Sealright Reports Earnings of 12 Cents a Share For Third Quarter; Loss Anticipated in Fourth Quarter.DESOTO DeSoto is the name of several places in the United States of America:
Company Also Says It Has Engaged Financial Advisors Sealright (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 :SRCO) today reported net earnings for the quarter ended September September: see month. 30 of $1.3 million, or 12 cents a share, compared with $1.7 million, or 15 cents a share, for the 1996 quarter. Sales for the 1997 third quarter were $66.4 million, up one percent from $65.6 million in the third quarter last year. Sealright also said it expects to report a loss from operations ranging from 12 to 16 cents a share for the quarter ending December December: see month. 31, compared with a loss of 25 cents a share 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 in the 1996 fourth quarter, adjusted to exclude restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). expenses. The company estimated that net earnings for 1997 will range from 18 to 22 cents a share. Sealright President and Chief Executive Officer Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by F. Marcy Marcy or Marcie may refer to: People
Margins also have suffered because of continuing market shifts that have increased the company s percentage of lower-margin business at a rate outpacing its ability to cut costs, Marcy said. Similar issues will impact the fourth quarter, he said, even though the company expects improvement in the Akron operation. The fourth quarter also is traditionally the lowest-volume quarter for Sealright s core frozen dairy dessert packaging business, but efficiency improvements in the company s paperboard-packaging plants are expected to result in better performance compared with the 1996 fourth quarter. Marcy said sales of frozen dairy dessert packaging were strong during the third quarter, with revenues up 4 percent over the 1996 third quarter on a 10 percent increase in unit volume. Food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. sales were down, primarily because of capacity constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. in Akron. The company also said it has engaged the firms of Goldman Gold·man , Emma 1869-1940. Russian-born American anarchist. Jailed repeatedly for her advocacy of birth control and opposition to military conscription, she was deported to the Soviet Union in 1919. , Sachs Sachs , Hans 1494-1576. German writer and Meistersinger noted for his many dramas, poems, and songs. His life inspired Wagner's opera Die Meistersinger von Nürnberg (1868). & Co. and George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). K. Baum & Company to assist Sealright and its board of directors in analyzing various business and financial opportunities. Marcy said the board had not decided on any alternative nor established a timetable for reaching a conclusion. "We are evaluating many different possibilities," Marcy said. "Our goal is to improve Sealright s performance for our customers and shareholders alike." Marcy cited the recent announcement that Sealright will install a state-of-the-art Komori Komori (TYO: 6349 ) is the third biggest manufacturer of printing presses in the world today, behind and KBA (Koenig & Bauer AG). Komori is based in Japan and was founded in October 1923. External links
Marcy also announced that Sealright has developed a new packaging system that enables customers to efficiently form paperboard paperboard, material similiar in shape and composition to paper, but generally thicker, stronger, and more rigid. Paper machines, e.g., Fourdrinier machines, are used to make sheets of paperboard. containers with tapered ta·per n. 1. A small or very slender candle. 2. A long wax-coated wick used to light candles or gas lamps. 3. A source of feeble light. 4. a. walls in their own plants. He said that Dreyer s
Notable people with the name Dreyer include:
The company also said it has renegotiated the terms of its debt agreement with its primary lenders. Sealright said penalties and coupon adjustments have increased the third-quarter interest expense by about $60,000 and will increase the fourth-quarter expense by an estimated $70,000. Sealright said interest adjustments are expected to increase its cost of borrowing by about $120,000 in 1998. Sealright designs and manufactures packaging and packaging systems for select consumer-products companies worldwide. A leader in round paperboard container systems, Sealright is North America's leading supplier of packaging and packaging systems for ice cream and other frozen dairy desserts. The company also produces paperboard containers and flexible packaging, labeling, and label application equipment for food, dairy, and beverage markets. -0- With the exception of historical information, certain of the matters discussed in this news release are 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 involve estimates, risks, and uncertainties including, but not limited to, economic conditions, fluctuating fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. raw material prices, competitive conditions and pricing, and other risks indicated in filings with the Securities and Exchange Commission. -0-
Consolidated Income Statements
Three-Month Period Ended September 30, 1997 and 1996
1997 1996
Net Sales $66,353 $65,563
Cost of Goods Sold 55,936 51,871
Gross Profit 10,417 13,692
Gross Margin 15.7% 20.9%
SG&A Expenses 6,882 7,775
Other Expenses 245 270
Net Restructuring Expense (Gain) --- 815
Operating Income from Continuing Operations 3,290 4,832
Operating Margin 5.0% 7.4%
Interest Expense 1,507 1,318
Income from Continuing Operations Before
Income Taxes 1,783 3,514
Income Taxes 499 1,269
Net Income from Continuing Operations $ 1,284 $ 2,245
Gain (Loss) from Discontinued Operation --- (520)
Net Income $ 1,284 $ 1,725
Net Income Per Share from Continuing
Operations $ 0.12 $ 0.20
Loss Per Share from Discontinued Operation --- $ (0.05)
Net Income Per Share $ 0.12 $ 0.15
Average Shares Outstanding 11,073 11,072
Consolidated Income Statements
Year-to-Date Period Ended September 30, 1997 and 1996
1997 1996
Net Sales $199,374 $200,582
Cost of Goods Sold 167,980 162,832
Gross Profit 31,394 37,750
15.7% 18.8%
SG&A Expenses 22,869 25,085
Other Expenses 735 753
Net Restructuring Expense (Gain) (2,041) 3,264
Operating Income from Continuing Operations 9,831 8,648
4.9% 4.3%
Interest Expense 4,004 4,050
Income from Continuing Operations Before
Income Taxes 5,827 4,598
Income Taxes 2,125 1,646
Net Income from Continuing Operations $ 3,702 $ 2,952
Operating Loss from Discontinued Operation,
net of tax --- (1,494)
Gain on disposal of Discontinued Operation 54 ---
Gain (Loss) from Discontinued Operation 54 (1,494)
Net Income (Loss) $ 3,756 $ 1,458
Net Income Per Share from Continuing
Operations $ 0.34 $ 0.27
Loss Per Share from Discontinued Operation --- $ (0.14)
Net Income Per Share $ 0.34 $ 0.13
Average Shares Outstanding 11,072 11,072
Consolidated Balance Sheets
September 30, 1997 and 1996
1997 1996
Total Current Assets $78,109 $73,821
Property, Plant and Equipment, net 127,409 135,435
Other Assets 13,921 20,152
Total Assets $219,439 $229,408
Total Current Liabilities $ 30,860 $ 34,332
Long-term Debt 74,150 81,350
Other Liabilities 18,704 14,237
Total Liabilities 123,714 129,919
Stockholders Equity 95,725 99,489
Total Liabilities and Stockholders Equity $219,439 $229,408
CONTACT: Fleishman-Hillard Inc. David Burket, 816/474-9407 |
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