AptarGroup reported financial results for the second quarter of 2009. Net sales decreased 20% to $440.5 million compared to the second quarter of 2008. Operating income declined 28% to $48 million, including $3.1 million in expenses for facilities consolidation and severance programs. Earnings per share decreased 36% to $0.41. For the first six months of 2009, sales decreased 19% to $872.3 million, operating income declined 28% to $88.5 million, and earnings per share fell 32% to $0.79. The company also declared a quarterly cash dividend of $0.15 per share.
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On the invitation of Orange at the Women's Forum 2011 (Deauville), Caroline Ghosn and Minter Dial delivered this presentation on how to boost your online reputation or "eReputation."
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What website can I sell pi coins securely.DOT TECH
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Which Crypto to Buy Today for Short-Term in May-June 2024.pdf
Q2 2009 Earning Report of Aptar Group, Inc.
1. FORM 8-K
APTARGROUP INC - ATR
Filed: July 17, 2009 (period: July 16, 2009)
Report of unscheduled material events or corporate changes.
2. Table of Contents
8-K - APTARGROUP, INC. 8-K
Item 2.02 Results of Operations and Financial Condition.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
Exhibit Index
EX-99.1 (EXHIBIT 99.1)
EX-99.2 (EXHIBIT 99.2)
3. UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
July 16, 2009
Date of Report (Date of earliest event reported)
AptarGroup, Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-11846 36-3853103
(State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.)
incorporation)
475 West Terra Cotta Avenue, Suite E, Crystal Lake, Illinois 60014
(Address of principal executive offices)
Registrant’s telephone number, including area code: 815-477-0424.
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Source: APTARGROUP INC, 8-K, July 17, 2009
4. Item 2.02 Results of Operations and Financial Condition.
On July 16, 2009, AptarGroup, Inc. (“AptarGroup”) announced its results of operations and financial condition for the quarter
and six months ended June 30, 2009. The press release regarding this announcement is furnished as Exhibit 99.1 hereto.
Effective with the announcement of the results of operations and financial condition for the quarter and six months ended June
30, 2009, AptarGroup revised its income statement presentation relating to a French research and development tax credit by
reclassifying amounts from Provision for Income Taxes to Selling, Research & Development and Administrative. Prior period
information has been conformed to the new format and certain information is furnished as Exhibit 99.2 hereto.
The information in Item 2.02 of this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing
under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press release issued by AptarGroup, Inc. dated July 16, 2009.
99.2 Information for the quarter ended March 31, 2009 and the quarters ended
March 31, June 30, September 30, and December 31, 2008 and 2007.
Source: APTARGROUP INC, 8-K, July 17, 2009
5. SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
AptarGroup, Inc.
Date: July 16, 2009 By: /s/ Stephen J. Hagge
Stephen J. Hagge
Executive Vice President and Chief
Operating Officer
Source: APTARGROUP INC, 8-K, July 17, 2009
6. Exhibit Index
99.1 Press Release issued by AptarGroup, Inc. dated July 16, 2009.
99.2 Information for the quarter ended March 31, 2009 and the quarters ended March 31, June 30, September 30, and
December 31, 2008 and 2007.
Source: APTARGROUP INC, 8-K, July 17, 2009
7. Exhibit 99.1
AptarGroup Reports Second Quarter Results;
Declares Quarterly Dividend
CRYSTAL LAKE, Ill.--(BUSINESS WIRE)--July 16, 2009--AptarGroup, Inc. (NYSE:ATR) today reported second quarter results
and declared a quarterly cash dividend of $.15 per share.
Second Quarter 2009 Summary
• All segments remained profitable despite weak economic conditions
• Year-to-year sales declined 20% on an absolute basis but declined only 11% excluding changes in currency rates
• Operating income declined 28%, including a $3.1 million charge for facilities consolidation and other severance costs
• Cost saving efforts contributed to a sequential improvement in operating margin percentage
SECOND QUARTER RESULTS
For the quarter ended June 30, 2009, sales decreased 20% to $440.5 million from $551.3 million a year ago. Product and custom
tooling sales declined 11% and changes in exchange rates accounted for the remaining 9% decline.
Second Quarter Segment Sales Analysis
(Change From Prior Year)
Beauty
& Total
Home Closures Pharma AptarGroup
Product and Custom Tooling Sales -17% -8% -2% -11%
Currency Effects -9% -9% -10% -9%
Acquisitions 0% 2% 0% 0%
Reported Change in Sales -26% -15% -12% -20%
Source: APTARGROUP INC, 8-K, July 17, 2009
8. Commenting on the quarter, Peter Pfeiffer, President and CEO, said, “All segments continued to navigate well through a very difficult
business environment. Each of our business segments had profitable quarters, retained their market shares, successfully executed a
variety of cost savings initiatives and continued to invest in new product development.”
Pfeiffer added, “Our Beauty & Home segment continued to be the most impacted by economic conditions, especially in developed
markets. Sales to the fragrance/cosmetic market dropped significantly and this explains the majority of the segment’s 17%
year-to-year decline in sales excluding currency effects. Beauty & Home segment income declined 58% to $11.1 million, including
approximately $.3 million of expense related to the facilities consolidation and severance (“consolidation/severance”) programs,
compared to the prior year primarily due to underutilized capacity.
“The Closures segment’s sales decline of 8%, excluding currency effects, primarily reflects the pass-through of resin cost decreases.
Excluding the impact of exchange rate changes, a decline in sales to the personal care market was offset by strong sales to the
food/beverage market. Closures segment income increased 10% to $13.7 million despite a $2.8 million charge relating to
consolidation/severance expenses. A variety of cost saving programs is having a noticeable effect in this segment.”
Pfeiffer continued, “Our Pharma segment’s sales, excluding currency effects, were down 2% from the prior year. Pharma segment
income declined 12% to $31.3 million primarily due to changes in currency exchange rates.”
On a consolidated basis, operating income declined 28% to $48.0 million (including approximately $3.1 million of
consolidation/severance expenses), down from $66.6 million a year ago.
Reported diluted earnings per share, which include the consolidation/severance expenses, decreased 36% to $.41 per share. Diluted
earnings per share, excluding consolidation/severance expenses, decreased 31% to $.44 compared to $.64 per share in the prior year.
YEAR-TO-DATE RESULTS
Year-to-date sales decreased 19% to $872.3 million from approximately $1.1 billion a year ago. Product and custom tooling sales
declined 11%, changes in exchange rates accounted for 9% of the decrease and acquisitions contributed 1% to sales.
Operating income decreased 28% to $88.5 million (including approximately $3.1 million of consolidation/severance expenses) down
from $122.6 million a year ago. Reported diluted earnings per share, which include the consolidation/severance expenses, decreased
32% to $.79 per share. Diluted earnings per share, excluding consolidation/severance expenses, decreased 29% to $.82 compared to
$1.16 per share in the prior year.
Source: APTARGROUP INC, 8-K, July 17, 2009
9. FACILITIES CONSOLIDATION AND SEVERANCE PROGRAMS
The Company had previously announced a plan to consolidate two French dispensing closure manufacturing facilities and several
sales offices in North America and Europe and has subsequently expanded the program to include additional headcount reductions.
The total costs associated with the consolidation/severance programs are estimated to be approximately $7 million, of which $3.1
million was recorded in the second quarter of 2009. The majority of the remaining costs are expected to be recorded as incurred over
the next two quarters. Annual savings are estimated to be in the range of $3 million to $4 million primarily beginning in 2010.
OUTLOOK
Pfeiffer added, “While we are encouraged that late second quarter activity seems to indicate that things may be stabilizing in some of
the hardest hit markets, visibility remains very low and uncertainty remains. We also believe that the road out from the bottom of these
markets will not be a rapid ascent, but rather a prolonged, gradual journey. Our customers know in these stressful times they can count
on stable partners like AptarGroup and we will continue to offer outstanding service and the industry’s best dispensing systems. We
will continue to diligently control costs and maintain our strong balance sheet while generating fresh new ideas through research and
development. Excluding facilities consolidation and severance program charges, we anticipate diluted earnings per share for the third
quarter to be in the range of $.44 to $.49 per share compared to $.57 per share in the prior year.”
CASH DIVIDEND AND SHARE REPURCHASE PROGRAM
The Board of Directors declared a quarterly dividend of $.15 per share, payable August 19, 2009 to shareholders of record as of July
29, 2009.
During the quarter, the Company repurchased approximately 108,000 shares of common stock for approximately $3.4 million leaving
approximately 4.3 million shares authorized for repurchase at the end of the second quarter.
OPEN CONFERENCE CALL
There will be a conference call on Friday, July 17, 2009 at 8:00 a.m. CDT to discuss the Company’s second quarter results for 2009.
The call will last approximately one hour. Interested parties are invited to listen to a live webcast by visiting the Investor Relations
page at www.aptargroup.com. Replay of the conference call can also be accessed on the Investor Relations page of the web site.
AptarGroup, Inc. is a leading global supplier of a broad range of innovative dispensing systems for the fragrance/cosmetic, personal
care, pharmaceutical, household and food/beverage markets. AptarGroup is headquartered in Crystal Lake, Illinois, with
manufacturing facilities in North America, Europe, Asia, and South America. For more information, visit the AptarGroup web site at
www.aptargroup.com.
This press release contains forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on management’s
beliefs as well as assumptions made by and information currently available to management. Accordingly, AptarGroup’s actual results
may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and
uncertainties that exist including, but not limited to, economic, environmental or political conditions in the various markets and
countries in which AptarGroup operates, changes in customer and/or consumer spending levels; financial conditions of customers
and suppliers; fluctuations in the cost of raw materials, components and other input costs; the Company’s ability to increase prices,
contain costs and improve productivity; changes in capital availability or cost, including interest rate fluctuations; the competitive
marketplace; fiscal and monetary policy; changes in foreign currency exchange rates; direct or indirect consequences of acts of war
or terrorism; and labor relations. For additional information on these and other risks and uncertainties, please see AptarGroup’s
filings with the Securities and Exchange Commission, including its Form 10-K’s and Form 10-Q’s. Readers are cautioned not to place
undue reliance on forward-looking statements. AptarGroup undertakes no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
Source: APTARGROUP INC, 8-K, July 17, 2009
10. APTARGROUP, INC.
Condensed Consolidated Financial Statements (Unaudited)
(In Thousands, Except Per Share Data)
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
Net Sales $ 440,508 $ 551,319 $ 872,324 $ 1,083,577
Cost of Sales (exclusive of depreciation
shown below) 288,826 372,908 578,547 735,688
Selling, Research & Development and
Administrative (1) 69,163 77,451 140,601 157,943
Depreciation and Other Amortization 31,435 34,372 61,536 67,327
Facilities Consolidation and Severance Expenses 3,095 - 3,095 -
Operating Income (2) 47,989 66,588 88,545 122,619
Other Income/(Expense):
Interest Expense (5,157 ) (4,336 ) (8,604 ) (8,943 )
Interest Income 711 3,410 1,986 6,859
Equity in Results of Affiliates 0 126 0 223
Miscellaneous, net (1,110 ) 259 (1,229 ) (685 )
Income before Income Taxes 42,433 66,047 80,698 120,073
Provision for Income Taxes (1) 13,961 20,771 25,632 37,918
Net Income $ 28,472 $ 45,276 $ 55,066 $ 82,155
Net (Income)/Loss Attributable to Noncontrolling
Interests (12 ) (3 ) 59 19
Net Income Attributable to AptarGroup, Inc. $ 28,460 $ 45,273 $ 55,125 $ 82,174
Net Income Attributable to AptarGroup, Inc. Per
Common Share:
Basic $ 0.42 $ 0.67 $ 0.81 $ 1.21
Diluted $ 0.41 $ 0.64 $ 0.79 $ 1.16
Average Numbers of Shares Outstanding:
Basic 67,705 68,038 67,691 68,103
Source: APTARGROUP INC, 8-K, July 17, 2009
11. Diluted 69,293 70,563 69,660 71,032
(1) - In order to be comparable to the current period presentation, the Company has revised its presentation relating to a French research and development tax credit by
reclassifying amounts from Provision for Income Taxes to Selling, Research & Development and Administrative. See Footnote (2) to Segment Information for further
details.
(2) - Included in total Operating Income are expenses related to stock options of approximately $1.7 million and $6.8 million in the second quarter and first six months,
respectively, of 2009, and $1.4 million and $8.6 million in the second quarter and first six months, respectively, of 2008.
Source: APTARGROUP INC, 8-K, July 17, 2009
12. APTARGROUP, INC.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
(In Thousands)
CONSOLIDATED BALANCE SHEETS
June 30, December
2009 31, 2008
ASSETS
Cash and Equivalents $ 249,076 $ 192,072
Receivables, net 315,614 343,937
Inventories 232,554 244,775
Other Current Assets 67,214 78,965
Total Current Assets 864,458 859,749
Net Property, Plant and Equipment 735,338 720,882
Goodwill, net 227,276 227,041
Other Assets 23,083 24,150
Total Assets $ 1,850,155 $ 1,831,822
LIABILITIES AND EQUITY
Short-Term Obligations $ 88,501 $ 64,619
Accounts Payable and Accrued Liabilities 280,229 310,408
Total Current Liabilities 368,730 375,027
Long-Term Obligations 207,626 226,888
Deferred Liabilities 89,914 98,109
Total Liabilities 666,270 700,024
AptarGroup, Inc. Stockholders' Equity 1,183,128 1,131,030
Noncontrolling Interests in Subsidiaries 757 768
Total Equity 1,183,885 1,131,798
Total Liabilities and Equity $ 1,850,155 $ 1,831,822
Source: APTARGROUP INC, 8-K, July 17, 2009
13. APTARGROUP, INC.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
(In Thousands)
SEGMENT INFORMATION
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
NET SALES
Beauty & Home $ 213,941 $ 288,911 $ 425,613 $ 572,674
Closures 123,087 144,245 240,263 278,521
Pharma 103,522 118,162 206,447 232,377
Other (42 ) 1 1 5
Total Net Sales $ 440,508 $ 551,319 $ 872,324 $ 1,083,577
SEGMENT INCOME (1)
Beauty & Home (2) $ 11,143 $ 26,301 $ 21,954 $ 55,042
Closures (2) 13,740 12,493 25,357 23,317
Pharma (2) 31,279 35,561 60,483 66,094
Corporate Expenses and Other (9,295 ) (7,385 ) (20,419 ) (22,277 )
Total Income Before Interest and Taxes $ 46,867 $ 66,970 $ 87,375 $ 122,176
Interest Expense, Net (4,446 ) (926 ) (6,618 ) (2,084 )
Net Income/(Loss) Attributable to Noncontrolling Interests 12 3 (59 ) (19 )
Income before Income Taxes $ 42,433 $ 66,047 $ 80,698 $ 120,073
SEGMENT INCOME AS % OF NET SALES
Beauty & Home 5.2 % 9.1 % 5.2 % 9.6 %
Closures 11.2 % 8.7 % 10.6 % 8.4 %
Pharma 30.2 % 30.1 % 29.3 % 28.4 %
Notes to Condensed Consolidated Financial Statements:
(1) - The Company evaluates performance of its business units and allocates resources based upon income before interest expense net of interest income, stock option
and corporate expenses, income taxes and certain unusual items.
Source: APTARGROUP INC, 8-K, July 17, 2009
14. (2) Included in the segment income figures reported above, are consolidation/severance expenses and reclassified research & development tax credits as follows:
CONSOLIDATION/SEVERANCE EXPENSES
Beauty & Home $ (257 ) $- $ (257 ) $-
Closures (2,838 ) - (2,838 ) -
Pharma - - - -
Total Consolidation/Severance Expenses $ (3,095 ) $- $ (3,095 ) $-
RESEARCH & DEVELOPMENT TAX CREDITS
Beauty & Home $ 475 $ 356 $ 950 $ 697
Closures - - - 20
Pharma 775 1,012 1,550 1,983
Total Research & Development Tax Credits $ 1,250 $ 1,368 $ 2,500 $ 2,700
CONTACT:
Stephen J. Hagge
AptarGroup, Inc.
815-477-0424
Source: APTARGROUP INC, 8-K, July 17, 2009
15. Exhibit 99.2
Information for the quarter ended March 31, 2009 and the quarters ended
March 31, June 30, September 30, and December 31, 2008 and 2007
1Q 2009
Selling, Research &
Development and
Administrative $ 71,438
Operating Income 40,556
Income before Income Taxes 38,265
Provision for Income Taxes (11,671 )
Segment Income:
Beauty & Home 10,811
Closures 11,617
Pharma 29,204
1Q 2008 2Q 2008 3Q 2008 4Q 2008 Total for 2008
Selling, Research &
Development and
Administrative $ 80,492 $ 77,451 $ 72,528 $ 64,623 $ 295,094
Operating Income 56,031 66,588 60,478 51,074 234,171
Income before Income Taxes 54,026 66,047 58,251 48,402 226,726
Provision for Income Taxes (17,147 ) (20,771 ) (18,557 ) (16,750 ) (73,225 )
Segment Income:
Beauty & Home 28,741 26,301 21,409 13,273 89,724
Source: APTARGROUP INC, 8-K, July 17, 2009
16. Closures 10,824 12,493 12,280 8,337 43,934
Pharma 30,533 35,561 35,077 28,420 129,591
1Q 2007 2Q 2007 3Q 2007 4Q 2007 Total for 2007
Selling, Research &
Development and
Administrative $ 73,154 $ 65,299 $ 65,258 $ 68,366 $ 272,077
Operating Income 47,190 58,038 57,931 49,692 212,851
Income before Income Taxes 43,736 54,473 55,128 48,744 202,081
Provision for Income Taxes (14,173 ) (17,506 ) (15,711 ) (15,217 ) (62,607 )
Segment Income:
Beauty & Home 25,500 25,687 24,671 19,777 95,635
Closures 13,741 13,046 11,988 9,442 48,217
Pharma 22,772 26,459 29,444 27,299 105,974
_______________________________________________
Created by 10KWizard www.10KWizard.com
Source: APTARGROUP INC, 8-K, July 17, 2009