-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HHjDDj8/h7Pv4nmSEj2oKIkr437jDfBwjDqIJxg90xG9ZC0LrroqquU+3/MLK2jg qjNhcPpXpYS6A2ToKnmtbg== 0001013816-04-000549.txt : 20040805 0001013816-04-000549.hdr.sgml : 20040805 20040805171338 ACCESSION NUMBER: 0001013816-04-000549 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040805 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PLIANT CORP CENTRAL INDEX KEY: 0001049442 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, FOIL & COATED PAPER BAGS [2673] IRS NUMBER: 870496065 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-40067 FILM NUMBER: 04955465 BUSINESS ADDRESS: STREET 1: 1475 WOODFIELD ROAD CITY: SCHAUMBURG STATE: IL ZIP: 60173 BUSINESS PHONE: 8479693300 MAIL ADDRESS: STREET 1: 1475 WOODFIELD ROAD CITY: SCHAUMBURG STATE: IL ZIP: 60173 FORMER COMPANY: FORMER CONFORMED NAME: HUNTSMAN PACKAGING CORP DATE OF NAME CHANGE: 19971110 8-K 1 form8k_80504.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 5, 2004 PLIANT CORPORATION ------------------ (Exact name of company as specified in its charter) UTAH 333-40067 87-0496065 - ---------------------------- ------------------------ ---------------------- (State or other jurisdiction (Commission file number) (IRS Employer of incorporation) Identification Number) 1475 Woodfield Road, Suite 700 Schaumburg, IL 60173 (Address of principal executive offices) (Zip Code) (847) 969-3300 ------------------------------------------------ Company's telephone number, including area code: N.A. (Former name or former address if changed since last report) ITEM 9 AND 12. REGULATION FD DISCLOSURE AND RESULTS OF OPERATIONS AND FINANCIAL CONDITION On August 5, 2004, we filed our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2004. As previously announced, we will hold a conference call to discuss our operating results for the quarterly period ended June 30, 2004 and to answer questions about our business. The call will take place at 2:00 p.m. Eastern Standard Time on Friday, August 6, 2004. Our press release containing information on how to access the conference call is filed herewith as Exhibit 99.1. In addition to the financial results reported in our Form 10-Q, our management will discuss certain quarterly financial information relating to the Second Quarter 2004, including certain quarterly and year to date EBITDA amounts. The information required by Regulation G under the Securities Exchange Act of 1934 with respect to these amounts is filed herewith as Exhibit 99.2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant had duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PLIANT CORPORATION /s/ Brian E. Johnson Brian E. Johnson Executive Vice President and Chief Financial Officer Date: August 5, 2004 INDEX TO EXHIBITS Exhibits 99.1 Press release dated July 6, 2004. 99.2 Press release dated August 5, 2004, including Adjusted EBITDA Reconciliation. EX-99 2 form8k_80504ex991.txt EXH. 99.1 PRESS RELEASE Ex-99.1 July 6, 2004 FOR IMMEDIATE RELEASE PLIANT CORPORATION TO HOLD CONFERENCE CALL SECOND QUARTER 2004 FINANCIAL RESULTS SCHAUMBURG, IL - - Pliant Corporation announced today that Harold Bevis, President and Chief Executive Officer, will host a conference call to discuss the Company's Second Quarter 2004 operating results and to answer questions about the business. The call will take place at 2:00 P.M. EASTERN STANDARD TIME on FRIDAY, AUGUST 6, 2004. Participants in the United States can access the conference call by calling 877-989-4936, using the access code PLIANT, or internationally by calling 773-756-4600 and using the same access code (Pliant). Participants are encouraged to dial-in at least ten minutes prior to the start of the teleconference. Following the call's completion, an audio web replay will be available on the company's website: WWW.PLIANTCORP.COM. Pliant Corporation is a leading producer of value-added film and flexible packaging products for personal care, medical, food, industrial and agricultural markets. The Company operates 25 manufacturing and research and development facilities around the world, and employs approximately 3,250 people. # # # CONTACTS: Brian E. Johnson EVP and Chief Financial Officer BRIAN.JOHNSON@PLIANTCORP.COM Phone: 847.969.3319 Company Web Site: WWW.PLIANTCORP.COM EX-99 3 form8k_80504ex992.txt EXH. 99.2 ADJUSTED EBITDA RECONCILIATION Ex 99-2 August 5, 2004 FOR IMMEDIATE RELEASE Pliant has Record 2nd Quarter, Reaffirms Full Year Guidance Schaumburg, IL -- Harold Bevis, President, CEO and Director of Pliant Corporation announced strong 2nd quarter 2004 revenue results and issued the following public summary of Pliant's performance today. "Pliant had a great 2nd quarter and we are on target to achieve our business plan for 2004. o The performance of Pliant's core businesses continues to be strong and consistent o Sales were $243 million in the 2nd quarter and this was the highest sales level ever recorded for the second quarter. Sales increased 8% in pounds versus prior year. o We believe this is faster than underlying industry growth, based on our estimates. o Our organic growth programs are taking hold * We are focused on growing with our customers * We are focused on innovation in film and printing o Working capital efficiency continued to improve and decreased by $23 million versus the same period last year o Inventory turns improved 34% vs. prior year and averaged 9.25x which we believe is above average in the industry. * This is definitely one of Pliant's better performances and a testament to the great work being done by our plants and warehouses to synchronize our supply chain activities. o Receivables DSO decreased by 8% or 4.5 days. o EBITDA was $23.1 million, affected by an increase in resin pricing. This increase caused a profit deterioration of about $3.0 million in the quarter. o On a resin-comparable basis, Pliant's 2nd quarter EBITDA was $26.1 million versus the 1st quarter EBITDA of $25.0 million on similar sales volumes. o The improvements in Mexico and Solutions are ongoing but cost Pliant approximately $ 3.2 million of EBITDA in the quarter KEY BUSINESS HIGHLIGHTS o Received Supplier Excellence Award from one of Pliant's largest customers o You can read more about this exciting honor at www.kraft.com o Entered a new market for Pliant - the mass market for food cling films - with one of the largest retailers in the world as the launch customer and shipments began in July. o Initiated a significant expansion program for printed films and that project is underway. o Initiated a significant expansion program for engineered films and that project is underway. o Resin still accounts for ~58% of Pliant's product costs and resin prices increased during the 2nd quarter to another all-time high. Based on short-term and long-term outlooks for petrochemical feedstocks, we expect this to be reality for several years. o This will play to Pliant's relative strengths in film downgaging and thin film know-how as customers experiment with material minimization in their products. o The company is managing its working capital efficiencies tightly. Working capital has decreased 22% in the last year or by $23 million from June 30, 2003 to June 30, 2004. o The installation of the previously announced Revolution stretch film capacity in Lewisburg, TN is on pace. The company has firm volume commitments to begin shipping when that capacity comes on line in the 4th quarter of this year. o The creation of a unified Pliant customer service center is on track. The company is creating a common customer service protocol across all of its products and is implementing standard interfaces, tools and information systems to best-in-class levels. o The company is implementing Sarbanes Oxley 404 reporting processes for the year ended 2005 as required and this important initiative is on pace. o The company will continue its policy of "pay as we go" on restructuring and repositioning efforts versus using restructuring reserves. The one-time "add-backs" are about $7.5 million year-to-date. o Mexico/Solutions improvements o Customer service centralization o Installation of equipment for new Cling film product line o Settlement of outstanding legal matters o Installation of equipment for new Revolution capacity SUMMARY On behalf of the 3,015 employees of Pliant, I am pleased to report that Pliant's 2004 business plan remains on track and we are reconfirming the company's full-year guidance of $108 million of EBITDA and $15 million of free cash flow." THE STATEMENTS IN THIS PRESS RELEASE SHOULD BE READ IN CONJUNCTION WITH OUR QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2004. PLIANT CORPORATION ADJUSTED EBITDA RECONCILIATION ($MILLIONS)
3 MONTHS 3 MONTHS 3 MONTHS 6 MONTHS 6 MONTHS ENDED ENDED ENDED ENDED ENDED 6/30/2004 3/31/2004 6/30/2003 6/30/2004 6/30/2003 Net Income (21.4) (30.8) (18.9) (52.1) (26.2) Adjustments: Income tax expense 0.7 1.7 2.9 2.3 4.9 Interest expense 33.2 42.9 27.4 76.2 47.2 Depreciation and amortization 10.6 11.4 13.4 21.9 24.5 Restructuring and other costs - - 2.5 - 8.6 Other non-cash charges and certain adjustments defined by our credit agreements - - (0.2) - 0.1 ----------- ----------- ----------- ----------- ----------- Adjusted EBITDA 23.1 25.2 27.1 48.3 59.1 =========== =========== =========== =========== =========== Resin adjustment 3.0 - - - - ----------- ----------- ----------- ----------- ----------- Resin adjusted EBITDA 26.1 - - - - ----------- ----------- ----------- ----------- -----------
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