Printer Friendly

U.S. CAN REPORTS RECORD SALES AND EARNINGS

 OAK BROOK, Ill., July 27 /PRNewswire/ -- U.S. Can Corporation (NASDAQ: USCN), which completed an initial public offering of its common stock in March of this year, reported record second quarter and first half sales of $116.3 million and $225.9 million, respectively -- increases of 12.5 percent and 12.3 percent over similar periods one year ago.
 For the second quarter, operating income increased to $11.8 million, or 20.2 percent; first half operating income, also a record at $22.2 million, was 30.4 percent higher than the first half of 1992. Net income for the quarter almost tripled to $3.8 million from $1.4 million in the second quarter of 1992. First half net income, before extraordinary charges and the effect of the adoption of SFAS No. 106, increased four and a half times to $5.7 million in 1993, from $1.2 million in 1992.
 On a primary earnings per share basis, U.S. Can reported 37 cents in the second quarter versus 31 cents before warrant accretion in last year's second quarter, in spite of an increase in weighted average common shares and common equivalent shares outstanding from 4.4 million last year to 10.2 million in 1993. Earnings per share, as calculated, were negatively impacted by 6 cents in the second quarter of 1992, and by 3 cents and 12 cents in the first six months of 1993 and 1992, respectively, from the accretion of the increased value of redeemable common stock warrants, even though this accretion did not affect the income statement. These warrants were converted into common shares in the March 1993 public offering, eliminating the need for future adjustments to earnings per share for quarters after the first quarter of 1993. Earnings per share for the half, before the previously mentioned charges and warrant accretion, was 69 cents versus 28 cents last year.
 Sales gains continue to be generated from acquisitions made in the second half of 1992 and the Olsher acquisition in May of this year. "We are very pleased with the results of our first full quarter as a publicly held company," said William J. Smith, chairman and CEO. "Following some market softness earlier in the year, we have established a positive momentum across all of our product lines. We expect sales and earnings for the balance of the year to continue to compare favorably to 1992."
 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 17 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 CORPORATION
 STATEMENT OF OPERATIONS
 SECOND QUARTER AND SIX MONTHS RESULTS (UNAUDITED)
 (Dollars in Thousands Except Per Share Data)
 For the Three Months Ended
 July 4, June 28,
 1993 1992
 Net Sales $116,331 $103,385
 Cost of Goods Sold 99,556 88,807
 Gross Margin 16,775 14,578
 Selling, General and
 Administrative Expenses 4,948 4,739
 Operating Income 11,827 9,839
 Other Expense 554 613
 Interest Expense 4,761 5,466
 Taxes 2,713 1,688
 Income (Loss) Before
 Extraordinary Item and
 Cumulative Effect of
 Accounting Change 3,799 1,388
 Extraordinary Item - Loss
 From Early Extinguishment
 of Debt, Net of Income Taxes --- ---
 Cumulative Effect of Accounting
 Change for Postretirement
 Benefits Excluding Pensions,
 Net of Income Taxes --- ---
 Net Income (Loss) 3,799 1,388
 PER SHARE DATA:
 Earnings (Loss) Before
 Extraordinary Item and
 Cumulative Effect of
 Accounting Change 0.37 0.31
 Extraordinary Item --- ---
 Cumulative Effect of
 Accounting Change --- ---
 Warrant Accretion --- (0.06)
 Net Income (Loss) 0.37 0.25
 Weighted Shares Outstanding 10,223 4,434
 For the Six Months Ended
 July 4, June 28,
 1993 1992
 Net Sales $225,943 $201,276
 Cost of Goods Sold 193,806 174,811
 Gross Margin 32,137 26,465
 Selling, General and
 Administrative Expenses 9,888 9,397
 Operating Income 22,249 17,068
 Other Expense 1,142 1,222
 Interest Expense 10,276 11,078
 Taxes 4,549 2,197
 Income (Loss) Before
 Extraordinary Item and
 Cumulative Effect of
 Accounting Change 5,674 1,235
 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 Income (Loss) 2,272 (11,302)
 PER SHARE DATA:
 Earnings (Loss) Before
 Extraordinary Item and
 Cumulative Effect of
 Accounting Change 0.69 0.28
 Extraordinary Item (0.41) ---
 Cumulative Effect of
 Accounting Change --- (2.85)
 Warrant Accretion (0.03) (0.12)
 Net Income (Loss) 0.25 (2.69)
 Weighted Shares Outstanding 8,220 4,416
 U.S. CAN CORPORATION
 BALANCE SHEET
 AS OF JULY 4, 1993, AND JUNE 28, 1992
 (UNAUDITED)
 (Dollars in Thousands)
 July 4, June 28,
 ASSETS 1993 1992
 Current Assets $ 97,312 $ 83,783
 Property, Plant & Equipment 166,417 139,473
 Noncurrent Assets 34,886 35,455
 Total Assets $298,615 $258,711
 LIABILITIES AND
 STOCKHOLDERS' EQUITY
 Current Liabilities $ 65,469 $ 57,518
 Long-Term Debt 184,139 180,128
 Long-Term Liabilities 35,591 39,290
 Minority Interest in
 Subsidiary --- 21,520
 Redeemable Warrants
 Outstanding --- 3,132
 Stockholders' Equity
 (Deficit) 13,416 (42,877)
 Total Liabilities and
 Stockholders' Equity $298,615 $258,711
 -0- 7/27/93
 /CONTACT: Timothy W. Stonich, executive vice president and chief financial officer of U.S. Can Corporation, 708-571-2530, or Mike Braden of Ketchum P.R., 312-266-4549, for U.S. Can Corporation/
 (USCN)


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

DA -- CL013 -- 6124 07/27/93 10:02 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:Jul 27, 1993
Words:955
Previous Article:SCANA CORPORATION SELLS 1.3 MILLION SHARES OF COMMON STOCK
Next Article:OWENS & MINOR, INC. ANNOUNCES ELECTION OF VERNARD W. HENLEY AS DIRECTOR
Topics:


Related Articles
BALL CORPORATION ACHIEVES THIRD QUARTER EARNINGS GAIN ON SLIGHTLY LOWER SALES
BALL CORPORATION ACHIEVES GAINS IN EARNINGS AND SALES FOR QUARTER, YEAR
CONTINENTAL CAN COMPANY, INC. REPORTS RESULTS
CONTINENTAL CAN COMPANY, INC. REPORTS RESULTS
ALLTRISTA CORPORATION SAYS EARNINGS SHOULD MEET ANALYSTS' EXPECTATIONS FOR FULL YEAR, ALTHOUGH THIRD QUARTER WAS LOWER THAN IN 1992
CONTINENTAL CAN COMPANY, INC. REPORTS RESULTS
KERR REPORTS FULL YEAR AND FOURTH QUARTER 1994 RESULTS
KERR REPORTS SECOND QUARTER 1995 RESULTS
BALL CORPORATION REPORTS THIRD QUARTER EARNINGS
BALL CORPORATION REPORTS FIRST QUARTER EARNINGS

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