Outdoor financials: Jarden swings to profit in Q4, FY ’09, plus Spyder sells Cloudveil, Cabela’s, GSI Commerce

Jarden swung to a profit for the fourth quarter, Cloudveil Mountain Works was sold to Windsong Brands, Cabela's closed a $300 million securitization, and GSI Commerce said QK Holdings would sell 9.24 million shares of GSI common stock.
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Jarden swings to profit in Q4, FY ‘09

After a steep year-ago loss, Jarden (NYSE: JAH), parent of Coleman, K2 and Marmot, swung to a profit for the fourth quarter. It also noted that it expects sales growth in each of its units in 2010.

For the quarter ended Dec. 31, net income was $1.2 million, or $0.01 per share, from a year-ago net loss of $170 million, or $2.28 per share.

Excluding a non-cash impairment charge against goodwill and intangible assets of $22.9 million, the company said adjusted net income was $68.5 million, or $0.77 per share. In the year-ago period, that impairment charge was $283 million.

Revenue rose 3 percent to $1.35 billion.

For the full year, net income was $129 million, or $1.52 per diluted share, compared to a net loss of $58.9 million, or $0.78 per share in 2008. Sales dropped 4 percent to $5.2 billion compared to $5.4 billion in 2008.

The company said it expects "healthy organic sales growth" in each of its three consumer segments in 2010. It anticipates sales growth of 2 percent to 4 percent in 2010, excluding currency exchange swings and changes in commodities prices.



Spyder sells Cloudveil to private investment firm


Cloudveil Mountain Works has been sold to Windsong Brands, according to its soon-to-be-former parent company Spyder Active Sports in a press release (click here to read - http://www.snewsnet.com/cgi-bin/snews/17387.html). Windsong is a private investment firm that focuses on middle-market consumer companies that own recognizable brands.

The transition of ownership is effective Feb. 16. All intellectual property and assets are part of the acquisition deal. Financial terms of the agreement were not disclosed.



Cabela's closes $300 million securitization


Cabela’s (NYSE: CAB) reported that its credit card master note trust completed the sale of $300 million of asset-backed notes.

The transaction included the issuance of $255 million of Class A Notes. The securitization transaction also included the issuance of three subordinated classes of notes in the aggregate principal amount of $45 million.

World's Foremost Bank, Cabela’s wholly owned subsidiary, purchased each of the subordinated classes of notes.



GSI Commerce stockholder to sell common stock


GSI Commerce (Nasdaq: GSIC), an e-commerce and interactive marketing services provider, said QK Holdings has agreed to sell 9.24 million shares of GSI common stock in a registered underwritten offering. QK Holdings is a subsidiary of QVC, which is a subsidiary of Liberty Media Corp.

Upon completion of the offering, QK Holdings will no longer own any shares of GSI's common stock. GSI will not receive any of the proceeds from the offering. Closing of the offering is expected on Feb. 22. The total number of shares of GSI common stock outstanding will not change as a result of this offering.

BofA Merrill Lynch is acting as the sole bookrunner for the offering.

--Compiled by Wendy Geister

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