16159 Thu, 02/12/2009 - 12:49pm
RYE, N.Y.–Jarden completed the final quarter of 2008 with a net loss of $170 million, as compared to the fourth-quarter 2007 net loss of $11.2 million.
The loss included a one-time charge of $283 million resulting from the company’s annual impairment testing. Sales for the quarter fell 8 percent to $1.4 billion.
For all of 2008, Jarden’s net loss was $58.9 million, compared to net income of $28.1 million for 2007. Adjusted again for the charge mentioned above, Jarden’s net income for the year was $209 million. Fiscal year 2008 sales totaled $5.4 billion, 16 percent greater than in 2007 and a new annual record for the company.
In a company statement, Martin Franklin, chairman and chief executive officer, said 2008 was a success for Jarden. The company’s results “have shown that our business can out-perform the competition even in the most difficult of times,” Franklin said.