BPI Packaging Technologies Reports Reduced Loss in Second Quarter.N. DIGHTON, Mass.--(BUSINESS WIRE)--Aug. 26, 1998--BPI Packaging Technologies ("the company") ((NASDAQ/NMS:BPIE BPIE Base Procured Investment Equipment )(Common Stock)) announced sales of $2,406,967 and a net loss of $1,548,140 (the non-cash expense Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) for depreciation and amortization was $632,262) or 7 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 second quarter of Calendar 1998 compared to sales of $4,194,359 and a net loss of $1,899,040 or 13 cents per share in the second quarter of the ten month period ended Dec. 31, 1997. Sales for the first six months of Calendar 1998 were $4,639,684 and the net loss $2,770,933 (the non-cash expense for depreciation and amortization was $1,269,439) or 14 cents per share compared to sales of $11,206,504 and a net loss of $3,702,137 or 26 cents per share in the first six months of the 10 month period ended Dec. 31, 1997. C. Jill Beresford, chairman and chief executive officer, stated, "The decline in sales was expected based on the strategy announced last year to exit the commodity grocery bag market. 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 continues to focus on and grow its patented and proprietary product lines, which delivers significantly higher margins than the commodity business. This is reflected in the reduced losses versus the year ago period." Beresford continued, "The second quarter loss was in line with expectations for the second quarter. Furthermore, since July 2, 1998, the Company has significantly reduced SG&A. The Company stopped funding businesses that no longer fit our strategy and as a result, the Company's SG&A will be approximately $2.5 million annually or 15 percent of annual expected revenues. Incoming business is profitable and the Company is optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that we can eliminate losses and show profitable results in the near future." Beresford concluded, "In addition, the Company's new credit facility, provided by Patriot Funding of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , a division of United Credit Patriot Funding, is a major step in enabling the Company to increase shipments by manufacturing its substantial backlog. I am very pleased with the confidence that Patriot Funding has shown in providing new financing for BPI." BPI 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" 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., N. Dighton C. Jill Beresford, 508/824-8636 or Tower Research Associates Arthur Stupay, 216/861-4816 |
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