Silgan Holdings Reports Record Sales and Earnings for 2002.Business Editors STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn.--(BUSINESS WIRE)--Jan. 30, 2003 Silgan Holdings Inc. (Nasdaq:SLGN SLGN State and Local Government on the Net SLGN Student Loan Marketing Association Global Notes ) today reported record full year 2002 net income of $53.8 million, or $2.93 per 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. share, as compared to full year 2001 net income of $41.8 million, or $2.31 per diluted share. Net income for the fourth quarter of 2002 was $6.2 million, or $0.34 per diluted share, as compared to net income for the fourth quarter of 2001 of $4.8 million, or $0.26 per diluted share. Full Year 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 for the full year 2002 increased $47.3 million, or 2.4 percent, to a record $1.988 billion as compared to $1.941 billion in 2001. This increase was largely the result of higher net sales in the metal food container business, and, to a lesser extent, higher net sales in the plastic container business. These increases were partially offset by the impact of contributing the metal closures business to the Amcor AMCOR Atlantic Margin Coring Project White Cap LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control joint venture in July July: see month. 2001. The Company recorded rationalization rationalization, in psychology: see defense mechanism. credits in 2002 totaling $5.6 million, or $0.18 per diluted share. These rationalization credits included $3.0 million related primarily to certain previously written down assets of the metal food container business that were placed back in service to meet business requirements and $2.6 million related primarily to the decision to support new business requirements by continuing to operate the Kingsburg, California Kingsburg is a city in Fresno County, California. Wired telephone numbers begin with (559) 897-xxxx. For much of history the fields around Kingsburg were mostly grape vineyards which produce mainly raisin and table grapes; however in 2002 a large surplus of raisins and metal food container facility that was previously expected to be closed. In 2001, the Company recorded rationalization charges totaling $9.3 million, or $0.31 per diluted share. These rationalization charges included $3.5 million related to closing a plastic container manufacturing facility and $5.8 million primarily related to the planned closing of two metal food container manufacturing facilities including the Kingsburg facility. Income from operations for 2002 increased by $15.5 million, or 10.2 percent, to $167.9 million as compared to $152.4 million for the same period in 2001, and operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: increased to 8.4 percent from 7.9 percent. The increases in income from operations and operating margin were primarily a result of higher volumes, rationalization credits in 2002 as compared to rationalization charges in 2001 and the elimination of goodwill amortization, partially offset by the effect of price adjustments relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc certain contract negotiations, higher depreciation expense, higher costs to initially absorb new business in the metal food container business and the impact of contributing the metal closures business to the White Cap joint venture in July 2001. Interest expense for 2002 was $73.7 million, a decrease of $7.5 million as compared to 2001. This decrease resulted primarily from a lower average interest rate and approximately $75 million in lower average borrowings as compared to 2001. Despite the add-on A purchase of additional goods before payment is made for goods already purchased. An add-on may be covered by a clause in an installment payment contract that allows the seller to hold a security interest in the earlier goods until full payment is made on the later goods. issuance of $200 million of 9% Senior Subordinated Debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before and higher interest rate spreads over LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). as a result of the refinancing Refinancing An extension and/or increase in amount of existing debt. of the Company's previous U.S. senior secured credit facility in 2002, the Company experienced a lower average interest rate as compared to 2001 as a result of lower LIBOR rates. The Company provided for income taxes at an effective rate of 39.5 percent and 39.7 percent in 2002 and 2001, respectively. The Company's 2002 net income included a benefit of approximately $5.0 million, or $0.17 per diluted share, from the elimination of goodwill amortization as a result of the Company's adoption of Statement of Financial Accounting Standards, or SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System , No. 142, "Accounting for Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ," on January January: see month. 1, 2002. During 2002, the metal food container and plastic container businesses benefited from the elimination of $2.3 million and $2.7 million, respectively, of goodwill amortization. Net income for 2002 also included an extraordinary charge of $0.6 million, net of tax, or $0.03 per diluted share, for the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of unamortized financing costs related to the Company's refinancing of its previous U.S. senior secured credit facility. Net income for 2001 included the Company's $4.9 million, or $0.16 per diluted share, gain on assets contributed to the White Cap joint venture. Metal Food Container Performance Net sales of the metal food container business were $1.487 billion in 2002, an increase of $85.9 million, or 6.1 percent, over the same period in 2001 primarily as a result of new business and a stronger fruit and vegetable pack. Unit volume increased 7.6 percent as compared to 2001. Income from operations of the metal food container business in 2002 increased 11.4 percent to $120.6 million as compared to $108.3 million in 2001, and operating margin increased to 8.1 percent from 7.7 percent. The increases in income from operations and operating margin were principally due to higher sales volume, rationalization credits in 2002 as compared to rationalization charges in 2001 and the elimination of goodwill amortization, partially offset by the effect of price adjustments relating to certain contract negotiations, higher depreciation expense, higher manufacturing costs to initially absorb new business, start-up Start-up The earliest stage of a new business venture. costs related to the manufacture of convenience ends and increased employee health and welfare costs. Plastic Container Performance Net sales of the plastic container business increased $7.7 million in 2002, or 1.6 percent, to $501.3 million as compared to $493.6 million in 2001. This increase was primarily a result of higher unit volume due primarily to new business, partially offset by lower average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. due principally to the pass through of lower resin resin, any of a class of amorphous solids or semisolids. Resins are found in nature and are chiefly of vegetable origin. They are typically light yellow to dark brown in color; tasteless; odorless or faintly aromatic; translucent or transparent; brittle, fracturing costs and a less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. sales mix sales mix See product mix. . Income from operations of the plastic container business for 2002 increased $6.9 million, or 15.0 percent, to $52.9 million as compared to $46.0 million in 2001, and operating margin increased to 10.6 percent from 9.3 percent. The increases in income from operations and operating margin were primarily a result of higher volumes, a rationalization charge recorded in 2001, the elimination of goodwill amortization and improved operational efficiencies, partially offset by higher depreciation expense, higher selling and commercial development expenses and higher employee health and welfare costs. Fourth Quarter Net income for the fourth quarter of 2002 was $6.2 million, or $0.34 per diluted share, as compared to net income for the fourth quarter of 2001 of $4.8 million, or $0.26 per diluted share. Net sales for the fourth quarter of 2002 increased $5.6 million, or 1.2 percent, to $466.9 million as compared to $461.3 million in the fourth quarter of 2001. This increase was the result of higher unit volume in both the metal food container and plastic container businesses, partially offset by a less favorable sales mix of the metal food container business. In the fourth quarter of 2002, the Company recorded a rationalization credit of $0.7 million, or $0.03 per diluted share, related to certain previously written down assets of the metal food container business that were placed back in service. In the fourth quarter of 2001, the Company recorded a rationalization charge of $5.8 million, or $0.21 per diluted share, primarily related to closing two metal food container facilities. Income from operations for the fourth quarter of 2002 was $30.5 million, an increase of $5.0 million, or 19.6 percent, over the same period in 2001. This increase was primarily a result of higher volumes, rationalization credits in 2002 as compared to rationalization charges in 2001, lower selling, general and administrative expenses in the metal food container business largely due to the settlement of certain litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. in 2002 and an increase to the bad debt reserve in 2001, the elimination of goodwill amortization and higher income from operations in the plastic container business, partially offset by the effect of price adjustments relating to certain contract negotiations, start-up costs related to the manufacture of convenience ends in the metal food container business and higher depreciation expense. Interest expense for the fourth quarter of 2002 was $18.9 million, an increase of $1.5 million as compared to the fourth quarter of 2001. This increase resulted primarily from a higher average interest rate due to the add-on issuance of $200 million of 9% Debentures and higher interest rate spreads over LIBOR as a result of the refinancing of the Company's previous U.S. senior secured credit facility in 2002. The effect of the higher average interest rate was partially offset by approximately $55 million in lower average borrowings as compared to the fourth quarter of 2001 and lower LIBOR rates. The Company's net income for the fourth quarter of 2002 included a benefit of approximately $1.2 million, or $0.04 per diluted share, from the elimination of goodwill amortization as a result of the Company's adoption of SFAS No. 142. The metal food container and plastic container businesses benefited from the elimination of $0.5 million and $0.7 million, respectively, of goodwill amortization. Net income for the fourth quarter of 2001 included a reduction to the gain on assets contributed to the White Cap joint venture of $0.4 million, or $0.02 per diluted share. Equity Affiliates The Company recorded equity in losses of White Cap for the full year of 2002 of $2.6 million, net of tax, or $0.14 per diluted share, as compared to equity in losses of $0.3 million, net of tax, or $0.02 per diluted share, for the same period in 2001. The Company's equity in losses of White Cap for the full year of 2002 included the Company's share of both a rationalization charge equal to $2.0 million, net of tax, or $0.11 per diluted share, related to closing a metal closures manufacturing facility and a gain on the sale of assets of $0.7 million, net of tax, or $0.04 per diluted share, recorded by the joint venture. The Company recorded equity in losses of White Cap for the fourth quarter of 2002 of $0.8 million, net of tax, or $0.05 per diluted share, as compared to equity in losses of White Cap, of $0.1 million, net of tax, or $0.01 per diluted share, for the fourth quarter of 2001. As expected, the losses in the fourth quarter reflect the continued costs to rationalize ra·tion·al·ize v. 1. To make rational. 2. To devise self-satisfying but false or inconsistent reasons for one's behavior, especially as an unconscious defense mechanism through which irrational acts or feelings are made to appear the joint venture's metal closure facilities. In 2001, the Company recorded equity in losses of Packtion Corporation, a now dissolved dis·solve v. dis·solved, dis·solv·ing, dis·solves v.tr. 1. To cause to pass into solution: dissolve salt in water. 2. e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. packaging venture, of $3.8 million, or $0.21 per diluted share. Acquisitions On January 2, 2003, the Company announced that it had agreed to acquire the remaining 65 percent interest in the White Cap joint venture from Amcor White Cap Inc. The purchase price for the equity and outstanding debt obligations of the joint venture is expected to total approximately $125 million. The transaction is expected to be completed during the first quarter of 2003. White Cap is a leading supplier of an extensive range of metal and plastic closures to consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and packaging companies in the 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. industries 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. . The business, which had net sales of approximately $250 million in 2002, is headquartered in Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. and presently operates seven manufacturing facilities. Manufacturing facilities are located in Athens, Georgia Athens-Clarke County is a unified city-county in Georgia, U.S., in the northeastern part of the state, at the eastern terminus of Georgia 316. The University of Georgia is located in this college town and is responsible for the initial creation of Athens and its subsequent growth. ; Champaign, Illinois “Champaign” redirects here. For topics with similar names, see Champagne. Champaign is a city in Champaign County, Illinois, in the United States. As reported in the 2000 U.S. Census, the city was home to 67,518 people. ; Hazelton Hazelton may refer to: Places
Evansville (IPA: [ˈɛ.vənzˌvɪl]) is the third-largest city in the state of Indiana. ; Richmond, Indiana Richmond (IPA: [ˈrɪtʃ.mənd]) is a city in east central Indiana, which borders Ohio. It is sometimes called the "cradle of recorded jazz" because some early jazz records originated there at the studio of ; Chicago, Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. ; and Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. . The Company expects to operate the business as part of its metal food container business due to similarities in end-use markets. Both businesses sell to consumer goods packaging companies in the food and beverage industries. The White Cap joint venture was originally formed in July 2001, when the Company contributed certain metal closure assets and liabilities in return for $32.4 million in cash and a 35 percent interest in the joint venture. Net sales for the facilities contributed by the Company totaled approximately $91 million in 2000. Schmalbach-Lubeca AG (the original joint venture partner whose interest was purchased by Amcor Ltd.) contributed the remaining metal and plastic closure operations. As part of the integration of the contributed businesses, the joint venture instituted a program to rationalize the metal closure facilities. This program is well under way and is expected to result in significant cost savings starting in 2003. In January 2003, the Company acquired substantially all of the assets of Thatcher Thatch·er , Margaret Hilda. Baroness. Born 1925. British Conservative politician who served as prime minister (1979-1990). Her administration was marked by anti-inflationary measures, a brief war in the Falkland Islands (1982), and the passage of a Tubes LLC, a privately held manufacturer and marketer of decorated dec·o·rate tr.v. dec·o·rat·ed, dec·o·rat·ing, dec·o·rates 1. To furnish, provide, or adorn with something ornamental; embellish. 2. plastic tubes serving primarily the personal care industry. Thatcher Tubes operates manufacturing facilities in Woodstock, Illinois Woodstock is a city in McHenry County, Illinois, United States. The population was 20,151 at the 2000 census, and estimated to be 23,241 as of 2006. The Northeastern Illinois Planning Commission predicts the city will have a population of 30,522 in 2030. and Culiacan, Mexico, and had net sales in 2002 of approximately $29 million. While a relatively small tube manufacturer, Thatcher Tubes has built a reputation as a high quality supplier of decorated plastic tubes, particularly to the personal care market. With Silgan Plastics' leadership position in plastic containers for the personal care market, this acquisition provides opportunities for growth through an expanded product offering. Given its size, the transaction is expected to have little effect on the Company's net income in 2003. The purchase price for the assets, including additional production capacity recently installed and currently being installed, was $32 million. These acquisitions are expected to be partly financed with incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. term loan borrowings under the Company's senior secured credit facility. The Company has received a commitment from Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank for up to $100 million of these term loans at the same interest rate as under the senior secured credit facility, currently LIBOR plus a margin of two percent. We anticipate completing this financing during the first quarter of 2003. Outlook for 2003 The Company estimates that its net income per diluted share for 2003 will be in the range of $2.85 to $3.15. The Company anticipates higher net sales in the metal food container business in 2003 as compared to 2002, primarily as a result of the expected acquisition of the remaining 65 percent interest in the White Cap joint venture during the first quarter of 2003. Operating margin for the metal food container business is expected to be essentially unchanged as increased sales of value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. products, benefits of productivity enhancing investments and benefits from more efficiently supplying new business gained in 2002 are offset by higher employee health and welfare costs, insurance costs and depreciation expense. The Company currently anticipates sales growth in the plastic container business in 2003 as compared to 2002, primarily driven by the addition of the tube business. Operating margin for the plastic container business is expected to decrease as compared to 2002 primarily as a result of heightened competitive activity. The Company currently anticipates a decline in earnings in the first half of 2003 as compared with 2002 as a result of a rationalization credit of $2.3 million, or $0.07 per diluted share, recorded in the first quarter of 2002, continued rationalization costs in the closures business and start-up costs related to the manufacture of convenience ends in 2003. Additionally, the first quarter of 2003 will be impacted by unfavorable absorption of fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). as the Company implements a finished goods inventory reduction program and by higher interest expense as a result of the Company's refinancing of its previous U.S. senior secured credit facility in 2002. The Company expects net income per diluted share for the first quarter of 2003 to be in the range of $0.20 to $0.30, as compared to $0.62 in the first quarter of 2002. Net income for the first quarter of 2002 included strong operating performance from both the metal food container and plastic container businesses. Conference Call Silgan Holdings Inc. will hold a conference call to discuss the Company's results for the fourth quarter and full year 2002 at 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy on Thursday Thursday: see week. , January 30, 2003. The toll free number for domestic callers is (800) 599-9829, and the number for international callers is (617) 801-9702. The pass code is 203773. For those unable to listen to the live call, a taped rebroadcast will be available until 11:00 a.m. EST on February 6, 2003. To access the rebroadcast, the toll free number for domestic callers is (888) 286-8010, and the number for international callers is (617) 801-6888. The pass code is 73618. Silgan Holdings is a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. manufacturer of consumer goods packaging products with annual sales of approximately $2.0 billion in 2002. Silgan operates 61 manufacturing facilities in the U.S., Canada and Mexico, and it is the largest supplier of metal containers for food products and a leading supplier of plastic containers for personal care products in North America. Statements included in this press release which are not historical facts are forward looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and the Securities Exchange Act of 1934. Such forward looking statements are made based upon management's expectations and beliefs concerning future events impacting the Company and therefore involve a number of uncertainties and risks, including, but not limited to, those described in the Company's 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. for 2001 and other filings with the Securities and Exchange Commission. As a result, the actual results of operations or financial condition of the Company could differ materially from those expressed or implied in such forward looking statements.
SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the quarter and year ended December 31,
(Dollars in millions, except per share amounts)
Fourth Quarter Year Ended
----------------------- -----------------------
2002 2001 2002 2001
----------- ----------- ----------- -----------
Net sales $ 466.9 $ 461.3 $ 1,988.3 $ 1,941.0
Cost of goods sold 419.5 408.1 1,749.7 1,700.7
----------- ----------- ----------- -----------
Gross profit 47.4 53.2 238.6 240.3
Selling, general and
administrative
expenses 17.6 21.9 76.3 78.6
Rationalization
(credits) charges (0.7) 5.8 (5.6) 9.3
----------- ----------- ----------- -----------
Income from
operations 30.5 25.5 167.9 152.4
Gain on assets
contributed to
affiliate - (0.4) - 4.9
Interest and other
debt expense 18.9 17.4 73.7 81.2
----------- ----------- ----------- -----------
Income before
income taxes,
equity in losses
of affiliates
and
extraordinary
item 11.6 7.7 94.2 76.1
Provision for income
taxes 4.6 2.8 37.2 30.2
----------- ----------- ----------- -----------
Income before
equity in losses
of affiliates
and
extraordinary
item 7.0 4.9 57.0 45.9
Equity in losses of
affiliates, net of
tax (0.8) (0.1) (2.6) (4.1)
----------- ----------- ----------- -----------
Income before
extraordinary
item 6.2 4.8 54.4 41.8
Extraordinary item -
loss on early
extinguishment
of debt, net of tax - - (0.6) -
----------- ----------- ----------- -----------
Net income $ 6.2 $ 4.8 $ 53.8 $ 41.8
=========== =========== =========== ===========
Basic earnings
per share:
Income before
extraordinary
item $ 0.34 $ 0.27 $ 3.00 $ 2.35
Extraordinary
item - - (0.03) -
----------- ----------- ----------- -----------
Basic earnings
per share $ 0.34 $ 0.27 $ 2.97 $ 2.35
=========== =========== =========== ===========
Diluted earnings
per share:
Income before
extraordinary
item $ 0.34 $ 0.26 $ 2.96 $ 2.31
Extraordinary
item - - (0.03) -
----------- ----------- ----------- -----------
Diluted earnings
per share $ 0.34 $ 0.26 $ 2.93 $ 2.31
=========== =========== =========== ===========
Weighted average
shares (000's):
Basic 18,231 17,849 18,135 17,777
Diluted 18,352 18,169 18,377 18,081
SILGAN HOLDINGS INC.
CONSOLIDATED SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
For the quarter and year ended December 31,
(Dollars in millions)
Fourth Quarter Year Ended
----------------------- -----------------------
2002 2001 2002 2001
----------- ----------- ----------- -----------
Net sales:
Metal food
containers $ 342.7 $ 345.7 $ 1,487.0 $ 1,401.1
Plastic
containers 124.2 115.6 501.3 493.6
Metal closures - - - 46.3
----------- ----------- ----------- -----------
Consolidated $ 466.9 $ 461.3 $ 1,988.3 $ 1,941.0
=========== =========== =========== ===========
Income from
operations:
Metal food
containers (a) $ 20.2 $ 17.7 $ 120.6 $ 108.3
Plastic
containers (b) 11.7 9.7 52.9 46.0
Metal closures - - - 3.3
Corporate (1.4) (1.9) (5.6) (5.2)
----------- ----------- ----------- -----------
Consolidated $ 30.5 $ 25.5 $ 167.9 $ 152.4
=========== =========== =========== ===========
SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
December 31,
(Dollars in millions)
2002 2001
----------- -----------
Assets:
Cash $ 58.3 $ 18.0
Current assets 411.5 419.6
Property, plant and equipment, net 705.7 677.5
Other assets 198.9 196.7
----------- -----------
Total assets $ 1,374.4 $ 1,311.8
=========== ===========
Liabilities and stockholders' equity:
Current liabilities, excluding debt $ 247.6 $ 259.7
Current and long-term debt 956.8 944.8
Other liabilities 106.9 92.2
Stockholders' equity 63.1 15.1
----------- -----------
Total liabilities and
stockholders' equity $ 1,374.4 $ 1,311.8
=========== ===========
(a) Includes rationalization credits of $0.7 million in the fourth
quarter of 2002 and $5.4 million for the year ended 2002. Includes
a rationalization charge of $5.8 million for both the fourth
quarter of 2001 and year ended 2001. Includes goodwill
amortization of $0.5 million and $2.3 million for the fourth
quarter and year ended 2001, respectively.
(b) Includes a rationalization credit of $0.2 million for the year
ended 2002, and a rationalization charge of $3.5 million for the
year ended 2001. Includes goodwill amortization of $0.7 million
and $2.7 million in the fourth quarter and year ended 2001,
respectively.
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