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Jarden Corporation
Notes to Consolidated Financial Statements (cont’d)
December 31, 2005
The amounts reflected as proceeds (payments) from (to) intercompany transactions represent cash
flows originating from transactions conducted between guarantor subsidiaries, non-guarantor subsidiaries
and parent in the normal course of business operations.
15. Quarterly Results of Operations (Unaudited)
Summarized quarterly results of operations for 2005 and 2004 were as follows (see Note 3 for a
discussion of the Company’s acquisitions that occurred during these periods):
(millions of dollars, except per share amounts)
First
Quarter
Second
Quarter
Third
Quarter(1)
Fourth
Quarter(2) Total
2005
Net sales ................................... $521.3 $754.4 $938.0 $975.4 $3,189.1
Gross profit ................................. 121.0 196.4 238.7 230.7 786.8
Net income ................................. — 32.8 25.4 2.5 60.7
Basic (loss) earnings per share (3) ............... (0.76) 0.13 0.41 0.04 0.23
Diluted (loss) earnings per share (3) ............ (0.76) 0.12 0.40 0.04 0.22
2004
Net sales ................................... $158.3 $199.0 $244.6 $236.7 $ 838.6
Gross profit ................................. 48.4 64.2 85.1 77.8 275.5
Net income (loss) ............................ 7.5 16.1 22.3 (3.4) 42.5
Basic earnings (loss) per share (3) ............... 0.19 0.39 0.55 (0.08) 1.03
Diluted earnings (loss) per share (3) ............ 0.18 0.38 0.55 (0.08) 0.99
(1) Third quarter of 2005 includes a non-cash restricted stock charge of $29.8 million and related tax
benefit.
(2) Fourth quarter of 2004, includes a non-cash restricted stock charge of $32.5 million and related tax
benefit. Fourth quarter of 2005 includes a non-cash charge of $32.0 million and related tax benefit
attributable to stock options and restricted stock.
(3) 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.
As discussed in Note 1, the Company has restated its unaudited interim pro forma information related
to employee stock-based compensation measured under SFAS 123 for certain of its restricted stock awards
with market conditions and the employee stock purchase plan for the quarterly periods ended March 31,
2005, June 30, 2005 and September 30, 2005 in the table below. The corresponding quarterly periods of
2004 were not impacted. The Company has not amended and does not expect to amend its Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2005, June 30, 2005 and September 30, 2005.
The Company recorded certain compensation expense totaling $6.1 million in the fourth quarter of
2005 related to a long-term incentive program as part of the AHI Acquisition that was deemed to be earned
in 2005. Of this total charge, $0.3 million, $1.2 million, and $3.0 million related to the first, second and third
quarters of 2005, respectively.
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