BPI Packaging Technologies Inc. announces 12-month results.N. DIGHTON Dighton is either:
BPI - bits per inch ) (NASDAQ/NMS:BPIE BPIE Base Procured Investment Equipment -- Common Stock), (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 :BPIEP -- Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. ; BPIEW -- A-Warrants; BPIEZ -- B-Warrants), Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant announced results for its fourth quarter and 12 months ended Feb. 24, 1995. Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the N. Caulfield The term Caulfield has the following uses: Places
"The net loss for fiscal 1995 (after a non-recurring charge of $989,917 as a reserve against the balance remaining on the note receivable note receivable A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. from the sale of the Taunton Taunton, city, England Taunton (tôn`tən, tän`–), city (1991 pop. 47,793), county seat of Somerset, SW England, on the Trove River. plant in fiscal 1993) was $847,486, or 8 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with a net loss of $603, or $.00 per share in fiscal 1994. "In April 1995, certain assets securing the Taunton plant note receivable were sold at public auction, and the proceeds were used to reduce the note. The non-recurring charge of $989,917 resulted from the establishment of a reserve against the remaining balance of the note of $1,174,917. "Sales for fourth quarter were $6,755,282 compared to $3,875,509 in the previous year, an increase of 74 percent. BPI experienced record net income for the fourth quarter of fiscal 1995 of $400,442, or 3 cents per share, before the non-recurring charge of $989,917. "The net loss was $589,475, or 5 cents per share (including the non-recurring charge of $989,917) compared with a net loss for the fourth quarter of fiscal 1994 of $375,418, or 4 cents per share. "In the fourth quarter of fiscal 1995, selling prices for bag products increased approximately 10 percent and raw material costs increased approximately 14 percent compared with the third quarter of fiscal 1995. Since the end of the fiscal year, raw material prices have remained relatively stable. "In the third quarter of fiscal 1995, BPI installed new bag manufacturing equipment which increased its bag manufacturing capacity approximately 43 percent to approximately 2.5 billion bags annually. In the fourth quarter of fiscal 1995, bag production increased approximately 37 percent over the third quarter as the additional bag manufacturing capacity began to be utilized. "The increased bag production in the fourth quarter offset the negative impact of increased raw material costs and caused the gross margin to increase. The gross margin increased from 19 percent for the first nine months of fiscal 1995 to 27 percent for the fourth quarter of fiscal 1995. "Excluding the non-recurring charge of $989,917, net income for the fourth quarter of fiscal 1995 was $400,442 as compared with a net loss of $343,502 in the third quarter of fiscal 1995, an increase in net income of $743,944. "Sales of the company's proprietary bag products (FRESH-SAC T-shirt sack produce bag, HANDI-SAC and MAXI-SAC) were $5,545,054 in fiscal 1995 compared to sales of $4,914,123 in fiscal 1994, an increase of 12.8 percent. Sales of traditional products were $11,485,949 in fiscal 1995 compared to sales of $9,067,634 in fiscal 1994, an increase of 26.7 percent. "Sales of FRESH-SAC and other plastic film products were $1,863,243 in fiscal 1995 compared to $415,613 in fiscal 1994, an increase of 348.3 percent. "BPI Packaging's sales of products purchased from Integrated Bagging Systems Corp. (IBS IBS Irritable bowel syndrome, see there ) were $2,148,539 in fiscal 1995 compared to sales of $1,189,923 in fiscal 1994, an increase of 80.6 percent, RC America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. Inc.'s sales were $4,211,860 in fiscal 1995 compared to $1,166,763 in fiscal 1994, an increase of 261.0 percent. "In fiscal 1995, proprietary, traditional and film products had an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $1,436,178; RC America Inc.'s operating profit was $342,725 and BPI Packaging had an operating profit of $725. "The segmented operating results are before unallocated corporate overhead of $1,433,856, interest expense (net) of $280,445, other income of $77,104 and a non-recurring charge of $989,917. Segmented operating results were not reported in fiscal 1994, and therefore, comparative results are not available. "At the beginning of fiscal 1996, the company had installed manufacturing capacity (excluding IBS' Texas capacity) which will support sales of approximately $40 to $50 million annually subject to product prices, product mix, and manufacturing efficiency. "The company plans to increase its manufacturing capacity by approximately an additional 50 percent in the next 12 to 18 months to meet anticipated demand." Caulfield concluded: "The fourth quarter of fiscal 1995 was a major turning point for operating results. Industry reports and pricing trends suggest that selling prices for the traditional grocery T-shirt sack will continue to improve in fiscal 1996. "We expect that these trends, together with BPI's improving capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. and production, will result in a continued improvement in operating results as reflected in the fourth quarter." BPI Packaging Technologies is a leading manufacturer of recycled, source-reduction and traditional plastic grocery T-shirt and shopping bags, referred to as T-shirt sacks, and proprietary plastic film products. -0-
BPI PACKAGING TECHNOLOGIES INC.
STATEMENT OF INCOME
Three months ended
Feb. 24, 1995 Feb. 25, 1994
(unaudited)
Net revenues $ 6,755,282 $ 3,875,509 Income (loss) before non- recurring charge $ 400,442 $ (375,418) Non-recurring charge $ (989,917) -- Net loss $ (589,475) $ (375,418) Income per share before non-recurring charge 3 cents -- Net loss per share including non-recurring charge (5 cents) (4 cents) Weighted average shares outstanding 11,656,363 9,272,423
12 months ended
Feb. 24, 1995 Feb. 25, 1994
(unaudited)
Net revenues $ 25,254,645 $ 16,754,056 Income (loss) before non- recurring charge $ 142,431 $ (603) Non-recurring charge $ (989,917) $ -- Net loss $ (847,486) $ (603) Income per share before non-recurring charge 1 cent -- Net loss per share including non-recurring (8 cents) $ 0.00 Weighted average shares outstanding 10,670,040 8,523,580 CONTACT: BPI Packaging Technologies Inc., N. Dighton Dennis N. Caulfield, 508/824-8636 or Kehoe Kehoe or Keogh is the name of a clan that existed in southern Ireland. Many of their descendants then emigrated to America and have spread though out that country making Kehoe/Keogh a fairly common last name. , White, Savage & Co., Long Beach, Calif. James K. White, 310/437-0655 |
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