Consolidated Container Company LLC Reports 2002 Second Quarter Earnings.Business Editors ATLANTA--(BUSINESS WIRE)--Aug. 13, 2002 Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Container (1) Software that acts as a parent program to hold and execute a set of commands or to run other software routines. (2) A data structure that holds one or more different types of data. See metafile and OLE. Company LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (TM) announced today that it expected to report second quarter revenues of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $196.1 million and a second quarter net income of approximately $2.8 million. This compares to revenues of approximately $211.2 million and net income of approximately $2.5 million for the same period a year ago. Compared to the first quarter of 2002, sales increased by approximately $18.8 million. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the current quarter was $16.4 million compared to $15.4 million for the same period in 2001. Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Macadam macadam Form of pavement invented by John McAdam. McAdam's road cross-section consisted of a compacted subgrade of crushed granite or greenstone designed to support the load, covered by a surface of light stone to absorb wear and tear and shed water to the drainage ditches. , President and Chief Executive Officer, stated, "We continued to see signs of improvement in our results in the second quarter of 2002. While we experienced some softness in sales to key customers, our results improved considerably from the first quarter. Further, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that we will continue to see improvements in our operations as we move forward." Consolidated Container Company LLC(TM) is a leading U.S. developer, manufacturer, and marketer of blow-molded rigid This article is about mathematics. For the materials sense, see Stiffness. In mathematics, suppose C is a collection of mathematical objects (for instance sets or functions). plastic containers for the beverage, consumer, and industrial markets. The Company was created in 1999 through the merger of Reid Plastic Holdings with the domestic plastic packaging operations of Suiza Foods Corporation, a predecessor predecessor - parent entity to Dean Foods Company. This press release may contain statements, estimates, forecasts or projections, not historical in nature that may constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " as defined under U.S. federal securities laws. These statements, which speak only as of the date given, are based on management's belief, as well as assumptions made by and information currently available to management, and are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company's historical experience, and our present expectations or projections. These risks, which include such things as intense competition, operation under restrictive covenants Restrictive covenants Provisions that place constraints on the operations of borrowers, such as restrictions on working capital, fixed assets, future borrowing, and payment of dividends. , and dependency dependency In international relations, a weak state dominated by or under the jurisdiction of a more powerful state but not formally annexed by it. Examples include American Samoa (U.S.) and Greenland (Denmark). on key customers, among others, are discussed in our Company's filings with the Securities and Exchange Commission including our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , which filings are available from the SEC.
CONSOLIDATED CONTAINER COMPANY LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in Thousands)
June 30, December 31,
2002 2001
-------------- --------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 18,096 $ 1,187
Investment securities 110 114
Accounts receivable (net of
allowance for doubtful accounts
of $4,308 and $4,623) 89,410 82,945
Inventories 47,844 42,702
Other current assets 23,586 22,321
--------- ---------
Total current assets 179,046 149,269
PROPERTY AND EQUIPMENT, Net 288,238 295,728
GOODWILL 500,003 500,003
INTANGIBLES AND OTHER ASSETS 22,392 20,015
--------- ---------
$ 989,679 $ 965,015
========= =========
LIABILITIES AND MEMBER'S EQUITY
CURRENT LIABILITIES:
Accounts payable $ 91,144 $ 84,561
Accrued liabilities 47,812 46,954
Revolving credit facility 17,000 23,000
Current portion of long-term debt 44,698 29,125
--------- ---------
Total current liabilities 200,654 183,640
LONG-TERM DEBT 511,112 501,869
OTHER LIABILITIES 44,386 45,512
COMMITMENTS AND CONTINGENCIES
MEMBER'S EQUITY:
Member's equity 247,702 248,286
Foreign currency translation adjustment (745) (862)
Minimum pension liability adjustment (13,430) (13,430)
--------- ---------
Total member's equity 233,527 233,994
--------- ---------
$ 989,679 $ 965,015
========= =========
CONSOLIDATED CONTAINER COMPANY LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(Amounts in Thousands)
Three Months Ended Six Months Ended
---------------------------- ----------------------------
June 30, 2002 June 30, 2001 June 30, 2002 June 30, 2001
---------------------------- ----------------------------
NET SALES $ 196,143 $ 211,196 $ 373,473 $ 400,849
COST OF SALES 166,279 182,185 321,754 343,508
--------- --------- --------- ---------
GROSS PROFIT 29,864 29,011 51,719 57,341
SELLING, GENERAL
AND ADMINISTRATIVE
EXPENSE (12,800) (10,097) (25,965) (19,285)
AMORTIZATION
EXPENSE (708) (3,492) (1,266) (6,986)
--------- --------- --------- ---------
OPERATING INCOME 16,356 15,422 24,488 31,070
INTEREST EXPENSE (11,908) (12,816) (23,473) (27,134)
OTHER EXPENSE (1,642) (68) (1,713) (33)
--------- --------- --------- ---------
NET INCOME (LOSS) 2,806 2,538 (698) 3,903
OTHER COMPREHENSIVE
INCOME (LOSS) -
Foreign currency
translation
adjustment 123 141 117 (51)
--------- --------- --------- ---------
COMPREHENSIVE
INCOME (LOSS) $ 2,929 $ 2,679 $ (581) $ 3,852
========= ========= ========= =========
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