Sunbeam 2004 Annual Report Download - page 55

Download and view the complete annual report

Please find page 55 of the 2004 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 78

  • 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
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78

Jarden Corporation
Notes to Consolidated Financial Statements (cont’d)
December 31, 2004
4. Pro Forma Financial Information
The following unaudited pro forma financial information includes the actual reported results of the
Company, as well as giving effect to the USPC Acquisition, the Lehigh Acquisition and the Diamond
Acquisition (as described in Note 3 above) with the related financings as if they had been consummated
as of the beginning of the earliest period presented. The unaudited pro forma information does not give
effect to the AHI Acquisition completed in January 2005 (see Note 19). The pro forma information for
the year ended December 31, 2003, includes $1.5 million of reorganization expenses incurred by
Diamond Brands prior to February 7, 2003, and includes a non-cash restricted stock charge of
approximately $21.8 million and related tax benefit. The pro forma information for the year ended
December 31, 2004, includes a non-cash restricted stock charge of approximately $32.4 million and
related tax benefit:
Year Ended December 31,
(thousands of dollars, except per share data) 2004 2003
Net sales ................................................ $901,788 $809,086
Operating income ........................................ 109,474 113,307
Net income .............................................. 48,749 50,479
Diluted earnings per share ................................. 1.71 1.86
5. Business Segment Information
The Company reports four business segments: branded consumables, consumer solutions, plastic
consumables and other.
In the branded consumables segment, the Company markets, distributes and in certain cases
manufactures a broad line of branded products that includes arts and crafts paintbrushes, children’s
card games, clothespins, collectible tins, food preparation kits, home canning jars, jar closures, kitchen
matches, other craft items, plastic cutlery, playing cards and card accessories, rope, cord and twine,
storage and workshop accessories, toothpicks and other accessories marketed under the Aviator®, Ball®,
Bee®, Bernardin®, Bicycle®, Crawford®, Diamond®, Forster®, Hoyle®, Kerr®, Lehigh®, Leslie-Locke®
and Loew-Cornell®brand names, among others. As discussed in Note 3, the Diamond Brands wood
manufacturing operation and branded product distribution business, the Lehigh home improvement
business and the USPC playing cards and related accessories business have been included in the
branded consumables segment effective February 1, 2003, September 2, 2003 and June 28, 2004,
respectively.
In the consumer solutions segment, which was created upon the acquisition of Tilia in April 2002,
the Company sources, markets and distributes an array of innovative kitchen products under the market
leading FoodSaver®brand name, as well as the VillaWare®brand name.
The plastic consumables segment manufactures, markets and distributes a wide variety of consumer
and medical plastic products, including products sold to retailers by the Company’s branded
consumables segment (plastic cutlery) and consumer solutions segment (containers).
53