Indiana
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001-07349
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35-0160610
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(State of
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(Commission
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(IRS Employer
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Incorporation)
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File No.)
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Identification No.)
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□
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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□
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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□
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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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□
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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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Exhibit 3(ii)
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Amended Language of Bylaws
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Exhibit 99.1
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Ball Corporation Press Release dated July 28, 2011
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BALL CORPORATION
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(Registrant)
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By:
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/s/ Scott C. Morrison
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Name:
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Scott C. Morrison
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Title:
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Senior Vice President and
Chief Financial Officer
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EXHIBIT INDEX
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Description
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Exhibit
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Amended Language of Bylaws
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3(ii)
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Ball Corporation Press Release dated July 28, 2011
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99.1
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![]() |
News Release
For Immediate Release
http://www.ball.com
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Investor Contact: Ann T. Scott
303-460-3537, ascott@ball.com
Media Contact: Scott McCarty
303-460-2103, smccarty@ball.com
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Highlights |
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●
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Second quarter 2011 comparable earnings per diluted share of 85 cents, vs. 69 cents in 2010, an increase
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of more than 23 percent, with comparable EBIT up over 14 percent to $257 million | |||
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Strong volume growth in beverage cans, particularly in China
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Positive impact from Ball’s strategic expansion into extruded aluminum packaging business
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Continued strong aerospace program performance
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Full-year free cash flow still expected to be at least $400 million after growth capital of $300 million
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Majority of free cash flow targeted for share buyback
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Ball Corporation ● 10 Longs Peak Drive ● P.O. Box 5000 ● Broomfield, CO 80021 ● www.ball.com
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Page 1
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Ball Corporation ● 10 Longs Peak Drive ● P.O. Box 5000 ● Broomfield, CO 80021 ● www.ball.com
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Page 2
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Ball Corporation ● 10 Longs Peak Drive ● P.O. Box 5000 ● Broomfield, CO 80021 ● www.ball.com
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Page 3
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Ball Corporation ● 10 Longs Peak Drive ● P.O. Box 5000 ● Broomfield, CO 80021 ● www.ball.com
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Page 4
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Condensed Financials (June 2011)
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Unaudited Condensed Consolidated Statements of Earnings
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Three months ended
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Six months ended
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($ in millions, except per share amounts)
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July 3, 2011
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June 27, 2010
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July 3, 2011
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June 27, 2010
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||||||||||||
Net sales
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$ | 2,309.7 | $ | 2,007.5 | $ | 4,320.9 | $ | 3,599.8 | ||||||||
Costs and expenses
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Cost of sales (excluding depreciation and amortization)
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(1,885.5 | ) | (1,643.1 | ) | (3,516.2 | ) | (2,961.3 | ) | ||||||||
Depreciation and amortization
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(74.1 | ) | (62.4 | ) | (147.7 | ) | (125.1 | ) | ||||||||
Selling, general and administrative
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(93.1 | ) | (77.6 | ) | (192.5 | ) | (156.9 | ) | ||||||||
Business consolidation and other activities
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(2.9 | ) | (2.3 | ) | (16.4 | ) | (1.8 | ) | ||||||||
(2,055.6 | ) | (1,785.4 | ) | (3,872.8 | ) | (3,245.1 | ) | |||||||||
Earnings before interest and taxes
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254.1 | 222.1 | 448.1 | 354.7 | ||||||||||||
Interest expense
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(45.2 | ) | (36.6 | ) | (91.7 | ) | (70.5 | ) | ||||||||
Debt refinancing costs
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– | (8.1 | ) | – | (8.1 | ) | ||||||||||
Total interest expense
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(45.2 | ) | (44.7 | ) | (91.7 | ) | (78.6 | ) | ||||||||
Earnings before taxes
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208.9 | 177.4 | 356.4 | 276.1 | ||||||||||||
Tax provision
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(64.6 | ) | (60.8 | ) | (112.6 | ) | (81.7 | ) | ||||||||
Equity in results of affiliates
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1.1 | 28.0 | 1.1 | 32.7 | ||||||||||||
Net earnings from continuing operations
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145.4 | 144.6 | 244.9 | 227.1 | ||||||||||||
Discontinued operations, net of tax
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(0.3 | ) | (75.6 | ) | (1.6 | ) | (78.7 | ) | ||||||||
Net earnings
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145.1 | 69.0 | 243.3 | 148.4 | ||||||||||||
Less net earnings attributable to noncontrolling interests
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(2.0 | ) | – | (8.9 | ) | (0.1 | ) | |||||||||
Net earnings attributable to Ball Corporation
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$ | 143.1 | $ | 69.0 | $ | 234.4 | $ | 148.3 | ||||||||
Earnings per share:
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Basic–continuing operations
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$ | 0.86 | $ | 0.78 | $ | 1.40 | $ | 1.23 | ||||||||
Basic–discontinued operations
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– | (0.41 | ) | (0.01 | ) | (0.43 | ) | |||||||||
Total basic earnings per share
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$ | 0.86 | $ | 0.37 | $ | 1.39 | $ | 0.80 | ||||||||
Diluted–continuing operations
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$ | 0.84 | $ | 0.77 | $ | 1.38 | $ | 1.21 | ||||||||
Diluted–discontinued operations
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– | (0.40 | ) | (0.01 | ) | (0.42 | ) | |||||||||
Total diluted earnings per share
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$ | 0.84 | $ | 0.37 | $ | 1.37 | $ | 0.79 | ||||||||
Weighted average shares outstanding (000s):
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Basic
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167,197 | 184,200 | 168,204 | 185,132 | ||||||||||||
Diluted
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170,684 | 186,918 | 171,541 | 187,832 |
Condensed Financials (June 2011)
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Unaudited Condensed Consolidated Statements of Cash Flows
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Six months ended
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($ in millions)
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July 3, 2011
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June 27, 2010
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Cash Flows From Operating Activities:
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Net earnings
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$ | 243.3 | $ | 148.4 | ||||
Discontinued operations, net of tax
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1.6 | 78.7 | ||||||
Depreciation and amortization
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147.7 | 125.1 | ||||||
Gain and equity earnings related to acquisition
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– | (22.1 | ) | |||||
Income taxes
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36.1 | (7.7 | ) | |||||
Changes in working capital
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(331.0 | ) | (361.4 | ) | ||||
Other, net
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65.4 | 47.8 | ||||||
Cash provided by (used in) continuing operating activities
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163.1 | 8.8 | ||||||
Cash provided by (used in) discontinued operating activities
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(1.9 | ) | 21.9 | |||||
161.2 | 30.7 | |||||||
Cash Flows From Investing Activities:
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Additions to property, plant and equipment
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(213.5 | ) | (69.1 | ) | ||||
Business acquisition
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(295.2 | ) | – | |||||
Acquisition of equity affiliate
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– | (89.2 | ) | |||||
Other, net
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(0.6 | ) | (10.2 | ) | ||||
Cash provided by (used in) continuing investing activities
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(509.3 | ) | (168.5 | ) | ||||
Cash provided by (used in) discontinued investing activities
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– | (7.4 | ) | |||||
(509.3 | ) | (175.9 | ) | |||||
Cash Flows From Financing Activities:
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Changes in borrowings, net
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600.3 | 180.7 | ||||||
Purchases of common stock, net of issuances
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(241.1 | ) | (141.1 | ) | ||||
Dividends
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(23.3 | ) | (18.3 | ) | ||||
Other, net
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3.8 | (9.3 | ) | |||||
Cash provided by (used in) continuing financing activities
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339.7 | 12.0 | ||||||
Effect of exchange rate changes on cash
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1.2 | (2.4 | ) | |||||
Change in cash
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(7.2 | ) | (135.6 | ) | ||||
Cash–beginning of period
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152.0 | 210.6 | ||||||
Cash–end of period
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$ | 144.8 | $ | 75.0 |
Condensed Financials (June 2011)
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Unaudited Condensed Consolidated Balance Sheets
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($ in millions)
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July 3, 2011
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June 27, 2010
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Assets
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Cash and cash equivalents
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$ | 144.8 | $ | 75.0 | ||||
Receivables, net
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1,215.1 | 1,062.9 | ||||||
Inventories, net
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1,196.7 | 876.2 | ||||||
Deferred taxes and other current assets
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168.0 | 208.2 | ||||||
Assets held for sale
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– | 327.6 | ||||||
Total current assets
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2,724.6 | 2,549.9 | ||||||
Property, plant and equipment, net
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2,263.0 | 1,656.3 | ||||||
Goodwill
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2,372.0 | 1,887.6 | ||||||
Other assets, net
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490.8 | 524.5 | ||||||
Total assets
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$ | 7,850.4 | $ | 6,618.3 | ||||
Liabilities and Shareholders’ Equity
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Current liabilities
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Short-term debt and current portion of long-term debt
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$ | 349.5 | $ | 550.7 | ||||
Payables and other accrued liabilities
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1,402.3 | 1,261.3 | ||||||
Liabilities held for sale
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– | 68.8 | ||||||
Total current liabilities
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1,751.8 | 1,880.8 | ||||||
Long-term debt
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3,124.9 | 2,157.1 | ||||||
Other long-term liabilities
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1,238.9 | 1,134.0 | ||||||
Shareholders’ equity
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1,734.8 | 1,446.4 | ||||||
Total liabilities and shareholders’ equity
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$ | 7,850.4 | $ | 6,618.3 | ||||
Notes to Condensed Financials (June 2011)
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1. Business Segment Information
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Three months ended
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Six months ended
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($ in millions)
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July 3, 2011
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June 27, 2010
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July 3, 2011
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June 27, 2010
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Sales–
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Metal beverage packaging, Americas & Asia
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$ | 1,164.1 | $ | 1,036.0 | $ | 2,196.4 | $ | 1,810.4 | ||||||||
Metal beverage packaging, Europe
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607.9 | 479.3 | 1,050.9 | 846.8 | ||||||||||||
Metal food & household packaging, Americas
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345.7 | 312.0 | 690.4 | 597.4 | ||||||||||||
Aerospace & technologies
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199.9 | 180.2 | 391.1 | 345.2 | ||||||||||||
Corporate and intercompany eliminations
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(7.9 | ) | – | (7.9 | ) | – | ||||||||||
Net sales
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$ | 2,309.7 | $ | 2,007.5 | $ | 4,320.9 | $ | 3,599.8 | ||||||||
Earnings before interest and taxes–
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Metal beverage packaging, Americas & Asia
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$ | 126.1 | $ | 114.5 | $ | 241.7 | $ | 188.5 | ||||||||
Business consolidation and other activities
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(2.5 | ) | 0.8 | (13.4 | ) | 1.3 | ||||||||||
Total metal beverage packaging, Americas & Asia
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123.6 | 115.3 | 228.3 | 189.8 | ||||||||||||
Metal beverage packaging, Europe
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84.7 | 72.5 | 137.8 | 107.5 | ||||||||||||
Business consolidation and other activities
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(0.3 | ) | – | (2.9 | ) | – | ||||||||||
Total metal beverage packaging, Europe
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84.4 | 72.5 | 134.9 | 107.5 | ||||||||||||
Metal food & household packaging, Americas
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41.3 | 33.4 | 81.1 | 55.1 | ||||||||||||
Aerospace & technologies
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21.7 | 18.6 | 40.4 | 32.1 | ||||||||||||
Segment earnings before interest and taxes
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271.0 | 239.8 | 484.7 | 384.5 | ||||||||||||
Undistributed corporate expenses and intercompany eliminations, net
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(16.8 | ) | (14.6 | ) | (36.5 | ) | (26.7 | ) | ||||||||
Business consolidation and other activities
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(0.1 | ) | (3.1 | ) | (0.1 | ) | (3.1 | ) | ||||||||
Total undistributed corporate expenses, net
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(16.9 | ) | (17.7 | ) | (36.6 | ) | (29.8 | ) | ||||||||
Earnings before interest and taxes
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$ | 254.1 | $ | 222.1 | $ | 448.1 | $ | 354.7 |
Notes to Condensed Financials (June 2011)
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2. Material Business Consolidation Activities and Other Significant Noncomparable Items
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Three months ended
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Six months ended
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($ in millions)
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July 3, 2011
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June 27, 2010
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July 3, 2011
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June 27, 2010
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Net sales
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$ | – | $ | 149.3 | $ | – | $ | 263.2 | ||||||||
Earnings from operations
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$ | – | $ | 3.4 | $ | – | $ | 1.4 | ||||||||
Impairment loss
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– | (107.1 | ) | – | (107.1 | ) | ||||||||||
Loss on sale of business
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– | – | (0.8 | ) | – | |||||||||||
Business consolidation activities
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(0.5 | ) | (4.4 | ) | (1.8 | ) | (7.3 | ) | ||||||||
Tax benefit
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0.2 | 32.5 | 1.0 | 34.3 | ||||||||||||
Discontinued operations, net of tax
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$ | (0.3 | ) | $ | (75.6 | ) | $ | (1.6 | ) | $ | (78.7 | ) |
Three months ended
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Six months ended
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($ in millions, except per share amounts)
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July 3, 2011
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June 27, 2010
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July 3, 2011
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June 27, 2010
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Net earnings attributable to Ball Corporation, as reported
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$ | 143.1 | $ | 69.0 | $ | 234.4 | $ | 148.3 | ||||||||
Discontinued operations, net of tax
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0.3 | 75.6 | 1.6 | 78.7 | ||||||||||||
Business consolidation and other activities, net of tax
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1.7 | 1.4 | 10.1 | 1.1 | ||||||||||||
Gains and equity earnings related to acquisition, net of tax
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– | (22.1 | ) | – | (22.1 | ) | ||||||||||
Debt refinancing costs, net of tax
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– | 4.9 | – | 4.9 | ||||||||||||
Net earnings attributable to Ball Corporation before above transactions (Comparable Earnings)
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$ | 145.1 | $ | 128.8 | $ | 246.1 | $ | 210.9 | ||||||||
Per diluted share before above transactions
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$ | 0.85 | $ | 0.69 | $ | 1.43 | $ | 1.12 |
Notes to Condensed Financials (June 2011)
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2. Material Business Consolidation Activities and Other Significant Noncomparable Items (cont’d)
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Three months ended
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Six months ended
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($ in millions)
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July 3, 2011
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June 27, 2010
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July 3, 2011
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June 27, 2010
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Earnings before interest and taxes, as reported
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$ | 254.1 | $ | 222.1 | $ | 448.1 | $ | 354.7 | ||||||||
Business consolidation and other activities
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2.9 | 2.3 | 16.4 | 1.8 | ||||||||||||
EBIT before above transactions (Comparable EBIT)
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$ | 257.0 | $ | 224.4 | $ | 464.5 | $ | 356.5 |