Consumers Packaging Reports Second Quarter Results.Business Editors TORONTO--(BUSINESS WIRE)--Aug. 10, 2000 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) .) Sales remain strong. Net loss from currency translation. Consumers Packaging Inc. (TSE:CGC.TO.) reported its second quarter results in both US dollars - US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). (generally accepted accounting principles) and Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents - Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. GAAP. For the three months ended June June: see month. 30, 2000, Consumers Packaging had a consolidated net loss, in US dollars-US GAAP, of $2.4 million, or $0.06 per share, on sales of $305.6 million, compared to a profit of $2.5 million, or $0.07 per share, on sales of $305.4 million for the same period in 1999. The 2000 loss includes $2.9 million of exchange losses arising from the translation of US denominated bond debt from Canadian dollars to US dollars, whereas the 1999 results included a gain of $4.0 million from a similar translation. John J. Ghaznavi For Mahmud Ghaznavi please see Mahmud of Ghazni Ghaznavi (Urdu: غزنوی) is the name given to a Pakistani missile. It is named after the 11th century Muslim-Turk conqueror Mahmud of Ghazni. , Chairman and Chief Executive Officer, said all operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon reported positive 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. except for the Italian subsidiary. Mr. Ghaznavi warned, however, that unless customers help defray de·fray tr.v. de·frayed, de·fray·ing, de·frays To undertake the payment of (costs or expenses); pay. [French défrayer, from Old French desfrayer : des-, the high cost of natural gas, it will be difficult to match the second quarter performance in the two remaining quarters. For the six months of 2000, the consolidated net loss, in US dollars-US GAAP, was $3.5 million, or $0.09 per share, on sales of $567.3 million, including a translation exchange loss of $4.1 million as compared to a loss of $8.3 million, or $0.24 per share, on sales of $552.7 million, including a translation exchange gain of $3.1 million for the similar period of 1999. US dollar results in 2000 include a first quarter gain of $4.1 million from the sale of the Anchor Glass subsidiary's closed Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; facility and revenue of $4.1 million in the quarter and $7.8 million in the six months from the construction contract for renovation of the Houston plant. The 1999 results included a second quarter foreign-exchange loss of $3.2 million from the unwinding of a currency hedge Currency hedge Applies mainly to international equities. Hedging technique to guard against foreign exchange fluctuations (i.e., short Euro l00 mm when holding a long position of Euro l00 mm in stocks). and $4.7 million of income in the first quarter resulting from recording a tax benefit. In Canadian dollars-Canadian GAAP, for the three months ended June 30, 2000, the company had a consolidated net loss of $2.4 million or $0.06 per share, on sales of $452.8 million, compared to a loss of $2.3 million, or $0.07 per share, on sales of $427.4 million for the second quarter of 1999. For the six months ended June 30, 2000, the loss was $5.5 million, or $0.14 per share, on sales of $832.2 million, compared to a loss of $14.7 million, or $0.43 per share, on sales of $773.3 million for the same period in 1999. In Canadian dollars, the 2000 first quarter gain on the Houston plant sale was $6.1 million and the revenue from the construction contract was $6.1 million and $11.5 million for the three and six months of 2000, respectively. Also in Canadian dollars, the 1999 foreign-exchange loss noted above was $4.8 million and the income tax benefit was $7.0 million. Toronto-based Consumers Packaging Inc. is a leading international designer and producer of high quality glass containers. Together with its Anchor Glass Container Corporation subsidiary, it is the third largest manufacturer of glass containers 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. .
Consumers Packaging Inc.
Three and six months ended June 30, 2000 and 1999
US GAAP, US dollars in thousands, except per share data
Unaudited
Three months ended Six months ended
June 30, June 30,
------------------ ----------------
2000 1999 2000 1999
---- ---- ---- ----
Gross sales $305,640 $305,430 $567,333 $552,664
Operating income 19,822 21,703 31,878 25,030
Net earnings (loss) (2,445) 2,505 (3,520) (8,322)
Net earnings (loss)
per share-
Basic and fully diluted $(0.06) $0.07 $(0.09) $(0.24)
Three and six months ended June 30, 2000 and 1999
Canadian GAAP, Canadian dollars in thousands, except per share data
Unaudited
Three months ended Six months ended
June 30, June 30,
------------------ ----------------
2000 1999 2000 1999
---- ---- ---- ----
Gross sales $452,751 $427,392 $832,164 $773,290
Operating income 27,301 32,702 42,881 40,286
Net loss (2,403) (2,279) (5,458) (14,734)
Net loss per share-
Basic and fully diluted $(0.06) $(0.07) $(0.14) $(0.43)
This press release contains "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. " that are subject to a number of risks and uncertainties, many of which are beyond the control of the company. Forward-looking statements are typically identified by words such "believe", "expect," "anticipate," "intend," "estimate," and similar expressions. Actual results for the company could differ materially from those contemplated by these forward-looking statements as a result of these risks and uncertainties. In light thereof, there can be no assurance that the results and events contemplated by the forward-looking information contained herein will in fact transpire. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. |
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