Sales of Ball mason jars have increased, per manufacturergreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
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Alltrista Corporation's First Quarter Net Income Jumps 27%, Diluted Earnings Per Share Up 41% on 20% Gain in Sales
INDIANAPOLIS, April 19 /PRNewswire/ -- Alltrista Corporation (NYSE: ALC) reported a 27 percent gain in net income to $2.1 million for the first quarter of 1999, while diluted earnings per share advanced 41 percent to 31 cents. Sales for the plastics and metals company rose 20 percent from the year-ago period. "First quarter numbers were especially meaningful, as they were on top of 1998's 16 percent increase in both net income and earnings per share from the 1997 period," said Thomas B. Clark, president and chief executive officer. Earnings before interest and taxes rose 26 percent from the first quarter of 1998. Mr. Clark said both the plastic and metal products segments achieved year-to-year gains in sales and operating earnings. "Gains in the metals segment came largely from copper-plated zinc coins, as shipments rose to both the U.S. Mint and Royal Canadian Mint," he said. "While volume requirements are expected to be lower for the second quarter, this will not have a significant impact on the operation." He said Alltrista continues to pursue its growth strategy in coinage, both domestic and foreign. Increased volumes of home canning products, specialty glassware and housewares provided the boost in sales in the consumer area. Growth from new product introductions continues to benefit this business. He said the test market of the Ball(R) brand home canning product line in Hungary is on schedule, with initial sales for the 1999 canning season beginning in the second quarter. In the plastic products segment, improvements were achieved in the plastic packaging area. This was due to increased demand, reduced operating expenses and lower scrap costs. The injection molding product line had improved results, as well. Mr. Clark said that the growth strategy initiated in mid-1997 was reaching the payoff stage. He also said the Arecibo, Puerto Rico plant that produced injection molded products, as previously announced, had been shut down on schedule with costs in line with the amount reserved in 1998. Finally in the plastics area, results were lower in the thermoforming product line due to declines in the bath products area. Mr. Clark said programs have been implemented to remedy the shortfall, and that improvements will be phased in during the balance of the year. "Most of our earnings are achieved in the second and third quarters," Mr. Clark said. "It's difficult to project the entire year's results on the basis of the first quarter. However, we see no problem in meeting financial community expectations for 1999." As a key step in implementing its growth strategy in plastics, Alltrista announced in mid-March that it planned to acquire the assets of Triangle Plastics, Inc., the country's leading industrial plastics thermoformer with 1998 sales of $114 million. The acquisition is expected to close during April.
ALLTRISTA CORPORATION FINANCIAL HIGHLIGHTS (thousands, except per share data)
Three Months Ended Percent 3/28/99 3/29/98 Change
Net Sales $51,634 $43,126 19.7% Costs and expenses 47,897 40,166 -- Operating earnings 3,737 2,960 26.3 Interest expense, net (568) (401) -- Earnings before taxes 3,169 2,559 -- Provision for taxes on income (1,206) (972) -- Income from continuing operations 1,963 1,587 -- Discontinued operations 136 69 -- Net income $ 2,099 $ 1,656 26.8 Basic earnings per share Income from continuing operations $.29 $.22 31.8 Discontinued operation .02 .01 -- Net income $.31 $.23 34.8 Diluted earnings per share Income from continuing operations $.29 $.21 38.1 Discontinued operation .02 .01 -- Net income $.31 $.22 40.9 Basic weighted average shares outstanding 6,749 7,360 (8.3) Diluted weighted average shares outstanding 6,844 7,500 (8.7)
Note: This news release may contain forward-looking statements as encouraged by the Private Securities Litigation Reform Act of 1995. Forward- looking statements are projections which are subject to change upon the occurrence of certain events which may affect the business, many of which are set forth in the company's 8-K report filed with the Securities and Exchange Commission on June 10, 1997.
SOURCE Alltrista Corporation Web Site: http://www.alltrista.com Company News On Call: http://www.prnewswire.com/comp/031675.html or fax, 800-758-5804, ext. 031675
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-- fake (firstname.lastname@example.org), June 17, 1999
FYI: Alltrista bought the Ball home canning division from Ball in 1996, per the Ball website
-- fake (email@example.com), June 17, 1999.
I've planned to buy some more Ball Mason Jars at my local Wal*Mart this evening, so you won't see their company's new profit increase until their next quarterly report is published. :)
-- Randolph (firstname.lastname@example.org), June 17, 1999.
Back from Wal*Mart: no Ball Mason quart jars in stock, so I bought some cases of the Golden Harvest brand. Less expensive. I'm not complaining.
-- Randolph (email@example.com), June 17, 1999.
Three weeks ago, we bought 5 cases of Ball wide-mouth mason jars at our local Agway, their entire shelf stock at the time. At the same time, we placed an order for 5 more cases. Agway said 4 days. It's now three weeks and we're still waiting...
-- (firstname.lastname@example.org), June 21, 1999.