[2] Portola Packaging Reports Record Sales for 4th Quarter and Fiscal 2000 Results.Business Editors SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Oct. 23, 2000 Portola Portola can refer to: People
Sales for the fourth quarter 2000 were a record $56.0 million compared to $52.4 million for the same quarter of the prior year, an increase of 6.9%. For fiscal year 2000, sales were a record $203.0 million compared to $190.7 million for fiscal year 1999, a 6.5% increase. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the fourth quarter of fiscal year 2000 increased to $5.0 million from $3.8 million in the fourth quarter of fiscal year 1999. Operating income for the full fiscal year 2000 was $9.4 million as compared to $13.7 million for fiscal year 1999. The Company reported a net income of $1.0 million for the fourth quarter of fiscal year 2000 compared to a breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations for the same period in fiscal year 1999. The Company incurred a net loss for fiscal year 2000 of $3.7 million compared to a net loss of $0.6 million in 1999, partly due to resin resin, any of a class of amorphous solids or semisolids. Resins are found in nature and are chiefly of vegetable origin. They are typically light yellow to dark brown in color; tasteless; odorless or faintly aromatic; translucent or transparent; brittle, fracturing cost increases during the first half of the year. Contributing to the increase in net loss in fiscal 2000 was a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $0.5 million. The restructuring charge related to corporate downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing during the fourth quarter of fiscal 2000. The increase in sales for fiscal 2000 was primarily due to increased sales in the Company's international subsidiaries, as well as two U.S. subsidiaries, Portola Allied Tool and Sterling Containers LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , totaling $12.4, $2.2 and $1.3 million, respectively. Gross profit increased to $14.9 million for the quarter ended August 31, 2000, as compared to $12.5 million for the same period in fiscal year 1999, and decreased slightly for the full fiscal year to $46.6 million as compared to $46.9 million for fiscal year 1999. Gross profit as a percentage of sales was 26.6% during the three months ended August 31, 2000 versus 23.9% for the same period in fiscal 1999. For fiscal 2000, gross profit percentage was 23.0% versus 24.6% for fiscal 1999. The improved trend in the fourth quarter of 2000 primarily reflects price increase actions and cost cutting measures initiated during the third and fourth quarters. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become increased to a record breaking $10.9 million in the fourth quarter of fiscal year 2000 as compared to $8.8 million in the fourth quarter of fiscal year 1999, which represents a 23.6% increase. EBITDA was $29.8 million for fiscal year 2000 compared to $31.3 million for fiscal year 1999, a 5.0% decrease. Excluding the $0.5 million restructuring charge in the fourth quarter of fiscal year 2000, EBITDA would have been $11.4 million and $30.3 million for the fourth quarter of 2000 and fiscal year 2000, respectively. Portola Packaging is a leading designer, manufacturer and marketer of tamper To meddle, alter, or improperly interfere with something; to make changes or corrupt, as in tampering with the evidence. evident plastic closures used in dairy dairy 1. a retail outlet for milk products. 2. the feeding and milking sheds on a dairy farm. 3. pertaining to or emanating from an animals or other thing concerned in the production of milk, e.g. dairy goat, dairy cleanser. , fruit juice, bottled water, sports drinks sports drink Performance drink Sports medicine A thirst-quenching beverage used in sports-related activities, which may boost energy and/or help build muscle mass; water, sugar, salt, potassium are common to all SDs. See Hydrotherapy, Water. , institutional food products and other non-carbonated beverage products. The Company also produces a wide variety of plastic bottles for use in the dairy, water and juice industries, including 5-gallon PET and polycarbonate A category of plastic materials used to make a myriad of products, including CDs and CD-ROMs. water bottles. In addition, the Company designs, manufactures and markets capping equipment for use in high speed bottling, filling and packaging production lines as well as manufactures and markets customized five gallon gallon: see English units of measurement. water capping and filling systems. The Company is also engaged in the manufacture and sale of tooling and molds used in the blow molding industry.
Portola Packaging, Inc.
Financial Results
(in millions)
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Q4 00 YTD 00 Q4 99 YTD 99
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Sales $ 56.0 $ 203.0 $ 52.4 $ 190.7
Cost of sales 41.1 156.4 39.9 143.8
Gross profit 14.9 46.6 12.5 46.9
Gross profit % 26.6% 23.0% 23.9% 24.6%
SG&A, R&D
and Amortization 9.4 36.7 8.7 33.2
Restructuring 0.5 0.5 -- --
Operating income 5.0 9.4 3.8 13.7
Other expense 3.5 15.3 3.9 14.7
Income (loss)
before income
taxes 1.5 (5.9) (0.1) (1.0)
Income tax
expense (benefit) 0.5 (2.2) (0.1) (0.4)
Net income (loss) 1.0 (3.7) -- (0.6)
EBITDA 10.9 29.8 8.8 31.3
EBITDA % 19.5% 14.7% 16.8% 16.4%
August 31, August 31,
2000 1999
Current assets $ 52.5 $ 44.6
Property, plant and equipment, net 82.5 91.6
Other assets 19.3 21.2
Total assets 154.3 157.4
Current liabilities 34.4 27.6
Long-term debt 134.5 136.3
Other liabilities 3.7 6.2
Minority interest -- 1.1
Warrants 12.6 12.2
Shareholders' equity (deficit) (30.9) (26.0)
Total liabilities and shareholders' equity
(deficit) 154.3 157.4
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