AptarGroup Reports Record First Quarter; Declares Dividend.CRYSTAL LAKE, Ill. -- AptarGroup, Inc. (NYSE NYSE See: New York Stock Exchange :ATR ATR Achilles tendon reflex, see Ankle reflex ) today reported record sales and net income for the first quarter of 2005. FIRST QUARTER RESULTS For the quarter ended March 31, 2005, sales increased nine percent to a record $344.0 million from $315.6 million in the prior year. In the quarter, the Company recorded approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $5 million of custom tooling sales compared to $13 million recorded in the prior year. Sales excluding changes in foreign currency exchange rates increased approximately six percent from the prior year. Net income increased to a first quarter record of $22.1 million from $21.2 million a year ago. 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 increased five percent to $.60 per share from $.57 per share in the prior year. MANAGEMENT COMMENT Commenting on the quarter, Carl A. Siebel For the tech company, see . Siebel, originally Flugzeugbau Halle, was a German aircraft manufacturer in Halle an der Saale. Siebel aircraft included:
provision of drugs or medicines as set out properly on a lawful prescription. A prescription can only be filled, the drugs supplied, by a registered pharmacist, veterinarian, dentist or member of the medical profession. systems was particularly strong from the food/beverage, personal care and household markets. Higher sales allowed us to overcome the adverse impacts of the weaker dollar on imports to the U.S., increased costs of materials and continued price competition, and resulted in record first quarter earnings. "Late in the quarter, we completed the previously announced acquisition of a company in Switzerland Switzerland (swĭt`sərlənd), Fr. Suisse, Ger. Schweiz, Ital. Svizzera, officially Swiss Confederation, federal republic (2005 est. pop. 7,489,000), 15,941 sq mi (41,287 sq km), central Europe. that manufactures aerosol aerosol (âr`əsōl,–sŏl): see colloid. aerosol System of tiny liquid or solid particles evenly distributed in a finely divided state through a gas, usually air. valves with bag-on-valve technology. We are excited to have this unique technology in our product line as it serves a growing niche within the aerosol valve market. The impact of this acquisition on the first quarter results was not significant." BUSINESS SEGMENT PERFORMANCE For the quarter, sales of the Dispensing Systems segment increased seven percent to $281.3 million from $262.2 million in the prior year. The increase is primarily due to increased sales to the personal care, food/beverage and fragrance/cosmetic markets and changes in exchange rates. Dispensing Systems segment income (income before interest expense in excess of interest income, corporate expenses, income taxes and unusual items) increased to $32.1 million from $31.3 million in the prior year. For the quarter, sales of the SeaquistPerfect segment increased 17 percent to $65.5 million from $55.8 million in the prior year. The increase is primarily due to increased sales to the personal care and household markets, the acquisition of the company that makes bag-on-valves and the weaker U.S. dollar. SeaquistPerfect segment income increased to $6.7 million from $5.3 million a year ago. OUTLOOK Siebel commented, "Looking forward, we expect the momentum we experienced in the first quarter to continue into the second quarter. Based upon current information, we anticipate demand to be particularly strong from the personal care, pharmaceutical and food/beverage markets." "As previously mentioned, we have filed for U.S. federal income tax refunds Tax refund Money back from the government when too much tax has been paid or withheld from a salary. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc research and development expenditures incurred from 2000 through 2002. We are in process of finalizing this matter and presently expect the tax benefit to be approximately $1.2 million. Also in Italy Italy (ĭt`əlē), Ital. Italia, officially Italian Republic, republic (2005 est. pop. 58,103,000), 116,303 sq mi (301,225 sq km), S Europe. , the government has offered an incentive relating to taxation of government grants. We estimate that, if elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. , the related reduction in income taxes would be in the area of $2.1 million in 2005. Excluding any impact of the pending tax-related items noted above, we anticipate that diluted earnings per share for the second quarter of 2005 will be in the range of $.68 to $.73 per share compared to $.61 per share in the prior year." CASH DIVIDEND The Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a quarterly dividend of $.15 per share, payable May 20, 2005 to stockholders of record as of April 29, 2005. OPEN CONFERENCE CALL There will be a conference call on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , April 15, 2005 at 8:00 a.m. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT to discuss the Company's first quarter results. The call will last approximately one hour and feature remarks by Carl A. Siebel and Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and J. Hagge, AptarGroup's Chief Financial Officer. 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 personal care, fragrance/cosmetic, 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 Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , 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, the Company's actual results may differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. 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 the Company 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 the Company'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. The following Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge are unaudited.
APTARGROUP, INC.
Condensed Consolidated Financial Statements (Unaudited)
(In Thousands, Except Per Share Data)
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED
MARCH 31,
---------------------------
2005 2004
------------- ------------
Net Sales $343,999 $315,603
Cost of Sales (exclusive of
depreciation shown below) 232,478 211,581
Selling, Research & Development
and Administrative 51,640 48,269
Depreciation and Other Amortization 25,532 24,050
------------- ------------
Operating Income 34,349 31,703
Other Income/(Expense):
Interest Expense (2,738) (2,229)
Interest Income 815 1,018
Equity in Results of Affiliates 332 442
Minority Interests 0 (119)
Miscellaneous, net (305) 413
------------- ------------
Income before Income Taxes 32,453 31,228
Provision for Income Taxes 10,385 9,993
------------- ------------
Net Income $22,068 $21,235
============= ============
Net Income per Share - Basic $0.62 $0.58
============= ============
Net Income per Share - Diluted $0.60 $0.57
============= ============
Average Number of Shares - Basic 35,639 36,402
Average Number of Shares - Diluted 36,773 37,355
Condensed Consolidated Financial Statements (Unaudited)
(continued)
(In Thousands)
CONSOLIDATED BALANCE SHEETS
March 31, Dec. 31,
2005 2004
ASSETS
Cash and Equivalents $144,861 $170,368
Receivables, net 274,619 266,894
Inventories 191,863 189,349
Other Current Assets 34,029 34,618
----------- -----------
Total Current Assets 645,372 661,229
Net Property, Plant and Equipment 523,301 534,762
Goodwill, net 149,163 140,239
Other Assets 45,840 37,796
----------- -----------
Total Assets $1,363,676 $1,374,026
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-Term Obligations $80,714 $63,292
Accounts Payable and Accrued Liabilities 211,431 213,569
----------- -----------
Total Current Liabilities 292,145 276,861
Long-Term Obligations 142,228 142,581
Deferred Liabilities 81,278 81,387
----------- -----------
Total Liabilities 515,651 500,829
Stockholders' Equity 848,025 873,197
----------- -----------
Total Liabilities and Stockholders' Equity $1,363,676 $1,374,026
=========== ===========
APTARGROUP, INC.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
(In Thousands)
SEGMENT INFORMATION
THREE MONTHS ENDED MARCH 31,
----------------------------
2005 2004
------------ ------------
NET SALES
Dispensing Systems $281,316 $262,235
SeaquistPerfect 65,458 55,761
Intersegment Eliminations (2,775) (2,393)
------------ ------------
Total Net Sales $343,999 $315,603
============ ============
SEGMENT INCOME (1)
Dispensing Systems $32,127 $31,297
SeaquistPerfect 6,744 5,292
Corporate Expenses and Other (4,495) (4,150)
------------ ------------
Income before Interest and Taxes 34,376 32,439
Less: Interest Expense, Net 1,923 1,211
------------ ------------
Income before Income Taxes $32,453 $31,228
============ ============
Notes to Condensed Consolidated Financial Statements:
(1) - The Company evaluates performance of its business units and
allocates resources based upon income before interest expense in
excess of interest income, corporate expenses, income taxes and
unusual items.
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