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Portola Packaging Reports Second Quarter Results (Mar 21, 2000) PDF Print E-mail

SAN JOSE, CA - March 21, 2000 - Portola Packaging, Inc., today reported results for its second fiscal quarter ended February 29, 2000. Sales were $46.9 million compared to $43.3 million for the same quarter of the prior year, an increase of 8.3%. For the first six months of fiscal 2000 sales were $94.5 million compared to $88.0 million for the first six months of fiscal 1999, an increase of 7.4%. Portola had an operating loss of $0.1 million for the second quarter of fiscal 2000 as compared to operating income of $1.6 million for the second quarter of fiscal 1999. For the first six months of fiscal 2000 the Company had operating income of $1.2 million compared to operating income of $5.5 million for the first six months of fiscal 1999, a decrease of 78%. The Company reported a net loss of $2.9 million for the second quarter of fiscal 2000 compared to a net loss of $1.4 million for the same period of fiscal 1999 and a net loss of $4.1 million for the first six months of fiscal 2000 compared to a net loss of $1.0 million for the same period in fiscal 1999.

EBITDA decreased 17.9% to $4.6 million in the second quarter of fiscal 2000 as compared to $5.6 million in the second quarter of fiscal 1999 and decreased 21.2% to $10.8 million for the first six months of fiscal 2000 from $13.7 million for the same period in fiscal 1999.

Portola Packaging is a leading designer, manufacturer and marketer of tamper evident plastic closures used in dairy, fruit juice, bottled water, sports drinks, institutional food products and other non-carbonated beverage products. The Company also produces a wide variety of plastic bottles for use in the dairy, water and juice industries, including 5-gallon PET and polycarbonate water bottles. In addition, the Company designs, manufactures and markets capping equipment for use in high speed bottling, filling and packaging production lines as well as manufactures and markets customized five gallon water capping and filling systems. The Company is also engaged in the manufacture and sale of tooling and molds used in the blowmolding industry.

 

Portola Packaging, Inc.
Financial Results
(in millions)


Q2 00

YTD 00

Q2 99

YTD 99

Sales

$46.9

$94.5

$43.3

$88.0

Cost of sales

37.4

74.8

33.5

66.8

Gross profit

9.5

19.7

9.8

21.2

Gross profit %

20.3%

20.8%

22.6%

24.1%

SG&A, R&D and Amortization

9.6

18.5

8.2

15.7

Operating (loss) income

(0.1)

1.2

1.6

5.5

Other (income) expense

4.4

7.7

3.7

7.1

Income (loss) before income taxes

(4.5)

(6.5)

(2.1)

(1.6)

Income tax expense (benefit)

(1.6)

(2.4)

(0.7)

(0.6)

Net income (loss)

(2.9)

(4.1)

(1.4)

(1.0)

EBITDA

4.6

10.8

5.6

13.7

EBITDA %

9.8%

11.4%

12.9%

15.6%

Adjusted EBITDA

4.6

10.8

6.0

14.1

Adjusted EBITDA %

9.8%

11.4%

13.9%

16.0%

 
 


February 29, 2000

August 31, 1999

Current assets

$41.6

$44.6

Property, plant and equipment, net

88.1

91.6

Other assets

20.2

21.2

Total assets

149.9

157.4

Current liabilities

24.6

27.6

Long-term debt

135.7

136.3

Other liabilities

6.2

6.2

Minority interest

1.1

1.1

Warrants

12.4

12.2

Shareholders' equity (deficit)

(30.1)

(26.0)

Total liabilities and shareholders' equity (deficit)

149.9

157.4

 

 

 
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Portola Packaging ~ 40 Shuman Blvd., Suite 220 ~ Naperville, IL 60563 ~ Tel (877) 801-9169 ~ Fax (630) 369-4583