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CONTINENTAL CAN COMPANY, INC., REPORTS RECORD SALES

 CONTINENTAL CAN COMPANY, INC., REPORTS RECORD SALES
 SYOSSET, N.Y., Nov. 11 /PRNewswire/ -- Continental Can Company, Inc.


(NYSE: CAN) Chairman of the Board and Chief Executive Officer Donald J. Bainton, today announced results for the periods ended Sept. 30, 1992. Mr. Bainton stated that sales increased 70 percent to $151.2 million in the third quarter of 1992 as compared to $89.2 million in the same prior year period. Sales for the first nine months of 1992 increased 72 percent to $393.1 million. Sales increases primarily reflected the consolidation of the results of Plastic Containers, Inc. (PCI) and foreign currency translation rate improvements.
 Gross cash flow in the first nine months of 1992 increased substantially to $29.6 million as compared to $13.1 million in the comparable prior year period. The increased cash flow is primarily the result of the increased depreciation and amortization resulting from the write-up of the assets of PCI upon its acquisition. For the same reason, net income in each period of 1992 was lower than the comparable period of 1991. In addition, net income in the third quarter and first nine months of 1992 was negatively impacted by foreign currency exchange losses and lower sales and profit margins in Dixie Union's packaging machine business.
 Mr. Bainton said: "This divergence between reduced net income and increased cash flow reflects the increased depreciation and amortization resulting from the write-up of the assets of PCI upon its acquisition. We continue to feel that the proper benchmark for our company, given the acquisition structure we chose for PCI, is cash flow and not net income. The devaluation of the British pound against the German mark in the third quarter of 1992, which resulted in substantial currency losses for our Dixie Union subsidiary, and the recent flooding in southern France, which has impacted the harvest for which Ferembal supplies cans, are short term effects which should not continue beyond this year. We remain optimistic about each of our operations in 1993 and beyond."
 Continental Can Company, Inc., through its subsidiaries, manufactures extrusion blow-molded plastic containers, steel cans, plastic films and equipment for the packaging industry, and prints and laminates plastic film, foil and paper for the food and snack food industries. The company's subsidiary, Lockwood, Kessler & Bartlett, Inc., provides engineering services.
 CONTINENTAL CAN COMPANY, INC.
 (In thousands, except per share data)
 Periods ended: Third quarter Nine months
 Sept. 30 1992 1991 1992 1991
 Sales $151,225 $89,216 $393,128 $228,045
 Cost of goods sold 120,669 67,463 315,791 173,770
 Gross profit 30,556 21,753 77,337 54,275
 SG&A expenses 18,951 10,764 51,813 31,048
 Operating income 11,605 10,989 25,524 23,227
 Other income (expense):
 Interest expense, net (7,417) (3,055) (19,466) (8,591)
 Foreign currency exchange
 gain (loss) (538) (137) (471) 14
 Other - net 71 51 572 131
 Net other expense (7,884) (3,141) (19,365) (8,446)
 Income before provision for
 income taxes, minority
 interest and extraordinary
 item 3,721 7,848 6,159 14,781
 Provision for income taxes 1,969 2,718 2,917 5,758
 Income before minority
 interest and extraordinary
 item 1,752 5,130 3,242 9,023
 Minority interest (542) 931 (928) 2,122
 Income before extraordinary
 item 2,294 4,199 4,170 6,901
 Extraordinary item -- -- (1,502) --
 Cumulative effect of
 accounting change -- -- 460 --
 Net income 2,294 4,199 3,128 6,901
 Earnings (loss) per common
 share - Primary:
 Before extraordinary item
 and cumulative effect of
 accounting change $0.75 $1.41 $1.36 $2.90
 Extraordinary item -- -- (0.49) --
 Cumulative effect of
 accounting change -- -- 0.15 --
 Net earnings per
 common share $0.75 $1.41 $1.02 $2.90
 Earnings (loss) per common
 share, assuming full dilution:
 Before extraordinary item
 and cumulative effect
 of accounting change $0.68 $1.27 $1.24 $2.57
 Extraordinary item -- -- (0.44) --
 Cumulative effect of
 accounting change -- -- 0.14 --
 Net earnings per common share,
 assuming full dilution $0.68 $1.27 $0.94 $2.57
 Weighted average shares
 outstanding 3,044 2,987 3,077 2,381
 Depreciation & amortization $8,515 $1,977 $26,500 $6,240
 Gross cash flow $10,809 $6,176 $29,628 $13,141
 -0- 11/11/92
 /CONTACT: Donald J. Bainton, CEO, or Abdo Yazgi, executive vice president of Continental Can Company, Inc., 516-822-4940/
 (CAN) CO: Continental Can Company, Inc. ST: New York IN: SU: ERN


PS-TS -- NY001 -- 9601 11/11/92 09:01 EST
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