-----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, CEgpllF24jFEFXdFLe1qPav199Fs5LL59tTj8qsZZDQk1WGCjvzcVVqCC+YlZ/zz NDAYieNFuqCGLft7oQpOSg== 0001013816-05-000262.txt : 20050511 0001013816-05-000262.hdr.sgml : 20050511 20050511134805 ACCESSION NUMBER: 0001013816-05-000262 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20050511 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050511 DATE AS OF CHANGE: 20050511 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: 05819891 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_51105.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): May 11, 2005 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 7.01. REGULATION FD DISCLOSURE. As previously announced, we will hold a conference call to discuss our operating results for the quarter ended March 31, 2005 and to answer questions about the business. The call will take place at 2:00 p.m. Eastern Standard Time on Wednesday, May 11, 2005. Our press release containing information on how to access the conference call is set forth as Exhibit 99.1 to this Report. As part of the conference call, Harold Bevis, President and Chief Executive Officer of Pliant, will read from the earnings release to Pliant's customers, investors and employees regarding the company's first quarter earnings. This earnings release is set forth as Exhibit 99.2 to this Report. In addition to the financial results to be reported in our Form 10-Q, during the conference call and in the earnings release, our management will discuss certain financial information related to the first quarter of 2005, including certain quarterly segment profit amounts. The information required by Regulation G under the Securities Exchange Act of 1934 with respect to these amounts is included on Exhibit 99.3 to this Report. The furnishing of the attached earnings release is not an admission as to the materiality of any of the information set forth therein. The information in this Item 7.01 of Form 8-K (including Exhibit 99.2) is "furnished" and not "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing. ITEM 9.01. FINANCIAL STATEMENT AND EXHIBITS (c) The following items are included as Exhibits to this report 99.1 Press Release dated April 12, 2005. 99.2 Earnings Release dated May 11, 2005. 99.3 Pliant Corporation Loss from Continuing Operations Before Income Taxes and Segment Profit Reconciliation. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PLIANT CORPORATION Date: May 11, 2005 By: /s/ Harold C. Bevis --------------------------------------- Harold C. Bevis President, Chief Executive Officer, and Acting Chief Financial Officer EX-99 2 form8k_51105ex991.txt EXH. 99.1 PRESS RELEASE DATED APRIL 12, 2005 EXHIBIT 99.1 April 12, 2005 FOR IMMEDIATE RELEASE PLIANT CORPORATION TO HOLD CONFERENCE CALL FIRST QUARTER 2005 FINANCIAL RESULTS SCHAUMBURG, IL - - Harold Bevis, President and CEO of Pliant Corporation, announced today that he will host a conference call to discuss the Company's First Quarter 2005 operating results and to answer questions about the business. The call will take place at 2:00 P.M. EASTERN STANDARD TIME on WEDNESDAY, MAY 11, 2005. Participants in the United States can access the conference call by calling 888-316-9406, using the access code PLIANT, or internationally by calling 210-839-8500 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 3,015 people. # # # CONTACT: Joe Kwederis SVP of Finance Joe.kwederis@pliantcorp.com Phone: 847-407-5117 Company Web Site: www.pliantcorp.com EX-99 3 form8k_51105ex992.txt EXH. 99.2 EARNINGS RELEASE DATED MAY 11, 2005 EXHIBIT 99.2 MAY 11, 2005 FOR IMMEDIATE RELEASE PLIANT CORPORATION REPORTS FIRST QUARTER 2005 RESULTS Pliant Corporation today reported record 1st quarter sales of $263 million. This represents an 11% increase over the 1st quarter of 2004 on 3.3% less volume, measured in pounds. Average selling prices increased 14.7% in the 1st quarter of 2005 as compared to the 1st quarter of 2004 and accounted for approximately $35 million in additional sales. On a sequential basis, sales increased 3.7% over the 4th quarter of 2004 on 2.3% less volume, measured in pounds. Total segment profit was $21.8 million for the 1st quarter of 2005 compared to $27.5 million for the 1st quarter of 2004. The company successfully offset the majority of the negative impacts of higher resin costs but was impacted by the effects of weak volumes/mix, higher freight costs and higher costs associated with the company's growth initiatives. However, the 1st quarter was in line with the company's internal profit plan which builds up to $110 million for the full year. On a sequential basis, segment profit increased 33% over the 4th quarter of 2004. However, the company made a $4.5 million non-cash prior period vacation accrual charge in the 4th quarter of 2004. Adding back that $4.5 million charge, segment profit increased 5% over the 4th quarter of 2004, on a comparable basis. Harold Bevis, President and CEO of Pliant Corporation said, "Pliant continues to make solid operational progress. o The company continues to consistently eliminate waste in its plants. Pliant lowered its annual net waste per pound produced from 8.1% in 2003 to 6.8% in 2004 and ran under 6% per pound produced in the 1st quarter of 2005. o The company continues to consistently improve its manufacturing quality. Pliant has lowered its manufacturing quality credit rate from 0.53% in 2003 to 0.39% in 2004 and ran under 0.35% in the 1st quarter of 2005." LIQUIDITY Borrowings under the revolving credit facility averaged $32.6 million during the 1st quarter of 2005. This amount was slightly higher than the 4th quarter of 2004 and reflects higher resin costs in the company's working capital accounts as well as the outlays required for the company's 2005 capital spending plan. However, resin prices decreased in April, decreased in May and widespread softness suggests a favorable resin price outlook in the next several months as well. IMPROVED FUTURE LIQUIDITY The company took advantage of favorable capital markets and modified the terms of its 1st lien bonds in May 2005 to improve its liquidity and flexibility in the years 2007, 2008 and 2009. These amended notes no longer require payment of cash interest beginning in 2007. Instead, they require payment of non-cash interest in the form of additional notes through maturity, thus effectively capping cash interest payments on Pliant's bonds at current levels through maturity. This will enable us to re-invest in our business more aggressively as new growth opportunities emerge and provide protection against unfavorable resin price movements in the future, if they occur. SALE OF ALLIANT BUSINESS Pliant sold its Alliant reclosables business to ITW in April 2005 for a purchase price of $6.3 million. This business contributed $0.6 million in sales and incurred a $0.3 million loss in segment profit in the 1st quarter of 2005. 2005 GUIDANCE UPDATE The company had properly planned for the results achieved in the 1st quarter of 2005. We are therefore reconfirming our guidance of $110 million for the full year of 2005. CONCLUSION Bevis said, "Our results were in line with our internal expectations in a very difficult operating environment in the 1st quarter of 2005. We are modifying our production and inventory plans in response to the continued soft sales environment but remain firmly committed to our strategically sound business plan built on innovation, customer service, accretive sales growth and operational excellence." EX-99 4 form8k_51105ex993.txt EXH. 99.3 CONT. OPER. BEFORE TAXES & RECONCIL. EXHIBIT 99.3
Three Months Ended March Three Months Ended March Amounts in $ millions 31, 2005 31, 2004 ----------------------------- ---------------------------- Loss from continuing operations before income taxes $ (24.2) $ (26.5) Add Back: Depreciation and amortization 10.2 11 Restructuring and other costs 0.1 0 Interest 35.7 43 ----------------------------- ---------------------------- Segment profit $ 21.8 $ 27.5 ============================= ============================
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