Jarden Buying K2 For $1.2 Billion, Posts Lower Profit On Charges
Small appliances and consumer goods company Jarden said on Wednesday it would buy sports equipment maker K2
It said including debt assumption, the total enterprise value of the deal would be about $1.2 billion.
Jarden also said that quarterly net income fell on one-time items, including reorganization and acquisition-related costs and a tax provision adjustment.
The company, which markets a variety of brands including Mr. Coffee, Sunbeam and newly acquired Pure Fishing, said net income for the first quarter ended March 31 was $1.4 million or 2 cents a share, compared with $5.7 million or 9 cents a share in the year-ago quarter.
On an adjusted basis, the company earned $21.4 million or 30 cents a share. Adjustments to net income consist of $9.1 million in reorganization and acquisition-related costs, $6.8 million in stock-based compensation expense, and other tax provision adjustments and charges related to paying off debt, Jarden said.