Sunbeam 2013 Annual Report Download - page 84

Download and view the complete annual report

Please find page 84 of the 2013 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 86

  • 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
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86

80 Jarden Corporation Annual Report 2013
For the year ended December 31, 2013, adjustments to net income included $89.8 million associated with the manufacturer’s prot
in inventory charged to cost of sales which is the purchase accounting fair value adjustment to inventory primarily associated with
the Yankee Candle acquisition; $4.0 million of accelerated depreciation primarily associated with the rationalization of international
manufacturing facilities; $22.0 million of reorganization costs primarily associated with the rationalization of international manufacturing
facilities; $29.0 million of Venezuela devaluation-related charges primarily attributable to the devaluation of the Venezuelan Bolivar
in February 2013; $34.7 million of integration related costs primarily associated with the rationalization of international manufacturing
facilities; $17.1 million net gain primarily associated with the gain on the sale of an investment; $38.8 million of a non-cash stock
compensation adjustment associated with certain restricted stock; $21.7 million of amortization of acquired intangible assets; $16.1 million
of non-cash original issue discount amortization on the convertible notes; and $25.9 million related to the loss on early extinguishment
of debt. Also, included in the adjustments to net income for the year ended December 31, 2013 is the tax provision adjustment of $55.7
million, which reects the normalization of the adjusted results to the Company’s 2013 estimated 33% effective tax rate.
Reconciliation of GAAP to Non-GAAP Measures
Jarden Corporation Annual Report 2013
For the year ended December 31, 2013
As reported
(GAAP)
Adjustments
(See note)
As Adjusted
(NON-GAAP)
Net sales $ 7,355.9 $—$7,355.9
Cost of sales 5,241.2 (111.2)5,130.0
Gross prot 2,114.7 111.2 2,225.9
Selling, general and administrative expenses 1,519.8 (89.7)1,430.1
Reorganization costs, net 22.0 (22.0) —
Operating earnings 572.9 222.9 795.8
Interest expense, net 195.4 (16.1)179.3
Loss on early extinguishment of debt 25.9 (25.9) —
Income before taxes 351.6 264.9 616.5
Income tax provision 147.7 55.7 203.4
Net income (loss) 203.9 209.2 413.1
Earnings per share:
Basic $ 1.79 $3.63
Diluted $1.77 $3.59
Weighted average shares outstanding:
Basic 113.7 113.7
Diluted 115.1 115.1
Organic Net Sales Growth 2013
Net Sales Growth $ 659.8 9.9 %
Foreign Exchange Impacts 112.6 1.7%
(Aquisitions)/Exited Business.net (479.5 )(7.2)%
Organic Net Sales Growth $292.9 4.4%