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net revenue surged 12.3%, driven by revenue growth across business segments. Net revenue for Q4 FY08 was $284.03 million compared to $254.84 million a year ago. Segment-wise, Metal Packaging net sales improved 7.2% to $161.54 million from $150.74 million in Q4 FY07, attributable to increased pricing. Plastic packaging segment net sales increased 20.0% year-over-year to $122.49 million from $102.08 million a year ago, driven by higher selling prices and increases in volume due to gain in market share. Metal Packaging volume was down 3.0% compared to the same period last year hurt by weaker demand. Plastic Packaging recorded a volume growth of 1.9% as a result of increased market share, driven by the sales of twin-shot pail and continued benefits from company wide cross-selling efforts.
BWY's gross margin expanded 83 basis points to 13.10% from 12.27% a year ago. Cost of products sold ascended 11.3% to $246.82 million from $221.82 million in the year-ago quarter. Selling and administrative expenses mounted 26.4% to $6.65 million from $5.26 million, due to higher bonus expense and a bad debt write-off, offset by lower stock-based compensation and spending. However, operating margin expanded 79 basis points to 6.52% from 5.73% in Q4 FY07. The interest expenses for the last quarter of FY08 plunged 14.5% to $8.23 million from $9.63 million improving the interest coverage ratio to 2.25 from 1.50. Finally, the company's swung to a net income of $6.57 million or $0.28 per share during Q4 FY08 from a net loss of $1.39 million or $0.06 per share in the last year's quarter.
During the quarter under review, cash and cash equivalents jumped 72.4% to $92.10 million from $53.42 million a year ago, while net operating cash flows increased 24.9% during the quarter to $66.08 million. A quick ratio of 0.94 reflects the company's inability to meet its short-term liquidity requirements. Total debt inched down marginally to $421.70 million from $425.84 million; whereas, shareholders equity grew 10.5% to $173.70 million from $157.26 million in Q4 FY07. As a result, the debt-to-equity ratio improved to 2.43 from 2.71. Meanwhile, BWY's return on assets stood at 1.35%, while return on equity was at 6.85%.
For FY08, BWY's net sales augmented 6.3% to $1.02 billion from $959.00 million, due to higher sales prices driven by higher raw material costs. Moreover, the company reported a net income of $11.90 million or $0.51 per share from a net loss of $3.10 million or $0.15 per share in FY07. In addition, the company incurred restructuring and impairment charges of $3.99 million for Q4 FY09 and $9.60 million for the FY08 in conjunction with the closure of a metal -packaging segment facility in Franklin Park, Illinois and a plastic packaging segment facility in Cleveland, Ohio.
Looking forward to Q1 FY09, BWY expects to report a non-GAAP loss to range between $0.12 and $0.16 per share. For fiscal 2009, the company expects its non-GAAP earnings to be in the range of $0.85 to $0.90 per share.
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