AT PLASTICS ANNOUNCES RECORD CONSOLIDATED SALES FOR FISCAL 1996.BRAMPTON Brampton, city (1991 pop. 234,445), S Ont., Canada, NW of Toronto. Incorporated as a village (1852), a town (1873), and then a city (1976), it is noted for its greenhouses and flowers. Automobiles, shoes, lumber, optical goods, and other products are made. , ONTARIO--(BUSINESS WIRE)--Feb. 14, 1997--AT Plastics (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ATP ATP: see adenosine triphosphate. ATP in full adenosine triphosphate Organic compound, substrate in many enzyme-catalyzed reactions (see catalysis) in the cells of animals, plants, and microorganisms. .)(ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :ATJ ATJ Association of Teachers of Japanese ATJ According to Jim (Jim Belushi TV show) ATJ Access Technology Japan (Japanese IT recruiting company) .) today reported record consolidated sales for fiscal 1996 of $210.9 million, 3% greater than consolidated sales of $204.8 million for the same period the previous year. Net income for the year was $14.2 million, or $0.98 per share, compared with $24.3 million, or $1.92 per share, reported in 1995. The Company was not recording deferred taxes until the third quarter of 1995. On a fully taxed basis, 1995 net income would have been $17.8 million or $1.41 per share. Consolidated sales for the quarter ended December December: see month. 31, 1996 were $51.5 million, 4% higher than consolidated sales of $49.5 million for the same period in 1995. Net income for the quarter was $3.0 million, or $0.20 per share, compared with $3.1 million, or $0.24 per share, reported in 1995 when the Company had fewer shares outstanding. Compared with the fourth quarter of 1995, these results mainly reflect higher operating costs operating costs npl → gastos mpl operacionales and lower volume in the Polymers business and lower unit margins in the Films and Packaging business, largely offset by higher selling prices in the Polymers business and a gain on the redemption of the preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . Selling prices for many of the products produced by the Polymers business increased late in the third quarter but were offset to some extent by continuing sales of wide specification products. Operating costs for the Polymers business were higher than a year ago due to the previously reported unusual incidents at a raw material supplier and the Company's Edmonton plant. This latter incident also reduced product In model theory, a branch of mathematical logic, the reduced product is a construction that generalizes both direct product and ultraproduct. available for sale. Also, some of the additional marketing and technical resources planned for the Polymers business expansions have had to be put in place prior to the startup of those facilities. Unit margins in the Films and Packaging business were compressed due to delays in passing through 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 price increases earlier in the year and, in the case of horticultural hor·ti·cul·ture n. 1. The science or art of cultivating fruits, vegetables, flowers, or ornamental plants. 2. The cultivation of a garden. and agricultural films, the higher cost of substitute resins resins, n.pl complex, insoluble, sticky substances secreted by plants. Used as astringents, antimicrobials, and antiinflammatories, and are burned as incense. Can cause oral ulcers and epidermal irritations. due to supplier and equipment difficulties. -0-
Change in Operating Profit
($ millions)
Q4 1996 Compared with
Q4 1995 Q3 1996
Lower Volume - Polymers (0.6) (1.4)
Higher (lower) Selling Prices - Polymers 1.1 (0.3)
Change in value of Cdn. dollar 0.1 (0.3)
Higher operating costs - Polymers (3.2) (0.4)
Higher (lower) Unit Margins - Films & Packaging
(1.3) 0.6
Higher (lower) Volume - Films & Packaging 0.7 (0.9)
Other 0.3 (0.5)
--- ---
(2.9) (3.2)
Selling prices in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. for medium and high EVA Eva to marry winner of singing contest. [Ger. Opera: Wagner, Meistersinger, Westerman, 225–228] See : Prize 1. Eva - A toy ALGOL-like language used in "Formal Specification of Programming Languages: A Panoramic Primer", F.G. Copolymers plateaued at least temporarily during the fourth quarter and did not achieve the expectations of earlier in the summer. However, selling prices for these products continued to firm modestly in the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. . The cost of commodity resin used by the Films and Packaging business peaked early in the quarter and then declined slightly, giving some relief to these businesses. It is probable that the upward movement for commodity resins will reappear reappear Verb to come back into view reappearance n Verb 1. reappear - appear again; "The sores reappeared on her body"; "Her husband reappeared after having left her years ago" in the first quarter 1997. However, the rapid increase in cost that took place in 1996 is not expected in 1997 and the business should be able to recover any higher resin costs in a timely manner. In October, the Company's Flexet specialty compounds were approved by the National Sanitary sanitary /san·i·tary/ (san´i-tar?e) promoting or pertaining to health. san·i·tar·y adj. 1. Of or relating to health. 2. Foundation, the national listing body for plumbing plumbing, piping systems inside buildings for water supply and sewage. The Romans had a highly developed plumbing system; water was brought to Rome by aqueducts and distributed to homes in lead pipes—hence the name plumbing from the Latin word plumbum and radiant heating radiant heating: see heating. radiant heating Heating system in which heat is transmitted by radiation from a heated surface. Radiant heating systems usually employ either electric-resistance wiring or hot-water heating pipes, which may embedded in pipe in the U.S. The first phase of the specialty compounds capacity expansion scheduled for the second quarter of 1997 will support the growth expected for these products. Site preparation, engineering and procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. for the Edmonton polymers plant expansion continue to be on schedule for a fourth quarter 1998 startup. Detailed engineering is underway for the second phase of the specialty compounds plant in the U.S. and a site will be selected in the first quarter of 1997. The first phase of the greenhouse, silage silage (sī`lĭj) or ensilage (ĕn`səlĭj), succulent, moist feed made by storing a green crop in a silo. The crop most used for silage is corn; others are sorghum, sunflowers, legumes, and grass. and agriculture film capacity expansion is on-stream and the second phase is expected to start up in March. The capacity expansion for packaging products is expected to start up in the third quarter of this year. The foregoing is based on current information and the expectations outlined above. Actual results may differ materially. Documentation is nearing completion for a private placement of 12-year senior debentures and a 5-year committed revolving term bank facility to complete the financing for the capital program announced over the last several months. These issues are expected to close during the first quarter of 1997. The Board of Directors has approved a quarterly dividend on the Company's Common Shares of $0.045 per share, payable March 5, 1997, to shareholders of record February 26, 1997. AT Plastics develops and manufactures specialty plastics raw materials and fabricated fab·ri·cate tr.v. fab·ri·cat·ed, fab·ri·cat·ing, fab·ri·cates 1. To make; create. 2. To construct by combining or assembling diverse, typically standardized parts: products. The Company operates in specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. markets where its product development and process engineering have allowed it to develop proprietary and patented technologies, and to establish international niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. positions. AT Plastics' shares trade on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol ATP and the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol ATJ. -0-
AT PLASTICS INC.
CONSOLIDATED BALANCE SHEETS
As at December 31, 1996 & 1995 (Unaudited)
(Thousands of dollars)
1996 1995
--------------------------------
ASSETS
CURRENT
Cash and short term investments $15,226 $7,861
Accounts receivable 29,608 24,617
Inventory 41,115 35,348
Prepaids 1,320 1,133
---------------------------------
87,269 68,958
OTHER 12,766 10,879
FIXED 173,351 151,835
-----------------------------------------------------------------
$273,386 $231,673
-----------------------------------------------------------------
LIABILITIES & SHAREHOLDERS' EQUITY
CURRENT
Accounts payable $25,045 $21,918
Current portion of long term debt 6,849 6,754
-----------------------------------------------------------------
31,894 28,672
OTHER LIABILITIES 631 1,190
DEFERRED INCOME TAXES 9,999 3,597
LONG-TERM DEBT 83,957 90,579
-----------------------------------------------------------------
94,587 95,366
-----------------------------------------------------------------
126,481 124,038
-----------------------------------------------------------------
PREFERRED SHARES - 3,000
-----------------------------------------------------------------
SHAREHOLDERS' EQUITY
Capital stock 128,401 97,667
Retained Earnings 18,501 6,968
-----------------------------------------------------------------
146,905 104,635
-----------------------------------------------------------------
$273,386 $231,673
-----------------------------------------------------------------
AT PLASTICS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
For The Periods Ended December 31, 1996 & 1995 (Unaudited)
(Thousands of dollars, except per share amounts)
3 Months Ended 12 Months Ended
Dec. 1996 Dec. 1995 Dec. 1996 Dec. 1995
-----------------------------------------------------------------
--------------------------
SALES $51,454 $49,462 $210,941 $204,758
COST OF SALES
AND OTHER
EXPENSES 43,588 38,685 171,466 154,395
-----------------------------------------------------------------
--------------------------
INCOME BEFORE
THE
UNDERNOTED
ITEMS 7,866 10,777 39,475 50,363
LESS
Interest on
long-term
debt 2,327 2,428 9,447 9,945
Depreciation &
amorti-
zation 2,449 2,886 9,732 11,477
Other
interest
(income) (402) (164) (1,367) (389)
Other
expense
(income) (1,004) 45 (757) 357
-----------------------------------------------------------------
3,370 5,195 17,055 21,390
-----------------------------------------------------------------
INCOME BEFORE
INCOME
TAXES 4,496 5,582 22,420 28,973
INCOME TAXES
Current 183 185 1,016 1,092
Deferred 1,278 2,338 7,242 3,597
-----------------------------------------------------------------
1,461 2,523 8,258 4,689
-----------------------------------------------------------------
NET INCOME
FOR THE
PERIOD 3,035 3,059 14,162 24,284
RETAINED
EARNINGS/
(DEFICIT)
AT BEGINNING OF
PERIOD 16,154 4,479 6,968 (15,036)
DIVIDENDS
PAID (688) (570) (2,629) (2,280)
-----------------------------------------------------------------
--------------------------
RETAINED
EARNINGS
AT END OF
PERIOD $18,501 $6,968 $18,501 $6,968
-----------------------------------------------------------------
NET INCOME
PER SHARE $0.20 $0.24 $0.98 $1.92
-----------------------------------------------------------------
AVERAGE
NUMBER
OF SHARES
OUTSTANDING
(000'S) 15,293 12,668 14,424 12,668
-----------------------------------------------------------------
NET INCOME
PER SHARE
FULLY TAXED $0.20 $0.24 $0.96 $1.41
-----------------------------------------------------------------
AT PLASTICS INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION For The Periods Ended December 31, 1996 & 1995 (Unaudited) (Thousands of dollars, except per share amounts) 3 Months Ended 12 Months Ended Dec. 1996 Dec. 1995 Dec. 1996 Dec. 1995 ----------------------------------------------------------------- CASH FROM (USED IN) OPERATIONS Net income for the period $3,035 $3,059 $14,162 $24,284 Add items charged to income not affecting cash Depreciation & amortization 2,449 2,886 9,732 11,477 Amortization of exchange on long term debt 135 (17) 382 295 Deferred income tax 1,278 2,338 7,242 3,597 Gain on Redemption of Preferred Shares (817) - (817) - ----------------------------------------------------------------- Cash flow before change in working capital & other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. 6,080 8,266 30,701 39,663 (Increase)/ Decrease in non-cash working capital & other liabilities 1,271 3,465 (8,377) (11,407) ----------------------------------------------------------------- 7,351 11,731 22,324 28,246 ----------------------------------------------------------------- FINANCING ACTIVITY Long term debt repaid (2,835) (2,130) (6,782) (5,503) Common shares issued - - 29,897 - Preferred Shares Redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. (2,183) - (2,183) - ----------------------------------------------------------------- (5,018) (2,130) 29,932 (5,503) INVESTING ACTIVITIES Purchase of fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → (17,391) (6,452) (31,174) (12,037) Change in other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. (299) (155) (2,088) (1,922) ----------------------------------------------------------------- (17,690) (6,607) (33,262) (13,959) ----------------------------------------------------------------- DIVIDENDS PAID (688) (570) (2,629) (2,280) ----------------------------------------------------------------- INCREASE/ (DECREASE) IN CASH DURING THE PERIOD (16,045) 2,424 7,365 6,504 CASH AND SHORT TERM INVESTMENTS AT BEGINNING OF PERIOD 31,271 5,437 7,861 1,357 ----------------------------------------------------------------- CASH AND SHORT TERM INVESTMENTS AT END OF PERIOD $15,226 $7,861 $15,226 $7,861 ----------------------------------------------------------------- Cash flow per share from operations before change in working capital & other liabilities $0.40 $0.65 $2.13 $3.13 ----------------------------------------------------------------- CONTACT: AT Plastics Jim Donaghy, 905/452-6738 Web site: http://www.atplas.com |
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