Printer Friendly

PVC CONTAINER CORPORATION REPORTS FISCAL YEAR END RESULTS FOR THE PERIOD ENDED JUNE 30, 1993

 EATONTOWN, N.J., Sept. 8 /PRNewswire/ -- PVC Container Corporation (NASDAQ: PVCC) announced today that its net income for the fiscal year ended June 30, 1993, increased by approximately 9 percent to a record level of $1,398,453, as compared to $1,280,385 for the fiscal year ended June 30, 1992. Earnings per common share were $.21 as compared with $.19 for the same period a year ago. Total net sales for fiscal 1993 increased approximately 9 percent to a record level of $37,036,068 as compared to $34,011,098 for fiscal 1992.
 Phillip L. Friedman, president and chief executive officer, said, "Fiscal 1993 has been another outstanding year for PVC Container Corporation. Aside from attaining record sales and profits, the company was able to construct and start up a new 'grass-roots' manufacturing facility within seven months of ground breaking." It was noted that on Oct. 16, 1992, the company broke ground for the new grass-roots 62,500- square-foot extrusion blow molding facility located in Paris, Ill. This new manufacturing facility started up its operations in April 1993. Mr. Friedman further noted that this new plant will serve existing as well as a growing base of customers in the company's midwest market region. Mr. Friedman said, "The new blow molding facility will provide the basis upon which the company can continue to grow its business for the next several years. We also plan to expand our Novatec Plastics compounding business in the near future."
 It was further noted that the company recently announced an expansion of its Novatec Plastics & Chemicals subsidiary. The initial phase of this $2.0 million expansion will entail a 20,000-square-foot addition to the Novatec compounding plant that will include added facilities for R&D, quality control, manufacturing and warehousing.
 PVC Container Corporation, located in Eatontown, N.J., is a major producer of plastic containers for the packaging industry and operates two blow molding facilities located in Eatontown and Paris, Ill. Novatec Plastics & Chemicals Company is a wholly owned subsidiary of PVC Container Corporation and is a leading supplier of specialty plastic compounds. The company's stock is traded under the NASDAQ symbol of PVCC.
 PVC CONTAINER CORPORATION
 Results of Operations for Fiscal Year
 June 30, 1993
 Year ended June 30 1993 1992
 Net sales $37,036,068 $34,011,098
 Income from operations 2,587,080 2,681,523
 Income before provision for tax 2,219,622 2,154,298
 Provisions for income taxes 821,169 873,913
 Net income 1,398,453 1,280,385
 Earnings per share $.21 $.19
 Weighted average number of shares
 of common stock and common stock
 equivalents outstanding 6,702,866 6,574,706
 -0- 9/8/93
 /CONTACT: Fran Mazzaro of PVC Container Corporation, 908-542-0060, or fax, 908-542-7796/
 (PVCC)


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

GK-MP -- NY013 -- 9697 09/08/93 10:04 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 8, 1993
Words:482
Previous Article:CHALLENGER INTERNATIONAL, LTD., REPORTS THIRD QUARTER RESULTS
Next Article:TRANSWORLD HOME HEALTHCARE REPORTS THIRD QUARTER RESULTS; NET REVENUES INCREASE 40.1 PERCENT
Topics:

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