Printer Friendly

FIRST QUARTER RESULTS FOR THE PERIOD ENDED SEPT. 30, 1992

 EATONTOWN, N.J., Nov. 16 ~PRNewswire~ -- PVC Container Corporation (NASDAQ: PVCC) announced today its first fiscal quarter financial results. For the three months ended Sept. 30, 1992, net earnings per common share amounted to $.05 per share which is equivalent to the net earnings posted in the comparable period a year ago. Net sales amounted to $8,625,277 for the quarter ended Sept. 30, 1992 compared to $9,188,105 for the quarter ended Sept. 30, 1991.
 Phillip L. Friedman, president and chief executive officer said, "Profitability remained fairly constant for the first quarter of the current fiscal year compared to a year ago, despite a 6 percent decrease in revenues. Although total revenues decreased, sales of plastic bottles in the current quarter were strong and ahead of the same period last year. A decrease in plastic compound sales however off-set the improvement in plastic bottle sales which resulted lower in total revenues." It was noted that the company's Novatec Plastics & Chemicals Co., Inc. subsidiary had sizable export sales in the period last year which was not repeated in the current quarter due to the effect of fluctuations in foreign exchange values on the competitive price of Novatec's PVC compounds. Mr. Friedman added, "Novatec's sales decrease is not significant in the context of Novatec's overall strategy of developing new compounds and plastic alloys to support new compound markets primarily in North America, and the opportunities for this part of our business remains abundant. On the plastic bottle side of our business, increased demand for extrusion molded custom and stock bottles will be supported with a new Midwest blow molding facility, expected to start-up in April 1993." It was further noted that on Oct. 6, 1992, the company secured low cost financing and other attractive incentives to locate a new 62,500 square foot manufacturing facility in Paris, Illinois, which is estimated to cost approximately $1,700,000. The company broke ground on this project on Oct. 16, 1992.
 PVC CONTAINER CORPORATION
 Results of Operations for the
 Three Months Ended Sept. 30, 1992
 (Unaudited)
 Three Months Ended Sept. 30, 1992 1991
 Net sales 8,625,277 9,188,105
 Income from operations 614,725 662,775
 Income before provisions for tax 529,944 557,734
 Net income 333,894 344,734
 Earnings per share $.05 $.05
 Weighted average number of shares
 of common stock 6,594,108 6,761,813
 PVC Container Corporation, founded in 1968 and headquartered in Eatontown, New Jersey is a major producer of plastic containers for the packaging industry. Its wholly owned subsidiary Novatec Plastics & Chemicals Co., Inc., is a leading supplier of PVC compounds and specialty plastic alloys in the United States. The company's stock is traded under the NASDAQ symbol PVCC.
 -0- 11~16~92
 ~CONTACT: Fran Mazarro of PVC Container Corporation, 908-542-0060~
 (PVCC)


CO: PVC Container Corporation ST: New Jersey IN: PAP SU: ERN

TM-KW -- NY126 -- 1547 11~16~92 17:51 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 16, 1992
Words:490
Previous Article:EASTERN STAINLESS CORPORATION REPORTS THIRD QUARTER RESULTS
Next Article:DIAGNOSTEK ANNOUNCES SECOND QUARTER RESULTS
Topics:


Related Articles
AIR METHODS ANNOUNCES PROFITABLE FIRST QUARTER ON RECORD REVENUES FOR THE PERIOD ENDED SEPT. 30, 1992
REPOSSESSION AUCTION, INC. REPORTS EARNINGS
DIAGNOSTEK ANNOUNCES SECOND QUARTER RESULTS
TRANSCANADA PIPELINES ANNOUNCES THIRD QUARTER RESULTS
CHRONIMED ANNOUNCES FIRST QUARTER RESULTS
NORD RESOURCES REPORTS THIRD QUARTER RESULTS
REXENE CORPORATION ANNOUNCES THIRD QUARTER 1992 RESULTS
ORBOTECH ANNOUNCES QUARTERLY RESULTS
CST ENTERTAINMENT IMAGING INC. REPORTS FIRST QUARTER RESULTS
VIRGINIA FIRST SAVINGS ANNOUNCES EARNINGS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters