BPI Packaging Technologies Inc. announces nine-month results.N. DIGHTON Dighton is either:
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. ) (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 ), Wednesday Wednesday: see week. announced operating results for the third quarter and nine months ended Nov. 25, 1994. For the third quarter of fiscal 1995, sales increased 30 percent to $6,152,176 as compared with sales of $4,728,620 for the third quarter of fiscal 1994. The net loss was $343,502, or 3 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. , for the third quarter of fiscal 1995 compared with net income of $142,067, or 1 cent per share, for the third quarter of fiscal 1994. For the first nine months of fiscal 1995, sales increased 44 percent to $18,499,363 as compared with sales of $12,878,547 for the first nine months of fiscal 1994. The net loss was $258,011, or 2 cents per share for the first nine months of fiscal 1995, as compared with net income of $374,815, or 4 cents per share, in the first nine months of fiscal 1994. 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 Caulfield The term Caulfield has the following uses: Places
adj. 1. Almost exact or correct: the approximate time of the accident. 2. 13 percent while raw material costs increased approximately 25 percent compared to the third quarter of 1994, causing the gross margins to decrease. "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, subject to manufacturing efficiency and product mix. "The installation of the new bag manufacturing equipment was not completed until the end of the third quarter, and therefore was not available to increase production and offset the negative impact of a decrease in gross margins during the third quarter. The new bag manufacturing equipment will be operational in the fourth quarter of fiscal 1995." BPI's backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. was sufficient to support the new bag capacity during the third quarter. If the new bag manufacturing equipment had been operational for all of the third quarter, management estimates that the impact would have been to increase revenues by approximately $2 million and to materially improve gross margins and net income in the quarter. Due to 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. backlog contractual obligations and competitive pressures, BPI was not able to fully and immediately pass on raw material price increases to its customers in the third quarter and anticipates that this trend will continue through the fourth quarter of fiscal 1995. Beginning in the first quarter of fiscal 1996 (beginning Feb. 25, 1995), management anticipates that it will have passed on all raw material price increases, and as a result expects an improvement in gross margins. Management anticipates that bag production will increase in the fourth quarter as the 43 percent increase in bag manufacturing capacity begins to be utilized and the increased production will have a positive impact on gross margins and net income in the fourth quarter. Caulfield said, "Sales of BPI's products for the third quarter of fiscal 1995 compared to the same period in fiscal 1994 were as follows: FRESH-SAC T-shirt sack produce bag, HANDI-SAC and MAXI-SAC were $1,299,276 in the third quarter of fiscal 1995 compared to sales of $1,106,376 in the third quarter of fiscal 1994, an increase of 17 percent. "Sales from traditional products (traditional grocery T-shirt sacks) increased to $3,442,914 in the third quarter of fiscal 1995 from $2,258,393 in the third quarter of fiscal 1994, an increase of 52 percent. "Total sales of FRESH-SAC and other plastic film products for the third quarter of fiscal 1995 were $614,528 compared to sales of $156,248 in the third quarter of 1994, an increase of 293 percent, reflecting BPI's increased marketing effort for this product line. "BPI Packaging Inc.'s sales of products purchased from Integrated Bagging Systems Corp. (IBS IBS Irritable bowel syndrome, see there ) were $642,896 in the third quarter of fiscal 1995, compared to sales of $572,835 in the third quarter of fiscal 1994, an increase of 12 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 $152,562 in the third quarter of fiscal 1995, compared to sales of $634,768 in the third quarter of fiscal 1994. "Sales of BPI's products for the first nine months of fiscal 1995 were as follows: FRESH-SAC T-shirt sack produce bag, HANDI-SAC and MAXI-SAC were $4,167,349 in the first nine months of fiscal 1995 compared to sales of $3,780,918 in the first nine months of fiscal 1994, an increase of 10 percent. "Sales of traditional products increased from $7,088,803 in the first nine months of fiscal 1994 to $7,892,424 in the first nine months of fiscal 1995, an increase of 11 percent. "Total sales of FRESH-SAC and other plastic film products for the first nine months of fiscal 1995 were $1,234,547 compared to sales of $276,643 in the first nine months of fiscal 1994, an increase of 346 percent, reflecting BPI's increased marketing effort for this product line. "RC America Inc.'s sales for the first nine months of fiscal 1995 were $3,670,978 compared to $962,731 in the first nine months of fiscal 1994. BPI Packaging Inc.'s sales (IBS) for the first nine months of fiscal 1995 were $1,534,065 compared to sales of $769,452 in the first nine months of fiscal 1994." Caulfield concluded: "The past several years have been challenging. BPI acquired and brought online approximately $22 million of state-of-the-art extrusion, printing and bag-making equipment in its N. Nighton, Mass., facility. "The equipment installation phase is now completed, and BPI is well-capitalized with a net worth of approximately $25 million and now in a position to focus on the basics of manufacturing efficiency and profit margins in fiscal 1996, which begins in a few weeks." BPI Packaging Technologies is a leading manufacturer of recycled, source-reduction and traditional plastic grocery and shopping bags, referred to as T-shirt sacks and plastic film. -0-
BPI Packaging Technologies Inc.
Consolidated Statement of Operations
Three months ended
Nov. 25, 1994 Nov. 26, 1993
(unaudited)
Net sales $ 6,152,176 $ 4,728,620 Net income (loss) $ (343,502) $ 142,067 Net income (loss) per share 3 cents 1 cent Weighted average common shares outstanding for the three months 11,580,561 9,818,139
Nine months ended
Nov. 25, 1994 Nov. 26, 1993
(unaudited)
Net sales $ 18,499,363 $ 12,878,547 Net income (loss) $ (258,011) $ 374,815 Net income (loss) per share (2 cents) 4 cents Weighted average common shares outstanding for the nine months 10,939,390 9,512,167 CONTACT: BPI Packaging Technologies Inc., N. Dighton
Dennis N. Caulfield, 508/824-8636
or
Kehoe, White, Savage & Co.
James K. White, 310/437-0655
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