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U.S. CAN ANNOUNCES SALES, EARNINGS GAINS

 OAK BROOK, Ill., April 21 /PRNewswire/ -- U.S. Can Corporation (NASDAQ: USCN), which completed an initial public offering of its stock on March 8, 1993, reported record first quarter 1993 net sales of $109.6 million, an increase of 12 percent over the first quarter of 1992. Operating income in the quarter, also a record, rose by 44 percent over the year ago period, from $7.2 million to $10.4 million.
 Before nonrecurring charges of $12.5 million (net of tax) from the adoption of SFAS No. 106 in the first quarter of 1992 and $3.4 million (net of tax) from the early extinguishment of debt in the first quarter of 1993, net income increased from a loss of $.2 million in the first quarter of 1992 to a profit of $1.9 million in the first quarter of 1993. Primary earnings per share, exclusive of these charges and warrant accretions, also improved from a $.04 loss to a $.30 profit, in spite of a significant increase in shares outstanding following the public offering in March. Earnings per share, as calculated, were negatively impacted by $.06 in 1992 and $.04 in 1993 from the accretion of the increased value of redeemable common stock warrants even though this accretion does not affect the income statement. The warrants were converted to common shares in the public offering, eliminating the need for future adjustments to earnings per share. Minority interest, redeemed with proceeds of the offering, reduced primary earnings per share by $.10 in 1993 and $.15 in 1992, and will not continue as an expense beyond this quarter. Net income improved from a loss of $12.7 million ($2.95 per share) in the first quarter of 1992 to a loss of $1.5 million ($.28 per share) for the same period in 1993.
 Sales benefited from the 1992 acquisition of the operating assets of Fein Container Corporation and the aerosol and general line can making equipment from American National Can. "These purchases represent important additions to our presence in the general line packaging field and should enable us to improve our market position," said William J. Smith, chairman and chief executive officer. "We're naturally very pleased that market growth and our 1992 acquisitions have contributed to a record first quarter from operations this year," he added. "The IPO allowed us to redeem all of the minority interest and to reduce our debt. Coupled with expected sales growth in 1993, this means we should have a year of solid improvement in earnings."
 U.S. Can, formed in 1983 as a leveraged buyout of Sherwin-Williams Container Division, is now the leading supplier of metal containers for personal care, household, automotive, paint and industrial products manufactured in the United States. It operates 16 plants in 10 states.
 The company's common stock began trading on the NASDAQ National Market on March 8, under the symbol USCN.
 U.S. Can will conduct a conference call for the investment community to review first quarter earnings on Thursday, April 22, at 2:30 p.m. CDT. Those who wish to participate in the call, dial 212-346-6140 10 minutes prior to the starting time.
 U.S. CAN CORPORATION
 STATEMENT OF OPERATIONS
 FIRST QUARTER RESULTS (UNAUDITED)
 THREE MONTHS ENDED APRIL 4, 1993 AND MARCH 29, 1992
 (Dollars in Thousands Except Per Share Data)
 1993 1992
 Net Sales $109,612 $97,891
 Cost of Goods Sold 94,250 86,004
 Gross Margin 15,362 11,887
 Selling, General and
 Administrative Expenses 4,940 4,658
 Operating Income 10,422 7,229
 Other Expense 588 609
 Interest Expense 5,515 5,612
 Taxes 1,836 509
 Income (Loss) Before
 Extraordinary Item and
 Cumulative Effect of
 Accounting Change 1,875 (153)
 Extraordinary Item - Loss
 From Early Extinguishment
 of Debt, Net of Income Taxes (3,402) ---
 Cumulative Effect of Accounting
 Change for Postretirement
 Benefits Excluding Pensions,
 Net of Income Taxes --- (12,537)
 Net Loss $ (1,527) $(12,690)
 PER SHARE DATA:
 Earnings (Loss) Before
 Extraordinary Item and
 Cumulative Effect of
 Accounting Change .30 (.04)
 Extraordinary Item (.54) ---
 Cumulative Effect of
 Accounting Change --- (2.85)
 Warrant Accretion (.04) (.06)
 Net Loss (.28) (2.95)
 Weighted Shares Outstanding 6,241 4,399
 U.S. CAN CORPORATION
 BALANCE SHEET
 FIRST QUARTER RESULTS (UNAUDITED)
 THREE MONTHS ENDED APRIL 4, 1993 AND MARCH 29, 1992
 (000's)
 ASSETS 1993 1992
 Current Assets $ 90,390 $ 81,838
 Property, Plant & Equipment 161,630 138,829
 Noncurrent Assets 33,488 35,605
 Total Assets $ 285,508 $ 256,272
 LIABILITIES AND
 STOCKHOLDERS' EQUITY
 Current Liabilities $ 58,003 $ 52,768
 Long-Term Debt 182,250 187,198
 Long-Term Liabilities 35,315 37,321
 Minority Interest in
 Subsidiary --- 20,837
 Redeemable Warrants
 Outstanding --- 2,864
 Stockholders' Equity (Deficit) 9,940 (44,716)
 Total Liabilities and
 Stockholders' Equity
 (Deficit) $285,508 $256,272
 -0- 4/21/93
 /CONTACT: Timothy W. Stonich, executive vice president and chief financial officer, U.S. Can Corporation, 708-571-2530/
 (USCN)


CO: U.S. Can Corporation ST: Illinois IN: AUT MNG SU: ERN

LC -- CL015 -- 8693 04/21/93 11:39 EDT
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Date:Apr 21, 1993
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