net sales .................................. $97,396 $130,718 $167,874 $191,393 $587,381
Gross profit ................................ 38,370 49,480 65,884 71,268 225,002
Net income (1) ............................. 4,231 9,951 15,246 2,350 31,778
Basic earnings per share (2) .................. 0.20 0.47 0.71 0.09 1.40
Diluted earnings per share (2) ................ 0.19 0.45 0.69 0.09 1.35
2002
Net sales (3) ............................... $47,384 $104,793 $110,015 $104,912 $367,104
Gross profit (3) ............................. 12,525 42,132 48,301 47,517 150,475
Net income (4) ............................. 7,192 8,087 11,732 9,298 36,309
Basic earnings per share (2) .................. 0.36 0.38 0.55 0.44 1.74
Diluted earnings per share (2) ................ 0.35 0.38 0.53 0.42 1.68
(1) Fourth quarter of 2003, includes a non-cash restricted stock charge of $21.8 million and related tax benefit.
(2) Earnings per share calculations for each quarter are based on the weighted average number of shares outstanding for each
period, and the sum of the quarterly amounts may not necessarily equal the annual earnings per share amounts.All earnings
per share amounts have been adjusted to give effect to a 3-for-2 stock split of our outstanding shares of common stock that was
effected during the fourth quarter of 2003.
(3) Certain reclassifications have been made in the Company’s previously reported net sales and gross profit amounts in 2002 to
conform to the presentation in 2003. These reclassifications have no impact on previously reported net income.
(4) First quarter of 2002, includes a tax benefit of $5.4 million arising from the release of a valuation reserve. The second and
fourth quarters of 2002, each include $0.5 million of tax expense resulting from reversals of a portion of the release of the
valuation allowance recorded in the first quarter.
page 62