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JAH > SEC Filings for JAH > Form 8-K on 28-Feb-2014All Recent SEC Filings

Show all filings for JARDEN CORP

Form 8-K for JARDEN CORP


28-Feb-2014

Results of Operations and Financial Condition, Financial Statements and Exhibits


Item 2.02 Results of Operations and Financial Condition.

On February 13, 2014, we issued a press release announcing our financial results for the quarter and year ended December 31, 2013. A copy of that press release was furnished as Exhibit 99.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 13, 2014. In finalizing our year-end reporting procedures, it was discovered that approximately $30.4 million that was classified in that press release as Cost of sales ("COS") should have been included in Selling, general and administrative expenses ("SG&A"). The net effect of reclassifying that amount as SG&A is to decrease COS for the quarter and year ended December 31, 2013 by $30.4 million and increase gross profit and SG&A by the same amount. We expect to file our Annual Report on Form 10-K with our audited financial results for the fiscal year ended December 31, 2013, which will include this updated information, on or about March 3, 2014.

After giving effect to the above:

For the quarter ended December 31, 2013:

Reported gross margin was 28.6% for 2013 compared to 27.9% for the same period in 2012; and

Adjusted gross margin was 33.0% compared to 28.1% for the same period in 2012.

For the year ended December 31, 2013:

Reported gross margin was 28.7% for 2013 compared to 28.7% for the same period in 2012; and

Adjusted gross margin was 30.3% compared to 29.0% for the same period in 2012.

This reclassification has no impact on Operating earnings, Net income or Earnings per share, or on any other line item on the Statements of Operations except as described above. In addition, it has no effect on Segment Earnings or on the Balance Sheets or Statements of Cash Flows.

Attached to this Current Report on Form 8-K are Exhibits 99.1 (Condensed Consolidated Statements of Operations (Unaudited) for the quarter and year ended December 31, 2013) and 99.2 (Reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures) reflecting solely the changes discussed above and no other changes to the information reported in the Current Report on Form 8-K filed with the Securities and Exchange Commission on February 13, 2014. Jarden Corporation (the "Company") provides these non-GAAP measures, such as adjusted gross margin and adjusted selling, general and administrative costs, because management of the Company uses these financial measures in monitoring and evaluating the Company's ongoing financial results and trends. These non-GAAP measures should be considered in addition to, not a substitute for, measures of financial performance prepared in accordance with GAAP.


This Current Report on Form 8-K also serves to update comments made on our conference call on February 13, 2014, discussing our financial results for the quarter and year ended December 31, 2013 and the "Q4 & FY 2013 Supplemental Information" posted in the "For Investors" section of our corporate website. We have posted an updated version of the Q4 & FY 2013 Supplemental Information on our website reflecting the revised information contained herein.

The information in this Item 2.02 of this Current Report on Form 8-K and Exhibits 99.1 and 99.2 attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits. The following Exhibits are furnished herewith as part of this report:

Exhibit      Description

99.1         Condensed Consolidated Statements of Operations (Unaudited) of Jarden
             Corporation for the quarter and year ended December 31, 2013
             (furnished only).

99.2         Reconciliation of non-GAAP financial measures to the most directly
             comparable GAAP financial measures (furnished only).


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