Canadian group Consumers Packaging Inc., an international designer and manufacturer of glass containers, reported a consolidated net loss of C$ 8.9 million, or C$ 0.24 per share, for the three months …
Canadian group Consumers Packaging Inc., an international designer and manufacturer of glass containers, reported a consolidated net loss of C$ 8.9 million, or C$ 0.24 per share, for the three months ended 30 September 1999. The company had a net loss of C$ 34.6 million, or C$ 1.05 per share, in last year“s third quarter. The results for the 1999 third quarter include a loss of C$ 3.7 million arising from the sale of Consumers Packaging“s minority interest in an overseas company. Adjustments, required by Canadian accounting principles, to US subsidiary results and losses from affiliate and overseas operations account for the rest of the net loss. Gross sales of C$ 450.2 million, including sales from Glenshaw Glass Company, acquired in June 1999, were 9.9% higher than the year-ago quarter. John J. Ghaznavi, chairman and CEO, said that while the net loss is disappointing, the company“s positive operating income, increased working capital and sales growth reflect its strength. Recently, Consumers Packaging announced a preliminary agreement with Anheuser-Busch Packaging Group to create a joint-venture company that would sell glass containers to the Houston brewery of Anheuser-Busch under a long-term contract that could represent more than US$ 70 million in annual sales. These agreements follow another long-term supply agreement Anchor signed with Anheuser-Busch in May to provide all the bottles for the brewer“s Jacksonville, Florida and Cartersville, Georgia breweries. Consolidated results for the nine months ended 30 September were a net loss of C$ 23.6 million, or C$ 0.67 per share, compared to a net loss of C$ 34.0 million, or C$ 1.03 per share, for the same period in 1998. Sales were C$ 1.2 billion, 3.4% higher than the year-ago period. Operating income was C$ 51.3 million, compared to C$ 28.8 million for the same period a year ago. Together with its Anchor Glass Container subsidiary in the US, Consumers Packaging is North America“s third largest manufacturer of glass bottles and other containers.