BPI Packaging Technologies Inc. announces first-quarter results and increased core bag and film sales of 60 percent.N. DIGHTON Dighton is either:
BPI - bits per inch ) (NASDAQ/NMS:BPIEZ (B warrants); 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. )) Monday Monday: see week. announced results for its first quarter ended May 26, 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, president and chief executive officer, stated: ``For the first quarter of Fiscal 1996, sales were $6,464,213 as compared to sales of $7,062,295 for the first quarter of Fiscal 1995, a decrease of 8 percent. Net income for the first quarter of Fiscal 1996 was $111,729, or 1 cent per share, compared to net income of $83,915, or 1 cent per share, in the first quarter of Fiscal 1995. ``BPI's core bag and film business (manufacture, sale and marketing of traditional T-shirt bags and proprietary plastic bag and film products) increased significantly during the first quarter. In the first quarter, BPI had a critical mass of bag manufacturing capacity of approximately 2.5 billion bags annually, an increase of approximately 79 percent from the previous year's first quarter approximate 1.4 billion bag annual capacity. ``Sales of BPI's core products of bags and film were $5,528,304 in the first quarter of Fiscal 1996 compared to $3,446,591 in the first quarter of Fiscal 1995, an increase of 60 percent. ``Sales of the company's proprietary bag products (FRESH-SAC T-shirt sack produce bag, HANDI-SAC and MAXI-SAC) were $1,552,799 in the first quarter of Fiscal 1996 compared to sales of $1,383,044 in the first quarter of Fiscal 1995, an increase of 12 percent. ``Sales from traditional products (traditional grocery T-shirt sacks) were $3,477,013 in the first quarter of Fiscal 1996 compared to sales of $1,761,977 in the first quarter of Fiscal 1995, an increase of 97 percent. ``Sales of proprietary and other film products were $498,492 in the first quarter of Fiscal 1996 compared to sales of $301,570 in the first quarter of Fiscal 1995, an increase of 65 percent. ``Sales from RC America Inc. were $610,769 in the first quarter of Fiscal 1996 compared to sales of $3,414,338 in the first quarter of Fiscal 1995, a decrease of 82 percent. RC America's sales may fluctuate significantly from quarter to quarter due to the nature of its business. ``Sales from BPI Packaging Inc. were $325,140 in the first quarter of Fiscal 1996 compared to sales of $201,366 in the first quarter of Fiscal 1995. ``Selling prices per thousand for traditional T-shirt sacks were approximately $13 in the first quarter of Fiscal 1996 as compared to approximately $11 in the first quarter of Fiscal 1995, an increase of approximately 18 percent. However, unit margins increased only approximately 3 percent because of an approximate 48 percent increase in unit raw material costs. ``The company continues to utilize its net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carryforward carryforward 1. A business operating loss that, for tax purposes, may be claimed a certain number of years in the future, often up to 15 years. to offset any taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. . 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 $537,486 in the first quarter of Fiscal 1996 compared to $277,193 in the first quarter of Fiscal 1995; RC America Inc.'s operating profit was $32,432 in the first quarter of Fiscal 1996 compared to $378,378 in the first quarter of Fiscal 1995; and BPI Packaging Inc. had an operating profit of $39,031 in the first quarter of Fiscal 1996 compared to an operating loss of $102,373 in the first quarter of 1995. ``The segment results are before unallocated corporate overhead of $365,908 in the first quarter of Fiscal 1996 compared to $354,202 in the first quarter of Fiscal 1995 and interest expense, net of $131,312 in the first quarter of Fiscal 1996 compared to $65,081 in the first quarter of Fiscal 1995.'' Caulfield concluded: ``BPI's positive results in the first quarter of Fiscal 1996 were materially better than the reported results. Production increases were substantially higher than shipments and finished goods inventories increased. ``While this result is to be expected as 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 sales increase, the short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. impact on reported results is negative because profits are not recognized until products are shipped.'' BPI Packaging Technologies is a leading manufacturer of recycled, source-reduction and traditional plastic grocery T-shirt shopping bags, referred to as T-shirt sacks, and proprietary plastic film products. -0-
BPI PACKAGING TECHNOLOGIES INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
Three months ended
May 26, 1995 May 27, 1994
Net sales $ 6,464,213 $ 7,062,295 Net income $ 111,729 $ 83,915 Net income per share 1 cent 1 cent Weighted average common shares outstanding 12,216,997 10,578,375 CONTACT: BPI Packaging Technologies Inc. Dennis N. Caulfield, 508/824-8636 or Kehoe, White, Savage & Co. James K. White, 310/437-0655 |
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