6 November 1997: The Canadian firm Consumers Packaging Inc. has reported significantly improved results for the nine months ended 30 September 1997.
Consumers recorded third quarter operating income …
6 November 1997: The Canadian firm Consumers Packaging Inc. has reported significantly improved results for the nine months ended 30 September 1997. Consumers recorded third quarter operating income of C$ 15.1 million on gross sales of C$ 135 million, excluding the results of Anchor Glass Container Corporation of the United States. This is an improvement of 156% compared to operating income of C$ 5.9 million on sales of C$ 118.5 million for the third quarter of 1996. Consumers recorded operating income of C$ 33.8 million on gross sales of C$ 385 million, compared to C$ 21.9 million on sales of C$ 356 million in 1996, excluding Anchor“s results for the nine-month period. Consolidated net earnings for the third quarter were C$ 7.7 million, or C$ 0.24 per share fully diluted, compared to C$ 3.4 million, or C$ 0.11 per share in 1996, an increase of 118%. Consolidated gross revenues for the quarter were C$ 357.9 million compared to C$ 118.5 million reported for the same period last year. For the nine months ending 30 September 1997, Consumers reported consolidated net earnings of C$ 16.2 million, or C$ 0.50 per share fully diluted, on sales of C$ 982.3 million. This compares to C$ 14.2 million, or C$ 0.44 per share on sales of C$ 356 million for the same period in 1996. Consolidated figures for 1997 include the results of Anchor. Commenting on the results, company Chairman and Chief Executive Officer John Ghaznavi said: “We are very pleased with the improvements in our results so far in 1997. Our restructuring at Anchor is making solid progress and we see a promising trend in the fundamentals in our industry.”