Delaware
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000-22117
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06-1269834
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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4 Landmark Square, Stamford, Connecticut
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06901
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(Address of principal executive offices)
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(Zip Code)
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N/A
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(Former name or former address, if changed since last report)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Section 2—Financial Information
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Item 2.02. Results of Operations and Financial Condition.
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Section 9—Financial Statements and Exhibits
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Item 9.01. Financial Statements and Exhibits.
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99.1
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Press Release dated April 26, 2012.
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SILGAN HOLDINGS INC. | |||
By:
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/s/ Frank W. Hogan, III | ||
Frank W. Hogan, III | |||
Senior Vice President, General Counsel
and Secretary
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|||
99.1
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Press Release dated April 26, 2012.
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![]() |
News
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|||
For Immediate Release
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|||
4 Landmark Square
Suite 400
Stamford, CT 06901
Telephone: (203) 975-7110
Fax: (203) 975-7902
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|||
Contact:
Robert B. Lewis
(203) 406-3160
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2012 | 2011 | |||||
Net sales
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$ | 768.4 | $ | 703.1 | ||
Cost of goods sold
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654.4 | 601.1 | ||||
Gross profit
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114.0 | 102.0 | ||||
Selling, general and administrative expenses
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44.6 | 46.7 | ||||
Rationalization charges
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3.6 | 1.7 | ||||
Income from operations
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65.8 | 53.6 | ||||
Interest and other debt expense
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15.6 | 13.9 | ||||
Income before income taxes
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50.2 | 39.7 | ||||
Provision for income taxes
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17.4 | 13.6 | ||||
Net income
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$ | 32.8 | $ | 26.1 | ||
Earnings per share:
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||||||
Basic net income per share
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$0.47 | $0.37 | ||||
Diluted net income per share
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$0.47 | $0.37 | ||||
Cash dividends per common share
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$0.12 | $0.11 | ||||
Weighted average shares (000’s):
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||||||
Basic
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69,940 | 69,983 | ||||
Diluted
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70,265 | 70,500 | ||||
2012
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2011
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|||||
Net sales:
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||||||
Metal containers
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$ | 444.9 | $ | 390.5 | ||
Closures
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163.0 | 160.0 | ||||
Plastic containers
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160.5 | 152.6 | ||||
Consolidated
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$ | 768.4 | $ | 703.1 | ||
Income from operations:
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||||||
Metal containers
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$ | 42.0 | $ | 38.4 | ||
Closures (a)
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18.0 | 15.8 | ||||
Plastic containers (b)
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8.9 | 6.3 | ||||
Corporate
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(3.1 | ) | (6.9 | ) | ||
Consolidated
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$ | 65.8 | $ | 53.6 |
March 31, | March 31, | Dec. 31, | |||||||||||||
2012
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2011
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2011
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|||||||||||||
Assets:
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|||||||||||||||
Cash and cash equivalents
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$ | 648.5 | $ | 135.8 | $ | 397.1 | |||||||||
Trade accounts receivable, net
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368.2 | 377.9 | 339.9 | ||||||||||||
Inventories
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687.9 | 654.5 | 554.2 | ||||||||||||
Other current assets
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43.5 | 47.5 | 42.6 | ||||||||||||
Property, plant and equipment, net
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1,066.7 | 1,081.9 | 1,064.7 | ||||||||||||
Other assets, net
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603.0 | 557.5 | 580.6 | ||||||||||||
Total assets
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$ | 3,417.8 | $ | 2,855.1 | $ | 2,979.1 | |||||||||
Liabilities and stockholders’ equity:
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|||||||||||||||
Current liabilities, excluding debt
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$ | 392.5 | $ | 408.5 | $ | 507.7 | |||||||||
Current and long-term debt
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1,911.8 | 1,443.0 | 1,376.3 | ||||||||||||
Other liabilities
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419.4 | 415.8 | 437.1 | ||||||||||||
Stockholders’ equity
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694.1 | 587.8 | 658.0 | ||||||||||||
Total liabilities and stockholders’ equity
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$ | 3,417.8 | $ | 2,855.1 | $ | 2,979.1 |
(a)
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Includes rationalization charges of $2.1 million and $1.1 million in 2012 and 2011, respectively.
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(b)
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Includes rationalization charges of $1.5 million and $0.6 million in 2012 and 2011, respectively.
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(c)
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Includes costs attributable to announced acquistions of $1.8 million in 2011.
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2012
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2011
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|||||
Cash flows provided by (used in) operating activities:
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||||||
Net income
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$ | 32.8 | $ | 26.1 | ||
Adjustments to reconcile net income to net cash
used in operating activities:
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||||||
Depreciation and amortization
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42.2 | 38.3 | ||||
Rationalization charges
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3.6 | 1.7 | ||||
Other changes that provided (used) cash, net of
effects from acquisitions:
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||||||
Trade accounts receivable, net
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(27.6 | ) | (69.8 | ) | ||
Inventories
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(129.5 | ) | (114.2 | ) | ||
Trade accounts payable and other changes, net
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3.0 | 59.0 | ||||
Contributions to domestic pension benefit plans
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(30.0 | ) | - | |||
Net cash used in operating activities
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(105.5 | ) | (58.9 | ) | ||
Cash flows provided by (used in) investing activities:
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||||||
Purchases of businesses, net of cash acquired
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(51.0 | ) | (264.4 | ) | ||
Capital expenditures
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(26.3 | ) | (33.5 | ) | ||
Proceeds from asset sales
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0.2 | 0.2 | ||||
Net cash used in investing activities
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(77.1 | ) | (297.7 | ) | ||
Cash flows provided by (used in) financing activities:
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||||||
Dividends paid on common stock
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(8.5 | ) | (7.8 | ) | ||
Changes in outstanding checks – principally vendors
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(63.2 | ) | (101.1 | ) | ||
Shares repurchased under authorized repurchase program
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(5.0 | ) | - | |||
Net borrowings and other financing activities
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510.7 | 426.1 | ||||
Net cash provided by (used in) financing activities
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434.0 | 317.2 | ||||
Cash and cash equivalents:
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||||||
Net increase (decrease)
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251.4 | (39.4 | ) | |||
Balance at beginning of year
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397.1 | 175.2 | ||||
Balance at end of period
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$ | 648.5 | $ | 135.8 |
2012 | 2011 | |||||
Net income per diluted share as reported
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$ | 0.47 | $ | 0.37 | ||
Adjustments:
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||||||
Rationalization charges
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0.03 | 0.02 | ||||
Costs attributable to announced acquisitions
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- | 0.02 | ||||
Adjusted net income per diluted share
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$ | 0.50 | $ | 0.41 |
Second Quarter | Year Ended | ||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||
Estimated | Actual | Estimated | Actual | ||||||||||||||||
Low | High | Low | High | ||||||||||||||||
2012 | 2012 | 2011 | 2012 | 2012 | 2011 | ||||||||||||||
Net income per diluted share as estimated | |||||||||||||||||||
for 2012 and as reported for 2011 | $ | 0.16 | $ | 0.21 | $ | 0.73 | $ | 2.32 | $ | 2.42 | $ | 2.75 | |||||||
Adjustments: | |||||||||||||||||||
Rationalization charges | 0.02 | 0.02 | 0.02 | 0.11 | 0.11 | 0.07 | |||||||||||||
Proceeds from termination of merger agreement | - | - |
(0.37
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) | - | - | (0.37 | ) | |||||||||||
Costs attributable to announced acquisitions(2) | - | - | 0.12 | - | - | 0.14 | |||||||||||||
Loss on early extinquishment of debt | 0.37 | 0.37 | - | 0.37 | 0.37 | 0.01 | |||||||||||||
Resolution of past product liability dispute | - | - | 0.03 | - | - | 0.03 | |||||||||||||
Adjusted net income per diluted share
as estimated for 2012 and presented for 2011
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$ | 0.55 | $ | 0.60 | $ | 0.53 | $ | 2.80 | $ | 2.90 | $ | 2.63 |
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