YORK, Pa., April 28, 2011 /PRNewswire/ -- Graham Packaging
Company Inc. (NYSE: GRM) today announced results for the first
quarter ended March 31, 2011.
Highlights
- Net sales increased to $756.5
million as compared to $585.6
million in the first quarter of 2010.
- Operating income increased to $73.8
million as compared to $32.3
million in the first quarter of 2010.
- Adjusted EBITDA(1) increased to $135.2
million from $115.6 million in
the first quarter of 2010.
- Free Cash Flow (2) was $21.8
million for the first quarter of 2011.
- The Company announced its commitment to acquire the assets of
Techne – Technipack Engineering Italia S.r.l. ("Techne"), a
manufacturer of blow molding machines, for total consideration of
euro 8.8 million.
- The Company reaffirms its Adjusted EBITDA guidance for 2011 of
$583.0 million.
First Quarter 2011
Net sales improved to $756.5
million, an increase of $170.9
million over the first quarter of last year. The
acquisition of Liquid Container contributed $98.6 million to the increase, and the remainder
was driven by an increase in resin costs (which are passed through
to customers), higher volumes, and slightly favorable exchange
rates.
Adjusted EBITDA increased to $135.2
million compared to $115.6
million in the first quarter of last year. The
increase was mainly due to the acquisition of Liquid Container and
related synergies of approximately $3.0
million.
"Our first quarter results are a terrific start to 2011," said
CEO Mark Burgess. "We achieved
solid adjusted EBITDA growth despite headwinds associated with an
inflating cost environment. We were particularly successful
in growing our Food and Beverage franchise in the quarter, and we
remain pleased with our efforts and progress integrating Liquid
Container. Finally, our intention to acquire the assets of Techne
will enhance our proprietary machine technology platforms and
enhance Graham's efforts to effectively expand internationally and
in other adjacent markets."
By segment, sales in North
America increased by $158.5
million, or 31.4%, due to the acquisition of Liquid
Container, increases in resin costs mentioned above, higher volumes
in the legacy business, and favorable exchange rates. Sales
in Europe improved by $0.7 million, or 1.2%, due primarily to higher
resin costs but were offset by lower volumes. Sales in
South America increased by
$6.2 million, or 27.7%, due to higher
volumes, higher resin costs, and favorable exchange rates.
Sales in Asia Pacific were
$5.5 million, reflecting our
operation in China that was acquired in July
2010.
SG&A expenses decreased to $39.5
million, as compared to $67.5
million in the first quarter last year. SG&A
expenses last year included $39.0
million of expenses related to the Company's IPO. This
decrease was partially offset by acquisition integration expenses
and the addition of Liquid Container's SG&A.
Operating income increased to $73.8
million from $32.3 million for
the first quarter of last year. The increase was driven by the
acquisition of Liquid Container, increased operating income in the
legacy business due to volumes and lower SG&A expenses.
Net interest expense was $52.7
million, an increase of $7.4
million from the first quarter of last year, primarily due
to the interest expense on the debt related to the acquisition of
Liquid Container and the higher effective interest rate on the
portion of our term loans which were extended in September 2011.
Net debt was $2,657.2 million,
down $22.7 million from the beginning
of the year.
2011 Outlook
For fiscal 2011, the Company reaffirms its Adjusted EBITDA
expectation at $583.0 million.
Conference Call Information
The Company will hold a conference call to discuss first quarter
2011 results at 5:00 p.m. EDT this
afternoon. The call will be web cast live over the Internet from
the company's Web site at www.grahampackaging.com under "Investor
Relations." Participants should follow the instructions provided on
the Web site for downloading and installing the necessary audio
applications. The conference call also is available by dialing
800-299-9086 (domestic) or 617-786-2903 (international) and
entering passcode 21216957.
Following the live conference call, a replay will be available
one hour after the call. The replay also will be available on the
company's Web site or by dialing 888-286-8010 (domestic) or
617-801-6888 (international) and entering passcode 12563101. The
telephonic replay will be available until May 5, 2011.
About Graham Packaging
Graham Packaging, based in York, Pennsylvania, is a worldwide leader in the
design, manufacture and sale of technology-based, customized blow
molded plastic containers for the branded food and beverage,
household, personal care/specialty and automotive lubricants
product categories. The Company has an extensive blue-chip customer
base that includes many of the world's largest branded consumer
products companies. It produces more than 20 billion container
units annually at 97 plants in North
America, Europe,
South America and Asia.
Graham Packaging is a leading U.S. supplier of plastic
containers for hot-fill juice and juice drinks, sports drinks,
drinkable yogurt and smoothies, nutritional supplements, wide-mouth
food, dressings, condiments and beers; the leading global supplier
of plastic containers for yogurt drinks; a leading supplier of
plastic containers for liquid fabric care products, dish care
products and hard-surface cleaners; and the leading supplier in the
U.S., Canada and Brazil of one-quart/liter plastic motor oil
containers.
To learn more about Graham Packaging, please visit the Company's
Web site at http://www.grahampackaging.com/. Graham Packaging uses
its Web site as a channel of distribution for material Company
information. Financial and other material information regarding
Graham Packaging is routinely posted on the Company's Web site and
is readily accessible.
Forward-Looking Statements
Information provided and statements contained in this press
release that are not purely historical are forward-looking
statements within the meaning of Section 27A of the Securities Act,
Section 21E of the Exchange Act and the Private Securities
Litigation Reform Act of 1995. Such forward-looking
statements only speak as of the date of this press release and
Graham Packaging assumes no obligation to update the information
included in this press release. Such forward-looking
statements include information concerning Graham Packaging's
possible or assumed future results of operations. These
statements often include words such as "approximate," "believe,"
"expect," "anticipate," "outlook," "intend," "plan," "estimate,"
"guidance" or similar expressions. These forward-looking
statements are not historical facts, and are based on current
expectations, estimates and projections about Graham Packaging's
industry, management's beliefs and certain assumptions made by
management, many of which, by their nature, are inherently
uncertain and beyond Graham Packaging's control. Accordingly,
readers are cautioned that any such forward-looking statements are
not guarantees of future performance and are subject to certain
risks, uncertainties and assumptions that are difficult to predict,
including, without limitation, specific factors discussed herein
and in other releases and public filings made by the Company
(including the Company's filings with the Securities and Exchange
Commission, more specifically the Risk Factors sections of the
Company's Annual Report on Form 10-K and Quarterly Reports on Form
10-Q). Although Graham Packaging believes that the
expectations reflected in such forward-looking statements are
reasonable as of the date made, expectations may prove to have been
materially different from the results expressed or implied by such
forward-looking statements. Forward-looking statements only
speak as of the date of this press release or the date they were
made and, unless otherwise required by law, Graham Packaging
disclaims any obligation to update its view of any such risks or
uncertainties or to announce publicly the result of any revisions
to the forward-looking statements made in this press release.
Adjusted EBITDA and free cash flow are not intended to
represent, and should not be considered more meaningful than, or as
an alternative to, net income (loss) and net cash provided by
operating activities, respectively, in both cases as calculated in
accordance with generally accepted accounting principles. The
Company believes that the presentation of adjusted EBITDA and free
cash flow provides investors with useful analytical indicators of
its performance. Additionally, the Company uses adjusted EBITDA and
free cash flow as key internal metrics and two components, among
several, of management incentive compensation. Because not
all companies use identical calculations, these presentations of
adjusted EBITDA may not be comparable to other similarly titled
measures of other companies. A reconciliation of net income
(loss) to adjusted EBITDA is as follows:
(1) Reconciliation of net income (loss) to EBITDA:
|
|
|
|
Three Months
Ended
|
|
Four
Quarters Ended
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
Net income (loss)
|
|
$
|
8.1
|
|
$
|
(24.5)
|
|
$
|
94.4
|
|
|
|
Interest income
|
|
|
(0.2)
|
|
|
(0.1)
|
|
|
(0.7)
|
|
|
|
Interest expense
|
|
|
52.9
|
|
|
45.4
|
|
|
193.1
|
|
|
|
Income tax provision
(benefit)
|
|
|
9.0
|
|
|
4.7
|
|
|
(46.4)
|
|
|
|
Depreciation and
amortization
|
|
|
53.1
|
|
|
38.6
|
|
|
185.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
122.9
|
|
$
|
64.1
|
|
$
|
425.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA to adjusted EBITDA:
|
|
|
|
Three Months
Ended
|
|
Four
Quarters Ended
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
EBITDA
|
|
$
|
122.9
|
|
$
|
64.1
|
|
$
|
425.9
|
|
|
|
Asset impairment
charges
|
|
|
1.1
|
|
|
2.2
|
|
|
8.5
|
|
|
|
Increase in income tax
receivable obligations
|
|
|
4.6
|
|
|
1.3
|
|
|
8.2
|
|
|
|
Other non-cash charges
(a)
|
|
|
0.9
|
|
|
0.6
|
|
|
5.3
|
|
|
|
Fees related to monitoring
agreements (b)
|
|
|
0.3
|
|
|
0.7
|
|
|
1.0
|
|
|
|
Net loss on debt
extinguishment
|
|
|
—
|
|
|
2.7
|
|
|
28.5
|
|
|
|
Write-off of amounts in
accumulated other comprehensive income related to interest rate
swaps
|
|
|
—
|
|
|
—
|
|
|
7.0
|
|
|
|
Contract termination fee and
IPO-related expenses (c)
|
|
|
—
|
|
|
39.0
|
|
|
0.6
|
|
|
|
Acquisition and integration
expenses (d)
|
|
|
2.1
|
|
|
0.2
|
|
|
22.2
|
|
|
|
Transaction-related
costs
|
|
|
1.2
|
|
|
—
|
|
|
1.2
|
|
|
|
Venezuelan hyper-inflationary
accounting
|
|
|
(0.1)
|
|
|
2.7
|
|
|
(0.5)
|
|
|
|
Reorganization and other costs
(e)
|
|
|
2.2
|
|
|
2.1
|
|
|
16.1
|
|
|
|
Adjusted EBITDA (f)
|
|
$
|
135.2
|
|
$
|
115.6
|
|
$
|
524.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Represents the net loss on
disposal of fixed assets, stock-based compensation expense and
equity income from unconsolidated subsidiaries.
|
|
(b)
|
Represents annual fees paid to
Blackstone Management Partners III L.L.C., through the date of the
Company's IPO, and a limited partner of Holdings pursuant to the
Fifth Amended and Restated Limited Partnership Agreement, the
Amended and Restated Monitoring Agreement and the Sixth Amended and
Restated Limited Partnership Agreement.
|
|
(c)
|
Represents costs related to the
termination of the Amended and Restated Monitoring Agreement, IPO
bonus payments and other IPO-related costs.
|
|
(d)
|
Represents costs related to the
acquisition and integration of Liquid Container, China Roots and
other entities.
|
|
(e)
|
Represents costs recorded in the
second half of 2010 related to a settlement to OnTech Operations,
Inc. for claims against the Company, plant closures, employee
severance and other costs defined in the senior secured credit
agreement.
|
|
(f)
|
The Company uses adjusted EBITDA
as one factor in the setting of incentive compensation.
|
|
|
|
|
|
(2) Reconciliation of cash flow from operations to free cash
flow:
|
|
|
|
Three Months
Ended
March
31,
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions)
|
|
|
Net cash provided by operating
activities
|
|
$
|
55.1
|
|
$
|
16.6
|
|
|
Cash paid for property, plant
and equipment
|
|
|
(38.2)
|
|
|
(37.7)
|
|
|
Acquisition and integration
expenses
|
|
|
4.9
|
|
|
—
|
|
|
Contract termination fee and
IPO-related expenses
|
|
|
—
|
|
|
39.0
|
|
|
Free cash flow
|
|
$
|
21.8
|
|
$
|
17.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRAHAM
PACKAGING COMPANY INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
|
March
31,
2011
|
|
December
31,
2010
|
|
|
|
|
(In
thousands)
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
171,987
|
|
$
|
152,964
|
|
|
Accounts receivable,
net
|
|
|
308,114
|
|
|
216,368
|
|
|
Inventories
|
|
|
264,242
|
|
|
247,166
|
|
|
Deferred income
taxes
|
|
|
33,158
|
|
|
14,616
|
|
|
Prepaid expenses and other
current assets
|
|
|
42,451
|
|
|
42,363
|
|
|
Total current assets
|
|
|
819,952
|
|
|
673,477
|
|
|
Property, plant and equipment,
net
|
|
|
1,207,464
|
|
|
1,203,142
|
|
|
Intangible assets,
net
|
|
|
191,290
|
|
|
195,780
|
|
|
Goodwill
|
|
|
650,819
|
|
|
643,064
|
|
|
Other non-current
assets
|
|
|
74,023
|
|
|
91,364
|
|
|
Total assets
|
|
$
|
2,943,548
|
|
$
|
2,806,827
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
(DEFICIT)
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
$
|
34,563
|
|
$
|
34,007
|
|
|
Accounts
payable
|
|
|
218,035
|
|
|
142,585
|
|
|
Accrued expenses and other
current liabilities
|
|
|
211,649
|
|
|
196,432
|
|
|
Deferred
revenue
|
|
|
42,630
|
|
|
32,471
|
|
|
Total current
liabilities
|
|
|
506,877
|
|
|
405,495
|
|
|
Long-term debt
|
|
|
2,794,600
|
|
|
2,798,824
|
|
|
Deferred income taxes
|
|
|
36,544
|
|
|
32,428
|
|
|
Other non-current
liabilities
|
|
|
106,979
|
|
|
100,804
|
|
|
Commitments and contingent
liabilities
|
|
|
|
|
|
|
|
|
Equity (deficit):
|
|
|
|
|
|
|
|
|
Graham
Packaging Company Inc. stockholders' equity (deficit):
|
|
|
|
|
|
|
|
|
Preferred
stock, $0.01 par value, 100,000,000 shares authorized, 0 shares
issued and outstanding
|
|
|
—
|
|
|
—
|
|
|
Common
stock, $0.01 par value, 500,000,000 shares authorized, shares
issued and outstanding 65,692,799 and 63,311,512
|
|
|
657
|
|
|
633
|
|
|
Additional
paid-in capital
|
|
|
464,920
|
|
|
459,422
|
|
|
Retained
earnings (deficit)
|
|
|
(968,224)
|
|
|
(977,318)
|
|
|
Notes
and interest receivable for ownership interests
|
|
|
(4,938)
|
|
|
(4,838)
|
|
|
Accumulated
other comprehensive income (loss)
|
|
|
(7,572)
|
|
|
(22,508)
|
|
|
Graham Packaging Company
Inc. stockholders' equity (deficit)
|
|
|
(515,157)
|
|
|
(544,609)
|
|
|
Noncontrolling
interests
|
|
|
13,705
|
|
|
13,885
|
|
|
Equity
(deficit)
|
|
|
(501,452)
|
|
|
(530,724)
|
|
|
Total liabilities and
equity (deficit)
|
|
$
|
2,943,548
|
|
$
|
2,806,827
|
|
|
|
|
|
|
|
|
|
|
|
|
GRAHAM
PACKAGING COMPANY INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
|
Three Months
Ended
March
31,
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
(In
thousands, except share and per share data)
|
|
|
Net sales
|
|
$
|
756,497
|
|
$
|
585,576
|
|
|
Cost of goods sold
|
|
|
641,412
|
|
|
483,257
|
|
|
Gross profit
|
|
|
115,085
|
|
|
102,319
|
|
|
Selling, general and
administrative expenses
|
|
|
39,500
|
|
|
67,528
|
|
|
Asset impairment
charges
|
|
|
1,108
|
|
|
2,238
|
|
|
Net loss on
disposal of property, plant and equipment
|
|
|
700
|
|
|
227
|
|
|
Operating income
|
|
|
73,777
|
|
|
32,326
|
|
|
Interest expense
|
|
|
52,929
|
|
|
45,384
|
|
|
Interest income
|
|
|
(193)
|
|
|
(119)
|
|
|
Net loss on debt
extinguishment
|
|
|
—
|
|
|
2,664
|
|
|
Increase in income tax
receivable obligations
|
|
|
4,574
|
|
|
1,300
|
|
|
Other (income) expense,
net
|
|
|
(635)
|
|
|
2,862
|
|
|
Income (loss) before income
taxes
|
|
|
17,102
|
|
|
(19,765)
|
|
|
Income tax provision
|
|
|
9,004
|
|
|
4,746
|
|
|
Net income (loss)
|
|
|
8,098
|
|
|
(24,511)
|
|
|
Net income
(loss) attributable to noncontrolling interests
|
|
|
1,014
|
|
|
(2,290)
|
|
|
Net income (loss) attributable
to Graham Packaging Company Inc. stockholders
|
|
$
|
7,084
|
|
$
|
(22,221)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to Graham Packaging Company Inc. stockholders per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.11
|
|
$
|
(0.42)
|
|
|
Diluted
|
|
$
|
0.11
|
|
$
|
(0.42)
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
65,283,076
|
|
|
52,951,056
|
|
|
Diluted
|
|
|
66,334,193
|
|
|
52,951,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRAHAM
PACKAGING COMPANY INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
Three Months
Ended
March 31,
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
Operating activities:
|
|
(In
thousands)
|
|
|
Net income
(loss)
|
|
$
|
8,098
|
|
$
|
(24,511)
|
|
|
Adjustments
to reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
53,032
|
|
|
38,573
|
|
|
Amortization of debt
issuance fees
|
|
|
1,314
|
|
|
1,598
|
|
|
Accretion of senior
unsecured notes
|
|
|
117
|
|
|
119
|
|
|
Net loss on debt
extinguishment
|
|
|
—
|
|
|
2,664
|
|
|
Net loss on disposal of
property, plant and equipment
|
|
|
700
|
|
|
227
|
|
|
Pension expense
|
|
|
748
|
|
|
790
|
|
|
Asset impairment
charges
|
|
|
1,108
|
|
|
2,238
|
|
|
Unrealized (gain) loss on
termination of cash flow hedge accounting
|
|
|
(3,202)
|
|
|
1,192
|
|
|
Stock compensation
expense
|
|
|
246
|
|
|
361
|
|
|
Equity income from
unconsolidated subsidiaries
|
|
|
(9)
|
|
|
(31)
|
|
|
Deferred tax
provision
|
|
|
5,485
|
|
|
3,443
|
|
|
Increase in income tax
receivable obligations
|
|
|
4,574
|
|
|
1,300
|
|
|
Foreign currency
transaction (gain) loss
|
|
|
(465)
|
|
|
131
|
|
|
Interest receivable on
loans to owners
|
|
|
(100)
|
|
|
(31)
|
|
|
Changes in operating
assets and liabilities
|
|
|
(16,516)
|
|
|
(11,445)
|
|
|
Net cash provided by operating
activities
|
|
|
55,130
|
|
|
16,618
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
Cash paid for property,
plant and equipment
|
|
|
(38,206)
|
|
|
(37,724)
|
|
|
Proceeds from sale of
property, plant and equipment
|
|
|
15
|
|
|
158
|
|
|
Net cash used in investing
activities
|
|
|
(38,191)
|
|
|
(37,566)
|
|
|
Financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from issuance of
long-term debt
|
|
|
21,802
|
|
|
17,999
|
|
|
Payment of long-term
debt
|
|
|
(26,062)
|
|
|
(214,211)
|
|
|
Debt issuance
fees
|
|
|
(401)
|
|
|
(648)
|
|
|
Proceeds from the issuance
of common stock, net of underwriting discount of $11.3
million
|
|
|
—
|
|
|
171,055
|
|
|
Payment of other expenses
for the issuance of common stock
|
|
|
—
|
|
|
(4,541)
|
|
|
Proceeds from issuance of
ownership interests
|
|
|
5,264
|
|
|
—
|
|
|
Net cash provided by (used in)
financing activities
|
|
|
603
|
|
|
(30,346)
|
|
|
Effect of exchange rate changes
on cash and cash equivalents
|
|
|
1,481
|
|
|
(1,134)
|
|
|
Increase (decrease) in cash and
cash equivalents
|
|
|
19,023
|
|
|
(52,428)
|
|
|
Cash and cash equivalents at
beginning of period
|
|
|
152,964
|
|
|
147,808
|
|
|
Cash and cash equivalents at end
of period
|
|
$
|
171,987
|
|
$
|
95,380
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures:
|
|
|
|
|
|
|
|
|
Cash paid for interest,
net of amounts capitalized
|
|
$
|
35,781
|
|
$
|
29,493
|
|
|
Cash paid for income taxes
(net of refunds)
|
|
|
3,389
|
|
|
4,678
|
|
|
Non-cash investing and
financing activities:
|
|
|
|
|
|
|
|
|
Accruals for purchases of
property, plant and equipment
|
|
|
14,012
|
|
|
8,173
|
|
|
Accruals for fees related
to the initial public offering
|
|
|
—
|
|
|
254
|
|
|
|
|
|
|
|
|
|
|
|
|
.
The Company is organized and managed on a geographical basis in
four operating segments: North America, Europe, South
America and Asia. The
Company began accounting for its new Asian operations as a new
operating segment as of July 1, 2010,
with the acquisition of China Roots.
Segment information for the three months ended March 31, 2011 and 2010, and as of March 31, 2011, and December 31, 2010, representing the reportable
segments currently utilized by the chief operating decision makers,
was as follows:
|
|
|
|
|
|
|
North
America
|
|
|
Europe
|
|
|
South
America
|
|
|
Asia
|
|
|
Eliminations
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
Net sales
|
|
Three months ended March 31,
2011
|
|
$
|
663,976
|
|
$
|
58,978
|
|
$
|
28,604
|
|
$
|
5,485
|
|
$
|
(546)
|
|
$
|
756,497
|
|
|
|
|
Three months ended March 31,
2010
|
|
|
505,964
|
|
|
58,264
|
|
|
22,448
|
|
|
—
|
|
|
(1,100)
|
|
|
585,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
Three months ended March 31,
2011
|
|
$
|
69,150
|
|
$
|
6,936
|
|
$
|
(2,024)
|
|
$
|
(285)
|
|
$
|
—
|
|
$
|
73,777
|
|
|
|
|
Three months ended March 31,
2010
|
|
|
22,663
|
|
|
7,350
|
|
|
2,313
|
|
|
—
|
|
|
—
|
|
|
32,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
|
|
Three months ended March 31,
2011
|
|
$
|
44,921
|
|
$
|
3,923
|
|
$
|
3,734
|
|
$
|
454
|
|
$
|
—
|
|
$
|
53,032
|
|
|
amortization
|
|
Three months ended March 31,
2010
|
|
|
33,114
|
|
|
4,331
|
|
|
1,128
|
|
|
—
|
|
|
—
|
|
|
38,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment
charges
|
|
Three months ended March 31,
2011
|
|
$
|
732
|
|
$
|
376
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
1,108
|
|
|
|
|
Three months ended March 31,
2010
|
|
|
1,898
|
|
|
322
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
2,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
Three months ended March 31,
2011
|
|
$
|
51,438
|
|
$
|
256
|
|
$
|
905
|
|
$
|
137
|
|
$
|
—
|
|
$
|
52,736
|
|
|
|
|
Three months ended March 31,
2010
|
|
|
44,469
|
|
|
332
|
|
|
464
|
|
|
—
|
|
|
—
|
|
|
45,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) expense,
net
|
|
Three months ended March 31,
2011
|
|
$
|
(2,397)
|
|
$
|
1,885
|
|
$
|
(273)
|
|
$
|
150
|
|
$
|
—
|
|
$
|
(635)
|
|
|
|
|
Three months ended March 31,
2010
|
|
|
(1,343)
|
|
|
1,523
|
|
|
2,682
|
|
|
—
|
|
|
—
|
|
|
2,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
(benefit)
|
|
Three months ended March 31,
2011
|
|
$
|
7,440
|
|
$
|
1,411
|
|
$
|
397
|
|
$
|
(244)
|
|
$
|
—
|
|
$
|
9,004
|
|
|
|
|
Three months ended March 31,
2010
|
|
|
3,178
|
|
|
1,334
|
|
|
234
|
|
|
—
|
|
|
—
|
|
|
4,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Identifiable assets
|
|
As of March 31,
2011
|
|
$
|
990,522
|
|
$
|
129,641
|
|
$
|
66,969
|
|
$
|
20,332
|
|
$
|
—
|
|
$
|
1,207,464
|
|
|
|
|
As of December 31,
2010
|
|
|
991,676
|
|
|
125,433
|
|
|
69,044
|
|
|
16,989
|
|
|
—
|
|
|
1,203,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
As of March 31, 2011
|
|
$
|
633,002
|
|
$
|
16,344
|
|
$
|
7
|
|
$
|
1,466
|
|
$
|
—
|
|
$
|
650,819
|
|
|
|
|
As of December 31,
2010
|
|
|
626,156
|
|
|
15,449
|
|
|
7
|
|
|
1,452
|
|
|
—
|
|
|
643,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for
property,
|
|
Three months ended March 31,
2011
|
|
$
|
32,775
|
|
$
|
2,324
|
|
$
|
1,010
|
|
$
|
2,097
|
|
$
|
—
|
|
$
|
38,206
|
|
|
plant and
equipment
|
|
Three months ended March 31,
2010
|
|
|
27,763
|
|
|
1,788
|
|
|
8,173
|
|
|
—
|
|
|
—
|
|
|
37,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:
David Bullock
Chief Financial Officer
(717) 849-8500
Jeff Grossman
(717) 771-3220
InvestorRelations@grahampackaging.com
SOURCE Graham Packaging Company Inc.