RYE, N.Y., March 9 /PRNewswire-FirstCall/ -- Jarden Corporation today announced that its Board of Directors has authorized an increase in its stock repurchase program to allow the Company to repurchase an aggregate of up to $150 million of its common stock. This authorization increases the remaining capacity under its previously authorized $100 million repurchase program, of which approximately $52 million had been utilized. Acquisitions under the stock repurchase program may be made from time to time on the open market or in privately negotiated transactions at the Company's discretion, at prevailing market prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors.
Martin E. Franklin, Chairman and CEO of Jarden Corporation commented, "While our focus is on continuing to deleverage, we believe having the ability to opportunistically acquire shares of the Company to enhance shareholder value is consistent with that goal."
Jarden Corporation is a leading provider of niche consumer products. Jarden operates in three primary business segments through a number of well recognized brands, including: Outdoor Solutions: Abu Garcia®, Berkley®, Campingaz® and Coleman®, Fenwick®, Gulp!®, K2®, Marker®, Marmot®, Mitchell®, Penn®, Rawlings®, Shakespeare®, Stearns®, Stren®, Trilene®, Volkl®, and Zoot®; Consumer Solutions: Bionaire®, Crock-Pot®, FoodSaver®, Health o meter®, Holmes®, Mr. Coffee®, Oster®, Patton®, Rival®, Seal-a-Meal®, Sunbeam®, VillaWare® and White Mountain®; and Branded Consumables: Ball®, Bee®, Bicycle®, Crawford®, Diamond®, Dicon®, First Alert®, Forster®, Hoyle®, Kerr®, Lehigh®, Leslie-Locke®, Loew Cornell® and Pine Mountain®. Headquartered in Rye, N.Y., Jarden has over 20,000 employees worldwide. For more information, please visit http://www.jarden.com/.
Note: This news release contains "forward-looking statements" within the meaning of the federal securities laws and is intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's adjusted earnings per share, repurchase of shares of common stock from time to time under the Company's stock repurchase program, the outlook for the Company's markets and the demand for its products, estimated sales, segment earnings, earnings per share, cash flows from operations, free cash flow, future revenues and gross, operating and EBITDA margin improvement requirement and expansion, leverage, organic growth, the success of new product introductions, growth in costs and expenses, the impact of commodities and transportation costs, the Company's ability to consummate, and the impact of, announced acquisitions, and the impact of acquisitions, divestitures, restructurings, and other unusual items, including Jarden's ability to integrate and obtain the anticipated results and synergies from its acquisitions. These projections and statements are based on management's estimates and assumptions with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could differ materially from those projected as a result of certain factors. A discussion of factors that could cause results to vary is included in the Company's periodic and other reports filed with the Securities and Exchange Commission.
Jarden Corporation
CONTACT: Paul J. Warburg, Vice President, Finance of Jarden Corporation,
+1-914-967-9400; or Investor Relations, Erica Pettit, or Press, Evan Goetz or
Melissa Kahaly, all of FD, +1-212-850-5600
Web Site: http://www.jarden.com/
