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18
Management’s Discussion and Analysis
Jarden Corporation Annual Report 2011
Consolidated Results of Operations
Years Ended December 31,
(In millions) 2011 2010 2009
Net sales $ 6,679.9 $ 6,022.7 $ 5,152.6
Cost of sales 4,821.9 4,383.9 3,726.6
Gross profit 1,858.0 1,638.8 1,426.0
Selling, general and administrative expenses 1,259.2 1,211.8 963.9
Reorganization costs, net 23.4 52.3
Impairment of goodwill and intangibles and other assets 52.5 19.7 22.9
Operating earnings 522.9 407.3 386.9
Interest expense, net 179.7 177.8 147.5
Loss on early extinguishment of debt 12.8
Income before taxes 330.4 229.5 239.4
Income tax provision 125.7 122.8 110.7
Net income $ 204.7 $ 106.7 $ 128.7
Results of Operations—Comparing 2011 to 2010
Net Sales
Operating Earnings
(Loss)
Years Ended December 31,
(In millions) 2011 2010 2011 2010
Outdoor Solutions $ 2,772.1 $ 2,518.7 $ 276.4 $ 228.6
Consumer Solutions 1,880.3 1,869.6 236.7 233.4
Branded Consumables 1,734.4 1,345.3 105.4 109.0
Process Solutions 351.2 342.7 21.9 25.0
Corporate (117.5) (188.7)
Intercompany eliminations (58.1) (53.6)
$ 6,679.9 $ 6,022.7 $ 522.9 $ 407.3
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.