BPI Packaging Technologies, Inc. Reports First Quarter Results.Business Editors NORTH DIGHTON, Mass.--(BUSINESS WIRE)--May 15, 2000 BPI Packaging Technologies, Inc. (the "Company") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on BB: BPIE BPIE Base Procured Investment Equipment ), a manufacturer of thin high molecular weight, high density polyethylene High-density polyethylene (HDPE) is a polyethylene thermoplastic made from petroleum. It takes 1.75 kilograms of petroleum (in terms of energy and raw materials) to make one kilogram of HDPE. films and bags, today reported its first quarter results for the three-month period ended March 31, 2000. The Company reported sales of $4,725,956 for the first quarter ended March 31, 2000 and a net loss of ($2,439,058) or a net loss of ($0.08) per share based on a weighted average of 28,727,562 shares of common stock outstanding. This compares to sales of $3,340,984 and a net loss, before extraordinary income of ($455,966), or ($0.02) per share based on a weighted average of 21,495,621 shares of common stock outstanding for the same period ended March 31, 1999. Net income after extraordinary income of $1,731,762 for the period ended March 31, 1999 was $1,275,796 or $0.06 per share. James F. Koehlinger, Acting Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , stated, "The Company's loss from operations was the result of increased cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold . The cost of resin, the major raw material, increased by 60% from one year earlier and 90% from its lowest point in 1998 and increased competition has prevented the Company from increasing its prices to customers. Most of the loss in the quarter occurred in January and February. The Company decreased its cost of manufacturing in March by major plant cost reductions and through productivity." Mr. Koehlinger, added, "the Company, with its lower cash break-even point break-even point - In the process of implementing a new computer language, the point at which the language is sufficiently effective that one can implement the language in itself. , is now in a good position to benefit from increased sales forecasted during the remaining quarters of 2000." Mr. Koehlinger, concluded, "We look forward to reporting any further accomplishments at our upcoming stockholders' meeting on June 8, 2000". BPI Packaging Technologies, Inc. converts commercially available high molecular weight, high density polyethylene resins into thin film, which is either sold directly into industrial or packaging applications or converted in-house into 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 of "T-shirt sack" design for supermarkets, 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 other retail markets. The Company utilizes advanced, high quality extrusion, printing and bag making equipment, which was installed between 1990 and 1999. Statements included in this update that are not historical in nature, are intended to be, and are hereby identified as, "forward-looking statements" for purposes of 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. provided by Section 21E of the Securities Exchange Act of 1934, as amended by Public Law 104-67. Forward-looking statements may be identified by words including "anticipate," "believe," "intends," "estimates," "expect," and similar expressions. The Company cautions readers that forward-looking statements, including, without limitation, those relating to the Company's future business prospects are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to factors such as those relating to economic, competitive, governmental, technological and other risks and factors, identified from time to time in the Company's reports filed with the SEC. |
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