-----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, HSGRbF2sDd+h0RXxX7SoOa/GrzIjHBC5U3xrhQ1di+Y7AWQM8IovSssd+vz/zYjs 9Cg3nmnS1+GOLzJgqUyzeg== 0001013816-06-000304.txt : 20060323 0001013816-06-000304.hdr.sgml : 20060323 20060323141556 ACCESSION NUMBER: 0001013816-06-000304 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20060323 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060323 DATE AS OF CHANGE: 20060323 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: 06705845 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_032306.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): March 23, 2006 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 year ended December 31, 2005 and to answer questions about the business. The call will take place at 2:00 p.m. Eastern Standard Time on Thursday, March 23, 2006. Our press release containing information on how to access the conference call is set forth as Exhibit 99.1 to this Report. In addition to the financial results to be reported in our Form 10-K and during the conference call, our management will discuss certain financial information related to the year ended December 31, 2005. Our press release relating to the financial results is set forth as Exhibit 99.2 to this Report. 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 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 February 28, 2006. 99.2 Press Release dated March 23, 2006. 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: March 23, 2006 By: /s/ Harold C. Bevis ------------------------------------------ Harold C. Bevis President and Chief Executive Officer EX-99 2 form8k_032306ex991.txt EXH. 99.1 PRESS RELEASE DATED FEBRUARY 28, 2006 EXHIBIT 99.1 February 28, 2006 FOR IMMEDIATE RELEASE Pliant Corporation to hold conference call - Year End 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 Year End 2005 operating results and to answer questions about the business. The call will take place at 2:00 p.m. Eastern Standard Time on Thursday, March 23, 2006. Participants in the United States can access the conference call by calling 888-395-1810, 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: ABOUT PLIANT 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 24 manufacturing and research and development facilities around the world, and employs approximately 3,000 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_032306ex992.txt EXH. 99.2 PRESS RELEASE DATED MARCH 23, 2006 EXHIBIT 99.2 March 23, 2006 FOR IMMEDIATE RELEASE SCHAUMBURG, IL Pliant is Kicking its Performance Into a Higher Gear ---------------------------------------------------- Pliant had a successful year in 2005 despite the unprecedented disruptions of the hurricanes and high energy prices. We had many noteworthy accomplishments and set quite a few records including record sales, record number of patented innovations, record gross waste rates, record net waste rates, and record customer quality levels. We stayed true to our balanced business model and we drove forward with a financial restructuring program that will correct the capital structure of our company. This financial restructuring program took an unexpected turn and we voluntarily filed Chapter 11 in early 2006 to complete this process. We remain confident about our plans, our opportunities and our results. Pliant is committed to a balanced business model focused on Accretive Sales Growth, Cost Reduction and Lean Business Practices. With our new capital structure, we expect to add an important 4th dimension to our business model - consistent and sustained capital investment to support our priorities. Under our proposed financial restructuring, Pliant will have an additional $40 million per year in freed up cash to invest in our company. This is a fantastic advancement for Pliant. This enhanced cashflow allows us to drive new investments to benefit existing customers and to fund expansion into new areas and continue to improve our efficiency and cost reduction performance. The hurricanes of the second half of 2005 were met with a committed and prepared Pliant management team. We worked hand-in-hand with our vendors and our customers to ensure supply continuity. We succeeded together and, in fact, in the 4th quarter, we increased both sales and EBITDAR (EBITDA excluding restructuring charges). For the full year of 2005, the company's EBITDAR was about 10.6 cents per pound. This was down just slightly from the prior year - despite significantly higher energy and freight costs across the industry and a steep run-up in resin prices in the 3rd and 4th quarter. We believe our performance compares favorably to our peers and is evidence that Pliant's management strategies are working. We are very proud of our customer relationships and the improvements that we are making in the company. We know that long-term success requires a firm commitment to long-term programs and premier partnerships. We are proud to say that Pliant earned the right to supply some brand new customers in 2005 and are ramping up volume in several new areas. Pliant is committed to being the best flexible packaging company in the world and our goal is to get better every day. Pliant is a great film-maker, printer and bag-maker. We have proud employees making sure that we deliver on our promises every day. We are committed to innovation. We are committed to waste elimination in our business processes. We are committed to quality and defect elimination. We are committed to simplification and automation of our business practices. There are many flexible packaging companies, but Pliant's business model is unique. I would like to share some of our company's 2005 highlights with you. Accretive Sales Growth - ---------------------- o Innovation is at the center of Pliant's priorities. We have no interest in being a "me-too" film maker. We are firmly committed to innovation. Our innovation program is comprehensive, driving new technologies and developments in processes, products and materials engineering. Our goal is to remain in front of cost-reduction breakthroughs and advancements in plastic packaging performance. We leverage our innovation advancements to grow sales with winning customers. We had strong advancements in 2005. o Increased degreed engineers by 30% o Created a dedicated next-generation Innovation Team to develop next-generation technologies that can be used across our business units o Doubled the number of patents filed to protect our innovations o Increased the number of new product samples by 20% o Innovation developments contributed to 12% of the company's EBITDAR in 2005 o We significantly expanded our capacity to manufacture printed products o We launched a new printing operation in the Central part of the US and now have a national footprint to serve our printed products customers o We took our printing and bag making know-how directly into our Personal Care and Medical markets and grew sales by over 40% in the first year of this endeavor and penetrated several new accounts o In 2006, we will continue to expand our printing capacity to support planned growth o We continued our investments into state of the art, wide web and fractional gauge technologies to support the expanding hygienic markets. These investments also include "next generation" technology being developed for in-line printing to support the growth in decorative back sheet films used for baby diapers and other personal care applications. o Our Marquee Account program again landed several new, large customers who are category winners in their respective markets o We are expanding our growing European business and we have a major new win in our Australian business Cost Reduction - -------------- Cost reduction is critical for Pliant and is a strength of our management team. This is a multi-faceted, continuous effort. Our goal is to lower our pound-for-pound costs forever while keeping our central SG&A costs in check. Waste is always bad as it offers no value to anyone and we hate waste. o Gross Waste - In 2005, we again set a record for ourselves with a 10.2% gross waste. This is 2 full points of improvement in 2 years - from 12.2% to 10.2%. In addition to the cost savings of this performance, it also frees up capacity on our equipment. Our momentum continues and, once again, we have significant improvements planned for 2006. o Net waste - In 2005, we set a record for net waste also with 5.2% net waste. This is a 3 point improvement in 2 years - from 8.2% to 5.2%. This is a big focus of our company. Just like gross waste, we have well-defined plans for a significant improvement in 2006. o Underperforming areas - In 2004, we fixed and sold the Solutions business. In 2005, our Mexico team completed a huge turnaround and that operation is now generating close to $2 million of EBITDAR annually and earning new customers. o Energy and freight - This has quickly emerged as a new inflationary focal point for our cost structure and we have huge programs underway to mitigate the impact of these costs. o Resin - Pliant has initiated a massive rebalance of our resin supply base. The company's goal is to diversify our procurement among Low Cost Country (LCC) suppliers, traditional domestic sources, best value secondary market resins and alternative materials. o In 2005, we decreased SG&A costs overall as well as SG&A costs per pound o From $87.5 million in 2004 to $85.6 million in 2005 o From 10.0 cents/pound in 2004 to 9.9 cents/pound in 2005 Lean Business Practices - ----------------------- Pliant will continue to eliminate redundant costs in our business model. The goal is to provide the best services at the lowest cost. In all cases, this means "managing the clock" and getting our work done quickly and right the first time. We made significant progress in 2005 including: o Centralization of Customer Service for US & Canada o Creation and centralization of Graphics Design & Support Center for the US market, complete with a digital graphics approval system o Implementation of an automated freight management system Financial Highlights - -------------------- Many people have wondered if the financial restructuring that we have underway would be distracting to the company. On the contrary, it has brought out the very best in our people and Pliant has never been more locked on performing. It has brought out courage from our employees. Pliant has never been more focused; more ready to serve its customers; or more ready to take on our competitors. We know exactly who we are, where we are headed and how we will get there. And very soon, for the first time, we expect to have the extra free cash flow we need to make big bold moves. We are excited. We expect 2006 to be a major turning point for Pliant and our partners. Our proposed restructuring will dramatically improve our balance sheet and the free cash flow of our business. We plan to deliver more value-added solutions to our customers than ever before - including cost breakthroughs, product innovations, process innovations and business process simplification. Under the terms of our proposed restructuring, Pliant will have double the free cash flow to compete and get better. This is a big deal - we know it, our customers know it and our competition knows it. While we have been fully underway with a significant effort to revamp our balance sheet and free cash flow, Pliant remained focused on performance and had a solid year, despite unprecedented industry headwinds. o Full year sales were up 11% versus 2004 on 1% less pounds o Personal Care and Medical Film sales were up 16% in dollars and 2% in pounds. o Medical Device and Surgical Suite sales were up 5% in pounds o Full year EBITDAR was $92 million in 2005, down slightly from 2004 We are very excited about the momentum that we have with our customers, our innovation programs and our cost reduction programs. We look forward to a quick and timely completion of our financial restructuring and plan to immediately ramp-up our investments in capital spending programs. o Our plan is to organically grow sales around 2 to 3% per year. This can be referenced in many ways from industry data and we have grown at about 2% CAGR over the last couple of years. o EBITDAR is projected to be between $105 and $110 million in 2006 and our internal plan is to grow our EBITDAR to $150+ million over the next few years. Summary - ------- We are committed to achieving results via a balanced business model. We look forward to expanding our business, driving innovation, delivering world-class products to our customers and meeting our financial objectives to our investors and to ourselves. We are unlocking a new era for Pliant. We are very excited about 2006 and we look forward to achieving the goals that we have set for ourselves and our customers. Harold Bevis President and Chief Executive Officer Pliant Corporation DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS - ----------------------------------------------- This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, business trends and other information that is not historical information. When used in this release, the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts" and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, management's projection of future operating trends, are based upon current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. But, management's expectations, beliefs and projections may not be achieved. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this release. Important factors that could cause our actual results to differ materially from the forward-looking statements we make in this release are described in our annual report on Form 10-K for the year ended December 31, 2004. Such risks, uncertainties and other important factors include, among others: o general economic and business conditions, particularly an economic downturn; o inability to conclude our financial restructuring; o continuing losses and charges against earnings resulting from restructurings or the impairment of assets; o industry trends; o risks of high leverage and any increases in our leverage; o interest rate increases; o changes in our ownership structure; o raw material costs and availability particularly resin; o competition; o the loss of any of our major customers; o changes in demand for our products; o new technologies o changes in distribution channels or competitive conditions in the markets or countries where we operate; o costs and/or complications of integrating any future acquisitions; o loss of our intellectual property rights; o foreign currency fluctuations and devaluations and political instability in our foreign markets; o changes in our business strategy or development plans; o availability, terms and deployment of capital; o labor relations and work stoppages; o availability of qualified personnel; and o increases in the cost of compliance with laws and regulations, including environmental laws and regulations. There may be other factors that may cause our actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date of this release and are expressly qualified in their entirety by the cautionary statements included in this release. We undertake no obligations to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. # # # Pliant Corporation is a leading producer of value-added film and flexible packaging products for personal care, medical, food, industrial and agricultural markets. Pliant operates 24 manufacturing and research and development facilities around the world and employs approximately 3,000 people. CONTACT: Chris Sbertoli Phone: 847-969-3348 Email: chris.sbertoli@pliantcorp.com Company Web Site: www.pliantcorp.com PLIANT CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of December 31, 2005 and 2004 (Dollars in Thousands, Except per Share Data)
2005 2004 -------------- -------------- (Unaudited) -------------- ASSETS CURRENT ASSETS : Cash and cash equivalents $ 12,802 $ 5,580 Receivables: Trade accounts, net of allowances of $5,672 and $4,489, respectively 132,640 117,087 Other 5,044 8,308 Inventories 106,826 94,300 Prepaid expenses and other 7,222 4,032 Income taxes receivable 1,074 361 Deferred income taxes 11,424 11,961 -------------- -------------- Total current assets 277,032 241,629 PLANT AND EQUIPMENT, net 294,993 297,145 GOODWILL 182,245 182,237 OTHER INTANGIBLE ASSETS, net 14,719 17,076 OTHER ASSETS 51,916 39,005 -------------- -------------- Total assets $ 820,905 $ 777,092 ============== ============== LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES: Trade accounts payable $ 52,000 $ 96,282 Accrued liabilities: Interest payable 34,359 12,985 Customer rebates 9,538 8,391 Other 41,307 43,462 Current portion of long-term debt and debt in default 446,456 1,994 -------------- -------------- Total current liabilities 583,660 163,114 LONG-TERM DEBT, net of current portion 535,239 840,354 OTHER LIABILITIES 34,677 26,454 DEFERRED INCOME TAXES 31,575 31,433 SHARES SUBJECT TO MANDATORY REDEMPTION 270,689 229,910 -------------- -------------- Total liabilities 1,455,840 1,291,265 -------------- -------------- MINORITY INTEREST -- 33 REDEEMABLE PREFERRED STOCK: Series B - 720 shares authorized, no par value, 628 and 720 shares outstanding at December 31, 2005 and December 31, 2004 102 117 REDEEMABLE COMMON STOCK - no par value; 60,000 shares authorized; 10,873 shares outstanding as of December 31, 2005 and December 31, 2004, net of related stockholders' notes receivable of $1,847 at December 31, 2005 and December 31, 2004 6,645 6,645 STOCKHOLDERS' DEFICIT: Common stock - no par value; 10,000,000 shares authorized, 542,638 shares outstanding as of December 31, 2005 and December 31, 2004 103,376 103,376 Warrants to purchase common stock 39,133 39,133 Accumulated deficit (763,940) (650,974) Stockholders' notes receivable (660) (660) Accumulated other comprehensive loss (19,591) (11,843) -------------- -------------- Total stockholders' deficit (641,682) (520,968) -------------- -------------- Total liabilities and stockholders' deficit $ 820,905 $ 777,092 ============== ==============
PLIANT CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Years Ended December 31, 2005 and 2004 (Dollars in Thousands)
2005 2004 ------------- ---------------- (Unaudited) ------------- NET SALES $ 1,072,840 $ 968,680 COST OF SALES 939,709 826,819 ------------- ---------------- Gross profit 133,131 141,861 ------------- ---------------- OPERATING EXPENSES: Selling, general and administrative 77,051 81,058 Research and development 8,705 6,489 Impairment of goodwill and intangible assets -- -- Impairment of fixed assets -- 359 Restructuring and other costs 2,436 2,108 Financial Restructuring 3,802 -- ------------- ---------------- Total operating expenses 91,994 90,014 ------------- ---------------- OPERATING INCOME 41,137 51,847 INTEREST EXPENSE -- Current and Long Term debt (114,294) (110,353) INTEREST EXPENSE - Dividends and accretion on Redeemable Preferred Stock (40,778) (35,325) OTHER INCOME (EXPENSE), net 4,082 (737) ------------- ---------------- LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (109,853) (94,568) ------------- ---------------- INCOME TAX EXPENSE (BENEFIT): Current 1,016 1,794 Deferred 1,001 (205) ------------- ---------------- Total income tax expense (benefit) 2,017 1,589 ------------- ---------------- LOSS FROM CONTINUING OPERATIONS (111,870) (96,157) ------------- ---------------- DISCONTINUED OPERATIONS Loss from discontinued operations (1,096) (7,395) Loss on sale of discontinued operations -- (10,370) ------------- ---------------- LOSS FROM DISCONTINUED OPERATIONS (1,096) (17,765) ------------- ---------------- NET LOSS $ (112,966) $ (113,922) ============= ================
PLIANT CORPORATION AND SUBSIDIARIES OPERATING SEGMENTS (Dollars in Thousands)
Specialty Products Industrial Engineered Performance Corporate/ Group Films Films Films Other Total ------------ ------------- ------------ ------------ ------------- ------------- Three months ended Dec. 31, 2005 (Unaudited) Net sales to customers $ 105,549 $ 85,233 $ 67,117 $ 29,020 $ 1,814 $ 288,733 Intersegment sales 2,242 4,207 2,266 448 (9,163) -- ------------ ------------- ------------ ------------ ------------- ------------- Total net sales 107,791 89,440 69,383 29,468 (7,349) 288,733 Depreciation and amortization 5,138 1,650 1,767 925 1,103 10,583 Interest expense 3,682 65 317 6 39,642 43,712 Segment profit (loss) 12,308 7,465 7,629 4,008 (7,939) 23,471 Capital expenditures 9,192 514 593 393 715 11,407 Three months ended Dec. 31, 2004 Net sales to customers $ 101,480 $ 71,810 $ 54,178 $ 23,673 $ 2,387 $ 253,536 Intersegment sales 2,068 2,954 1,624 653 (7,299) -- ------------ ------------- ------------ ------------ ------------- ------------- Total net sales 103,556 74,764 55,802 24,326 (4,912) 253,536 Depreciation and amortization 4,707 1,652 1,914 852 1,195 10,320 Interest expense 1,310 31 175 3 33,862 35,381 Segment profit (loss) 9,253 5,804 6,466 2,936 (8,274) 16,185 Capital expenditures 3,830 2,377 824 617 1,465 9,115 Specialty Products Industrial Engineered Performance Corporate/ Group Films Films Films Other Total ------------ ------------- ------------ ------------ ------------- ------------- Twelve months ended Dec. 31, 2005 (Unaudited) Net sales to customers $ 410,233 $ 306,984 $ 241,802 $ 106,109 $ 7,712 $ 1,072,840 Intersegment sales 6,655 15,707 6,251 1,592 (30,205) -- ------------ ------------- ------------ ------------ ------------- ------------- Total net sales 416,888 322,691 248,053 107,701 (22,493) 1,072,840 Depreciation and amortization 18,688 6,740 7,067 3,522 4,521 40,538 Interest expense 7,555 391 831 36 146,259 155,072 Segment profit (loss) 51,720 26,608 29,132 13,790 (29,255) 91,995 Segment total assets 388,760 107,528 155,218 73,398 96,001 820,905 Capital expenditures 22,064 3,397 2,845 4,627 4,896 37,829 Twelve months ended Dec. 31, 2004 Net sales to customers $ 390,733 $ 254,104 $ 218,963 $ 98,148 $ 6,732 $ 968,680 Intersegment sales 14,030 7,170 6,146 1,936 (29,282) -- ------------ ------------- ------------ ------------ ------------- ------------- Total net sales 404,763 261,274 225,109 100,084 (22,550) 968,680 Depreciation and amortization 18,932 5,589 7,090 3,447 6,352 41,410 Interest expense 4,467 29 646 13 140,523 145,678 Segment profit (loss) 48,956 26,245 33,419 15,585 (29,577) 94,628 Segment total assets 375,033 105,543 140,799 68,190 87,527 777,092 Capital expenditures 10,433 8,132 2,011 1,140 2,374 24,090
A reconciliation of the totals reported for the operating segments to the totals reported in the consolidated financial statements is as follows (in thousands):
Three Months Ended Twelve Months Ended December 31, December 31, -------------------------------- ---------------------------- 2005 2004 2005 2004 -------------- ---------------- ------------- -------------- (Unaudited) (Unaudited) -------------- ----------- Profit or Loss Total segment profit $ 23,471 $ 16,185 $ 91,995 $ 94,628 Depreciation and amortization (10,583) (10,320) (40,538) (41,410) Restructuring and other costs (3,805) 58 (6,238) (2,108) Interest expense (43,712) (35,381) (155,072) (145,678) -------------- ---------------- ------------- -------------- Loss from continuing operations before income $ (34,629) $ (29,458)$ (109,853) $ (94,568) taxes ============== ================ ============= ==============
EX-99 4 form8k_032306ex993.txt EXH. 99.3 PLIANT LOSS FROM CONTINUING OPERATIONS EXHIBIT 99.3
Three Months Ended Three Months Ended Amounts in $ millions December 31, 2005 December 31, 2004 (unaudited) ---------------------- ---------------------- Loss from continuing operations before income taxes $ (34.6) $ (29.5) Add Back: Depreciation and amortization 10.6 10.3 Restructuring and other costs 3.8 0.0 Interest 43.7 35.4 ---------------------- ---------------------- Segment profit $ 23.5 16.2 ====================== ====================== Twelve Months Ended Twelve Months Ended Amounts in $ millions December 31, 2005 December 31, 2004 (unaudited) ---------------------- ---------------------- Loss from continuing operations before income taxes $ (109.8) $ (94.6) Add Back: Depreciation and amortization 40.5 41.4 Restructuring and other costs 6.2 2.1 Interest 155.1 145.7 ---------------------- ---------------------- Segment profit $ 92.0 94.6 ====================== ======================
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