Crown Vantage Reports Financial Results for Fourth Quarter.OAKLAND Oakland, city (1990 pop. 372,242), seat of Alameda co., W Calif., on the eastern side of San Francisco Bay; inc. 1852. Together with San Francisco and San Jose, the city comprises the fourth largest metropolitan area in the United States. , Calif.--(BUSINESS WIRE)--Feb. 3, 1997--Crown Vantage Inc. (NASDAQ NASDAQ 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 :CVAN CVAN Attack Aircraft Carrier (Nuclear Propulsion) CVAN CINCPAC Voice Alert/Automated Net ) reported a net loss for the 52-week year ended Dec. 29, 1996 of $24.8 million or $2.87 per share compared to net income of $45.3 million for the 53-week year in 1995. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight in 1996 of $925.4 million on volume of 947,625 tons (Transparent Optical Networking Services) A marketing term for providing dark fiber to a customer. The customer is responsible for generating the transmission signal and interpreting it at the other end. See dark fiber. compared to net sales of $1.1 billion on 985,061 tons in 1995. For the year, 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. totaled $20.3 million in 1996, compared to operating income for 1995 of $100.3 million. The company reported a net loss for the fourth quarter of 1996 of $15.3 million, or $1.77 per share, compared to net income of $9.9 million, or $1.17 per share, in the fourth quarter of 1995. A fourth quarter 1996 operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $7.3 million was reported compared to an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $34.3 million in the fourth quarter 1995. The company said that lower prices driven by weak markets associated with excess inventory at both the consumer and producer levels were largely responsible for the loss in 1996. The company's average net sales price in 1996 was down $120 per ton from 1995. A two percent decline in annual sales volume on a 52-week basis was attributed to non-routine events such as unscheduled unscheduled Adjective not planned or intended Adj. 1. unscheduled - not scheduled or not on a regular schedule; "an unscheduled meeting"; "the plane made an unscheduled stop at Gander for refueling" power outages This is a list of famous wide-scale power outages. 1965
"These special circumstances special circumstances n. in criminal cases, particularly homicides, actions of the accused or the situation under which the crime was committed for which state statutes allow or require imposition of a more severe punishment. , which are behind us now, and the weak market conditions were mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. somewhat by continuing improvement in our cost structure," said Ernest S Er´nest n. 1. See Earnest. . Leopold Leopold was the name of many rulers in Europe. (See List of rulers named Leopold) Leopold may also refer to: People:
Fourth quarter sales volume on a calendar-equivalent basis was less than one percent below the comparable period in 1995. "In fact, sales volume in our packaging and converting papers was the strongest since early 1995," Leopold said. "We were pleased to see higher pricing in our specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. packaging, converting and uncoated printing papers segments during the quarter. Growing backlogs and lower inventories in coated groundwood papers are evidence of a return to a balance in supply and demand in that segment, which should lead to improved pricing in 1997. "We believe this year we'll we'll Contraction of we will. we'll we will or we shall we'll will ~shall see the full impact from our increased coated groundwood capacity at the St. Francisville St. Francisville may refer to:
A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. ," Leopold said. Crown Vantage, headquartered in Oakland, manufactures papers for printing, publishing and specialty packaging and converting applications at its 11 mills in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Scotland Scotland, political division of Great Britain (1991 pop. 4,957,000), 30,414 sq mi (78,772 sq km), comprising the northern portion of the island of Great Britain and many surrounding islands. . Company information can be found on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.crownvantage.com. -0-
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Twelve Months Ended Dec. 29, 1996 and Dec. 31, 1995
(in thousands of dollars, except per share)
Twelve Months
-----------------------------------------------
1996 1995 1995 Pro Forma(a)
----------- ----------- -----------------
(Unaudited)
Net sales $ 925,376 $ 1,076,506 $ 1,075,756
Less:
Cost of goods sold 852,878 920,664 922,057
Gross Margin 72,498 155,842 153,699
Selling & adm
expenses 52,215 55,516 55,516
Operating Profit 20,283 100,326 98,183
Interest expense (63,301) (25,755) (66,864)
Other income 3,014 565 565
Income(loss)
before
Income Taxes (40,004) 75,136 31,884
Provision (benefit)
for income taxes (15,200) 29,866 13,041
NET INCOME(LOSS) $(24,804) $ 45,270 $ 18,843
Earnings(loss)
per share(b) $ (2.87) $ 2.18
a) The 1995 Pro forma amounts reflect pro forma adjustments,
principally for interest expense at current rates as if the
Subordinated Notes, Senior Pay-in-Kind Notes and amounts due under
the Bank Credit Facility outstanding in 1996 had been outstanding for
the corresponding eight month period prior to the spin-off in 1995.
b) Earnings per share is based upon 8,688,582 and 8,494,310 weighted
average shares outstanding for the quarters ended December 1996 and
December 1995 respectively, and 8,631,692 weighted average (and
assumed weighted average) shares outstanding for the twelve months
ended December 1996 and December 1995. (The number of shares
considered outstanding does not include 173,647 shares and 411,066
shares held by the Employee Stock Ownership Plan Trust at
December 29, 1996, and December 31, 1995, respectively.
In accordance with generally accepted accounting principles, shares
held by the Trust are not considered outstanding for earnings per
share calculations until the shares are committed for release from
the Trust.)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Fourth Quarter Ended Dec. 29, 1996 and Dec. 31, 1995
(in thousands of dollars, except per share)
Fourth Quarter Third Quarter
(Unaudited) (Unaudited)
1996 1995 1996
Net sales $ 220,895 $ 277,797 $ 221,064
Less:
Cost of goods sold 214,104 231,457 210,319
Gross Margin 6,791 46,340 10,745
Selling & adm
expenses 14,083 12,019 13,792
Operating Profit(Loss) (7,292) 34,321 (3,047)
Interest expense (16,134) (18,151) (15,337)
Other income 843 297 798
Income (loss)
before
Income Taxes (22,583) 16,467 (17,586)
Provision (benefit)
for income taxes (7,247) 6,542 (8,018)
NET INCOME (LOSS) $(15,336) $ 9,925 $(9,568)
Earnings (loss)
per share(b) $(1.77) $ 1.17 $(1.11)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Twelve Months Ended Dec. 29, 1996 and Dec. 31, 1995
(in thousands of dollars)
Twelve Months Ended
1996 1995
----------- ------------
(Unaudited)
Cash provided by (used for)
operating activities:
Net income (loss) $(24,804) $45,270
Items not affecting cash:
Depreciation expense and
cost of timber harvested 79,252 77,821
Amortization of goodwill
and other intangibles 1,125 1,125
Proceeds from securitization
of accounts receivable 43,000 --
Change in Working Capital
and other, net 14,354 8,058
Cash provided by
operating activities 112,927 132,274
Cash provided by (used for)
investing activities:
Expenditures for property,
plant and equipment (82,272) (46,930)
Other, net (6,794) 1,366
Cash used for investing
activities (89,066) (45,564)
Cash provided by (used for)
financing activities:
Proceeds from issuance of
subordinated notes -- 242,500
Proceeds from issuance of
term notes -- 190,592
Proceeds from revolving
credit, net 15,000 10,000
Repayments of Term Loans (52,538) (2,750)
Net proceeds from issuance of
industrial revenue bonds 12,100 --
Net payments of long-term debt (2,583) (1,026)
James River's capital
withdrawal, net -- (533,126)
Cash used for
financing activities (28,021) (93,810)
Increase (decrease) in cash
and cash equivalents (4,160) (7,100)
Cash and cash equivalents,
beginning of year 5,335 12,435
Cash and cash equivalents,
end of year $ 1,175 $ 5,335
OPERATING RESULTS BY SECTOR
(Sales in millions, Tons in thousands)
Net Sales and Tonnage by Sector For the Quarter Ended
Dec. 29, 1996 Dec. 31, 1995
Sales Tons Sales Tons
Printing & Publishing Papers:
Coated groundwood $ 43.0 64.5 $ 77.6 75.7
Uncoated 58.0 58.0 71.7 62.4
Specialty Papers:
Food & retail packaging 75.2 62.0 81.1 59.4
Converting 40.0 43.0 40.5 42.4
Pulp and Miscellaneous 4.7 13.9 6.9 9.9
Total Company $ 220.9 241.4 $ 277.8 249.8
Net Sales and Tonnage by Sector For the Twelve Months Ended
Dec. 29, 1996 Dec. 31, 1995
Sales Tons Sales Tons
Printing & Publishing Papers:
Coated groundwood $ 213.6 257.9 $ 263.2 284.4
Uncoated 239.1 239.9 273.7 242.5
Specialty Papers:
Food & retail packaging 304.9 238.9 345.7 248.6
Converting 152.5 168.3 157.2 164.8
Pulp and Miscellaneous 15.3 42.6 36.7 44.8
Total Company $ 925.4 947.6 $ 1,076.5 985.1
Operating Profit by Sector (in millions)
Quarter Ended Twelve Months Ended
Dec. 29, Dec. 31, Dec. 29, Dec. 31,
1996 1995 1996 1995
Operating Profit (Loss):
Printing and
Publishing Papers $(8.1) $ 29.8 $ 12.5 $78.4
Food and Retail
Packaging (1.1) (6.9) 2.8 (15.6)
Converting 3.8 7.6 14.5 22.9
Pulp and Misc. (1.9) 3.8 (9.5) 14.6
Total Operating
Profit (Loss) $(7.3) $34.3 $20.3 $100.3
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions of dollars)
December 29, 1996
(Unaudited)
ASSETS
Cash and cash
equivalents $1,175
Accounts receivable 56,004
Inventories 97,975
Other current assets 27,901
Total Current Assets 183,055
Property, plant and
equipment, net 678,154
Other assets 82,883
$944,092
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable
and accrued expenses $141,532
Current portion of
long-term debt 6,761
Total Current Liabilities 148,293
Long-term debt 545,971
Other long-term liabilities
& deferred income taxes 220,755
Shareholders' equity 29,073
$944,092
CONTACT: Crown Vantage Inc., Oakland Katie Katie may refer to: In sports:
Neil Stuart, 510/874-3423 (Analysts) |
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