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U.S. CAN REPORTS RECORD SALES AND EARNINGS

 OAK BROOK, Ill., Oct. 25 /PRNewswire/ -- U.S. Can Corporation (NASDAQ: USCN), which completed an initial public offering of its common stock in March of this year, reported record third quarter and first nine months sales of $122.4 million, and $348.4 million, respectively -- increases of 23.6 percent and 16.0 percent over similar periods one year ago.
 For the third quarter, operating income increased to $11.3 million, or 61.2 percent above the third quarter of 1992; nine months operating income, also a record at $33.5 million, was 39.3 percent higher than the comparable period in 1992. Net income increased to $3.3 million in the third quarter of 1993 from a loss of $0.3 million in the third quarter of 1992. Nine months net income, before extraordinary charges and the effect of the adoption of SFAS No. 106, increased to $9.0 million in 1993, from $1.0 million in 1992.
 On a primary earnings per share basis, U.S. Can reported $.33 per share in the third quarter versus a loss of $(.07) per share before warrant accretion in last year's third 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 $.06 in the third quarter of 1992, and by $.03 and $.18 in the first nine 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 first nine months, before the previously mentioned charges and warrant accretion, were $1.02 versus $.21 for the same period last year.
 Increased sales through the first nine months of 1993 continue to reflect business gained with the acquisition of American National Can's general line assets in the fourth quarter of 1992 as well as the acquisition of Olsher Metals in May of this year. "The sales we've obtained through acquisitons, coupled with cost reductions generated by our capital spending program, have contributed heavily to our earnings gains this year," said William J. Smith, chairman, president and CEO. "However, we also believe our emphasis on quality and service has provided positive sales momentum for us, in spite of some softness in the industry," he added.
 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 18 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
 THIRD QUARTER AND NINE MONTHS RESULTS (UNAUDITED)
 (Dollars in Thousands Except Per Share Data)
 For the Three Months For the Nine Months
 Ended Oct. 3, 1993 Ended Oct. 3, 1993
 and Sept. 27, 1992 and Sept. 27, 1992
 1993 1992 1993 1992
 Net Sales $122,413 $ 99,032 $348,356 $300,308
 Cost of Goods Sold 106,001 87,141 299,807 261,951
 Gross Margin 16,412 11,891 48,549 38,357
 Selling, General and
 Administrative Expenses 5,127 4,890 15,015 14,288
 Operating Income 11,285 7,001 33,534 24,069
 Other Expense 588 632 1,730 1,854
 Interest Expense 4,794 5,386 15,070 16,463
 Taxes 2,566 514 7,115 2,711
 Income (Loss) Before
 Extraordinary Item and
 Cumulative Effect of
 Accounting Change 3,337 (276) 9,011 961
 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) 3,337 (276) 5,609 (11,576)
 PER SHARE DATA:
 Earnings (Loss) Before
 Extraordinary Item and
 Cumulative Effect of
 Accounting Change 0.33 (0.07) 1.02 0.21
 Extraordinary Item -- -- (0.38) --
 Cumulative Effect of
 Accounting Change -- -- -- (2.84)
 Warrant Accretion -- (0.06) (0.03) (0.18)
 Net Income (Loss) 0.33 (0.13) 0.61 (2.81)
 Weighted Shares Outstanding 10,247 4,392 8,872 4,408
 U.S. CAN CORPORATION
 BALANCE SHEET
 AS OF OCT. 3, 1993 AND SEPT. 27, 1992
 (UNAUDITED)
 (Dollars in Thousands)
 Oct. 3, Sept. 27,
 ASSETS 1993 1992
 Current Assets $ 95,021 $ 82,308
 Property, Plant & Equipment 168,529 141,673
 Noncurrent Assets 34,759 35,725
 Total Assets $298,309 $259,706
 LIABILITIES AND
 STOCKHOLDERS' EQUITY
 Current Liabilities $ 67,940 $ 49,594
 Long-Term Debt 177,289 187,369
 Long-Term Liabilities 36,165 40,142
 Minority Interest in
 Subsidiary --- 22,265
 Redeemable Warrants Outstanding --- 3,401
 Stockholders' Equity (Deficit) 16,915 (43,065)
 Total Liabilities and
 Stockholders' Equity $298,309 $259,706
 -0- 10/25/93
 /CONTACT: Timothy W. Stonich, executive vice president and chief financial officer, of U.S. Can, 708-571-2530, or Sarah Anderson of Ketchum PR, 312-266-4545, for U.S. Can/
 (USCN)


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

KL-BM -- CL017 -- 6281 10/25/93 11:39 EDT
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Date:Oct 25, 1993
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