-----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, QayUUqyesTxItcXQwAqUuC5QaMAbUfhuCmPFrqwRP/hnT2QxdEfAB9BtM8Kqaatx 4yh25YIH0E00sNZVMUrQ4Q== 0000895655-97-000013.txt : 19970813 0000895655-97-000013.hdr.sgml : 19970813 ACCESSION NUMBER: 0000895655-97-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970629 FILED AS OF DATE: 19970812 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLTRISTA CORP CENTRAL INDEX KEY: 0000895655 STANDARD INDUSTRIAL CLASSIFICATION: COATING, ENGRAVING & ALLIED SERVICES [3470] IRS NUMBER: 351828377 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21052 FILM NUMBER: 97657471 BUSINESS ADDRESS: STREET 1: 345 S HIGH ST CITY: MUNCIE STATE: IN ZIP: 47307 BUSINESS PHONE: 3172815000 MAIL ADDRESS: STREET 1: 345 S. HIGH STREET CITY: MUNCIE STATE: IN ZIP: 47307-5004 10-Q 1 ALLTRISTA CORPORATION 2ND QUARTER 1997 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q XX QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 29, 1997 OR ___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 0-21052 ALLTRISTA CORPORATION Indiana No. 35-1828377 State of Incorporation IRS Employer Identification No. 345 South High Street, P.O. Box 5004 Muncie, IN 47307-5004 765/281-5000 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at July 31, 1997 ----------------- ---------------------------- Common Stock, without par value 7,396,630 shares This document contains 15 pages. The exhibit index is on page 14 of 15. Page 1 of 15 ALLTRISTA CORPORATION Quarterly Report on Form 10-Q For the period ended June 29, 1997 INDEX Page Number PART I. FINANCIAL INFORMATION: Item 1. Financial Statements Unaudited Condensed Statements of Income for the three and six month periods ended June 29, 1997 and June 30, 1996 3 Unaudited Condensed Balance Sheets at June 29, 1997 and December 31, 1996 4 Unaudited Condensed Statements of Cash Flows for the six month periods ended June 29, 1997 and June 30, 1996 5 Notes to Unaudited Condensed Financial Statements 6 - 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 - 11 PART II. OTHER INFORMATION 12 Page 2 of 15 PART I. FINANCIAL INFORMATION Item 1. Financial Statements
ALLTRISTA CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED STATEMENTS OF INCOME (thousands of dollars except per share amounts) Three month period ended Six month period ended June 29, June 30, June 29, June 30, 1997 1996 1997 1996 ------------ ----------- ----------- ------------ Net Sales $78,950 $69,398 $124,592 $120,526 Costs and expenses Cost of sales 54,619 46,643 89,417 84,195 Selling, general and administrative expenses 12,664 12,101 20,602 19,854 ------------ ----------- ----------- ------------ Operating earnings 11,667 10,654 14,573 16,477 Interest expense, net (751) (842) (1,360) (1,588) ------------ ----------- ----------- ------------ Income from continuing operations before taxes 10,916 9,812 13,213 14,889 Provision for income taxes (4,104) (3,908) (4,968) (5,895) ------------ ----------- ----------- ------------ Income from continuing operations 6,812 5,904 8,245 8,994 Loss from discontinued operation, net of income taxes of $(216) for the three month period-ended June 30, 1996 - (267) - - ------------ ----------- ----------- ------------ Net income $ 6,812 $ 5,637 $ 8,245 $ 8,994 ============ =========== =========== =========== Per share of common stock: Income from continuing operations Primary earnings per share $ .91 $ .73 $ 1.09 $ 1.12 ============ =========== ========== =========== Fully diluted earnings per share $ 90 $ .73 $ 1.09 $ 1.11 =========== =========== ========== =========== Net income Primary earnings per share $ .91 $ .70 $ 1.09 $ 1.12 =========== =========== ========== =========== Fully diluted earnings per share $ .90 $ .70 $ 1.09 $ 1.11 =========== =========== ========== =========== See accompanying notes to unaudited condensed financial statements.
Page 3 of 15
ALLTRISTA CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED BALANCE SHEETS (thousands of dollars) June 29, December 31, 1997 1996 ------------ -------------- ASSETS Current assets Cash and cash equivalents $ 3,168 $ 7,611 Accounts receivable, net 39,437 27,621 Inventories Raw materials and supplies 10,722 9,894 Work in process and finished goods 28,081 32,368 Deferred taxes on income 3,312 3,312 Prepaid expenses 1,242 726 ------------ ------------ Total current assets 85,962 81,532 ------------ ------------ Property, plant and equipment, at cost 148,619 145,135 Accumulated depreciation (102,684) (99,475) ------------ ------------ 45,935 45,660 Goodwill, net 25,503 20,549 Other assets 6,980 6,338 ------------ ------------ Total assets $164,380 $154,079 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Notes payable $ 4,808 $ - Accounts payable 17,097 17,181 Other current liabilities 15,534 15,479 ------------ ------------ Total current liabilities 37,439 32,660 ------------ ------------ Noncurrent liabilities Long-term debt 30,000 30,000 Deferred taxes on income 91 92 Other noncurrent liabilities 7,972 7,860 ------------ ------------ Total noncurrent liabilities 38,063 37,952 ------------ ------------ Shareholders' equity: Common stock (includes 7,983,341 common shares issued and 7,352,892 shares outstanding at June 29, 1997) 41,090 41,457 Retained earnings 61,668 53,475 Minimum pension liability (253) (253) Cumulative translation adjustment (73) (38) ------------ ------------ 102,432 94,641 Less treasury stock (608,256 shares, at cost) (13,554) (11,174) ------------ ----------- Total shareholders' equity 88,878 83,467 ------------ ------------ Total liabilities and shareholders' equity $164,380 $154,079 =========== ============ See accompanying notes to unaudited condensed financial statements.
Page 4 of 15
ALLTRISTA CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS (thousands of dollars) Six month period ended June 29, June 30, 1997 1996 ------------ ---------- Cash flows from operating activities Net income $8,245 $8,994 Reconciliation of net income to net cash provided by operating activities: Depreciation and amortization 5,072 5,554 Loss on disposal of fixed assets 525 590 Deferred employee benefits 406 542 Other (245) 11 Changes in working capital components (8,231) (2,210) ------------ ------------ Net cash provided by operating activities 5,772 13,481 ------------ ------------ Cash flows from financing activities Proceeds from revolving credit borrowings 15,967 20,526 Payments on revolving credit borrowings (11,160) (22,446) Proceeds from issuance of common stock 1,293 1,809 Purchase of treasury stock (4,042) (2,194) ------------ ------------ Net cash provided by (used in) financing activities 2,058 (2,305) ------------ ------------ Cash flows from investing activities Additions to property, plant and equipment (3,617) (6,906) Proceeds from sale of property, plant and equipment 46 38 Acquisition of businesses and product lines (8,288) (14,633) Cash proceeds from the sale of certain assets of discontinued operation - 14,384 Other (414) (437) ------------ ------------ Net cash used in investing activities (12,273) (7,554) ------------ ------------ Net (decrease) increase in cash (4,443) 3,622 Cash and cash equivalents, beginning of period 7,611 2,333 ------------ ------------ Cash and cash equivalents, end of period $3,168 $5,955 ============ ============ See accompanying notes to unaudited condensed financial statements.
Page 5 of 15 ALLTRISTA CORPORATION AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS 1. Presentation of Condensed Financial Statements Certain information and footnote disclosures, including significant accounting policies normally included in financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted. Significant intercompany balances and transactions have been eliminated. Certain amounts from prior periods were reclassified to conform to the 1997 presentation. Net income and shareholders' equity have not been affected by these reclassifications. In the opinion of management, the accompanying condensed financial statements include all adjustments necessary for a fair presentation of the results for the interim periods presented. Results of operations for the periods shown are not necessarily indicative of results for the year, particularly in view of some seasonality in the Consumer Products business. The accompanying unaudited condensed financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements of Alltrista Corporation and Subsidiaries included in the Company's latest annual report. 2. Contingencies The Company is subject to and involved in claims arising out of the conduct of its business including those relating to product liability, environmental and safety and health matters. The Company's information at this time does not indicate that the resolution of the aforementioned claims will have a material, adverse effect upon financial condition, results of operations, cash flows or competitive position of the Company. 3. Earnings per share Earnings per share for the periods are computed by dividing net income for the period by the sum of the weighted average number of shares outstanding for the period and the common stock equivalents which result from stock option activity. The Company will adopt the provisions of Statement of Financial Accounting Standards No. 128, "Earnings Per Share," in the last quarter of 1997. Pro forma basic and diluted earnings per share for the three and six month periods ending June 29, 1997 and June 30, 1996 calculated pursuant to SFAS 128 would be as follows:
Three month period ended Six month period ended June 29, June 30, June 29, June 30, 1997 1996 1997 1996 ----------- ----------- ----------- ------------ Per share of common stock: Income from continuing operations Basic earnings per share $ .93 $ .75 $ 1.11 $ 1.14 Diluted earnings per share $ .91 $ .73 $ 1.09 $ 1.12 Net income Basic earnings per share $ .93 $ .72 $ 1.11 $ 1.14 Diluted earnings per share $ .91 $ .70 $ 1.09 $ 1.12
Page 6 of 15 ALLTRISTA CORPORATION AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS (Continued) 4. Acquisition of assets In May, 1997, the Company purchased certain assets and assumed certain liabilities of Viking Industries ("Viking Plastics") for $8.3 million and future consideration. The acquisition was accounted for as a purchase. The purchase price was allocated to the assets and liabilities assumed based on their estimated fair values as of the date of acquisition. The purchase price in excess of the fair value of assets purchased and liabilities assumed will be amortized over a 20-year period. The impact of including the financial results of Viking Plastics in a pro forma presentation for the six month periods ended June 29, 1997 and June 30, 1996 would not have been material. Viking Plastics is an Arkansas-based producer of large thermoformed plastic products sold to the manufactured housing and recreational vehicle industries. Viking Plastics had 1996 sales of $15 million. Page 7 of 15 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations - Comparing Second Quarter 1997 to Second Quarter 1996 The Company's net sales increased 13.8% or $9.6 million to $79.0 million in the second quarter of 1997 from $69.4 million in the second quarter of 1996. Operating earnings increased 10.4% or $1.1 million to $11.7 million in the second quarter of 1997 from $10.6 million in the second quarter of 1996. The increase in sales was primarily due to a $7.7 million increase in sales in the Consumer Products division which is benefiting from the March, 1996 acquisition of the Kerr brand home canning products and a good start to the growing season for home gardening and fresh fruit. During 1996, the Company, under the terms of a non-exclusive Sales Agent Agreement, sold certain pre-closing inventory retained by Kerr. These sales are not reflected in the Company's 1996 results of operations. Since the Company fulfilled the agreement at the end of 1996, 1997 sales of the Kerr products are reflected in the Company's current year results. The increase in Consumer Products sales within the food containers segment was offset in part by a decline in sales within the Plastic Packaging division. The Plastic Packaging sales decline is primarily a result of lower customer requirements. The $1.3 million improvement in operating earnings for this segment was driven primarily by the strong sales in the Consumer Products division. The divisions within the industrial components segment all reported an increase in second quarter 1997 sales compared to the second quarter of 1996 with the exception of the Unimark Plastics division. The Industrial Plastics division posted a $2.4 million increase in sales primarily as a result of the acquisition of Viking Plastics ($2.0 million in sales). The Zinc Products division reported a $1.2 million increase in sales despite a 6 million pound decrease in coinage sales volume. U.S. Mint shipments averaged 18 truck loads per week for the second quarter of 1997 compared to 30 truck loads per week during the second quarter of 1996. The effect the decline in coinage volume had on sales was offset by (i) zinc ingot prices steadily increasing from an average of 51 cents per pound in the second quarter of 1996 to 65 cents per pound in the second quarter of 1997, (ii) an increase in European industrial sales volume, (iii) an increase in battery can sales volume, and (iv) inclusion of sales to the Royal Canadian Mint during the second quarter of 1997 for the Canadian one cent coin compared to no such sales in the second quarter of 1996. The Zinc Products division anticipates an average of 15 truck loads per week to the U.S. Mint for the remainder of 1997. In addition, one of the two customers for which Zinc Products produces dry cell battery cans notified the Company it would be moving production of its zinc/carbon batteries to Mexico next year. The Company does not expect this development to have a material impact on Company profitability. LumenX reported a $.3 million increase in sales in the second quarter of 1997 compared to the second quarter of 1996. The $1.3 million decrease in Unimark Plastics sales was attributed to lower demand within both the health care and consumer markets, with some customers bringing production back into their own facilities. This division expects sales to return to more normal levels in the fourth quarter of 1997. Overall, operating earnings for the industrial components segment was equivalent to 1996. Gross profit increased $1.6 million in the second quarter of 1997 compared to the second quarter of 1996. The increase was primarily due to the aforementioned Consumer Products division sales increase. The increase from the Consumer Products division and an increase at the Industrial Plastics division were offset in part by a decrease in gross profit at the Unimark Plastics, Plastic Packaging, Zinc Products and LumenX divisions. Unimark Plastics and Plastic Packaging both reported lower sales as noted above. In addition, Plastic Packaging experienced an increase in resin costs that were not passed through to customers. Zinc Products decline reflects the decline in zinc coinage volume. LumenX reported a decline in gross profit primarily due to a change in product mix. Selling, general and administrative expenses increased $0.6 million in the second quarter of 1997 compared to the second quarter of 1996. Several components within selling, general and administrative expenses (commissions, warehousing, etc.) fluctuate with sales volume. Second quarter 1997 net interest expense was flat compared to the same period last year as reduced 1997 daily average borrowings were offset by slightly higher average interest rates. Page 8 of 15 Results of Operations - Comparing Year to Date 1997 to Year to Date 1996 The Company's net sales increased 3.4% or $4.1 million to $124.6 million in the first six months of 1997 from $120.5 million in the first six months of 1996. The increase in sales was primarily due to the $7.5 million increase in sales in the Consumer Products division which is benefiting from the March, 1996 acquisition of the Kerr brand of home canning products and a good start to the growing season for home gardening and fresh fruit. During 1996, the Company, under the terms of a non-exclusive Sales Agent Agreement, sold certain pre-closing inventory retained by Kerr. These sales are not reflected in the Company's 1996 results of operations. Since the Company fulfilled the agreement at the end of 1996, 1997 sales of the Kerr products are reflected in the Company's current year results. The Zinc Products and Industrial Plastics divisions both reported increases in sales for the first six months of 1997 compared to the first six months of 1996. The Zinc Products division reported a $0.8 million increase in sales despite a 14.4 million pound decrease in coinage sales volume. U.S. Mint shipments averaged 16.7 truck loads per week for the period compared to 30.5 truck loads per week the first six months of 1996. The effect the decline in coinage volume had on sales was offset by (i) zinc ingot prices steadily increasing from an average of 51 cents per pound in the first six months of 1996 to 62 cents per pound in the first six months of 1997, (ii) an increase in European industrial sales volume, (iii) an increase in battery can sales volume, and (iv) initial sales to the Royal Canadian Mint for the Canadian one cent coin. The Zinc Products division anticipates an average of 15 truck loads per week to the U.S. Mint for the remainder of 1997. In addition, one of the two customers for which Zinc Products produces dry cell battery cans notified the Company it would be moving production of its zinc/carbon batteries to Mexico next year. The Company does not expect this development to have a material impact on Company profitability. The Industrial Plastics division posted a $2.2 million increase in sales primarily as a result of the acquisition of Viking Plastics ($2.0 million in sales). The increase in sales within the Consumer Products, Zinc Products, and Industrial Plastics divisions were offset in part by a decrease in the Unimark Plastics, Plastic Packaging and LumenX divisions. The Unimark Plastics division reported a $2.8 million decrease in sales for the period as a result of reduced customer requirements as well as several customers pulling production back into their own facilities. The Plastic Packaging division's $2.7 million decrease in sales was primarily due to lower customer requirements. LumenX reported a $0.9 million decrease in sales. Overall, gross profit declined in the first six months of 1997 compared to the first six months of 1996 with the majority of the decline occurring within the Zinc Products and Unimark Plastics divisions. Zinc Products' gross profit was driven down by the aforementioned decline in coinage sales volume, while Unimark Plastics' decline in gross profit was primarily due to the decline in sales as previously noted. The decline in gross profit within these two divisions was offset in part by the improvement at the Consumer Products division. Selling, general and administrative expenses increased 3.5% or $0.7 million to $20.6 million in the first six months of 1997 from $19.9 million in the first six months of 1996, while remaining unchanged as a percentage of net sales. The increase was almost entirely a function of the increased Consumer Products division sales. Operating earnings decreased 11.5% or $1.9 million to $14.6 million in the first six months of 1997 from $16.5 million in the first six months of 1996. Net interest expense for the six month period ended June 29, 1997 was $1.4 million compared to $1.6 million for the same period last year. Lower 1997 daily average borrowings were offset in part by slightly higher interest rates. Page 9 of 15 Financial Condition, Liquidity and Capital Resources Working capital as of June 29, 1997 decreased $.4 million to $48.5 million from the 1996 year end level. Accounts receivable increased $11.8 million of which $11.5 million was within the Consumer Products division. The increase in accounts receivable was offset by a $4.8 million increase in notes payable and a $4.4 million and $3.5 million decrease in cash and cash equivalents and inventories, respectively. The seasonal increase in mid-year receivables and reduction of inventories is normal in the home canning industry. The decrease in inventories also reflected a reduction in the stock of higher cost Kerr products, acquired in a bulk purchase at year-end 1996. The Company entered into short-term borrowings to fund the seasonal working capital needs as well as to fund the acquisition of Viking Plastics (see capital expenditure discussion below). The short-term borrowings will be repaid with internally generated funds. In May, 1997, the Company purchased the net assets of Viking Industries, an Arkansas-based producer of large thermoformed plastic products sold to manufactured housing and recreational vehicle industries. The $8.3 million transaction was financed through available credit lines. Other capital expenditures for property, plant and equipment were $3.6 million during the first six months of 1997 compared to $6.9 million for the same period last year. Capital expenditures are largely related to maintaining manufacturing facilities and are expected to be at lower levels in 1997 compared to 1996. The growth strategy for the Company places primary emphasis on plastics. The Company currently has three plastics businesses, namely, Unimark Plastics (injection molding for health care and consumer markets), Industrial Plastics (heavy gauge sheet extrusion and thermoforming for appliance and manufactured housing markets) and Plastic Packaging (coextruded sheet and formed containers for processed human and pet food). It is anticipated that the plastics business will be grown through acquisition as well as internally; acquisitions would include companies that engage in conversion processes similar to those currently being used by the Company as well as other plastics conversion processes. In the context of corporate strategy, Consumer Products (home canning supplies and related products) and Zinc Products (zinc strip and products fabricated from that strip) will focus on internal growth opportunities that are closely related to existing business; this strategy will require fewer resources since it will utilize current capabilities. Hence these two latter businesses should provide substantial cash to fund the more aggressive growth strategy in plastics, without precluding growth in these units. LumenX (video and x-ray based inspection equipment) represents the Company's only capital goods business; this unit has generated minor operating losses for the past several years. Given the nature of the products and recent performance, management is assessing its plans for this business. If a determination to exit this business is made, there can be no assurance that the entire value of its net assets, approximately $12 million at June 29, 1997, would be recovered. The Company has $30 million of long-term debt with maturity dates beginning in December, 1998 and continuing through 2004 at a fixed interest rate of 7.8%. In May, 1995, the Company terminated a swap agreement, resulting in a transaction gain of $0.5 million. This gain is being amortized over the original three-year term of the swap and effectively fixes the Company's interest rate on the long-term debt through December 1997 at 7.19%. The Company participates in a $50 million revolving credit agreement with a group of banks, of which no borrowings were outstanding at quarter end or year end. The Company also has available $95 million in committed and uncommitted credit lines of which $4.8 million was outstanding as of June 29, 1997. After reducing outstanding debt by the cash balance, the debt-to-total capitalization ratio was 26.3% at the end of the second quarter of 1997. This is higher than the 21.2% at December 31, 1996, as a result of normal seasonal borrowings and the Viking Plastics acquisition. As of June 29, 1997, borrowings on the Company's long-term debt and uncommitted credit lines were at a weighted average interest rate of 7.0%. During the first six months of 1997, and in accordance with plans approved by its board of directors, the Company has purchased 178,000 shares of the Company's common stock for a total cost of $4.0 million. In May, 1997 the Company's board of directors approved an additional 600,000 shares to be added to the Company's stock repurchase program. As of June 29, 1997, the Company has approval to purchase up to 572,000 additional shares. The Company is subject to and involved in claims arising out of the conduct of its business including those relating to product liability, environmental and safety and health matters. The Company's information at this time does not indicate that the resolution of the aforementioned claims will have a material, adverse effect upon financial condition, results of operations, capital expenditures or competitive position of the Company. Page 10 of 15 This Quarterly Report on Form 10-Q includes certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Those statements include, but may not be limited to, discussions regarding expectations of future sales and profitability, anticipated demand for the Company's products and expectations regarding operating and other expenses. Reliance on forward-looking statements involves risks and uncertainties. Although the Company believes that the assumptions upon which the forward-looking statements contained herein are based are reasonable, any of those assumptions could prove to be inaccurate. As a result, the forward-looking statements based on those assumptions could also be incorrect. Please see the Company's Report on Form 8-K, dated June 10, 1997, for a list of factors which could cause the Company's actual results to differ materially from those projected in the Company's forward-looking statements. Page 11 of 15 PART II. OTHER INFORMATION Item 4. Submission of matters to a vote of security holders The Company held its Annual Meeting of Shareholders on May 14, 1997. Matters voted upon by proxy were the election of two directors for three-year terms expiring in 2000 and the ratification of the appointment of Price Waterhouse LLP as independent accountants in 1997. The results of the vote are as follows:
Voted For Voted Against Withheld/Abstained --------------- ---------------- ------------------------- Election of directors for terms expiring in 2000: Thomas B. Clark 6,805,955 20,961 David L. Swift 6,805,557 21,359 Appointment of Price Waterhouse LLP as independent accountants for 1997 6,808,129 11,034 7,753
Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 11.1 Computation of earnings per share 27 Financial data schedule (b) Reports on Form 8-K Report on Form 8-K dated May 19, 1997, filed May 30, 1997, regarding acquisition of certain assets of Viking Industries. Report on Form 8-K dated June 10, 1997, filed June 10, 1997, regarding the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Page 12 of 15 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Alltrista Corporation (Registrant) Date: August 13, 1997 By: /s/ Kevin D. Bower ----------------- -------------------------- Kevin D. Bower Senior Vice President and Chief Financial Officer Page 13 of 15 ALLTRISTA CORPORATION AND SUBSIDIARIES QUARTERLY REPORT ON FORM 10-Q June 30, 1996 EXHIBIT INDEX Exhibit Description Page 11.1 Computation of earnings per share. 15 27 Financial Data Schedule [EDGAR filing only] Page 14 of 15 EX-11 2 EPS SCHEDULE
Exhibit 11.1 ALLTRISTA CORPORATION AND SUBSIDIARIES STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE (Thousands of dollars except share data) Three month period ended Six month period ended June 29, June 30, June 29, June 30, 1997 1996 1997 1996 ---------- --------- -------- ------- Primary Earnings Per Share Income from continuing operations $ 6,812 $ 5,904 $ 8,245 $ 8,994 Discontinued operations - (267) - - ----------- --------- ---------- ---------- Net income $ 6,812 $ 5,637 $ 8,245 $ 8,994 =========== ========= ========== ========== Weighted average number of common shares outstanding (000s) 7,364 7,876 7,418 7,872 Additional shares assuming conversion of stock options 142 188 142 181 ----------- --------- ---------- ---------- Weighted average number of common and equivalent shares 7,506 8,064 7,560 8,053 =========== ========= ========== ========== Primary earnings per common share: Continuing operations $ .91 $ .73 $ 1.09 $ 1.12 Discontinued operation - (.03) - - ----------- --------- ---------- ---------- Net income $ .91 $ .70 $ 1.09 $ 1.12 =========== ========= ========== ========== Fully Diluted Earnings Per Share Income from continuing operations $ 6,812 $ 5,904 $ 8,245 $ 8,994 Discontinued operation - (267) - - ----------- --------- ---------- ---------- Net income $ 6,812 $ 5,637 $ 8,245 $ 8,994 =========== ========= ========== ========== Weighted average number of common shares outstanding (000s) 7,364 7,876 7,418 7,872 Additional shares assuming conversion of stock options 182 202 162 214 ----------- --------- ---------- ---------- Weighted average number of common and equivalent shares 7,546 8,078 7,580 8,086 =========== ========= ========== ========== Fully diluted earnings per common share: Continuing operations $ .90 $ .73 $ 1.09 $ 1.11 Discontinued operation - (.03) - - ----------- --------- ---------- ---------- Net income $ .90 $ .70 $ 1.09 $ 1.11 =========== ========= ========== ==========
Page 15 of 15 EX-27 3 FDS --
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AND STATEMENTS OF INCOME FOUND IN THE COMPANY'S FORM 10-Q FOR THE YEAR-TO-DATE, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 1000 6-MOS DEC-31-1997 JUN-29-1997 3168 0 39437 0 38803 85962 148619 102684 164380 37439 30000 0 0 41090 47788 164380 124592 124592 89417 110019 0 0 1360 13213 4968 8245 0 0 0 8245 1.09 1.09
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