In October 1995, American-based Ball Corp.“s directors declared a quarterly cash dividend of 15 cents per share on the company“s common stock.
The company also reported its 1995 third quarter net …
In October 1995, American-based Ball Corp.“s directors declared a quarterly cash dividend of 15 cents per share on the company“s common stock. The company also reported its 1995 third quarter net operating results, which include charges announced previously for costs associated with the formation of a new glass joint venture company with Foster-Forbes and for the effects of adopting the LIFO method of accounting for inventories within its US metal beverage container business. Excluding the after-tax charges of US$ 77.8 million, or US$ 2.58 per share, for the glass joint venture and US$ 1.7 million, or 6 cents per share, for LIFO, earnings were 72 cents per share, versus the 76 cents Ball reported for the same period the previous year. Including the charges, the company reported a loss of US$ 58 million, or US$ 1.92 per share, for the quarter versus net income of US$ 22.5 million, or 76 cents per share, in 1994. Third quarter sales were US$ 760.7 million, versus US$ 717.1 million in 1994. Nine-month sales were US$ 2.1 billion compared to US$ 2 billion a year earlier. Including the glass transaction charge and the effects of LIFO, the loss attributable to common shareholders for the nine-month period was US$ 21.4 million, or 71 cents per share, versus earnings of US$ 48.6 million, or US$ 1.64 per share, in 1994. Excluding those charges and the first quarter net gain from the sale of Efratom, net earnings would have been US$ 62.1 million, or US$ 2.07 per share, for the nine months. Mr. George Sissel, president and chief executive officer, announced that the process of combining Ball“s glass operations and those of Foster-Forbes Glass into Ball-Foster Glass Container Co., has been extremely smooth. Ball-Foster, which is 42% owned by Ball and 58% by Saint-Gobain, began operations on 15 September 1995 as the second largest glass container manufacturer in the US. “We expect Ball-Foster to perform well in the mature US glass container market. While the structure of the transaction required a write down of our investment, we expect the future value of our 42% interest to more than offset the charge,” Sissel said. “The added contribution we expect from Ball-Foster will not be seen in the seasonally slow fourth quarter, particularly as the new company continues to take shape, but Ball-Foster should be additive to our results in 1996.” Ball also announced that its board of directors elected David B. Sheldon as executive vice president, packaging operations on 25 October 1995. George A. Matsik was named president, international packaging division, reporting to Sheldon. Sheldon had been executive vice president, North American packaging operations. In his new position he will have management responsibility for all of Ball“s packaging operations worldwide. Matsik had been senior vice president and general manager of Ball“s international packaging operations. In his new position he will have development and operating responsibility for Ball“s international packaging operations, which covers non-US and non-Canadian manufacturing joint ventures, as well as technology licensing relationships, for metal containers.