Canadian-based Consumers Packaging Inc. had its third-quarter profits smashed by weakness in the beer-, ice tea-, and juice bottle market.
In October 1995, the glassmaker reported that net earnings f…
Canadian-based Consumers Packaging Inc. had its third-quarter profits smashed by weakness in the beer-, ice tea-, and juice bottle market. In October 1995, the glassmaker reported that net earnings fell to C$ 6.7 million (22 cents a share) in the third quarter which ended 30 September from C$ 9.6 million (36 cents) in 1994. Sales were up slightly to C$ 120.7 million from C$ 120 million a year earlier. “We“re fairly happy that sales are higher than they were last year but, really, the market“s been quite soft in North America,” said secretary-treasurer David Jack. Thanks to a 50% improvement in exports, sales for the nine months ended 30 September were C$ 352.9 million, an increase of C$ 15.3 million from the same period in 1994. Despite the weak quarter, nine-month profit was C$ 25.2 million (87 cents) compared with C$ 25.1 million (96 cents) in the same period of 1994. The year-earlier figures for the quarter and nine months include a C$ 1.3 million gain from discontinued operations. Consumers Packaging said it converted warrants issued in July for 4.6 million common shares and used the C$ 57.1 million to reduce bank debt and redeem its 12.5% US-dollar senior notes.