Caraustar 2000 Annual Report
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(In thousands, except per share data, ratios and growth rates) Compound Growth Rate  Year Ended December 31,              
5 Years  10 Years  2000  1999  1998  1997  1996  1995  1994  1993  1992  1991  1990 
Summary of Operations
Sales $ 1,014,615  $ 936,928  $ 774,312  $ 696,093  $ 629,674  $ 569,455  $ 455,808  $ 365,410  $ 325,620  $ 288,773  $ 286,410 
Freight 51,184  46,839  37,454  27,955  26,979  24,827  24,583  22,963  19,674  17,646  17,011 
Net sales 12.1% 13.6% 963,431  890,089  736,858  668,138  602,695  544,628  431,225  342,447  305,946  271,127  269,399 
Cost of sales 13.6% 15.2% 759,572  683,576  536,925  482,964  422,783  401,570  307,652  244,578  213,405  187,952  184,292 
Gross profit 7.3% 9.1% 203,859  206,513  199,933  185,174  179,912  143,058  123,573  97,869  92,541  83,175  85,107 
Selling, general and administrative expenses 16.6% 14.5% 145,268  125,784  105,052  88,978  81,003  67,361  59,247  49,355  42,402  36,655  37,555 
Restructuring and other nonrecurring costs 16,777 
Operating income -11.2% -1.3% 41,814  80,729  94,881  96,196  98,909  75,697  64,326  48,514  50,139  46,520  47,552 
Other (expense) income:
Interest expense (34,063) (25,456) (16,072) (14,111) (10,698) (6,955) (6,870) (6,822) (12,315) (17,754) (22,343)
Interest income 412  603  334  312  591  821  353  612  243  246  412 
Equity in income (loss) of
unconsolidated affiliates 6,533  9,224  4,308  1,665  2,154  – – – – – –
Other, net (918) (459) (433) (674) 4,274  (463) (249) 167  (151) (297) (409)
  (28,036) (16,088) (11,863) (12,808) (3,679) (6,597) (6,766) (6,043) (12,223) (17,805) (22,340)
Income before income taxes -27.6% -5.9% 13,778  64,641  83,018  83,388  95,230  69,100  57,560  42,471  37,916  28,715  25,212 
Minority interest (169) (356) (730) (1,721) (754) 153  13  15  – – 235 
Tax provision -26.9% -5.3% 5,467  23,216  30,470  30,543  36,574  26,265  22,095  15,165  14,839  11,095  9,468 
Income from continuing operations before
discontinued operations, extraordinary
items, and accounting changes -28.3% -6.5% $ 8,142  $ 41,069  $ 51,818  $ 51,124  $ 57,902  $ 42,988  $ 35,478  $ 27,321  $ 23,077  $ 17,620  $ 15,979 
Net income -28.3% -6.5% $ 8,142  $ 41,069  $ 51,818  $ 51,124  $ 57,902  $ 42,988  $ 35,478  $ 32,471  $ 22,899  $ 17,620  $ 15,979 
Diluted weighted average shares outstanding 26,301  25,199  25,423  25,216  25,377  25,896  25,639  25,387  19,791  17,720  17,701 
Per Share Data
Income from continuing operations before
discontinued operations, extraordinary
items, and accounting changes -28.5% -10.1% $ 0.31  $ 1.63  $ 2.04  $ 2.03  $ 2.28  $ 1.66  $ 1.38  $ 1.08  $ 1.17  $ 0.99  $ 0.90 
Net income -28.5% -10.1% 0.31  1.63  2.04  2.03  2.28  1.66  1.38  1.28  1.16  0.99  0.90 
Cash dividends declared 0.72  0.72  0.66  0.58  0.50  0.44  0.38  0.33  0.08  – –
Market price on December 31  $ 9.38  $ 24.00  $ 28.56  $ 34.25  $ 33.25  $ 20.00  $ 22.25  $ 16.75  $ 18.75  N/A N/A
Shares outstanding December 31  26,205  25,488  24,681  25,331  25,053  25,682  25,280  24,968  24,639  17,649  17,649 
Price/Earnings ratio 30.24  14.72  14.00  16.87  14.58  12.05  16.12  13.09  16.45  N/A N/A
 
Total Market Value of Common Stock $ 245,672  $ 611,712  $ 704,889  $ 867,587  $ 833,012  $ 513,640  $ 562,480  $ 418,214  $ 461,981  N/A N/A
 
Balance Sheet Data
Cash and cash equivalents $ 8,900  $ 18,771  $ 2,610  $ 1,391  $ 11,989  $ 8,785  $ 12,465  $ 14,371  $ 23,667  $ 4,547  $ 1,900 
Property, plant and equipment-net 483,309  479,856  324,470  291,036  256,834  181,930  150,391  127,773  103,004  86,005  87,445 
Depreciation and amortization 60,858  52,741  38,705  33,661  26,314  17,671  14,542  12,493  10,661  10,515  13,077 
Capital expenditures 58,306  35,696  40,716  36,275  32,059  28,041  29,331  21,251  16,880  10,647  10,634 
Total assets 932,827  878,643  618,797  550,090  476,280  322,076  266,863  221,366  187,513  144,519  141,216 
Current maturities of long-term debt 1,259  16,615  26,103  9  29  36  72  64  71  36,292  36,216 
Revolving credit loans 194,000  140,000  147,000  129,000  100,000  10,000  – – – – –
Long-term debt, less current maturities 272,813  269,739  82,881  83,129  83,261  83,380  83,446  83,515  83,388  126,021  145,459 
Shareholders’ equity (deficit) 279,050  278,459  233,374  213,931  170,570  139,243  102,274  74,424  47,558  (68,732) (86,352)
Total capital $ 747,122  $ 704,813  $ 489,358  $ 426,069  $ 353,860  $ 232,659  $ 185,792  $ 158,003  $ 131,017  $ 93,581  $ 95,323 
 
Other Key Financial Measures
Total debt-to-total capital 62.7% 60.5% 52.3% 49.8% 51.8% 40.2% 45.0% 52.9% 63.7% (A) (A)
Net debt-to-net capital 62.2% 59.4% 52.1% 49.6% 50.1% 37.8% 41.0% 48.2% 55.7% (A) (A)
Effective tax rate 39.7% 36.1% 36.7% 37.4% 38.7% 38.0% 38.4% 35.7% 39.1% 38.6% 37.6%
Return on shareholders’ equity 6.7%(B) 16.0% 23.2% 26.6% 37.4% 35.6% 40.2% 44.8% (A) (A) (A)
Return on average capital 5.4%(B) 9.6% 13.5% 15.4% 22.0% 22.6% 23.1% 21.9% 27.2% 30.2% 29.1%
Dividend payout ratio 232.3% 44.2% 32.4% 28.6% 21.9% 26.2% 27.2% 25.8% 7.0% 0.0% 0.0%
 
(A) Not meaningful due to Company’s leveraged recapitalization in 1986.
(B) Excludes restructuring and other nonrecurring costs.

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