Atlantis Plastics announces 1995 operating results.ATLANTA--(BUSINESS WIRE)--March 1, 1996--Atlantis Plastics Inc. (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. :AGH AGH Akademia Gorniczo-Hutnicza AGH Allegheny General Hospital (Pittsburgh, PA, USA) AGH Alpena General Hospital (Michigan) AGH Helsingborg, Sweden - Angelholm/Helsingborg (Airport Code) ) Friday announced its operating results for the fiscal year ended Dec. 31, 1995. In 1995, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $281.1 million, compared to $260.8 million in 1994. Net loss in 1995 was $13.1 million, or $1.83 per share, compared to net income of $6.4 million, or $0.83 per share, in 1994. Year-end results include previously announced restructuring charges 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 $11.0 million, net of taxes, or $1.53 per share, of which $9.9 million was non-cash and related to the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → and goodwill. Gross margin in 1995 was 14.2% of sales, compared to 19.8% in 1994. This decline was caused by several factors including an inventory correction in plastic films which resulted in competitive pricing pressures and decreased demand, as well as production inefficiencies in the injection molding injection molding n. A manufacturing process for forming objects, as of plastic or metal, by heating the molding material to a fluid state and injecting it into a mold. unit. Selling, general and administrative expense ("SG&A") decreased from $29.2 million, or 11.2% of sales in 1994 to $28.4 million, or 10.1% of sales in 1995. Net interest expense increased from $13.1 million in 1994 to $14.3 million in 1995, due to increasing debt balances through mid-May 1995. For the remainder of the year, total debt dropped by $26.3 million. As a result, net interest expense in the fourth quarter of 1995 was $3.3 million, compared to net interest expense of $3.4 million in the fourth quarter of 1994. Net sales declined from $73.6 million in the fourth quarter of 1994 to $64.0 million in the fourth quarter of 1995, primarily due to a 29% drop in plastic 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 prices from year-end 1994 to year-end 1995. Including restructuring charges, net loss in the fourth quarter of 1995 was $11.2 million, net of taxes, or $1.59 per share, compared to net income of $2.5 million, or $0.33 per share in the 1994 fourth quarter. In January 1996, Atlantis announced plans to sell its Plastic Containers Inc. subsidiary, which is a manufacturer of blow molded mold 1 n. 1. A hollow form or matrix for shaping a fluid or plastic substance. 2. A frame or model around or on which something is formed or shaped. 3. Something that is made in or shaped on a mold. polyethylene polyethylene (pŏl'ēĕth`əlēn), widely used plastic. It is a polymer of ethylene, CH2=CH2, having the formula (-CH2-CH2-)n containers. This action is part of the company's strategic operating plan to focus its resources on the manufacture of polyethylene stretch and custom films and selected molded plastic products, and to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose product groups that are not part of these operations. In 1995, Atlantis sold its 50% interest in the CKS/Rigal blow molding joint venture, as the planned first step in exiting its blow molding business. Also in 1995, Atlantis sold its remaining discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. , Western Pioneer Insurance Co. Anthony F. Bova, president and chief executive officer, commented: "Atlantis faced a difficult operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. in 1995, which was caused, in large part, by an inventory correction in our plastic films business and our need to lower operating costs operating costs npl → gastos mpl operacionales and improve productivity in the injection molding operations. In response to these challenges, we developed and implemented a strategic operating plan which we expect will reduce the company's overall cost structure by over $5 million by the end of 1996. Our cost reduction efforts have already made a meaningful impact in lowering production and overhead costs overhead costs see fixed costs. in the injection molding unit and company-wide SG&A expense. We remain confident that the strategic operating plan will favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact our profitability, with results becoming increasingly apparent in 1996." Bova concluded: "Our asset management program is an example of our initial restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). success. In 1995, we retired $4.8 million of our 11% Senior Notes, which will result in lower annual interest expense. We reduced our total debt from $129.2 million at year-end 1994 and a 1995 high of $142.8 million to $116.5 million at year-end 1995. Net working capital decreased from $33.0 million at year-end 1994 to $23.2 million at year-end 1995. Reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of its confidence in Atlantis' long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. performance, the executive management team and a related party purchased 280,000 shares of common stock from an institutional holder in December 1995." Atlantis Plastics Inc. is a leading U.S. manufacturer of polyethylene stretch and custom films and molded plastic products. Stretch films Stretch Films is a cartoon production company based in New York. It was founded and is run by John R. Dilworth, who is best known for his production of the cartoon Courage the Cowardly Dog. External link
Credit quality of AAA or AA. high-grade Of, relating to, or being a bond with little risk of default on the part of the issuer. High-grade is usually reserved for bonds rated AAA or AA by the rating services. laminating lam·i·nate v. lam·i·nat·ed, lam·i·nat·ing, lam·i·nates v.tr. 1. To beat or compress into a thin plate or sheet. 2. To divide into thin layers. 3. films, embossed em·boss tr.v. em·bossed, em·boss·ing, em·boss·es 1. To mold or carve in relief: emboss a design on a coin. 2. films, and specialty film products, are marketed to the industrial and agricultural markets. Atlantis' molded plastic products are distributed primarily to original equipment manufacturers in the appliance, automotive, agricultural, dairy, recreational vehicle, and other commercial industries. Additional information on Atlantis Plastics Inc. is available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the World Wide Web at this address: http://www.cfonews.com/agh; or interested parties may dial by modem to 718/279-3590, or send E-mail to cfo@panix.com, with the subject agh. -0-
ATLANTIS PLASTICS INC.
CONSOLIDATED INCOME STATEMENTS
(In thousands)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
1995 1994 1995 1994
Net sales $ 63,953 $ 73,584 $281,064 $260,818
Cost of sales 55,674 58,123 241,149 209,245
Gross Profit 8,279 15,461 39,915 51,573
Selling, general and
administrative
expenses 6,156 9,057 28,390 29,200
Restructuring charges 11,468 -- 12,453 --
Operating income
(loss) (9,345) 6,404 (928) 22,373
Interest expense (3,394) (3,490) (14,490) (13,213) Interest income 55 44 186 135 Income (loss) from continuing operations before income taxes (12,684) 2,957,715 (15,232) 9,295 Income tax (provision) benefit 1,186 (1,219) 1,674 (4,136) Income (loss) from continuing operations (11,498) 1,739 (13,558) 5,159 Income (loss) from discontinued operations, less applicable taxes -- 727 (251) 1,207 Gain on Sale of Western Pioneer, less applicable taxes -- -- 483 -- Extraordinary gain on earnly extinguishment of debt, net 255 -- 254 --
Net income (loss) (11,243) 2,466 (13,072) 6,366
Preferred stock dividends (36) (36) (145) (145) Income (loss) applicable to common shares and equivalents $(11,279) $ 2,430 $(13,217) $ 6,221
INCOME (LOSS) PER COMMON
SHARE:
Continuing operations
(see note) $(1.63) $0.23 $(1.90) $0.67
Discontinued
operations -- 0.10 (0.04) 0.16
Gain on Sale of Western
Pioneer -- -- 0.07 --
Extraordinary item, net 0.04 -- 0.04 --
Net income (loss) $(1.59) $0.33 $(1.83) $0.53
Weighted average shares outstanding 7,092,800 7,475,525 7,208,173 7,509,979 DIVIDENDS DECLARED PER COMMON SHARE $0.00 $0.00 $0.08 $0.08
NOTE: In 1995, loss from continuing operations per common share
includes amounts relating to restructuring charges of $1.47
and $1.53 per share for the fourth quarter and year-to-date
periods, respectively.
ATLANTIS PLASTICS INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
Dec. 31, Dec. 31,
1995 1994
ASSETS
Cash and equivalents $ 1,255 $ 1,433
Accounts receivable, net 28,250 36,585
Inventories 18,544 22,855
Other current assets 7,044 6,353
Current assets 55,093 67,226
Property and equipment, net 64,333 61,255
Investment in WinsLoew Furniture
Inc. stock 4,798 5,097
Net assets of discontinued operations 0 9,378
Goodwill, net of amortization 52,680 63,467
Other assets 3,557 5,099
$180,461 $211,522
LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable and accrued expenses $ 28,725 $ 32,398 Current portion of long-term debt 3,168 1,860 Current liabilities 31,893 34,258 Long-term debt, net of current portion 113,294 127,374 Deferred income taxes 6,610 7,842 Other liabilities 1,372 1,626 Total liabilities 153,169 171,100 Commitments and contingencies Shareholders' equity: Series A convertible preferred stock, $1.00 par value, 20,000 shares authorized, issued and outstanding in 1995 and 1994 2,000 2,000 Class A common stock, $.10 par value, 20,000 shares authorized, 4,129,823 and 4,082,437 shares issued and outstanding in 1995 and 1994 419 408 Class B common stock, $.10 par value, 7,000,000 shares authorized, 2,899,977 and 3,002,363 shares issued and outstanding in 1995 and 1994 290 300 Additional paid-in capital 6,828 6,781 Unrealized holding gains (losses), net of tax 287 (284) Retained earnings 17,468 31,217 Total shareholders' equity 27,292 40,422
$180,461 $211,522
NOTE TO EDITORS: In the Internet/email address noted in this news release, there is an "at" symbol between cfo and panix.com. In the World Wide Web address noted there is a double slash between http: and www.cfonews.com/agh. These symbols may not appear properly in some systems. CONTACT: Atlantis Plastics Inc. A. Richard Hurwitz, Vice President Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. , 305/858-2200 |
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