Consumers Packaging Inc. Fourth Quarter Results.TORONTO--(BUSINESS WIRE)--Feb. 7, 1996--CONSUMERS PACKAGING (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CGC CGC Canine Good Citizen (AKC Dog Title) CGC Commission Géologique du Canada (Geological Survey of Canada) CGC Confédération Générale des Cadres (French labor union) ) Consumers Packaging Inc. today reported results for the fourth quarter and year ending December 31, 1995. Gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. for the fourth quarter rose 5 percent to $105.1 million, compared to the $100.5 million reported in the same period last year. Net earnings for the quarter were $1.0 million, 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. , versus a restated $3.2 million, or 11 cents per share, in the fourth quarter of 1994. Earnings per share for 1995 were affected by the issue of 4.6 million common shares. Gross sales for the year ended December 31, 1995, grew to $458.1 million, a 5 percent increase over the $438.1 million reported in the prior year. Net earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the year were $26.2 million or 90 cents per share, fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , compared with restated earnings of $24.8 million or 93 cents per share, fully diluted, in 1994. Restated net earnings in 1994 were $26.1 million after including a gain of $1.3 million, or 4 cents per share, from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . In 1995 cash flow before changes in non-cash operating working capital items remained strong at $56.1 million compared with $59.2 million in 1994. Mr. John Ghaznavi, Chairman and Chief Executive Officer, stated, "Despite the increasingly competitive environment for glass packaging products, Consumers made solid progress on a number of fronts in 1995, recording a second year of profitability following the Company's turnaround in 1994. We continue to focus on improving quality and service while upgrading our manufacturing infrastructure. With almost 80 percent of the Canadian glass packaging market, we have identified a number of international opportunities and in 1995 expanded our presence in the U.S., Europe and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . This resulted in an increase in our export sales by 51 percent over the previous year." Mr. Ghaznavi went on further to say, "As part of our efforts to support our continued growth, our capital expenditures for 1995 totalled $52.8 million, following on the previous year's $51.5 million. The 1995 investments included advanced production machinery with higher capacity and the rebuild of a furnace furnace, enclosed space for the burning of fuel. There are many kinds of furnaces, the type depending upon the fuel and the use to which the heat produced within it is put. Most familiar are the furnaces used in the heating of buildings. in our Bramalea plant." Mr. Ghaznavi concluded, "Another key financial accomplishment was the Company's issuance of 4.6 million shares of common stock in September 1995, generating net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $57.2 million. This transaction enabled Consumers to reduce long-term indebtedness from $135.6 million to $79.0 million, and contributed to an increase in shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. from $89.9 million in 1994 to $173.2 million at the end of 1995. With a long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. to equity ratio of .46 to 1, we believe the Company is in a strong financial position for profitable growth, with greater flexibility to pursue opportunities going forward." Consumers Packaging Inc. is a leading designer and producer of high quality glass containers. Headquartered in Canada, the Company operates seven manufacturing facilities and distributes its products domestically and internationally. Operating as Consumers Glass, it is the market share leader and only glass container producer in Canada, and is recognized as the fourth largest in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . -0-
CONSUMERS PACKAGING INC.
Three months Year Ended
ended December 31 December 31
------------------- ------------------
In thousands of
dollars except profit
per share data 1995 1994 1995 1994
Restated Restated
--------- -------- -------- --------
Gross Sales $105,121 $100,518 $458,064 $438,135
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Gross Margin 25,612 29,984 133,910 136,728
--------- -------- -------- --------
Earnings Before Interest 2,759 7,059 41,402 42,576
Interest 1,750 3,907 15,231 17,740
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Earnings From Continuing Operations 1,009 3,152 26,171 24,836
Gain From Discontinued
Operations - - - 1,265
--------- -------- -------- --------
Net Earnings $1,009 $3,152 $26,171 $26,101
--------- -------- -------- --------
--------- -------- -------- --------
Net Earnings Per Share (weighted average)
Fully diluted
From continuuing
Operations $0.03 $0.11 $0.90 $0.93
Net Earnings $0.03 $0.11 $0.90 $0.97
CONTACT: Consumers Packaging Inc. M. William Lightner, 416/232-3150 Vice-President, Finance and Chief Financial Officer or Morgen-Walke Associates, Inc. Donna N. Stein, APR/Sue Yeoh, 212/850-5600 Investor Relations Investor relations The process by which the corporation communicates with its investors. Stan Froelich, 212/850-5600 Press Contact |
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