RYE, N.Y., Sept. 15 NY-Jarden-Corp-Lehman
RYE, N.Y., Sept. 15 /PRNewswire-FirstCall/ -- Jarden Corporation
(NYSE: JAH) today commented on recent developments in the financial services
sector and the actions it has taken to alleviate any potential impact to the
Company.
Jarden determined to partially draw down on its previously undrawn
revolver last Friday, although it has no current need for the liquidity. In
addition, the Company intends to replace Lehman Brothers as Administrative
Agent on its credit facilities pursuant to the terms of the credit agreement.
Lehman Brothers provides less than ten percent of Jarden's revolving credit
facility. Jarden has no material financial exposures to Lehman Brothers and,
while AIG is not one of Jarden's first tier insurance carriers, the Company
has reviewed the lower tier coverage provided by AIG to confirm it has no
material financial exposures at this level.
Martin E. Franklin, Chairman and Chief Executive Officer of Jarden
Corporation said. "One of Jarden's core strengths is its fiscal conservatism
and our belief in diversification and robust risk management practices. Our
early action and contingency planning is designed to protect our businesses
from the impact of macro events such as the recent developments in the
financial services sector."
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(R), Berkley(R),
Campingaz(R) and Coleman(R), Fenwick(R), Gulp!(R), JT(R), K2(R), Marker(R),
Marmot(R), Mitchell(R), Penn(R), Rawlings(R), Shakespeare(R), Stearns(R),
Stren(R), Trilene(R), and Volkl(R); Consumer Solutions: Bionaire(R),
Crock-Pot(R), FoodSaver(R), Health o meter(R), Holmes(R), Mr. Coffee(R),
Oster(R), Patton(R), Rival(R), Seal-a-Meal(R), Sunbeam(R), VillaWare(R) and
White Mountain(R); and Branded Consumables: Ball(R), Bee(R), Bicycle(R),
Crawford(R), Diamond(R), Dicon(R), First Alert(R), Forster(R), Hoyle(R),
Kerr(R), Lehigh(R), Leslie-Locke(R), Loew Cornell(R) and Pine Mountain(R).
Headquartered in Rye, N.Y., Jarden has over 25,000 employees worldwide. For
more information, please visit 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 Jarden's markets and the
demand for its products, estimated sales, segment earnings, earnings per
share, cash flows from operations, future revenues and margin requirement and
expansion, organic growth, the success of new product introductions, growth
in costs and expenses 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, including Pure Fishing, Inc. and K2 Inc. 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.
SOURCE Jarden Corporation
