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AptarGroup Reports Record Fourth Quarter Sales And Completes Record Year

OUTLOOK

Hagge commented, “As we look to the first quarter of 2012, we are up against a difficult comparison to the prior year due to our strong results and a negative currency exchange rate environment. We also expect that certain customers will remain cautious into the first quarter. However, we are encouraged by the activity of 2012 customer projects and by our long-term growth prospects. Currently we anticipate that our first quarter diluted earnings per share will be in the range of $.60 to $.65 per share compared to $.64 per share reported last year.”

OPEN CONFERENCE CALL

There will be a conference call on Friday, February 10, 2012 at 8:00 a.m. CST to discuss the Company’s fourth quarter and annual results for 2011. 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.aptar.com. Replay of the conference call can also be accessed on the Investor Relations page of the website.

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 www.aptar.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.

       
APTARGROUP, INC.
Condensed Consolidated Financial Statements (Unaudited)
 
(In Thousands, Except Per Share Data)
CONSOLIDATED STATEMENTS OF INCOME
 
Three Months Ended Year Ended
December 31, December 31,

2011

2010

2011

2010

 
Net Sales $ 544,540 $ 530,790 $ 2,337,183 $ 2,076,719

Cost of Sales (exclusive of depreciation shown below)

369,367 359,922 1,568,286 1,378,792

Selling, Research & Development and Administrative

80,144 75,847 347,629 296,861
Depreciation and Other Amortization 32,219 34,082 134,243 132,959
Facilities Consolidation and Severance Expenses   (71 )   (288 )   (71 )   93  
Operating Income 62,881 61,227 287,096 268,014
Other Income/(Expense):
Interest Expense (3,932 ) (3,791 ) (17,300 ) (14,371 )
Interest Income 1,000 1,200 5,722 3,248
Equity in Results of Affiliates (143 ) 15 (17 ) 15
Miscellaneous, net   727     (120 )   (559 )   (2,521 )
Income before Income Taxes 60,533 58,531 274,942 254,385
Provision for Income Taxes   21,901     17,817     91,312     80,796  
Net Income $ 38,632 $ 40,714 $ 183,630 $ 173,589
 
Net (Income)/Loss Attributable to Noncontrolling Interests   (12 )   67     53     (108 )
Net Income Attributable to AptarGroup, Inc. $ 38,620   $ 40,781   $ 183,683   $ 173,481  
Net Income Attributable to AptarGroup, Inc. Per Common Share:
Basic $ 0.59   $ 0.61   $ 2.76   $ 2.58  
Diluted $ 0.57   $ 0.59   $ 2.65   $ 2.48  
 
Average Numbers of Shares Outstanding:
Basic 65,976 66,965 66,553 67,344
Diluted 68,159 69,397 69,274 69,815

   
APTARGROUP, INC.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
(In Thousands)
CONSOLIDATED BALANCE SHEETS
 
December 31, 2011 December 31, 2010
ASSETS
 
Cash and Equivalents $ 377,616 $ 376,427
Receivables, net 389,020 357,110
Inventories 285,155 272,255
Other Current Assets   92,159   58,191
Total Current Assets 1,143,950 1,063,983
Net Property, Plant and Equipment 754,715 724,984
Goodwill, net 233,689 227,029
Other Assets   26,941   16,722
Total Assets $ 2,159,295 $ 2,032,718
 
LIABILITIES AND EQUITY
 
Short-Term Obligations $ 183,668 $ 95,566
Accounts Payable and Accrued Liabilities   335,181   327,756
Total Current Liabilities 518,849 423,322
Long-Term Obligations 254,910 258,773
Deferred Liabilities   94,964   70,849
Total Liabilities 868,723 752,944
 
AptarGroup, Inc. Stockholders' Equity 1,289,776 1,278,923
Noncontrolling Interests in Subsidiaries   796   851
Total Equity   1,290,572   1,279,774
 
Total Liabilities and Equity $ 2,159,295 $ 2,032,718

       
APTARGROUP, INC.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
(In Thousands)
SEGMENT INFORMATION
 
Three Months Ended Year Ended
December 31, December 31,
 

2011

2010

2011

2010

NET SALES

Beauty + Home $ 349,804 $ 350,718 $ 1,516,305 $ 1,380,070
Pharma 136,778 127,462 553,930 476,247
Food + Beverage   57,958     52,610     266,948     220,402  
Total Net Sales $ 544,540   $ 530,790   $ 2,337,183   $ 2,076,719  
 

SEGMENT INCOME (1)

Beauty + Home $ 26,333 $ 30,856 $ 130,888 $ 132,172
Pharma 40,332 36,021 164,390 134,531
Food + Beverage 4,726 3,038 27,802 27,796
Corporate Expenses and Other   (7,926 )   (8,793 )   (36,560 )   (28,991 )
Total Income Before Interest and Taxes $ 63,465 $ 61,122 $ 286,520 $ 265,508
Interest Expense, Net   (2,932 )   (2,591 )   (11,578 )   (11,123 )
Income before Income Taxes $ 60,533   $ 58,531   $ 274,942   $ 254,385  
 

SEGMENT INCOME AS % OF NET SALES

Beauty + Home 7.5 % 8.8 % 8.6 % 9.6 %
Pharma 29.5 % 28.3 % 29.7 % 28.2 %
Food + Beverage 8.2 % 5.8 % 10.4 % 12.6 %
 
Notes to Condensed Consolidated Financial Statements:
(1) The Company evaluates performance of its business units and allocates resources based upon income before net interest expense, certain corporate expenses, and income taxes.




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