-----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, LXXSlWZQka6ofJYWx+dpddJAYLE16T5twdGg06M/fbULx5/umfLXQbrf8zyqvAYB Pai4NydSm8Cp1vrdepBeag== 0001013816-05-000393.txt : 20050810 0001013816-05-000393.hdr.sgml : 20050810 20050810133025 ACCESSION NUMBER: 0001013816-05-000393 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20050810 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050810 DATE AS OF CHANGE: 20050810 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: 051012838 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_81005.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 10, 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 June 30, 2005 and to answer questions about the business. The call will take place at 2:00 p.m. Eastern Standard Time on Wednesday, August 10, 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 second quarter earnings. This earnings release is set forth as Exhibit 99.2 to this Report. In addition to the financial results 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 second 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 July 11, 2005. 99.2 Earnings Release dated August 10, 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: AUGUST 10, 2005 BY: /S/ HAROLD C. BEVIS --------------------------------------- HAROLD C. BEVIS PRESIDENT, CHIEF EXECUTIVE OFFICER, AND ACTING CHIEF FINANCIAL OFFICER EX-99 2 form8k_81005exh991.txt EXH. 99.1 PRESS RELEASE DATED JULY 11, 2005 EXHIBIT 99.1 July 11, 2005 FOR IMMEDIATE RELEASE PLIANT CORPORATION TO HOLD CONFERENCE CALL SECOND 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 Second 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, AUGUST 10, 2005. Participants in the United States can access the conference call by calling 877-546-1565, using the access code PLIANT, or internationally by calling 210-234-0002 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_81005exh992.txt EXH. 99.2 EARNINGS RELEASE DATED AUGUST 10, 2005 EXHIBIT 99.2 FOR IMMEDIATE RELEASE PLIANT CORPORATION REPORTS SECOND QUARTER 2005 RESULTS AUGUST 10, 2005 FOR IMMEDIATE RELEASE PLIANT CORPORATION REPORTS SECOND QUARTER 2005 RESULTS Pliant Corporation today reported record second quarter sales of $259 million. This represents a 10% increase over the 2nd quarter of 2004 on 3% less volume, measured in pounds. On a sequential basis, sales were essentially flat as compared to the 1st quarter of 2005. Total segment profit was $25.2 million for the 2nd quarter of 2005, down 2% versus the 2nd quarter of 2004. However, this represents a 16% sequential increase versus the 1st quarter of 2005 on essentially flat sales. This follows a 5% sequential increase in segment profit from the 4th quarter of 2004 to the 1st quarter of 2005 on 2% less sales, measured in pounds. The company continued its plan to sequentially improve its profit rate. However, the 2nd quarter was slightly behind the company's internal profit plan which builds up to $110 million for the full year. Volumes have been light compared to the company's internal plans for the first six months of 2005. Harold Bevis, President and CEO of Pliant Corporation said, "Pliant continued to make solid progress repositioning itself for a much stronger future and had several key highlights in the 2nd quarter of 2005. o The company continued to implement its innovation programs aimed at future top-line wins. R&D spending was up 55% in the 2nd quarter and was up 30% for the first six months versus the same periods of 2004. o The company continued to implement its capital spending program aimed at cost reduction, equipment modernization and new products. Capital spending is up 52% versus 2004. o The company completed the sale of its Alliant assets to ITW on mutually satisfactory terms. o The company completed the closure of its Shelbyville, Indiana facility. o The company completed an amendment of its 1st lien notes and will avoid further cash interest charges to service this debt. o The company took delivery of its first 84 layer pilot line aimed at bringing industry-leading polyolefin and barrier film designs to the marketplace. o The company took delivery of key components of its new Crystal Tubular(TM) water quench process line aimed at breakthrough product performance for strength, clarity and cost per square foot. o The company secured an additional R&D contract from the government in support of its battery packaging programs. o The company has made significant progress in the development of two new technology platforms for personal care applications and is now running about 6 to 8 months ahead of its original plans. o All of the company's major capital spending programs aimed at value-added growth are on schedule including: new 10-color printing capacity, new multi-layer cast film capacity, new multi-layer blown film capacity, new electron beam coating capacity, and new specialized bag converting capacity. o The company was awarded several key sales wins in the quarter with premier customers. The wins will account for over 32 million pounds of incremental annual sales that will ramp up in the second half of 2005." LIQUIDITY Borrowings under the company's revolving credit facility were $39 million at the end of the 2nd quarter, down slightly from $41 million at the end of the 1st quarter. The company made solid cash flow progress - improving its working capital efficiencies while paying for approximately $7 million costs of its 1st lien refinancing. The company has $47 million of unused availability on its revolver. 2005 GUIDANCE UPDATE The company is very pleased with its operational excellence programs, its repositioning activities and its top-line programs. However, volumes are light in the industry and at Pliant. If this trend persists in the 3rd quarter and/or if the resin environment turns significantly unfavorable, the company may earn less than the existing guidance of $110 million of segment profit for the full year of 2005. CONCLUSION Bevis said, "The second quarter was a solid performance by the company and many key milestones occurred as planned. We remain firmly committed to our strategically sound business plan built on innovation, customer service, accretive sales growth and operational excellence." EX-99 4 form8k_81005exh993.txt EXH. 99.3 LOSS FROM CONTINUING OPERATIONS EXHIBIT 99.3
Three months ended Six months ended June 30, June 30, ------------------------- ------------------------- Amounts in $ millions 2005 2004 2005 2004 Loss from continuing operations before income taxes $ (25.5) $ (17.7) $ (49.7) $ (44.2) Add Back: Interest 38.9 33.2 74.6 76.2 Depreciation and amortization 9.8 10.2 20.0 21.2 Restructuring and other costs 2.0 - 2.1 - ------------ ------------ ------------ ------------ Segment profit $ 25.2 $ 25.7 $ 47.0 $ 53.2 ============ ============ ============ ============
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