Sunbeam 2011 Annual Report Download - page 7

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Consolidated 2011
Net Sales by Segment*
$6,680 m
* Segment percentages exclude intercompany eliminations.
Consolidated 2011
Segment Earnings**
$791 m
** Segment percentages are based on operating segments only.
For a reconciliation of Segment Earnings to GAAP Operating
Earnings please see p. 69.
41%
28%
26%
5%
38%
31%
27%
4%
• Outdoor Solutions • Consumer Solutions • Branded Consumables • Process Solutions
We continuously prioritize our uses of cash.
Reinvesting in our businesses (our brands, our
products and our people) always remains our
priority, followed by paying down debt to remain
within our targeted range for our bank leverage
ratio. With additional excess cash, we seek
strategic acquisitions to provide new avenues for
profitable growth, or, when we believe our own
Company represents the best available investment
opportunity, we repurchase shares. In August of
2011, the Board approved a new share repurchase
program to purchase up to $500 million in value
of shares from time to time. Limited in our ability
to acquire a meaningful number of shares due to
daily volume rules and quiet period restrictions, the
Board, in January 2012, launched a ‘modified Dutch
auction’ self tender offer for up to $500 million in
value of our shares. We were delighted with the
successful result with approximately $435 million
or 13.2% of our shares being tendered, which
enabled us to achieve our objective of helping to
maximize shareholder value by utilizing excess
cash in an accretive manner.
As we begin a new decade, we are proud of the
outstanding performances our businesses have
delivered and believe that the strategies we have in
place, to leverage our market leading brands with
product innovation and geographic expansion, will
allow us to grow future sales at rates above GDP
while expanding margins. It must be stated that
Jarden’s success over the last ten years would not
have been possible without the dedication of our
employees. We always say that our best assets go
home every night and we would like to thank all
our employees for their contributions. Building on
the well-rounded, scalable platform we have set in
place, we now look forward to delivering another
decade of consistent, profitable growth and
creating compelling returns for our shareholders.
Respectfully yours,
The Office of the Chairman
Martin E. Franklin
Founder
Executive Chairman
Ian G.H. Ashken
Co-Founder
Vice Chairman
Chief Financial Ocer
James E. Lillie
Chief Executive Ocer
1 Please visit Jarden’s corporate website (www.jarden.com)
for more information on Jarden’s DNA.
2 Please see page 76 for GAAP reconciliation of organic sales.
5