This annual report summarizes Crown Holdings' financial results and activities for 2002. Key points include:
- Net sales decreased 5.5% to $6.8 billion, while net loss improved to $1.2 billion from $972 million in 2001.
- Total assets decreased 22% to $7.5 billion while debt was reduced 24.1% to $3.7 billion.
- Operating income increased 53% to $481 million and net income from continuing operations improved to $0.49 per share from a loss in 2001.
- The company completed a major debt refinancing in February 2002 under a new holding company structure called Crown Holdings, Inc. to improve its financial position
Smurfit-Stone Container Corporation reported financial results for the second quarter of 2006. The company reported a net loss of $44 million compared to net income of $1 million in the second quarter of 2005. Sales were flat at $1.76 billion. For the first half of 2006 the company reported a net loss of $108 million compared to a net loss of $18 million in the first half of 2005, with sales of $3.5 billion, consistent with the previous year. The company's containerboard and corrugated containers segment saw improved operating profits compared to the previous quarter and previous year.
This document is a notice for the annual meeting of shareholders of Circuit City Stores, Inc. It states that the meeting will be held on June 18, 2002 at the Jefferson Hotel in Richmond, Virginia at 10:00am. The purposes of the meeting are to elect four directors to three-year terms and to consider a shareholder proposal if properly presented. It provides details on voting rights, quorum requirements, votes required for approval, and procedures for voting proxies.
The document is Crown's 2003 annual report which includes:
- An invitation for shareholders to attend Crown's annual meeting on April 22, 2004.
- Financial highlights showing Crown's sales, losses, assets, debt, and other financial metrics for 2003 and 2002.
- A letter to shareholders detailing Crown's strategic focus on metal packaging and plastic closures, debt refinancing in 2003, improvements across divisions in 2003, and goals for continued performance improvements.
- Information on Crown's board of directors and corporate officers.
CarMax, Inc. is the leading used car retailer in the US, operating 40 used car superstores as of 2003. In fiscal year 2003, CarMax sold 190,100 used vehicles, accounting for 89% of its total 212,500 vehicle sales. While CarMax experienced strong sales and earnings growth for most of fiscal 2003, earnings were impacted by higher costs associated with becoming an independent company from Circuit City in October 2002 and weather-related sales declines in the fourth quarter. However, CarMax is well positioned for continued growth through expanding its store base and growing market share, with a goal of opening 7-8 additional stores in fiscal 2004.
Smurfit-Stone Container Corporation reported improved financial results for both the fourth quarter and full year of 2007 compared to 2006. The company exceeded its strategic initiatives target of $420 million in savings for 2007. Higher average prices, operational improvements, and cost savings drove the increased earnings. Smurfit-Stone expects further year-over-year profit growth in the first quarter and full year of 2008.
The document is Smurfit-Stone Container Corporation's 2002 annual report. It highlights that in 2002, despite a weak economy, Smurfit-Stone reported net income of $54 million and continued to strengthen its capabilities in high-end packaging. A key acquisition was MeadWestvaco's Stevenson, AL mill, which enhanced Smurfit-Stone's position as the largest containerboard producer in North America. The report also notes leadership changes as Jefferson Smurfit Group distributed its stake in Smurfit-Stone and various directors retired.
- Crown Holdings, Inc. is a packaging company that experienced strong financial results in 2007, with net sales increasing 10.7% to $7.7 billion and income from continuing operations growing 554.4% to $528 million.
- The company focuses on sustainable rigid metal packaging for beverages, food, personal care and household products globally. It saw organic volume growth in international beverage cans.
- Crown Holdings invested in new production facilities in regions with fast growing demand, such as the Middle East, Europe, Vietnam, Cambodia and Brazil, and expects continued momentum in 2008 with additional new capacity planned or under construction.
This document provides information on the Board of Directors and Corporate Officers of USG Corporation. It lists the 16 members of the Board of Directors, including their committee assignments. It also lists the 18 Corporate Officers, including their titles.
Smurfit-Stone Container Corporation reported financial results for the second quarter of 2006. The company reported a net loss of $44 million compared to net income of $1 million in the second quarter of 2005. Sales were flat at $1.76 billion. For the first half of 2006 the company reported a net loss of $108 million compared to a net loss of $18 million in the first half of 2005, with sales of $3.5 billion, consistent with the previous year. The company's containerboard and corrugated containers segment saw improved operating profits compared to the previous quarter and previous year.
This document is a notice for the annual meeting of shareholders of Circuit City Stores, Inc. It states that the meeting will be held on June 18, 2002 at the Jefferson Hotel in Richmond, Virginia at 10:00am. The purposes of the meeting are to elect four directors to three-year terms and to consider a shareholder proposal if properly presented. It provides details on voting rights, quorum requirements, votes required for approval, and procedures for voting proxies.
The document is Crown's 2003 annual report which includes:
- An invitation for shareholders to attend Crown's annual meeting on April 22, 2004.
- Financial highlights showing Crown's sales, losses, assets, debt, and other financial metrics for 2003 and 2002.
- A letter to shareholders detailing Crown's strategic focus on metal packaging and plastic closures, debt refinancing in 2003, improvements across divisions in 2003, and goals for continued performance improvements.
- Information on Crown's board of directors and corporate officers.
CarMax, Inc. is the leading used car retailer in the US, operating 40 used car superstores as of 2003. In fiscal year 2003, CarMax sold 190,100 used vehicles, accounting for 89% of its total 212,500 vehicle sales. While CarMax experienced strong sales and earnings growth for most of fiscal 2003, earnings were impacted by higher costs associated with becoming an independent company from Circuit City in October 2002 and weather-related sales declines in the fourth quarter. However, CarMax is well positioned for continued growth through expanding its store base and growing market share, with a goal of opening 7-8 additional stores in fiscal 2004.
Smurfit-Stone Container Corporation reported improved financial results for both the fourth quarter and full year of 2007 compared to 2006. The company exceeded its strategic initiatives target of $420 million in savings for 2007. Higher average prices, operational improvements, and cost savings drove the increased earnings. Smurfit-Stone expects further year-over-year profit growth in the first quarter and full year of 2008.
The document is Smurfit-Stone Container Corporation's 2002 annual report. It highlights that in 2002, despite a weak economy, Smurfit-Stone reported net income of $54 million and continued to strengthen its capabilities in high-end packaging. A key acquisition was MeadWestvaco's Stevenson, AL mill, which enhanced Smurfit-Stone's position as the largest containerboard producer in North America. The report also notes leadership changes as Jefferson Smurfit Group distributed its stake in Smurfit-Stone and various directors retired.
- Crown Holdings, Inc. is a packaging company that experienced strong financial results in 2007, with net sales increasing 10.7% to $7.7 billion and income from continuing operations growing 554.4% to $528 million.
- The company focuses on sustainable rigid metal packaging for beverages, food, personal care and household products globally. It saw organic volume growth in international beverage cans.
- Crown Holdings invested in new production facilities in regions with fast growing demand, such as the Middle East, Europe, Vietnam, Cambodia and Brazil, and expects continued momentum in 2008 with additional new capacity planned or under construction.
This document provides information on the Board of Directors and Corporate Officers of USG Corporation. It lists the 16 members of the Board of Directors, including their committee assignments. It also lists the 18 Corporate Officers, including their titles.
The document lists the Board of Directors and Officers of Ecolab Inc. in 1996.
The 17 member Board of Directors includes the CEO and Chairman of Ecolab as well as executives from other major companies.
It also lists the 26 senior executive officers of Ecolab, including the President and CEO, CFO, various Vice Presidents and General Managers who oversee different business units and functions.
The annual report discusses the World Economic Forum's activities in 2003/2004. It was a period of relative calm after crises like 9/11 and the Iraq war. The Forum held important meetings that brought together global leaders to address complex international challenges like terrorism, economic issues, and public health concerns. Key events included the European Economic Summit in Warsaw, the World Economic Forum in Jordan, and meetings in Seoul and Russia. The Forum aims to foster partnerships between diverse sectors to solve interconnected global problems.
The document lists the Board of Directors and Officers of Ecolab Inc. It includes:
1) The names and titles of 16 members of the Board of Directors, as well as the committees each serves on.
2) The names, titles and areas of responsibility of 27 Ecolab officers.
3) It provides leadership information for Ecolab's Board and executive team in a single reference list.
This document is Tribune Company's 2005 Annual Report. It lists the members of the Board of Directors which includes the CEOs of various companies. It also lists the Corporate Management which includes the Chairman, President and CEO along with other senior vice presidents. Finally, it provides shareholder information such as the corporate headquarters, investor information, stock information, and the annual meeting details.
The document provides information on Ecolab Inc.'s Board of Directors and Corporate Officers. The Board of Directors is comprised of 16 members with experience in various industries. Contact information is provided for stakeholders wishing to communicate with the Board regarding governance issues or accounting irregularities. Matters not requiring Board attention should be directed to Ecolab's management. A list of Corporate Officers is also included, led by Douglas M. Baker, Jr. as Chairman, President and CEO.
The document lists the board of directors and corporate officers of Ecolab Inc. It provides names, titles, and brief descriptions of experience and committee memberships for each member of the board of directors, which includes the CEO, retired executives from other companies, and CEOs of other corporations. It also lists the names and titles of Ecolab's corporate officers.
This document provides information about Ecolab Inc.'s Board of Directors and Corporate Officers. The Board of Directors section lists 15 members and their occupations and committee involvement. The Corporate Officers section lists 22 officers and their titles and areas of responsibility within the company. Contact information is provided for communications with the Board of Directors regarding governance issues or accounting/auditing concerns. Other matters are directed to company management.
This document lists the directors and corporate officers of Ecolab Inc. as of 2001. It includes brief descriptions of each member's role and company affiliation. A total of 15 directors and 18 corporate officers are listed. The directors serve on various board committees, such as audit, compensation, finance, and governance. Allan L. Schuman is identified as the Chairman of the Board, President and CEO of Ecolab.
This document provides information about Ecolab's Board of Directors and corporate officers. The Board of Directors is comprised of 13 members with a range of experience in industries such as chemicals, financial services, food products, and healthcare. Contact information is provided for communications with the Board. Corporate officers include the President and CEO and other senior leaders who oversee Ecolab's business sectors and functions.
The document lists the Board of Directors and Officers of Ecolab Inc. as of 2000. The Board of Directors includes executives from various companies in industries such as financial services, insurance, food products, and chemicals. The Officers section provides names and titles of Ecolab's senior leadership, including the Chairman and CEO, presidents, vice presidents leading various sectors and departments.
This document provides information on the directors and officers of Ecolab Inc. as of 1997.
It lists 15 members of the board of directors, including their professional backgrounds and committee memberships. It also lists the 15 highest ranking officers of Ecolab Inc., including their titles and areas of responsibility.
The document serves to identify the leadership of Ecolab Inc. in 1997 by providing brief biographies of both the directors on the board and the senior executive officers.
This document lists the directors, officers, and principal officers of Ameren Corporation and its key subsidiaries. It includes the chairman, president, and CEO of Ameren Corporation, Gary L. Rainwater, and lists the board of directors which includes retired executives from utility and retail companies. It also lists the senior leadership of Ameren Corporation's subsidiaries including AmerenUE, AmerenCIPS, AmerenCILCO, Ameren Services, Ameren Energy Resources Generating, and Ameren Energy.
This document lists the Board of Directors and Corporate Officers of Ecolab Inc. It provides contact information for communicating with the Board, including mailing addresses and websites. It also distinguishes between matters requiring the Board's attention, such as governance issues, and general inquiries that should be directed to company management. The Board is comprised of 13 members with experience in various industries. The Corporate Officers section lists the names and titles of senior leadership.
This document provides an overview of USG Corporation, including its business segments, products and services, best-known brands, geographical areas served, and board of directors. USG Corporation operates in three main business segments: gypsum, ceilings, and distribution. It manufactures and markets various gypsum and ceiling products. Its best-known brands include SHEETROCK and FIBEROCK. The company serves customers in the United States, Canada, Mexico and over 125 other countries. The board of directors provides a list of members and their affiliations.
This document lists the principal officers and board of directors of Anheuser-Busch Companies, Inc. and its subsidiaries. It provides the names and titles of over 100 individuals in leadership positions within the company and its affiliated businesses, which include Anheuser-Busch, Inc., the largest American brewer, as well as theme parks, packaging, agriculture, and real estate companies.
DuPont provides a summary of its 2002 financial data and business activities in its 2002 DATA BOOK. Some key highlights include:
- Earnings recovered dramatically from 2001 levels, though excluding the large gain from the 2001 sale of DuPont Pharmaceuticals.
- DuPont realigned its business units into five market-focused Growth Platforms and took steps to separate its Textiles & Interiors segment.
- Science, knowledge intensity, productivity improvements, and financial discipline supported DuPont's performance and positioning for sustainable growth.
- Acquisitions and partnerships expanded DuPont's offerings in areas like electronics, biotechnology, and agriculture.
This document lists the board of directors and corporate officers of Ecolab Inc. It provides contact information for communicating with the board on substantive issues and also outlines how to direct other communications to company management. The board of directors is comprised of 15 members, including the Chairman, President and CEO of Ecolab. It also lists 26 corporate officers, led by Douglas M. Baker, Jr. as Chairman, President and CEO. Contact with the board on governance issues or accounting concerns can be made online or via mail to Ecolab's corporate secretary. Other inquiries should be directed to Ecolab management through various channels on the company's website.
Caesars Entertainment Corporation is the world's largest casino entertainment company, operating casinos under brands like Harrah's, Caesars, and Horseshoe across four continents. The company focuses on building loyalty through great service, products, and technology leadership. Caesars is committed to environmental sustainability and recognizes the importance of being a responsible steward of the environment. Recent headlines include expansion projects in Las Vegas and India.
This annual report summarizes the World Economic Forum's activities in 2002/2003. It highlights that the Annual Meeting 2003 in Davos and the Extraordinary Annual Meeting in Jordan brought global leaders together to address challenges like the Iraq war and build trust and reconciliation. It describes the Forum's role in convening discussions on pressing issues and launching initiatives like improving access to drugs. The report also outlines the Forum's work through task forces and summits at the regional level, and services provided to member companies in areas like crisis management and corporate citizenship.
2003 Annual Report Officers and Operating Executives and General InformationQuarterlyEarningsReports3
This document lists the officers and operating executives of General Motors as of April 1, 2004. It includes the chairman and CEO, vice chairmen, executive vice presidents, group vice presidents, vice presidents, and other officers. The listing provides names, titles, and areas of responsibility for over 80 executives.
Smurfit-Stone reported a net loss of $19 million for Q1 2005, an improvement from a $66 million loss in Q1 2004. Net sales increased 8% to $2.1 billion. The company continued to face cost pressures from higher energy, fiber, and employee benefit costs which narrowed margins. However, demand was improving and costs were expected to moderate for the rest of the year, leading the company to expect a return to profitability in Q2 2005.
The document lists the Board of Directors and Officers of Ecolab Inc. in 1996.
The 17 member Board of Directors includes the CEO and Chairman of Ecolab as well as executives from other major companies.
It also lists the 26 senior executive officers of Ecolab, including the President and CEO, CFO, various Vice Presidents and General Managers who oversee different business units and functions.
The annual report discusses the World Economic Forum's activities in 2003/2004. It was a period of relative calm after crises like 9/11 and the Iraq war. The Forum held important meetings that brought together global leaders to address complex international challenges like terrorism, economic issues, and public health concerns. Key events included the European Economic Summit in Warsaw, the World Economic Forum in Jordan, and meetings in Seoul and Russia. The Forum aims to foster partnerships between diverse sectors to solve interconnected global problems.
The document lists the Board of Directors and Officers of Ecolab Inc. It includes:
1) The names and titles of 16 members of the Board of Directors, as well as the committees each serves on.
2) The names, titles and areas of responsibility of 27 Ecolab officers.
3) It provides leadership information for Ecolab's Board and executive team in a single reference list.
This document is Tribune Company's 2005 Annual Report. It lists the members of the Board of Directors which includes the CEOs of various companies. It also lists the Corporate Management which includes the Chairman, President and CEO along with other senior vice presidents. Finally, it provides shareholder information such as the corporate headquarters, investor information, stock information, and the annual meeting details.
The document provides information on Ecolab Inc.'s Board of Directors and Corporate Officers. The Board of Directors is comprised of 16 members with experience in various industries. Contact information is provided for stakeholders wishing to communicate with the Board regarding governance issues or accounting irregularities. Matters not requiring Board attention should be directed to Ecolab's management. A list of Corporate Officers is also included, led by Douglas M. Baker, Jr. as Chairman, President and CEO.
The document lists the board of directors and corporate officers of Ecolab Inc. It provides names, titles, and brief descriptions of experience and committee memberships for each member of the board of directors, which includes the CEO, retired executives from other companies, and CEOs of other corporations. It also lists the names and titles of Ecolab's corporate officers.
This document provides information about Ecolab Inc.'s Board of Directors and Corporate Officers. The Board of Directors section lists 15 members and their occupations and committee involvement. The Corporate Officers section lists 22 officers and their titles and areas of responsibility within the company. Contact information is provided for communications with the Board of Directors regarding governance issues or accounting/auditing concerns. Other matters are directed to company management.
This document lists the directors and corporate officers of Ecolab Inc. as of 2001. It includes brief descriptions of each member's role and company affiliation. A total of 15 directors and 18 corporate officers are listed. The directors serve on various board committees, such as audit, compensation, finance, and governance. Allan L. Schuman is identified as the Chairman of the Board, President and CEO of Ecolab.
This document provides information about Ecolab's Board of Directors and corporate officers. The Board of Directors is comprised of 13 members with a range of experience in industries such as chemicals, financial services, food products, and healthcare. Contact information is provided for communications with the Board. Corporate officers include the President and CEO and other senior leaders who oversee Ecolab's business sectors and functions.
The document lists the Board of Directors and Officers of Ecolab Inc. as of 2000. The Board of Directors includes executives from various companies in industries such as financial services, insurance, food products, and chemicals. The Officers section provides names and titles of Ecolab's senior leadership, including the Chairman and CEO, presidents, vice presidents leading various sectors and departments.
This document provides information on the directors and officers of Ecolab Inc. as of 1997.
It lists 15 members of the board of directors, including their professional backgrounds and committee memberships. It also lists the 15 highest ranking officers of Ecolab Inc., including their titles and areas of responsibility.
The document serves to identify the leadership of Ecolab Inc. in 1997 by providing brief biographies of both the directors on the board and the senior executive officers.
This document lists the directors, officers, and principal officers of Ameren Corporation and its key subsidiaries. It includes the chairman, president, and CEO of Ameren Corporation, Gary L. Rainwater, and lists the board of directors which includes retired executives from utility and retail companies. It also lists the senior leadership of Ameren Corporation's subsidiaries including AmerenUE, AmerenCIPS, AmerenCILCO, Ameren Services, Ameren Energy Resources Generating, and Ameren Energy.
This document lists the Board of Directors and Corporate Officers of Ecolab Inc. It provides contact information for communicating with the Board, including mailing addresses and websites. It also distinguishes between matters requiring the Board's attention, such as governance issues, and general inquiries that should be directed to company management. The Board is comprised of 13 members with experience in various industries. The Corporate Officers section lists the names and titles of senior leadership.
This document provides an overview of USG Corporation, including its business segments, products and services, best-known brands, geographical areas served, and board of directors. USG Corporation operates in three main business segments: gypsum, ceilings, and distribution. It manufactures and markets various gypsum and ceiling products. Its best-known brands include SHEETROCK and FIBEROCK. The company serves customers in the United States, Canada, Mexico and over 125 other countries. The board of directors provides a list of members and their affiliations.
This document lists the principal officers and board of directors of Anheuser-Busch Companies, Inc. and its subsidiaries. It provides the names and titles of over 100 individuals in leadership positions within the company and its affiliated businesses, which include Anheuser-Busch, Inc., the largest American brewer, as well as theme parks, packaging, agriculture, and real estate companies.
DuPont provides a summary of its 2002 financial data and business activities in its 2002 DATA BOOK. Some key highlights include:
- Earnings recovered dramatically from 2001 levels, though excluding the large gain from the 2001 sale of DuPont Pharmaceuticals.
- DuPont realigned its business units into five market-focused Growth Platforms and took steps to separate its Textiles & Interiors segment.
- Science, knowledge intensity, productivity improvements, and financial discipline supported DuPont's performance and positioning for sustainable growth.
- Acquisitions and partnerships expanded DuPont's offerings in areas like electronics, biotechnology, and agriculture.
This document lists the board of directors and corporate officers of Ecolab Inc. It provides contact information for communicating with the board on substantive issues and also outlines how to direct other communications to company management. The board of directors is comprised of 15 members, including the Chairman, President and CEO of Ecolab. It also lists 26 corporate officers, led by Douglas M. Baker, Jr. as Chairman, President and CEO. Contact with the board on governance issues or accounting concerns can be made online or via mail to Ecolab's corporate secretary. Other inquiries should be directed to Ecolab management through various channels on the company's website.
Caesars Entertainment Corporation is the world's largest casino entertainment company, operating casinos under brands like Harrah's, Caesars, and Horseshoe across four continents. The company focuses on building loyalty through great service, products, and technology leadership. Caesars is committed to environmental sustainability and recognizes the importance of being a responsible steward of the environment. Recent headlines include expansion projects in Las Vegas and India.
This annual report summarizes the World Economic Forum's activities in 2002/2003. It highlights that the Annual Meeting 2003 in Davos and the Extraordinary Annual Meeting in Jordan brought global leaders together to address challenges like the Iraq war and build trust and reconciliation. It describes the Forum's role in convening discussions on pressing issues and launching initiatives like improving access to drugs. The report also outlines the Forum's work through task forces and summits at the regional level, and services provided to member companies in areas like crisis management and corporate citizenship.
2003 Annual Report Officers and Operating Executives and General InformationQuarterlyEarningsReports3
This document lists the officers and operating executives of General Motors as of April 1, 2004. It includes the chairman and CEO, vice chairmen, executive vice presidents, group vice presidents, vice presidents, and other officers. The listing provides names, titles, and areas of responsibility for over 80 executives.
Smurfit-Stone reported a net loss of $19 million for Q1 2005, an improvement from a $66 million loss in Q1 2004. Net sales increased 8% to $2.1 billion. The company continued to face cost pressures from higher energy, fiber, and employee benefit costs which narrowed margins. However, demand was improving and costs were expected to moderate for the rest of the year, leading the company to expect a return to profitability in Q2 2005.
Smurfit-Stone Container Corporation reported second quarter 2005 net income of $1 million, an improvement from a $10 million net loss in the second quarter of 2004. Sales increased to $2.2 billion from $2 billion in the prior year period. For the first half of 2005, the company reported a net loss of $18 million, an improvement from a $76 million net loss in the first half of 2004, with sales of $4.2 billion compared to $4 billion in the prior year. The company expects third quarter results to be negatively impacted by unfavorable pricing trends but anticipates increased packaging demand in the seasonally strong period.
Smurfit-Stone Container Corporation reported a net loss of $229 million or $0.90 per share for Q3 2005, primarily due to a $293 million pretax restructuring charge related to mill closures in Canada and a paper machine closure. Net sales were $2.1 billion, down from $2.2 billion in Q3 2004. For the first nine months of 2005, the net loss was $247 million or $0.97 per share, compared to a net loss of $48 million or $0.19 per share for the same period in 2004. The company expects costs to increase in Q4 due to higher energy and freight expenses, while average corrugated prices are expected to
- Smurfit-Stone Container Corporation reported a net loss of $92 million for Q4 2005 and a net loss of $339 million for the full year 2005.
- Market conditions were unfavorable in the first half of 2005 with declining containerboard and corrugated prices but began to improve in Q4 2005. However, higher energy and fiber costs negatively impacted results.
- The company expects better comparisons going forward as market conditions improve but not meaningful sequential earnings growth in Q1 2006 due to seasonal factors and cost pressures.
- Smurfit-Stone Container Corporation reported a net loss of $64 million for Q1 2006 compared to a net loss of $19 million in Q1 2005.
- Net sales were $2.1 billion for Q1 2006, comparable to Q1 2005. However, higher costs such as energy and freight, as well as lower containerboard and corrugated prices, negatively impacted year-over-year results.
- The company expects results to improve in Q2 2006 but not reach breakeven, and anticipates returning to profitability in Q3 2006 as prices have rebounded and benefits from strategic initiatives continue.
1) Smurfit-Stone Container Corporation reported a net income of $22 million or $0.09 per diluted share for Q4 2006, compared to a net loss of $0.36 per diluted share in Q4 2005.
2) For full year 2006, Smurfit-Stone reported a net loss of $71 million or $0.28 per diluted share, an improvement from a net loss of $339 million or $1.33 per diluted share in 2005.
3) The company exceeded its cost reduction target for 2006 from its strategic initiatives program, achieving $243 million in savings, and expects further meaningful earnings growth in 2007.
1) Smurfit-Stone Container Corporation reported a net loss of $55 million for the first quarter of 2007 compared to a net loss of $0.25 per share in the first quarter of 2006.
2) The company announced plans to close two containerboard mills with 200,000 tons of annual capacity and restart a previously idled paper machine with 170,000 tons of annual capacity to realign its mill system.
3) While costs increased due to higher wood and recycled fiber prices, the company expects improved second quarter results and a return to profitability due to moderating costs and stronger demand.
Smurfit-Stone Container Corporation reported financial results for the second quarter of 2007, with the following highlights:
1) Operating profits were up 59% from the previous quarter and 16% from the second quarter of 2006, driven by higher average prices across major product lines.
2) Sales increased 6% year-over-year to $1.87 billion for the second quarter.
3) The company expects higher mill production and continued price improvements to drive further financial gains in the third quarter.
Smurfit-Stone Container Corporation reported improved financial results in the third quarter of 2007 compared to the previous quarter:
- Adjusted net income nearly doubled from the second quarter, reaching $28 million.
- Strategic initiatives led to $18 million in quarterly benefits from cost reductions.
- Debt was reduced by $328 million through the sale of the Brewton, Alabama mill.
While earnings are expected to decrease in the fourth quarter due to seasonal factors, management expects ongoing benefits from strategic cost cutting initiatives and capital investments to drive continued margin improvements.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...mayaclinic18
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
3. ANNUAL~1.QXD 4/2/03 2:42 PM Page 1
Board of Directors
Jenne K. Britell (b) Marie L. Garibaldi (b) Hugues du Rouret
Former Associate Justice of the Chairman of Beaulieu Patrimoine;
Chairman and Chief Executive
Supreme Court of New Jersey former Chairman and Chief Executive
Officer of Structured Ventures Inc;
Officer of Shell France; also a Director
former Executive Officer of several
of Gras Savoye and Banque Saint-Olive
General Electric financial services Hans J. Löliger (c, d)
companies; also a Director of Lincoln Vice Chairman of Winter Group;
National Corporation, Aames Financial former Chief Executive Officer of SPICA
Corporation, and U.S.-Russia Investment Group; also a Director of AMTICO Alan W. Rutherford (a)
Fund International, Fritz Meyer Holding, Vice Chairman of the Board,
Cronat Holding and List Holding Executive Vice President and
John W. Conway (a) Chief Financial Officer; also a Director
Chairman of the Board, President and of Constar International
John B. Neff (b,d)
Chief Executive Officer; also a Director
Former Portfolio Manager of Wellington
of Constar International, West
Management Company; also a Director
Pharmaceutical Services and PPL
of Greenwich Associates and Amkor Harold A. Sorgenti (a, c, d)
Corporation
Technology; also on the Executive Board Managing Partner of Sorgenti
of Invemed Catalyst Fund Investment Partners; Chairman
Arnold W. Donald (c)
and CEO of SpecChem International
Chairman and Chief Executive Officer
Holdings; former Chief Executive Officer
of Merisant Company; former Senior Thomas A. Ralph
of Arco Chemical and former Chairman of
Partner – Dechert LLP
Vice President of Monsanto Company;
Freedom Chemical
also a Director of Oil-Dri Corporation
of America, Belden, Carnival
Corporation, The Scotts Company and
The Laclede Group
Committees
a – Executive b – Audit c – Executive Compensation d – Nominating
Corporate Officers
John W. Conway Timothy J. Donahue Thomas A. Kelly
Chairman of the Board, President Senior Vice President – Finance Vice President and
and Chief Executive Officer Corporate Controller
William T. Gallagher
Alan W. Rutherford
Senior Vice President, Secretary Torsten J. Kreider
Vice Chairman of the Board,
and General Counsel Vice President – Planning
Executive Vice President and
and Development
Chief Financial Officer
Michael B. Burns
Vice President and Treasurer
Daniel A. Abramowicz Michael J. Rowley
Executive Vice President – Assistant Secretary
Corporate Technologies and Assistant General Counsel
Michael F. Dunleavy
and Regulatory Affairs Vice President – Corporate Affairs
and Public Relations
Reda H. Amiry Rosemary M. Haselroth
Senior Vice President – Assistant Secretary
William J. Freeman
Corporate Tax
Vice President – Strategic Marketing
and Planning
1
4. ANNUAL~1.QXD 4/2/03 2:42 PM Page 2
Division Officers
Americas Division
Frank J. Mechura
President – Americas Division
William Filotas
Robert J. Truitt Joseph R. Pierce Raymond L. McGowan
President – Caribbean and
President – President – Closures Americas President –
Central America
Beverage Packaging Division Food Packaging Division
Patrick D. Szmyt
John E. Roycroft Alfred J. Wareing
Edward C. Vesey
Senior Vice President
President – President – Canada
Senior Vice President –
and Chief Financial Officer
Aerosol Packaging Division
Procurement
Stephen Pearlman
Eduardo Cruz
President – Risdon – AMS
E. C. Norris Roberts
President – Chile and Argentina
Executive Vice President – John M. Gahan
Gary L. Burgess
Vice President – Logistics
Information Systems, Planning
John Foster Senior Vice President –
President – Argentina and World Class Performance
Human Resources
Asia-Pacific Division
William H. Voss
President – Asia-Pacific Division
Andy Carlton Ray Fazackerley
Jozef Salaerts
Vice President – Manufacturing and Purchasing Vice President – Thailand
Vice President – South East Asia
& Zeller Plastik Terry Cartwright
Vice President – China & Hong Kong
Goh Hock Huat
Vice President and Chief Financial Officer
European Division
William R. Apted
President — European Division
Inigo d’Ornellas
François de Wendel John Clinton Nick Mullen
Executive Vice President – Food Vice President – Vice President – Speciality
Vice President and Controller
Sales & Marketing, Bevcan Europe Packaging
Dave Francis
Peter Calder
Vice President – Operations,
Peter Collier
Senior Vice President – David Pollen
Vice President – Metal Closures Bevcan Europe
Human Resources and Vice President – Aerosols
Communications
Roland Dachs Chris Harrison
Vice President – Logistics Vice President – Speciality Plastics David Powell
Howard Lomax & Planning Vice President – Beverage Plastics
Senior Vice President
Chris Homfray
and Chief Financial Officer John Davidson
Vice President – Food NorthWest
Vice President – Guglielmo Prati
George Nicol Vice President – Food Italy
Legal & General Counsel
Senior Vice President – Ashok Kapoor
Beverage Terry Dobb Chairman – Hellas Can S.A.
Vice President and Chief and Vice President – Business
Peter Nuttall Information Officer Development, Bevcan Europe
Senior Vice President –Sourcing
Corporate Technologies
Daniel A. Abramowicz
President – Corporate Technologies
Philip J. Habberley Peter J. Heyes William C. Hoyle Leonard Jenkins
Vice President – Vice President – Vice President – Vice President –
Engineering Development Plastics Development Materials Development Technology Development
2
5. ANNUAL~1.QXD 4/2/03 2:42 PM Page 3
Annual Meeting
We cordially invite you to attend the Annual Meeting
of Shareholders of Common Stock to be held at 9:30 a.m. on
Thursday, April 24, 2003 at the Company’s Coporate
Headquarters, One Crown Way, Philadelphia,
Pennsylvania. A formal notice of this Meeting, together
with the Proxy Statement and Proxy Card, will be mailed to
each Shareholder of Common Stock of record as of the close
of business on March 11, 2003, and only holders of record
on said date will be entitled to vote. The Board of Directors
of the Company requests the Shareholders of Common
Stock to sign Proxies and return them in advance of the
Meeting.
Table of Contents
Financial Highlights . . . . . . . . . . . . . . . . . 4
Letter to Shareholders . . . . . . . . . . . . . . . . 5
Consolidated Statements of Operations ......... 7
Consolidated Balance Sheets ............. 8
Consolidated Statements of Cash Flows . . . . . . . . . 9
Consolidated Statements of Shareholders’ Equity . . . . . 10
Notes to Consolidated Financial Statements ....... 11
Management’s Report to Shareholders ......... 29
Report of Independent Accountants . . . . . . . . . . . 29
Quarterly Data . . . . . . . . . . . . . . . . . . . 30
Five Year Summary of Selected Financial Data . . . . . . 31
Management’s Discussion and Analysis . . . . . . . . . 32
Investor Information . . . . . . . . . . . . . . . . . 44
3
6. ANNUAL~1.QXD 4/2/03 2:42 PM Page 4
Financial Highlights
(in millions, except share, per share, employee, shareholder and statistical data)
2002 2001 % Change
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,792 $ 7,187 ( 5.5)
Loss before cumulative effect of a change in accounting (1) . . . . . . . ( 191) ( 976) 80.4
Net loss (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 1,205) ( 972) ( 24.0)
Per common share:
Loss before cumulative effect of a change in accounting . . . . . . . . ($ 1.33) ($ 7.77) 82.9
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ($ 8.38) ($ 7.74) ( 8.3)
Market price (closing) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.95 2.54 213.0
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,505 $ 9,620 ( 22.0)
Shareholders’ equity/(deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . ( 87) 804 (110.8)
Debt (net of cash and cash equivalents) . . . . . . . . . . . . . . . . . . . 3,691 4,864 ( 24.1)
Net interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 331 437 ( 24.3)
Cash flow from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . 415 310 33.9
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . 375 499 ( 24.8)
Number of employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,319 33,046 ( 14.3)
Number of shareholders on record . . . . . . . . . . . . . . . . . . . . . . 5,579 5,552 .5
Shares outstanding at December 31 (2) . . . . . . . . . . . . . . . . . . . . 159,430,075 125,702,056 26.8
Average shares outstanding - diluted . . . . . . . . . . . . . . . . . . . . . 143,807,452 125,648,083 14.5
(1) Includes after-tax (i) restructuring charges of $15 or $.10 per share in 2002 and $46 or $.37 per share in 2001; (ii) asset impairments and loss/gain on sale of assets of $258 or
$1.79 per share in 2002 and $208 or $1.66 per share in 2001; (iii) provisions for asbestos of $30 or $.21 per share in 2002 and $51 or $.41 per share in 2001 and (iv) a gain of
$28 or $.19 per share in 2002 from the early extinguishment of debt. In addition, net losses included (i) a U.S. tax charge of $452 or $3.60 per share in 2001 and (ii) an after-
tax charge of $1,014 or $7.05 per share for the transition adjustment from the adoption of FAS 142 in 2002 and an after-tax gain of $4 or $.03 per share for the transition
adjustment from the adoption of FAS 133 in 2001.
(2) The increase in shares is primarily due to shares issued in noncash debt-for-equity exchanges as discussed in Note N to the consolidated financial statements.
2002 NET SALES
By Geographic Area
By Segment
United
Americas
States
47%
37%
United Other
Kingdom
Europe 26%
Asia-Pacific 12%
48%
5%
Canada
France
6%
2002 10%
By Product Germany Italy
4% 5%
Other Metal
Metal Beverage 2002
Packaging
Cans & Ends
16%
34%
Plastic
Packaging*
20%
Metal Food
Cans & Ends Other
29% Products
2002
1%
PRODUCTS
*Excluding Constar International, divested in November 2002, plastic packaging as a percentage of adjusted net sales would have been 12%.
4
7. ANNUAL~1.QXD 4/2/03 2:42 PM Page 5
CROWN HOLDINGS, INC.
Dear Fellow Shareholders:
Since our last letter to you in early 2002, we have continued to take significant strides to improve
the performance and profitability of your Company. This is the first letter to you under the new
Crown Holdings, Inc. name. The new name and the newly formed holding company were part of
the legal structure adopted to facilitate the major debt refinancing completed in February of this
year.
At the depth of our difficulties in early 2001, we laid out a plan to restore the Company’s
profitability, a plan that would take 24 to 30 months to achieve. Early last year, we updated you on
the progress that had been made. Now, we are very pleased to report that to date, we have
achieved all of the objectives of that plan while adhering to our basic strategy.
First, 2002 operating performance was significantly improved over 2001, with operating income
increasing 53% to $481 million. Net income from continuing operations was $0.49 per share
compared to a loss of $0.74 per share in 2001, and free cash flow increased to $300 million from
$142 million.
The Americas Division had a very successful year, with operating income more than doubling over
the prior year. The majority of the improvement came in North America (United States and
Canada) and reflected the success of pricing initiatives that we led in many of our markets. Our
Central and South American businesses continued to perform well. However, the impact of
political and economic turmoil in certain countries resulted in currency weakness and,
consequently, income reduction.
Our European and Asian businesses did particularly well in 2002. The European Division
improved performance by virtually every measure in 2002 versus 2001. We believe that
performance in this division has turned around and is headed in the right direction. Furthermore,
the strengthening of the euro and pound sterling will benefit the division’s results in 2003. Our
Asia-Pacific Division experienced another year of improved performance compared to the prior
year. Our companies in China and Southeast Asia continue to be regional leaders in beverage can
packaging. Our Asian businesses are well positioned for continued growth. In summary, Crown’s
global reach and capability were important sources of strength for the Company in 2002.
The Company continued to benefit from its superior research and development capabilities,
reflected in the positive customer response to our innovative packaging products. SuperEnd™
continues to draw significant customer interest in the beverage can sector and provides the
Company with an important competitive advantage. Various closure technologies, such as our
Ideal™ closure (a composite of plastic and metal), continue to gain volume and market share. We
remain convinced that our technical capability is a strategic strength which we will continue to
improve to maintain our competitive edge.
5
8. ANNUAL~1.QXD 4/2/03 2:42 PM Page 6
CROWN HOLDINGS, INC.
Over the course of 2002, we were able to complete a series of significant non-core asset sales.
These included the sale of our Constar PET business, our fragrance pump and pharmaceutical
packaging businesses, and our packaging interests in Central and Eastern Africa and South
Africa. We used the net proceeds from these sales together with free cash flow from operations
to pay down Crown’s debt. Additionally, we exchanged shares of common stock for certain
outstanding note obligations further reducing our debt. We began 2002 with net debt of $4.9
billion, but were able to end the year with net debt of $3.7 billion. This was an important
milestone toward our goal to delever the Company and strengthen the balance sheet.
In February of this year, we borrowed in excess of $3 billion in new funds and thereby
successfully refinanced and restructured the Company’s debt. Crown now has a stable capital
structure with no significant near term maturities. This is an achievement of which we are very
proud, and is a demonstration of the confidence that the capital markets have in our plans as
well as our ability to execute those plans in a timely manner.
As we look forward to 2003, we believe that we are in a strong position to continue improving
the Company’s performance and profitability. In that regard, we will be focused on serving our
customers, reducing our costs, improving the productivity of our operations and investing wisely
and carefully. We are committed to increasing free cash flow and delevering the Company. Our
commitment to debt reduction will further strengthen the Company and, in our view, create
shareholder value.
Before closing, we share with you a sad, recent event. In January of this year, our dear friend
and very able director of four years, James L. Pate, passed away. We will miss Jim’s unfailing
optimism, determination and wise counsel.
At the end of a new beginning, we note that the response from our employees to the challenges
the Company has faced has been exceptional, and we have every reason to believe the
Company’s future holds great promise.
Sincerely,
John W. Conway
Chairman of the Board, President
and Chief Executive Officer
March 19, 2003
6
9. ANNUAL~1.QXD 4/2/03 2:42 PM Page 7
Crown Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations
(in millions, except per share amounts)
2002 2001 2000
Net sales .................................... $6,792 $7,187 $7,289
Cost of products sold (excluding depreciation and amortization) . . . . . 5,619 6,063 5,982
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . 375 386 379
——
—— ——
—— ——
——
Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 798 738 928
——
—— ——
—— ——
——
Goodwill amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 116
Selling and administrative expense . . . . . . . . . . . . . . . . . . . . . 317 310 314
Provision for asbestos. . Note K . . . . . . . . . . . . . . . . . . . . . . . . 30 51 255
Provision for restructuring . . Note L . . . . . . . . . . . . . . . . . . . . . 19 48 52
Provision for asset impairments and loss/gain on sale of assets . . Note M . 247 213 27
Gain from early extinguishment of debt . . Note N . . . . . . . . . . . . . . ( 28)
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342 455 393
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 11) ( 18) ( 20)
Translation and exchange adjustments . . . . . . . . . . . . . . . . . . . 27 10 8
Loss before income taxes, minority interests and cumulative effect
of a change in accounting . . . . . . . . . . . . . . . . . . . . . . . . . . ( 145) ( 444) ( 217)
Provision/(benefit) for income taxes . . Note U . . . . . . . . . . . . . . . . 30 528 ( 58)
Minority interests, net of equity earnings . . . . . . . . . . . . . . . . . . ( 16) ( 4) ( 15)
——
—— ——
—— ——
——
Loss before cumulative effect of a change in accounting . . . . . . . . . . . ( 191) ( 976) ( 174)
Cumulative effect of a change in accounting, net of tax. . Notes A and B . . . ( 1,014) 4
——
—— ——
—— ——
——
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 1,205) ( 972) ( 174)
Preferred stock dividends . . . . . . . . . . . . . . . . . . . . . . . . . . 2
——
—— ——
—— ——
——
Net loss available to common shareholders . . . . . . . . . . . . . . . . . . ($1,205) ($ 972) ($ 176)
——
—— ——
—— ——
——
——
—— ——
—— ——
——
Per common share data:
Loss . . Note S
Basic and diluted – before cumulative effect of a change in accounting . . ($ 1.33) ($ 7.77) ($ 1.40)
——
—— ——
—— ——
——
——
—— ——
—— ——
——
Basic and diluted – after cumulative effect of a change in accounting . . . ($ 8.38) ($ 7.74) ($ 1.40)
——
—— ——
—— ——
——
——
—— ——
—— ——
——
.................................... $ 1.00
Dividends
——
—— ——
——
——
—— ——
——
The accompanying notes are an integral part of these financial statements.
7
13. ANNUAL~1.QXD 4/2/03 2:42 PM Page 11
Notes to Consolidated Financial Statements
(in millions, except per share, employee, shareholder and statistical data; per share earnings are quoted as diluted)
A. Summary of Significant Accounting Policies Stock-Based Compensation. Compensation cost for stock
options is measured as the excess, if any, of the quoted
Business and Principles of Consolidation. In connection with
market price of the Company’s stock at the date of grant
its refinancing and reorganization in 2003, as discussed in
above the amount an employee must pay to acquire the stock
Notes N and Q, Crown Cork & Seal Company, Inc. formed a
granted under the option. The following table illustrates the
new public holding company, named Crown Holdings, Inc.
effect on net loss and loss per share if the Company had
Crown Cork & Seal Company, Inc. is now a wholly-owned
applied the fair value recognition provisions of Statement of
subsidiary of Crown Holdings, Inc. The consolidated
Financial Accounting Standards No. 123 (“FAS 123”)
financial statements include the accounts of Crown
“Accounting for Stock-Based Compensation,” to stock
Holdings, Inc. and its wholly-owned and majority-owned
options:
subsidiary companies (the “Company”).
The Company manufactures and sells metal containers,
metal and plastic closures, crowns and canmaking
2002 2001 2000
equipment. These products are manufactured in the
Company’s plants both within and outside the United States Net loss available to
and are sold through the Company’s sales organization to common shareholders,
as reported ($1,205) ($ 972) ($176)
the soft drink, food, citrus, brewing, household products,
Deduct: Total stock-based employee
personal care and various other industries. The financial
compensation expense determined
statements have been prepared in conformity with U.S.
under fair value based method,
generally accepted accounting principles and reflect
net of related tax effects ( 11) ( 14) ( 13)
management’s estimates and assumptions. Actual results ———— ——— ——
—
could differ from those estimates, impacting reported results Pro forma net loss ($1,216) ($ 986) ($189)
———— ——— ——
—
———— ——— ——
—
of operations and financial position. All significant
Loss per share:
intercompany accounts and transactions are eliminated in
Basic and diluted – as reported ($8.38) ($7.74) ($1.40)
consolidation. Investments in joint ventures and other
companies in which the Company does not have control, but Basic and diluted – pro forma ($8.46) ($7.85) ($1.50)
has the ability to exercise significant influence over
operating and financial policies, are accounted for by the
Cash and Cash Equivalents. Cash equivalents represent
equity method. Other investments are carried at cost.
investments with maturities of three months or less from
Foreign Currency Translation. For non-U.S. subsidiaries
the time of purchase and are carried at cost which
which operate in a local currency environment, assets and
approximates fair value because of the short maturity of
liabilities are translated into U.S. dollars at year-end
those instruments. Outstanding checks in excess of funds on
exchange rates. Income and expense items are translated at
deposit are included in accounts payable.
average exchange rates prevailing during the year.
Inventory Valuation. Inventories are stated at the lower of
Translation adjustments for these subsidiaries are
cost or market, with cost for U.S. inventories principally
accumulated as a separate component of accumulated other
determined under the last-in, first-out (“LIFO”) method.
comprehensive income/(loss) in shareholders’ equity. For
Non-U.S. inventories are principally determined under the
non-U.S. subsidiaries which operate in U.S. dollars
average cost method.
(functional currency), local currency inventories and plant
Property, Plant and Equipment. Property, plant and
and other property are translated into U.S. dollars at equipment (“PP&E”) is carried at cost less accumulated
approximate rates prevailing when acquired; all other assets depreciation and includes expenditures for new facilities and
and liabilities are translated at year-end exchange rates. equipment and those costs which substantially increase the
Inventories charged to cost of sales and depreciation are useful lives of existing PP&E. Cost of constructed assets
remeasured at historical rates; all other income and expense includes capitalized interest incurred during the
items are translated at average exchange rates prevailing construction and development period. Maintenance, repairs
during the year. Gains and losses which result from and minor renewals are expensed as incurred. When PP&E
remeasurement are included in earnings. is retired or otherwise disposed, the net carrying amount is
Revenue Recognition. The Company recognizes revenue eliminated with any gain or loss on disposition recognized in
from product sales when the goods are shipped and the title earnings at that time.
and risk of loss pass to the customer. Provisions for discounts Depreciation and amortization are provided on a straight-
and rebates to customers, returns, and other adjustments line basis for financial reporting purposes and an accelerated
are provided in the same period that the related sales are basis for tax purposes over the estimated useful lives of the
recorded. assets. The range of estimated economic lives in years
Shipping and Handling. Shipping and handling costs are assigned to each significant fixed asset category is as follows:
included in cost of products sold in the Consolidated Land Improvements-25; Buildings and Building
Statements of Operations. Improvements-25 to 40; Machinery and Equipment-3 to 14.
11
14. ANNUAL~1.QXD 4/2/03 2:42 PM Page 12
Intangibles. Goodwill, representing the excess of the cost Adjustments accumulated in other comprehensive income
over the net tangible and identifiable intangible assets of are released to earnings when the related hedged items
acquired businesses, and other intangible assets are stated impact earnings or the anticipated transaction is no longer
at cost. probable.
Goodwill and intangible assets with indefinite lives are no Upon adoption of SFAS No. 133 (“FAS 133”), “Accounting
longer amortized, but instead are tested for impairment, at for Derivative Instruments and Hedging Activities,” as of
least annually. Potential impairment is identified by January 1, 2002, the Company recorded a transition credit of
comparing the fair value of a reporting unit to its carrying $4, net of $1 tax, to earnings and a charge of $18, net of $10
value, including goodwill. If the carrying value of the tax, to accumulated other comprehensive income in
reporting unit exceeds its fair value, any impairment loss is shareholders’ equity. See Note R for details of the Company’s
measured by comparing the carrying value of the reporting use of these instruments in 2002 along with disclosure of the
unit’s goodwill to its implied fair value, using quoted market fair values of those instruments outstanding at December
prices, a discounted cash flow model, or a combination 31, 2002 and 2001.
of both. Treasury Stock. Treasury stock is reported at par value.
Impairment or Disposal of Long-Lived Assets. In the The excess of fair value over par value is first charged to
event that facts and circumstances indicate that the carrying paid in capital, if any, and then to retained earnings.
value of long-lived assets, primarily PP&E and certain Research and Development. Net research, development
identifiable intangible assets with defined lives, may be and engineering expenditures which amounted to $43, $40
impaired, the Company performs a recoverability evaluation. and $41 in 2002, 2001 and 2000, respectively, are expensed
If the evaluation indicates that the carrying amount of the as incurred and reported in selling and administrative
asset is not recoverable from its undiscounted cash flows, expense in the Consolidated Statements of Operations.
then an impairment loss is measured by comparing the Substantially all engineering and development costs are
carrying amount of the asset to its fair value. Long-lived related to developing new products or designing significant
assets classified as held for sale are presented separately in improvements to existing products.
the balance sheet at the lower of their carrying value or fair Reclassifications. Certain reclassifications of prior years’
value less cost to sell. data have been made to improve comparability.
Derivatives and Hedging. The Company recognizes all Other Recently Adopted Accounting Standards. In April
outstanding derivative financial instruments in the balance 2002, the Financial Accounting Standards Board (“FASB”)
sheet at their fair values. The impact on earnings from issued SFAS No. 145 (“FAS 145”), “Recission of FASB
recognizing the fair values of these instruments depends on Statements No. 4, 44 and 64, Amendment of FASB
their intended use, their hedge designation and their Statement No. 13, and Technical Corrections.” In the fourth
effectiveness in offsetting changes in the fair values of the quarter of 2002, effective January 1, 2002, the Company
exposures that they are hedging. The effectiveness of these early-adopted FAS 145. Among other provisions, the new
instruments to reduce risk associated with the exposures standard no longer permits gains or losses from the
hedged is assessed and measured using a dollar-offset extinguishment of debt to be reported as an extraordinary
method, at inception and on an ongoing basis. Any amounts item unless the extinguishment qualifies as extraordinary
excluded from the assessment of hedge effectiveness, as well under the criteria of Accounting Principles Board Opinion
as any ineffective portion of designated hedges, are reported No. 30 (“APB 30”). The standard requires that prior gains or
currently in earnings. Time value, a component of an losses which were reported as extraordinary items and do
instrument’s fair value, is excluded in assessing effectiveness not qualify as extraordinary under APB 30 be reclassified
for fair value hedges and included for cash flow hedges. If a within income/(loss) from continuing operations.
derivative instrument ceases to be highly effective as a Extraordinary gains, from the early extinguishment of debt,
hedge, the Company discontinues hedge accounting reported in the second and third quarters of 2002, are now
immediately with changes in fair value reported currently in classified in income/(loss) from continuing operations. See
earnings. For derivative instruments that do not qualify for Note N for further details about the early extinguishment
hedge accounting treatment, changes in fair value are of debt.
reported currently in earnings. In November 2002, the FASB issued FASB Interpretation
The accounting treatment of these instruments is No. 45 (“FIN 45”), “Guarantor’s Accounting and Disclosure
dependent upon their intended use. For instruments used to Requirements for Guarantees, Including Indirect
reduce or eliminate adverse fluctuations in the fair values of Guarantees of Indebtedness of Others.” FIN 45 requires a
recognized assets and liabilities and unrecognized firm guarantor to recognize, at the inception of a qualified
commitments, changes in their fair values are reported guarantee, a liability for the fair value of the obligation
currently in earnings along with the changes in fair values of undertaken in issuing the guarantee. The guarantee
the hedged assets, liabilities or firm commitments. For disclosure requirements of FIN 45 became effective in the
instruments used to reduce or eliminate adverse fluctuations fourth quarter of 2002. The initial recognition and
in cash flows of anticipated or forecasted transactions, measurement requirements are effective on a prospective
changes in their fair values are reported in shareholders’ basis for qualified guarantees issued or modified after
equity as a component of other comprehensive income. December 31, 2002.
12