 |
PORTOLA PACKAGING REPORTS FOURTH QUARTER AND FISCAL YEAR 2005 RESULTSBATAVIA, IL—November 17, 2005 - BATAVIA, IL—November 17, 2005 - Portola Packaging, Inc. (“Portola” or the “Company”) today reported results for its fourth quarter and fiscal year ended August 31, 2005. Portola reported sales of $68.6 million for the fourth quarter of fiscal year 2005 compared to $66.2 million for the fourth quarter of fiscal year 2004, an increase of 3.6%. For fiscal year 2005, sales were $265.0 million compared to $242.5 million for fiscal year 2004, an increase of 9.3%. Portola reported operating income of $4.5 million for the fourth quarter of fiscal year 2005, compared to operating income of $0.3 million for the fourth quarter of fiscal year 2004. For fiscal year 2005, the Company had operating income of $8.4 million compared to an operating loss of $1.0 million for fiscal year 2004. Portola reported a net loss of $1.5 million for the fourth quarter of fiscal year 2005 compared to a net loss of $4.5 million for the fourth quarter of fiscal year 2004. For fiscal year 2005, the Company had a net loss of $11.5 million compared to a net loss of $20.8 million for fiscal year 2004. The reduction of $3.0 million in the net loss for the fourth quarter of fiscal year 2005 as compared to the fourth quarter of fiscal year 2004 is largely due to improved gross margins and lower operating expenses primarily attributed to improved efficiencies and decreased staffing levels. During the fourth quarter of fiscal 2004, the Company incurred one-time plant relocation expenses of $0.4 million, an asset impairment charge of $1.1 million and a gain of $0.6 million on the sale of a facility in San Jose, California. CONFERENCE CALL: Portola Packaging, Inc. executives will hold a conference call to discuss the fourth quarter and fiscal year 2005 results. The conference call is scheduled for November 18, 2005 at 10:00 AM Central Standard Time. The United States Dial-In Number is 888-428-4473. The International Dial-In Number is 612-332-0107. The confirmation number is 801605. This press release and any additional financial and operating information, if any, will be available under the “in the news” section on the Company’s web site at www.portpack.com. ABOUT PORTOLA PACKAGING, INC: 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 various high density bottles, as well as five-gallon polycarbonate water bottles. In addition, the Company designs, manufactures and markets capping equipment for use in high speed bottling, filling and packaging production lines. The Company is also engaged in the manufacture and sale of tooling and molds used in the blow molding industry. For more information about Portola Packaging, visit the Company’s web site at www.portpack.com. ABOUT TECH PORTOLA TECH INTERNATIONAL: Portola Tech International (“PTI”) is a wholly owned subsidiary of Portola and is a leading manufacturer and marketer of plastic packaging components to the cosmetic, fragrance and toiletries industry. PTI’s capabilities include injection and compression molding, thermal and ultraviolet metallizing, ultraviolet one coat spray technologies, silk screening, hot stamping, lining and multiple component assembly. In addition to offering the largest stock line of closures in the industry, with over 450 styles and sizes, PTI has a complementary line of heavy wall PETG and polypropylene jars. For more information about PTI, visit PTI’s web site at www.techindustries.com.
FOR ADDITIONAL INFORMATION CONTACT:
PORTOLA PACKAGING, INC. |