BPI Packaging Technologies, Inc. Announces Further SG&A Cutbacks.N. DIGHTON, Mass.--(BUSINESS WIRE)--July 23, 1998--BPI Packaging Technologies, Inc. ("the Company") ((NASDAQ/NMS:BPIE BPIE Base Procured Investment Equipment )(Common Stock)), today announced further cutbacks in the Company's SG&A. Jill Beresford, Chairman and Chief Executive Officer stated, "Our goal is to focus on core competencies and operate on an extremely efficient basis. To that end, we are looking at every Company expense and determining whether it meets our goal. The most recent cutbacks of approximately $1.0 million aid in achieving that goal." Ms. Beresford went on to say, "The most recent round of cutbacks have come from further reductions in SG&A by closing non-performing regional sales offices, reducing marketing and administrative staff, and augmenting job responsibilities across the remaining SG&A. Strategic Sales partnerships are currently being explored in both the U.S. and Canada to further build the Company's core businesses. "On an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis, the Company projects that SG&A will be reduced from 41% of revenues as reported in the Company's most recent 10K to approximately 16% of revenues. We project that SG&A will be approximately $2.5 million in 1999. This also assumes that no further reductions are made. We are reviewing every line item expense with a view to further reducing SG&A expense for an efficient operation." BPI (Bits Per Inch) The measurement of the number of bits stored in one linear inch of a track (storage channel) on a disk or tape. Bit density on magnetic disks has reached 800,000 bpi (800 Kbpi). See tpi, areal density and magnetic disk. BPI - bits per inch Packaging Technologies, Inc., is a leading manufacturer of proprietary thin, clear film for tissue and bundle overwrap, proprietary plastic carryout car·ry·out adj. Intended to be consumed away from the place of sale; takeout: a shop offering carryout sandwiches. n. An item of food or a meal that is to be consumed away from the place of sale. bags sold to convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. and produce departments of supermarkets and proprietary in-store advertising and promotion products. Certain statements contained in this press release are not based on historical facts, but are "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. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, that are based upon a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Actual events and results may materially differ from anticipated results described in such statements.
CONTACT: BPI Packaging Technologies, Inc.
C. Jill Beresford, 508/824-8636
or
Tower Research Associates
Arthur Stupay, 216/861-4816
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