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CONTINENTAL CAN COMPANY, INC. REPORTS RESULTS

 SYOSSET, N.Y., Aug. 9 /PRNewswire/ -- Continental Can Company, Inc. (NYSE: CAN) Chairman and Chief Executive Officer, Donald J. Bainton, today announced results for the periods ended June 30, 1993.
 For the second quarter of 1993, the company reported sales of $125 million, a slight decline from 1992's second quarter sales of $125.9 million. The company reported net income of $958,000 ($.32 per share) in the second quarter of 1993 vs. net income of $1,668,000 ($.55 per share) in the second quarter of 1992. For the six months ended June 30, 1993 sales amounted to $233 million as compared to $241.9 million in the same prior year period. Net income for the first six months of 1993 amounted to $134,000 ($.04 per share) as compared to $834,000 ($.27 per share) in the first six months of 1992. Included in net income in the first six months of 1992 was an extraordinary charge for deferred financing fees related to the acquisition of Plastic Containers, Inc. (PCI) amounting to $1,502,000 ($.49 per share) and a benefit of $460,000 ($.15 per share) resulting from the cumulative effect of an accounting change.
 According to Mr. Bainton, the lower 1993 sales resulted primarily from weakness in the European economies which affected operations in Germany, France and Spain. Contributing to the decline was a 15 percent increase in the value of the dollar against the Spanish peseta, and other foreign currency translation rates which were approximately 1 percent higher over both periods. Offsetting a portion of the decline in both periods of 1993 were increased sales at Plastic Containers, Inc. (PCI), the company's U.S. plastic bottle subsidiary. The decline was also reduced in the second quarter of 1993 by pre-season shipments of cans at Ferembal which in the prior year had been credited to first quarter sales. The lower sales in Europe due to economic weakness also caused a reduction in vegetable can sales for Ferembal as producers reduced inventory levels of canned products. Mr. Bainton stated that the same factors affected the company's bottom line results.
 "Although results in 1993 continue to be impacted by weakness in the European economies in which the majority of our packaging sales are made, the effect of this decline has been partially offset by cost reduction actions in each of our operations," said Mr. Bainton. "While we do not expect any substantial improvement in European economies during 1993, we believe that results in 1994 will be enhanced by economic recovery in Europe and the replenishment of producers' inventories of canned products. We remain optimistic regarding improved results at PCI in both 1993 and 1994."
 Continental Can Company, Inc., through its subsidiaries, manufactures extrusion blow-molded plastic containers, metal cans, films and equipment for the packaging industry, and prints and laminates packaging for the food and snack food industries. The company also owns Lockwood, Kessler & Bartlett, Inc., an engineering firm located in the United States.
 CONTINENTAL CAN COMPANY, INC.
 Consolidated Statements of Earnings
 (In thousands, except per share data)
 Periods ended Second Quarter Six Months
 June 30, 1993 1992 1993 1992
 Sales $125,022 $125,926 $233,004 $241,903
 Cost of goods sold 101,716 100,767 190,121 195,122
 Gross profit 23,306 25,159 42,883 46,781
 Selling, general and
 administrative expenses 15,739 16,936 30,841 32,862
 Operating income 7,567 8,223 12,042 13,919
 Other income (expense):
 Interest expense, net (5,727) (6,215) (11,382) (12,049)
 Foreign currency exchange
 gain (loss) 35 52 (50) 67
 Other - net 63 456 100 501
 Net other expenses (5,629) (5,707) (11,332) (11,481)
 Income before provision
 for income taxes,
 equity in earnings of
 Obalex, minority interest,
 extraordinary item and
 cumulative effect of
 accounting change 1,938 2,516 710 2,438
 Provision for income taxes 1,368 785 1,654 948
 Income (loss) before equity
 in earnings of Obalex,
 minority interest,
 extraordinary item and
 cumulative effect of
 accounting change 570 1,731 (944) 1,490
 Equity in earnings of Obalex 73 -- 73 --
 Minority interest (315) 63 (1,005) (386)
 Income before extraordinary
 item and cumulative effect
 of accounting change 958 1,668 134 1,876
 Extraordinary item, net -- -- -- (1,502)
 Cumulative effect of
 accounting change, net -- -- -- 460
 Net income 958 1,668 134 834
 Earnings (loss) per
 common share - Primary:
 Before extraordinary item
 and cumulative effect of
 accounting change $0.32 $0.55 $0.04 $0.61
 Extraordinary item -- -- -- (0.49)
 Cumulative effect of
 accounting change -- -- -- 0.15
 Net earnings per common share $0.32 $0.55 $0.04 $0.27
 Earnings (loss) per
 common share, assuming
 full dilution:
 Before extraordinary
 item and cumulative
 effect of accounting
 change $0.29 $0.50 $0.05 $0.56
 Extraordinary item -- -- -- (0.44)
 Cumulative effect of
 accounting change -- -- -- 0.14
 Net earnings per common
 share, assuming full
 dilution $0.29 $0.50 $0.05 $0.26
 Weighted average share
 outstanding 3,032 3,027 3,033 3,087
 Depreciation and
 amortization $8,596 $8,963 $17,475 $17,985
 Gross cash flow $9,554 $10,631 $17,609 $18,819
 -0- 8/9/93
 /CONTACT: Donald J. Bainton, CEO, or Abdo Yazgi, executive vice president, both of Continental Can Company, Inc., 516-822-4940/
 (CAN)


CO: Continental Can Company, Inc. ST: New York IN: SU: ERN

LD-OS -- NY081 -- 0914 08/09/93 16:57 EDT
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Date:Aug 9, 1993
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