|
 |
| The following table presents certain business segment
information for the years ended December 31, 2000, 1999 and 1998 (in
thousands): |
 |
|
|
2000 |
1999 |
1998 |
 |
| Net sales (aggregate): |
|
|
|
|
Paperboard |
$ 532,732 |
$ 505,608 |
$ 419,421 |
|
Tube, core, and composite container |
269,322 |
257,642 |
254,096 |
|
Carton and custom packaging |
303,553 |
251,672 |
178,464 |
|
|
|
Total |
$ 1,105,607 |
$ 1,014,922 |
$ 851,981 |
|
| Less net sales (intersegment): |
|
|
|
|
Paperboard |
$ 136,796 |
$ 120,465 |
$ 112,581 |
|
Tube, core, and composite container |
4,389 |
3,877 |
2,315 |
|
Carton and custom packaging |
991 |
491 |
227 |
|
|
|
Total |
$ 142,176 |
$ 124,833 |
$ 115,123 |
|
| Net sales (external customers): |
|
|
|
|
Paperboard |
$ 395,936 |
$ 385,143 |
$ 306,840 |
|
Tube, core, and composite container |
264,933 |
253,765 |
251,781 |
|
Carton and custom packaging |
302,562 |
251,181 |
178,237 |
|
|
|
Total |
$ 963,431 |
$ 890,089 |
$ 736,858 |
|
| Operating income: |
|
|
|
|
Paperboard (A) |
$ 28,477 |
$ 58,882 |
$ 79,281 |
|
Tube, core, and composite container |
18,483 |
20,715 |
18,477 |
|
Carton and custom packaging |
8,622 |
13,010 |
8,053 |
|
|
|
|
55,582 |
92,607 |
105,811 |
| Corporate expense (B) |
(13,768) |
(11,878) |
(10,930) |
|
| Operating income |
41,814 |
80,729 |
94,881 |
| Interest expense |
(34,063) |
(25,456) |
(16,072) |
| Interest income |
412 |
603 |
334 |
| Equity in income of unconsolidated affiliates |
6,533 |
9,224 |
4,308 |
| Other, net |
(918) |
(459) |
(433) |
|
| Income before income taxes and minority interest |
13,778 |
64,641 |
83,018 |
| Minority interest |
(169) |
(356) |
(730) |
| Provision for income taxes |
5,467 |
23,216 |
30,470 |
|
|
|
Net income |
$ 8,142 |
$ 41,069 |
$ 51,818 |
|
| Identifiable assets: |
|
|
|
|
Paperboard |
$ 429,646 |
$ 456,343 |
$ 294,480 |
|
Tube, core, and composite container |
134,069 |
126,994 |
127,852 |
|
Carton and custom packaging |
274,138 |
241,688 |
171,244 |
|
Corporate |
94,974 |
53,618 |
25,221 |
|
|
|
Total |
$ 932,827 |
$ 878,643 |
$ 618,797 |
|
| Depreciation and amortization: |
|
|
|
|
Paperboard |
$ 36,623 |
$ 31,410 |
$ 21,185 |
|
Tube, core, and composite container |
7,196 |
7,580 |
7,808 |
|
Carton and custom packaging |
15,531 |
12,657 |
9,250 |
|
Corporate |
1,508 |
1,094 |
462 |
|
|
|
Total |
$ 60,858 |
$ 52,741 |
$ 38,705 |
|
| Capital expenditures, excluding acquisitions of
businesses: |
|
|
|
|
Paperboard |
$ 28,953 |
$ 23,745 |
$ 26,382 |
|
Tube, core, and composite container |
12,274 |
4,550 |
6,966 |
|
Carton and custom packaging |
15,495 |
5,305 |
6,415 |
|
Corporate |
1,584 |
2,096 |
953 |
|
|
|
Total |
$ 58,306 |
$ 35,696 |
$ 40,716 |
|
|
|
(A) Results for 2000 include charges to operations of $6,913,000
and $8,564,000 for restructuring costs related to the closing of
the Baltimore, Maryland and Camden, New Jersey paperboard mills,
respectively. Both of these were related to the paperboard segment
and are reflected in the segment’s operating income. (Note
12)
(B) Results for 2000 include a nonrecurring charge of $1,300,000
related to the settlement of a dispute over abandoned property.
|
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