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CONTINENTAL CAN COMPANY, INC. REPORTS RESULTS

 SYOSSET, N.Y., Nov. 8 /PRNewswire/ -- Continental Can Company, Inc. (NYSE: CAN) Chairman and Chief Executive Officer Donald J. Bainton today announced results for the periods ended Sept. 30, 1993.
 For the third quarter the company reported sales of $131 million in 1993, as compared to $151.2 million in 1992. Net income amounted to $1,259,000 ($.42 per share) in the third quarter of 1993 and $2,294,000 ($.75 per share) in the third quarter of 1992. For the nine months ended Sept. 30, 1993 sales amounted to $364 million as compared to $393.1 million in the same prior year period. Net income for the first nine months of 1993 was $1,393,000 ($.46 per share) as compared to $3,128,000 ($1.02 per share) in the first nine months of 1992. Included in net income in the first nine 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, lower third quarter sales in 1993 resulted primarily from foreign currency translation rate differences which accounted for approximately 70 percent of the decline. Weakness in European economies which negatively affected operations in Germany, France and Spain and which also caused a reduction in vegetable can sales for Ferembal (as producers reduced inventory levels of canned products) accounted for the remainder of the decrease. These factors each accounted for approximately one-half of the sales decrease in the first nine months of 1993 as compared to the same prior year period. 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. Mr. Bainton stated that the same factors affected the company's bottom line results. He also pointed out that the company's gross cash flow in each period of 1993, though down modestly from 1992, remained strong reflecting the positive effect on cash flow of depreciation and amortization expense.
 "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 improvement in European economies during 1993, we believe that results in 1994 will be enhanced by the beginning of economic recovery in Europe and the replenishment of producers' inventories of canned products. We also remain optimistic regarding improved results at PCI in 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.
 (In thousands, except share and per share data)
 THIRD QUARTER NINE MONTHS
 1993 1992 1993 1992
 Sales $131,046 $151,225 $364,050 $393,128
 Cost of goods sold 105,663 120,669 295,784 315,791
 Gross profit 25,383 30,556 68,266 77,337
 Selling, general and
 administrative expenses 17,153 18,951 47,994 51,813
 Operating income 8,230 11,605 20,272 25,524
 Other income (expense):
 Interest expense, net (6,201) (7,417) (17,583) (19,466)
 Foreign currency exchange loss (189) (538) (239) (471)
 Other - net 10 71 110 572
 Net other expense (6,380) (7,884) (17,712) (19,365)
 Income before provision for
 income taxes, equity in earnings
 of Obalex, minority interest,
 extraordinary item and cumulative
 effect of accounting change 1,850 3,721 2,560 6,159
 Provision for income taxes 1,671 1,969 3,325 2,917
 Income (loss) before equity in
 earnings of Obalex, minority
 interest, extraordinary item and
 cumulative effect of accounting
 change 179 1,752 (765) 3,242
 Equity in earnings of Obalex 173 - 246 -
 Minority interest (907) (542) (1,912) (928)
 Income before extraordinary item
 and cumulative effect of
 accounting change 1,259 2,294 1,393 4,170
 Extraordinary item, net - - - (1,502)
 Cumulative effect of accounting
 change, net - - - 460
 Net income $1,259 $2,294 $1,393 $3,128
 Earnings (loss) per common
 share-Primary:
 Before extraordinary item and
 cumulative effect of
 accounting change $0.42 $0.75 $0.46 $1.36
 Extraordinary item - - - (0.49)
 Cumulative effect of accounting
 change - - - 0.15
 Net earnings per common share $0.42 $0.75 $0.46 $1.02
 Earnings (loss) per common
 share, assuming full dilution:
 Before extraordinary item and
 cumulative effect of accounting
 change $0.38 $0.68 $0.44 $1.24
 Extraordinary item - - - (0.44)
 Cumulative effect of accounting
 change - - - 0.14
 Net earnings per common share,
 assuming full dilution $0.38 $0.68 $0.44 $0.94
 Weighted average shares
 outstanding 3,020 3,044 3,031 3,077
 Depreciation and amortization $8,723 $8,515 $26,198 $26,500
 Gross cash flow $9,982 $10,809 $27,591 $29,628
 -0- 11/8/93
 /CONTACT: Donald J. Bainton, CEO, or Abdo Yazgi, EVP of Continental Can, 516-822-4940/
 (CAN) CO: Continental Can Company, Inc. ST: New York IN: PAP SU: ERN


TW-GK -- NY021 -- 1597 11/08/93 08:56 EST
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Date:Nov 8, 1993
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