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AptarGroup Reports Record Revenue And Strong Earnings

OPEN CONFERENCE CALL

There will be a conference call on Thursday, October 31, 2013 at 8:00 a.m. Central Time to discuss AptarGroup’s third quarter results for 2013. 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 beauty, personal care, home care, pharmaceutical, food, and 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 including the recent slowdown in Europe; 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; the timing and successful completion of our European restructuring plan; changes in capital availability or cost, including interest rate fluctuations; the competitive marketplace; fiscal and monetary policy including pending tax regulation; 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 Nine Months Ended
September 30,   September 30,
2013   2012   2013   2012
 
Net Sales $ 623,644 $ 589,598 $ 1,882,718 $ 1,759,599

Cost of Sales (exclusive of depreciation shown below)

424,011 407,368 1,273,848 1,198,663

Selling, Research & Development and Administrative

86,917 80,094 269,335 256,433
Depreciation and Amortization (1) 37,222 35,248 112,007 100,399
Restructuring Initiatives   2,180     -     8,758     (215 )
Operating Income 73,314 66,888 218,770 204,319
Other Income/(Expense):
Interest Expense (4,841 ) (4,721 ) (15,364 ) (13,867 )
Interest Income 576 335 2,271 2,157
Equity in results of affiliates (286 ) (229 ) (609 ) (518 )
Miscellaneous, net   (437 )   753     (1,070 )   (247 )
Income before Income Taxes 68,326 63,026 203,998 191,844
Provision for Income Taxes   23,094     20,925     68,908     64,278  
Net Income $ 45,232 $ 42,101 $ 135,090 $ 127,566
 
Net Loss Attributable to Noncontrolling Interests   32     26     5     56  
Net Income Attributable to AptarGroup, Inc. $ 45,264   $ 42,127   $ 135,095   $ 127,622  
Net Income Attributable to AptarGroup, Inc. Per Common Share:
Basic $ 0.68   $ 0.63   $ 2.04   $ 1.92  
Diluted $ 0.67   $ 0.62   $ 1.98   $ 1.86  
 
Average Numbers of Shares Outstanding:
Basic 66,092 66,541 66,222 66,439
Diluted 67,986 68,353 68,273 68,711
 
(1) Depreciation and Amortization for the quarter and year-to-date ended September 30, 2013 included approximately $0.5 million and $1.5 million, respectively, of accelerated depreciation related to the European restructuring plan.
 
 
 

APTARGROUP, INC.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
(In Thousands)
CONSOLIDATED BALANCE SHEETS
   
September 30, 2013 December 31, 2012
ASSETS
 
Cash and Equivalents $ 247,851 $ 229,755
Receivables, net 439,016 396,788
Inventories 349,690 321,885
Other Current Assets   109,091   90,505
Total Current Assets 1,145,648 1,038,933
Net Property, Plant and Equipment 857,833 848,233
Goodwill, net 355,316 351,552
Other Assets   69,575   85,694
Total Assets $ 2,428,372 $ 2,324,412
 
LIABILITIES AND EQUITY
 
Short-Term Obligations $ 77,710 $ 74,654
Accounts Payable and Accrued Liabilities   402,632   380,669
Total Current Liabilities 480,342 455,323
Long-Term Obligations 355,185 352,860
Deferred Liabilities   132,002   135,731
Total Liabilities 967,529 943,914
 
AptarGroup, Inc. Stockholders' Equity 1,460,233 1,379,890
Noncontrolling Interests in Subsidiaries   610   608
Total Equity   1,460,843   1,380,498
 
Total Liabilities and Equity $ 2,428,372 $ 2,324,412
 
 
 

APTARGROUP, INC.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
(In Thousands)
SEGMENT INFORMATION
       
Three Months Ended Nine Months Ended
September 30,   September 30,
 
2013 2012 2013 2012

NET SALES

Beauty + Home $ 376,051 $ 358,476 $ 1,114,507 $ 1,104,911
Pharma 172,270 156,100 524,070 429,122
Food + Beverage   75,323     75,022     244,141     225,566  
Total Net Sales $ 623,644   $ 589,598   $ 1,882,718   $ 1,759,599  
 

SEGMENT INCOME (1)

Beauty + Home $ 30,943 $ 30,050 $ 85,697 $ 96,569
Pharma (2) 44,737 34,194 141,154 104,676
Food + Beverage 7,688 9,611 28,102 24,142
Restructuring Initiatives & Related Depreciation (3) (2,664 ) - (10,257 ) 215
Corporate and Other   (8,113 )   (6,443 )   (27,605 )   (22,048 )
Total Income Before Interest and Taxes $ 72,591 $ 67,412 $ 217,091 $ 203,554
Interest Expense, Net   (4,265 )   (4,386 )   (13,093 )   (11,710 )
Income before Income Taxes $ 68,326   $ 63,026   $ 203,998   $ 191,844  
 

SEGMENT INCOME AS % OF NET SALES

Beauty + Home 8.2 % 8.4 % 7.7 % 8.7 %
Pharma (2) 26.0 % 21.9 % 26.9 % 24.4 %
Food + Beverage 10.2 % 12.8 % 11.5 % 10.7 %
 
Notes to Condensed Consolidated Financial Statements:
(1) - The Company evaluates performance of its business units and allocates resources based upon segment income defined as earnings before net interest expense, certain corporate expenses, restructuring initiatives and income taxes.
 

(2) - For comparison to the current year third quarter, Pharma segment income as a percent of net sales for 2012 was 24.4% when non-recurring purchase accounting effects were excluded. For comparable year-to-date amounts, Pharma segment income as a percent of net sales for 2013 was approximately 28.2% when the effects of the Stelmi acquisition for the first six months of 2013 were excluded, and approximately 26.7% for year-to-date 2012 when costs and non-recurring purchase accounting effects of the Stelmi acquisition were excluded.

 
(3) - Restructuring Initiatives & Related Depreciation includes the following income/(expense) items:
 
Three Months Ended Nine Months Ended
September 30,   September 30,

Depreciation:

2013 2012 2013 2012
European Restructuring Plan $ (484 ) $ (1,499 )
 

Restructuring Initiatives:

European Restructuring Plan (2,180 ) (8,802 )
Other Initiatives $ -       $ 44     215  
Total Restructuring Initiatives & Related Depreciation $ (2,664 ) $ -   $ (10,257 ) $ 215  




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