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 October 24, 2012.
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SILGAN HOLDINGS INC.
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|||
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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|||
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INDEX TO EXHIBITS
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Exhibit No.
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Description
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99.1
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Press Release dated October 24, 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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Third Quarter
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Nine Months
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|||||||||||||||
2012
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2011
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2012
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2011
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|||||||||||||
Net sales
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$ | 1,139.5 | $ | 1,148.0 | $ | 2,729.5 | $ | 2,673.3 | ||||||||
Cost of goods sold
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960.7 | 965.0 | 2,321.4 | 2,271.5 | ||||||||||||
Gross profit
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178.8 | 183.0 | 408.1 | 401.8 | ||||||||||||
Selling, general and administrative expenses
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44.3 | 46.3 | 135.5 | 112.8 | ||||||||||||
Rationalization charges
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2.1 | 0.6 | 5.8 | 4.8 | ||||||||||||
Income from operations
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132.4 | 136.1 | 266.8 | 284.2 | ||||||||||||
Interest and other debt expense before loss on
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||||||||||||||||
early extinguishment of debt
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16.0 | 16.3 | 47.6 | 46.7 | ||||||||||||
Loss on early extinguishment of debt
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- | 1.0 | 38.7 | 1.0 | ||||||||||||
Interest and other debt expense
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16.0 | 17.3 | 86.3 | 47.7 | ||||||||||||
Income before income taxes
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116.4 | 118.8 | 180.5 | 236.5 | ||||||||||||
Provision for income taxes
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37.7 | 40.0 | 58.5 | 80.4 | ||||||||||||
Net income
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$ | 78.7 | $ | 78.8 | $ | 122.0 | $ | 156.1 | ||||||||
Earnings per share:
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||||||||||||||||
Basic net income per share
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$1.13 | $1.13 | $1.75 | $2.23 | ||||||||||||
Diluted net income per share
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$1.13 | $1.12 | $1.74 | $2.22 | ||||||||||||
Cash dividends per common share
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$0.12 | $0.11 | $0.36 | $0.33 | ||||||||||||
Weighted average shares (000’s):
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||||||||||||||||
Basic
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69,375 | 69,981 | 69,679 | 70,036 | ||||||||||||
Diluted
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69,685 | 70,320 | 69,984 | 70,444 | ||||||||||||
Third Quarter
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Nine Months
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|||||||||||||||
2012
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2011
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2012
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2011
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|||||||||||||
Net sales:
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Metal containers
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$ | 814.1 | $ | 798.7 | $ | 1,738.7 | $ | 1,671.4 | ||||||||
Closures
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182.7 | 189.5 | 528.8 | 534.1 | ||||||||||||
Plastic containers
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142.7 | 159.8 | 462.0 | 467.8 | ||||||||||||
Consolidated
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$ | 1,139.5 | $ | 1,148.0 | $ | 2,729.5 | $ | 2,673.3 | ||||||||
Income from operations:
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Metal containers (a)
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$ | 103.5 | $ | 111.7 | $ | 185.6 | $ | 193.0 | ||||||||
Closures (b)
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24.1 | 24.4 | 65.1 | 62.9 | ||||||||||||
Plastic containers (c)
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6.2 | 3.8 | 24.2 | 14.6 | ||||||||||||
Corporate (d)
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(1.4 | ) | (3.8 | ) | (8.1 | ) | 13.7 | |||||||||
Consolidated
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$ | 132.4 | $ | 136.1 | $ | 266.8 | $ | 284.2 |
Sept. 30,
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Sept. 30,
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Dec. 31,
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||||||||||
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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$ | 422.5 | $ | 140.5 | $ | 397.1 | ||||||
Trade accounts receivable, net
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597.7 | 579.5 | 339.9 | |||||||||
Inventories
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561.5 | 580.4 | 554.2 | |||||||||
Other current assets
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51.6 | 45.2 | 42.6 | |||||||||
Property, plant and equipment, net
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1,092.6 | 1,071.4 | 1,064.7 | |||||||||
Other assets, net
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816.1 | 602.6 | 580.6 | |||||||||
Total assets
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$ | 3,542.0 | $ | 3,019.6 | $ | 2,979.1 | ||||||
Liabilities and stockholders’ equity:
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||||||||||||
Current liabilities, excluding debt
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$ | 407.3 | $ | 503.7 | $ | 507.7 | ||||||
Current and long-term debt
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1,989.7 | 1,431.0 | 1,376.3 | |||||||||
Other liabilities
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408.7 | 417.4 | 437.1 | |||||||||
Stockholders’ equity
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736.3 | 667.5 | 658.0 | |||||||||
Total liabilities and stockholders’ equity
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$ | 3,542.0 | $ | 3,019.6 | $ | 2,979.1 |
(a)
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Includes new plant start-up costs of $1.4 million and $4.3 million for the three and nine months ended September 30, 2012, respectively. Includes rationalization charges of $1.7 million for each of the three and nine months ended September 30, 2012 and rationalization charges of $1.4 million for the nine months ended September 30, 2011. Includes a charge for the resolution of a past product liability dispute of $3.3 million for the nine months ended September 30, 2011.
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(b)
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Includes rationalization charges of $0.5 million and $0.3 million for the three months ended September 30, 2012 and 2011, respectively, and $2.6 million and $1.7 million for the nine months ended September 30, 2012 and 2011, respectively.
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(c)
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Includes a rationalization credit and rationalization charges of $0.1 million and $0.3 million for the three months ended September 30, 2012 and 2011, respectively, and rationalization charges of $1.5 million and $1.7 million for the nine months ended September 30, 2012 and 2011, respectively.
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(d)
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Includes costs attributable to announced acquisitions of $0.8 million and $1.5 million for the three and nine months ended September 30, 2012, respectively. Includes income of $25.2 million for the nine months ended September 30, 2011 for proceeds received as a result of the termination of the Graham Packaging merger agreement, net of costs associated with certain corporate development activities.
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2012
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2011
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|||||||
Cash flows provided by (used in) operating activities:
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Net income
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$ | 122.0 | $ | 156.1 | ||||
Adjustments to reconcile net income to net cash
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||||||||
(used in) provided by operating activities:
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Depreciation and amortization
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125.2 | 120.9 | ||||||
Rationalization charges
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5.8 | 4.8 | ||||||
Loss on early extinguishment of debt
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38.7 | 1.0 | ||||||
Other changes that provided (used) cash, net of
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||||||||
effects from acquisitions:
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||||||||
Trade accounts receivable, net
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(239.2 | ) | (286.7 | ) | ||||
Inventories
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10.8 | (47.2 | ) | |||||
Trade accounts payable and other changes, net
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6.7 | 127.3 | ||||||
Contributions to domestic pension benefit plans
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(76.0 | ) | - | |||||
Net cash (used in) provided by operating activities
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(6.0 | ) | 76.2 | |||||
Cash flows provided by (used in) investing activities:
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Purchases of businesses, net of cash acquired
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(317.5 | ) | (289.4 | ) | ||||
Capital expenditures
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(84.7 | ) | (123.2 | ) | ||||
Proceeds from asset sales
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1.4 | 3.4 | ||||||
Net cash used in investing activities
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(400.8 | ) | (409.2 | ) | ||||
Cash flows provided by (used in) financing activities:
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||||||||
Dividends paid on common stock
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(25.4 | ) | (23.4 | ) | ||||
Changes in outstanding checks – principally vendors
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(66.2 | ) | (92.9 | ) | ||||
Shares repurchased under authorized repurchase program
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(33.9 | ) | (15.8 | ) | ||||
Net borrowings and other financing activities
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557.7 | 430.4 | ||||||
Net cash provided by financing activities
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432.2 | 298.3 | ||||||
Cash and cash equivalents:
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Net increase (decrease)
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25.4 | (34.7 | ) | |||||
Balance at beginning of year
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397.1 | 175.2 | ||||||
Balance at end of period
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$ | 422.5 | $ | 140.5 |
Third Quarter
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Nine Months
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2012
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2011
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2012
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2011
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|||||||||||||
Net income per diluted share as reported
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$ | 1.13 | $ | 1.12 | $ | 1.74 | $ | 2.22 | ||||||||
Adjustments:
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Rationalization charges
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0.02 | 0.01 | 0.05 | 0.04 | ||||||||||||
New plant start-up costs
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0.01 | - | 0.04 | - | ||||||||||||
Proceeds from termination of merger agreement
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- | - | - | (0.37 | ) | |||||||||||
Costs attributable to announced acquisitions
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0.01 | - | 0.02 | 0.14 | ||||||||||||
Loss on early extinguishment of debt
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- | 0.01 | 0.37 | 0.01 | ||||||||||||
Resolution of product liability dispute
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- | - | - | 0.03 | ||||||||||||
Adjusted net income per diluted share
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$ | 1.17 | $ | 1.14 | $ | 2.22 | $ | 2.07 |
Fourth Quarter
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Year Ended
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||||||||||||||||||
December 31,
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December 31,
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||||||||||||||||||
Estimated
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Actual
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Estimated
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Actual
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||||||||||||||||
Low
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High
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Low
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High
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||||||||||||||||
2012
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2012
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2011
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2012
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2012
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2011
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||||||||||||||
Net income per diluted share as estimated
|
|||||||||||||||||||
for 2012 and as reported for 2011
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$ | 0.50 | $ | 0.55 | $ | 0.53 | $ | 2.24 | $ | 2.29 | $ | 2.75 | |||||||
Adjustments:
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|||||||||||||||||||
Rationalization charges
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0.06 | 0.06 | 0.03 | 0.11 | 0.11 | 0.07 | |||||||||||||
New plant start-up costs
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0.02 | 0.02 | - | 0.06 | 0.06 | - | |||||||||||||
Proceeds from termination of merger agreement
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- | - | - | - | - | (0.37 | ) | ||||||||||||
Costs attributable to announced acquisitions (2)
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- | - | - | 0.02 | 0.02 | 0.14 | |||||||||||||
Loss on early extinguishment of debt
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- | - | - | 0.37 | 0.37 | 0.01 | |||||||||||||
Resolution of product liability dispute
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- | - | - | - | - | 0.03 | |||||||||||||
Adjusted net income per diluted share
as estimated for 2012 and presented for 2011
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$ | 0.58 | $ | 0.63 | $ | 0.56 | $ | 2.80 | $ | 2.85 | $ | 2.63 |
(1)
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The Company has presented adjusted net income per diluted share for the periods covered by this press release, which measure is a Non-GAAP financial measure. The Company’s management believes it is useful to exclude rationalization charges, new plant start-up costs, proceeds from the termination of acquisition agreements, costs attributable to announced acquisitions, the loss on early extinguishment of debt and the impact from the resolution of a past product liability dispute from its net income per diluted share as calculated under U.S. generally accepted accounting principles because such Non-GAAP financial measure allows for a more appropriate evaluation of its operating results. While rationalization costs are incurred on a regular basis, management views these costs more as an investment to generate savings rather than period costs. Such Non-GAAP financial measure is not in accordance with U.S. generally accepted accounting principles and should not be considered in isolation but should be read in conjunction with the unaudited condensed consolidated statements of income and the other information presented herein. Additionally, such Non-GAAP financial measure should not be considered a substitute for net income per diluted share as calculated under U.S. generally accepted accounting principles and may not be comparable to similarly titled measures of other companies.
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