Printer Friendly

PVC CONTAINER REPORTS FIRST FISCAL QUARTER RESULTS PERIOD ENDING SEPTEMBER 30, 1993

 EATONTOWN, N.J., Nov. 15 /PRNewswire/ -- PVC Container Corporation (NASDAQ: PVCC) today reported net income of $78,529 or $.01 per common share for the first fiscal quarter ended September 30, 1993, compared to net income of $333,894 or $.05 per common share for the first fiscal quarter ended September 30, 1992. Net sales increased approximately 1 percent to $8,685,720 for the quarter ended September 30, 1993 compared to $8,625,277 for the quarter ended September 30, 1992.
 Phillip L. Friedman, President and Chief Executive Officer, said, "Profitability declined in the first quarter of the current fiscal year compared to a year ago, despite a marginal increase in net sales. Disappointing revenues reflected a greater than normal seasonal decline in sales volume due in part to the customary industry decline in packaging demand resulting from many customers' plant shut-downs during the summer months, in addition to lower than expected sales volume for some of the Company's products. Lower operating income was the result of insufficient sales volume necessary to fully off-set the increased costs associated with the Company's Paris, Illinois, plastic bottle plant."
 It was noted that in October 1992 the Company broke ground for a new grass roots 62,500 square foot extrusion blow molding facility in Paris, Illinois. This new manufacturing facility started up in April of 1993 and currently has approximately 60 percent of the planned capacity installed. Mr. Friedman added, "Despite lower than expected earnings, we are still very pleased with our progress in expanding our operations, and are extremely confident that sales will meet and exceed current capacity over the next few quarters. Paris is operating at our expected improved plant efficiencies resulting from implementation of the latest state of the art blow molding systems and equipment. Various new bottle molds are under construction which will contribute to higher sales in the near future. In addition, our Novatec Plastics compounding business is continuing to position itself in areas that will support profitable growth of our plastic compounding business. We remain very bullish on the long term outlook for our business despite some growing pains that may affect our business in the short term, and opportunities in our markets remain abundant."
 PVC Container Corporation, founded in 1968 and headquartered in Eatontown, N.J., 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.
 PVC CONTAINER CORPORATION
 Results of Operations
 for the Three Months Ended
 September 30, 1993
 Unaudited
 Three Months Ended
 September 30,
 1993 1992
 Net Sales $8,685,720 $8,625,277
 Income from Operations $ 258,824 $ 614,725
 Income before provisions for tax $ 130,565 $ 529,944
 Net income $ 78,529 $ 333,894
 Earnings per share $ .01 $ .05
 Weighted average number
 of shares of common stock 6,702,866 6,594,108
 -0- ? 11/15/93
 /CONTACT: Fran Mazzaro of PVC Container Corporation, 908-542-0060/
 (PVCC)


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

JG -- NY053 -- 4380 11/15/93 11:46 EST
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:Nov 15, 1993
Words:530
Previous Article:APPLIED GRAPHICS TECHNOLOGIES FINALIZES ACQUISITION OF FLEETWOOD LITHO & LETTER CORPORATION
Next Article:BANKERS TRUST GLOBAL INVESTMENT MANAGEMENT NAMES NEW MIDDLE EAST MARKETING HEAD
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters