AptarGroup Posts Record Fourth Quarter and Annual Results.CRYSTAL LAKE, Ill. -- AptarGroup, Inc. (NYSE NYSE See: New York Stock Exchange :ATR ATR Achilles tendon reflex, see Ankle reflex ) today reported record fourth quarter and annual results. Highlights * Fourth quarter sales rose 15% pushing annual sales to an all-time high $1.9 billion * Fourth quarter earnings per share before discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. increased 24% to $.47 * Income from discontinued operations accounted for an additional $.03 per share * Sales and profits increased across each business segment * Repurchased 473,000 shares in the quarter and over 2 million shares for the year FOURTH QUARTER RESULTS For the quarter ended December 31, 2007, sales increased 15% to a record $483.8 million from $422.4 million in the fourth quarter of 2006. Continued increased demand for AptarGroup's innovative dispensing systems drove sales growth by 6% and changes in exchange rates contributed approximately 9%. Commenting on the quarter, Peter Pfeiffer, President and Chief Executive Officer, said, "I am happy to report that our record fourth quarter added to an already exceptional year-to-date performance and we completed the strongest year in the history of our company. Our three business segments, Beauty & Home, Closures, and Pharma, each contributed to our growth despite some softness in the U.S. personal care market. The overall positive fourth quarter performance is noteworthy when we consider that last year's results were also quite strong." [TABLE OMITTED] Pfeiffer added, "While the competitive environment remained challenging, and we continued to face rising material and other costs in the fourth quarter, increased product sales and cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. efforts allowed 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. to reach a record level of $49.2 million. Beauty & Home segment income increased 22% to $21.4 million, Closures segment income increased 8% to $10.2 million, and Pharma segment income increased 25% to $27.7 million. Also in the quarter, we sold our Australian operation to an Australian-based company. This operation was not significant to our consolidated results. We will continue to serve our customers in this region by selling our products through this company while allowing the new management to grow the business with local support and resources. The gain on this sale, net of tax, was approximately $2.2 million or $.03 per share." Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the increased 24% to $.47 per share compared to $.38 per share in the prior year. Additionally, AptarGroup spent $19.6 million to repurchase approximately 473,000 shares of its common stock in the quarter. ANNUAL RESULTS Commenting on AptarGroup's full year performance, Pfeiffer said, "Each of our business segments enjoyed solid sales growth during the year enabling us to achieve our 42nd consecutive year of sales growth. We reported record sales of $1.9 billion, up 18% from $1.6 billion in 2006. Increased product sales accounted for 10% of our sales growth, acquisitions added 1% and changes in exchange rates added 7%. Also, increased profits across each of our business segments drove consolidated operating income to a record $210.7 million up from $161.6 million a year ago. Production efficiencies and cost containment efforts more than offset higher material costs and a challenging competitive price environment." Diluted earnings per share from continuing operations rose 36% to a record level of $1.95 per share, up from $1.43 per share a year ago. AptarGroup spent $76.4 million to repurchase approximately 2 million shares of common stock in 2007, leaving approximately 2 million shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. for repurchase at the end of the year. Also during the year, AptarGroup paid $34.4 million in dividends to stockholders, or $.50 per share. OUTLOOK Pfeiffer commented, "We are cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the coming quarter. While there is some uncertainty regarding the economic outlook in the U.S., we are well positioned to withstand slowness in one particular region because of our broad geographic presence and the diverse end-markets that we serve. We expect continuing demand for our convenient dispensing systems will result in sales improvements across each of our business segments in the first quarter of 2008. We are still in a competitive environment and face rising costs, but we are committed to passing these cost increases along in our selling prices where possible. The ongoing dedication by our talented employees and our long-term strategy to be the innovation leader in our field have served us well in the past and should do so in the future. We estimate that diluted earnings per share for the first quarter of 2008 will be in the range of $.46 to $.49 per share compared to $.41 per share in the prior year." OPEN CONFERENCE CALL There will be a conference call on Friday February 8, 2008 at 8:00 a.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. to discuss the Company's fourth quarter and annual results for 2007. The call will last approximately one hour. Interested parties are invited to listen to a live webcast by visiting the Investor Relations Investor relations The process by which the corporation communicates with its investors. page at www.aptargroup.com. Replay of the conference call can also be accessed on the Investor Relations page of the web site. AptarGroup, Inc. is a leading global supplier of a broad range of innovative dispensing systems for the fragrance/cosmetic, personal care, pharmaceutical, household and food/beverage markets. AptarGroup is headquartered in Crystal Lake, Illinois Crystal Lake is a city located in southeastern McHenry County in northeastern Illinois. It is named after Crystal Lake, a 230 acre (1 km²) lake 1.6 miles (2.6 km) west-southwest of downtown. The population was 38,000 at the 2000 census. , with manufacturing facilities 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. , Europe, Asia and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . For more information, visit the AptarGroup web site at www.aptargroup.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Forward-looking statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on management's beliefs as well as assumptions made by and information currently available to management. Accordingly, AptarGroup's actual results may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and uncertainties that exist including, but not limited to, those related to overall business conditions in the various markets in which AptarGroup operates, the competitive marketplace, fiscal and monetary policy, changes in foreign exchange rates, direct or indirect consequences of acts of war Tom Clancy's Op-Center: Acts of War is a technothriller by Jeff Rovin Plot introduction The mobile Regional Operations Center (ROC) in Turkey investigates a dam blown up by Kurdish terrorists. or terrorism, labor relations and other risks and uncertainties discussed from time to time in AptarGroup's filings with the Securities and Exchange Commission, including its Form 10-K's and 10-Q's. Readers are cautioned not to place undue reliance on forward-looking statements. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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