<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934 for the quarterly period ended
March 31, 2000
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the
transition period from___________to_________
Commission file number: 333-19495
RADNOR HOLDINGS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 23-2674715
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
Three Radnor Corporate Center, Suite 300
100 Matsonford Road, Radnor, Pennsylvania 19087
(address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 610-341-9600
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes [ X ] No [ ]
The number of shares outstanding of the Registrant's common stock as of
May 12, 2000:
<TABLE>
<CAPTION>
Number
Class of
Shares
- ------------------------------------------------------- ----------------------
<S> <C>
Voting Common Stock; $.10 par value 600
Nonvoting Common Stock; $.10 par value 245
Class B Nonvoting Common Stock; $.01 par value 5,400
</TABLE>
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
RADNOR HOLDINGS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------- --------------
(Unaudited)
<S> <C> <C>
ASSETS
------
CURRENT ASSETS
Cash $ 2,931 $ 7,579
Accounts receivable, net 36,116 29,135
Inventories, net 40,533 34,781
Prepaid expenses and other 7,300 6,480
Deferred tax asset 1,659 1,660
------------- --------------
Total current assets 88,539 79,635
------------- --------------
PROPERTY, PLANT AND EQUIPMENT 226,382 226,347
LESS - ACCUMULATED DEPRECIATION (37,219) (34,235)
------------- --------------
NET PROPERTY, PLANT AND EQUIPMENT 189,163 192,112
------------- --------------
OTHER ASSETS 21,215 21,936
------------- --------------
Total assets $ 298,917 $ 293,683
============= ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES
Accounts payable $ 42,614 $ 39,447
Accrued liabilities 22,532 23,486
Current portion of long-term debt
and capital lease obligations 4,252 3,818
------------- --------------
Total current liabilities 69,398 66,751
------------- --------------
LONG-TERM DEBT, net of current portion 215,083 206,264
------------- --------------
CAPITAL LEASE OBLIGATIONS, net of
current portion 5,035 5,335
------------- --------------
DEFERRED TAX LIABILITY 6,017 7,245
------------- --------------
OTHER NONCURRENT LIABILITIES 590 514
------------- --------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Voting and nonvoting common stock,
22,700 shares authorized, 6,245
shares issued and outstanding 1 1
Additional paid-in capital 19,387 19,387
Retained deficit (7,791) (5,297)
Cumulative translation adjustment (8,803) (6,517)
------------- --------------
Total stockholders' equity 2,794 7,574
------------- --------------
Total liabilities and stockholders'
equity $ 298,917 $ 293,683
============= ==============
</TABLE>
The accompanying notes are an integral part of these condensed consolidated
financial statements.
<PAGE>
<TABLE>
<CAPTION>
RADNOR HOLDINGS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands)
<S> <C> <C>
For the three months ended
---------------------------
March 31, March 26,
2000 1999
------------ ------------
NET SALES $ 81,315 $ 67,752
COST OF GOODS SOLD 63,139 49,152
------------ ------------
GROSS PROFIT 18,176 18,600
OPERATING EXPENSES:
Distribution 5,868 5,037
Selling, general and administrative 10,749 10,191
------------ ------------
INCOME FROM OPERATIONS 1,559 3,372
OTHER EXPENSE:
Interest, net 5,419 5,021
Other, net 163 414
------------ ------------
LOSS BEFORE INCOME TAXES (4,023) (2,063)
BENEFIT FOR INCOME TAXES:
Current (322) (127)
Deferred (1,207) (638)
------------ ------------
(1,529) (765)
------------ ------------
NET LOSS $ (2,494) $ (1,298)
============ ============
</TABLE>
The accompanying notes are an integral part of these condensed consolidated
financial statements.
3
<PAGE>
RADNOR HOLDINGS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
<TABLE>
<CAPTION>
For the three months ended
-----------------------------
March 31, March 26,
2000 1999
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $(2,494) $(1,298)
Adjustments to reconcile net loss to cash used
in operating activities-
Depreciation and amortization 4,665 4,041
Unrealized loss on marketable securities - 19
Deferred income taxes (1,207) (638)
Changes in operating assets and liabilities, net of
acquisition of business-
Accounts receivable, net (7,571) (1,828)
Inventories, net (6,298) (1,218)
Prepaid expenses and other (871) (2,245)
Accounts payable 3,573 (2,354)
Accrued liabilities 523 3,321
------------ ------------
Net cash used in continuing operations (9,680) (2,200)
Net cash used in discontinued operations (1,144) -
------------ ------------
Net cash used in operating activities (10,824) (2,200)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (2,332) (6,015)
Increase in other assets (785) (505)
------------ ------------
Net cash used in investing activities (3,117) (6,520)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on bank financed debt and
unsecured notes payable 9,670 6,724
Net payments on capital lease obligations (265) (183)
------------ ------------
Net cash provided by financing activities 9,405 6,541
------------ ------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH (112) (24)
------------ ------------
NET DECREASE IN CASH (4,648) (2,203)
CASH, beginning of period 7,579 3,975
------------ ------------
CASH, end of period $ 2,931 $ 1,772
============ ============
SUPPLEMENTAL CASH FLOW DISCLOSURES
Interest paid $ 976 $ 465
============ ============
Income taxes paid, net of refunds of $158 in 2000 $ (152) $ 160
============= ============
</TABLE>
The accompanying notes are an integral part of these condensed consolidated
financial statements.
4
<PAGE>
<TABLE>
<CAPTION>
RADNOR HOLDINGS CORPORATION AND SUBSIDIARIES
SUMMARY BY OPERATING SEGMENTS
(Unaudited)
(In thousands)
<S> <C> <C>
For the three months ended
----------------------------------------
March 31, March 26,
2000 1999
-------------- --------------
Sales to Unaffiliated Customers:
Packaging and Insulation $ 54,760 $ 50,022
Specialty Chemicals 30,933 21,065
Corporate and Other 834 393
Transfers Between Operating
Segments (1) (5,212) (3,728)
-------------- --------------
Consolidated $ 81,315 $ 67,752
-------------- --------------
Operating Income (Loss):
Packaging and Insulation $ 4,677 $ 6,245
Specialty Chemicals (1,745) (1,609)
Corporate and Other (1,373) (1,264)
-------------- --------------
Consolidated $ 1,559 $ 3,372
-------------- --------------
Income (Loss) from Operations
before Income Taxes:
Packaging and Insulation $ 1,225 $ 3,137
Specialty Chemicals (2,604) (2,343)
Corporate and Other (2,644) (2,857)
-------------- --------------
Consolidated $ (4,023) $ (2,063)
-------------- --------------
(1) Transfers between operating segments reflect the sale of EPS bead from the Specialty Chemicals
operating segment to the Packaging and Insulation operating segment.
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
RADNOR HOLDINGS CORPORATION AND SUBSIDIARIES
SUMMARY BY GEOGRAPHIC REGION
(Unaudited)
(In thousands)
<S> <C> <C>
For three months ended
----------------------------
March 31, March 26,
2000 (1) 1999 (2)
------------ ------------
Sales to Unaffiliated Customers:
United States $55,982 $50,030
Canada 7,088 4,794
Europe 19,880 14,450
Transfers Between Geographic
Regions (1,635) (1,522)
------------ ------------
Consolidated $81,315 $67,752
------------ ------------
Operating Income (Loss):
United States $ 505 $ 3,537
Canada 224 391
Europe 830 (556)
------------ ------------
Consolidated $ 1,559 $ 3,372
------------ ------------
Income (Loss) from Operations
before Income Taxes:
United States $(3,378) $(173)
Canada (273) 111
Europe (372) (2,001)
------------ ------------
Consolidated $(4,023) $(2,063)
------------ ------------
(1) Transfers between geographic regions reflect the sale of EPS bead from the
Company's Canadian specialty chemical operations to its domestic food
packaging operations as well as the sale of product from the Company's
domestic food packaging operations to its European food packaging
operations.
(2) Transfers between geographic regions reflect the sale of EPS bead from the
Company's Canadian specialty chemical operations to its domestic food
packaging operations.
</TABLE>
6
<PAGE>
RADNOR HOLDINGS CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1) BASIS OF PRESENTATION
The condensed consolidated financial statements included herein have been
prepared by Radnor Holdings Corporation and subsidiaries (collectively,
"Radnor" or the "Company") pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in consolidated financial statements prepared
in accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations. In the opinion
of the Company, the statements include all adjustments (which include only
normal recurring adjustments) required for a fair statement of financial
position, results of operations and cash flows for such periods. The
results of operations for the interim periods are not necessarily
indicative of the results for a full year.
(2) DISCONTINUED OPERATIONS
Pursuant to an asset purchase agreement among Benchmark Holdings, Inc.
("Benchmark"), WinCup Holdings, Inc. ("WinCup"), and the Fort James
Corporation, formerly James River Paper Company, Inc. ("Fort James"), dated
October 31, 1995, Benchmark and WinCup sold to Fort James all of the assets
of Benchmark's cutlery and straws business and all of the assets of
WinCup's thermoformed cup business, except for cash, accounts receivable
and prepaid assets. The operations of Benchmark's cutlery and straws
business and WinCup's thermoformed cup business were accounted for as
discontinued operations. Net cash used in discontinued operations for the
three months ended March 31, 2000 represented payments made in connection
with the 1999 settlement of a contingent liability related to the
discontinued operations.
(3) INVENTORIES
The components of inventories were as follows (in thousands):
<TABLE>
<CAPTION>
<S> <C> <C>
March 31, December 31,
2000 1999
--------- ------------
Raw Materials $11,806 $10,632
Work in Process 1,545 1,054
Finished Goods 27,182 23,095
------- -------
$40,533 $34,781
======= =======
</TABLE>
(4) INTEREST EXPENSE
Included in interest expense was $375,000 and $391,000 of amortization of
deferred financing costs for the three months ended March 31, 2000 and
March 26, 1999, respectively. Premium amortization of $84,000 and $78,000
related to the issuance of the Company's 10% Series B Senior Notes due 2003
was also included in interest expense for the three months ended March 31,
2000 and March 26, 1999, respectively.
7
<PAGE>
(5) COMPREHENSIVE INCOME
Comprehensive income is the total of net loss and non-owner changes in
equity. The Company had comprehensive loss as follows (in thousands):
<TABLE>
<CAPTION>
Three Months Ended
------------------
<S> <C> <C>
March 31, March 26,
2000 1999
--------- ---------
Net Loss $(2,494) $(1,298)
Foreign Currency Translation Adjustment (2,286) (3,643)
------- -------
Comprehensive Loss $(4,780) $(4,941)
======= =======
</TABLE>
(6) SUPPLEMENTAL FINANCIAL INFORMATION
Radnor Holdings Corporation is a holding company that has no operations
separate from its investment in subsidiaries. The Company's $100 million
10% Senior Notes due 2003 and $60 million 10% Series B Senior Notes due
2003 are guaranteed by substantially all of the Company's domestic
subsidiaries. The following represents summarized combining financial
information of the holding company, combined guarantor subsidiaries and the
combined non-guarantor subsidiaries as of and for the three months ended
March 31, 2000 and March 26, 1999 (in thousands):
<TABLE>
<CAPTION>
HOLDING GUARANTOR NON-GUARANTOR
COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED
----------- ------------ ------------ ------------ ------------
THREE MONTHS ENDED MARCH 31, 2000
---------------------------------
<S> <C> <C> <C> <C> <C>
Net Sales $ -- $ 56,107 $26,843 $ (1,635) $ 81,315
Gross Profit -- 12,243 5,933 -- 18,176
Operating Income -- 143 1,416 -- 1,559
Net Loss -- (2,228) (266) -- (2,494)
THREE MONTHS ENDED MARCH 26, 1999
---------------------------------
<S> <C> <C> <C> <C> <C>
Net Sales $ -- $ 50,030 $19,244 $ (1,522) $ 67,752
Gross Profit -- 14,281 4,319 -- 18,600
Operating Income (Loss) -- 3,537 (165) -- 3,372
Net Income (Loss) -- 595 (1,893) -- (1,298)
AS OF MARCH 31, 2000
--------------------
<S> <C> <C> <C> <C> <C>
Current Assets $ 178 $ 55,988 $35,149 $ (2,776) $ 88,539
Non-Current Assets 138,659 205,413 49,961 (183,655) 210,378
Current Liabilities 6,446 47,313 20,858 (5,219) 69,398
Non-Current Liabilities 160,525 100,509 54,968 (89,277) 226,725
AS OF MARCH 26, 1999
--------------------
<S> <C> <C> <C> <C> <C>
Current Assets $ 563 $ 50,089 $29,234 $ (3,410) $ 76,476
Non-Current Assets 144,786 205,195 51,650 (190,559) 211,072
Current Liabilities 5,096 34,228 17,093 (3,852) 52,565
Non-Current Liabilities 161,784 98,833 57,028 (98,670) 218,975
</TABLE>
8
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
GENERAL
- -------
Radnor Holdings Corporation, through acquisition and internal development, has
established itself as a leading worldwide manufacturer and distributor of
specialty chemicals and foam packaging and insulation products for the
foodservice, insulation and packaging industries.
The packaging and insulation business segment manufactures and distributes
foam cup and container products for the foodservice industry as well as a
variety of standard and specialized insulation products. Through its WinCup
subsidiary, the Company is the second largest producer in the United States of
foam cups and containers for the foodservice industry. The specialty chemicals
business segment manufactures and distributes expandable polystyrene bead for
internal consumption and distribution to the insulation and packaging
industries. Through its Radnor Chemical Corporation ("Radnor Chemical")
subsidiary, the Company is the third largest worldwide producer of EPS.
Results of Operations
- ---------------------
CONSOLIDATED
<TABLE>
<CAPTION>
THREE MONTHS ENDED
-------------------------------------------------
<S> <C> <C>
March 31, MARCH 26,
(Millions of dollars) 2000 1999
- --------------------------------------------------------------------------------------------------------
Net sales $81.3 $67.8
- --------------------------------------------------------------------------------------------------------
Gross profit 18.2 18.6
- --------------------------------------------------------------------------------------------------------
Operating expenses 16.6 15.2
- --------------------------------------------------------------------------------------------------------
Income from operations 1.6 3.4
- --------------------------------------------------------------------------------------------------------
</TABLE>
Net sales for the three months ended March 31, 2000 were $81.3 million, an
increase of $13.5 million from the three months ended March 26, 1999. This
increase was primarily due to volume growth and increased pricing across all
operating segments. Gross profits for the three months ended March 31, 2000
decreased by $0.4 million from $18.6 million to $18.2 million. As a percentage
of net sales, gross profits declined to 22.4% for the first quarter of fiscal
2000 from 27.4% for the first quarter of fiscal 1999. This decrease was caused
by increased raw material costs and the time lag between rising styrene monomer
prices and increases in EPS selling prices, partially offset by improved
manufacturing efficiencies. Operating expenses for the three months ended March
31, 2000 increased to $16.6 million from $15.2 million for the same period in
1999 primarily due to increased distribution costs resulting from higher sales
volumes.
SEGMENT ANALYSIS
Packaging & Insulation
<TABLE>
<CAPTION>
THREE MONTHS ENDED
-------------------------------------------------
<S> <C> <C>
March 31, MARCH 26,
(Millions of dollars) 2000 1999
- --------------------------------------------------------------------------------------------------------
Net sales $54.8 $50.0
- --------------------------------------------------------------------------------------------------------
Gross profit 15.1 15.6
- --------------------------------------------------------------------------------------------------------
Operating expenses 10.4 9.3
- --------------------------------------------------------------------------------------------------------
Income from operations 4.7 6.3
- --------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
Net sales in the packaging and insulation business segment increased
by $4.8 million to $54.8 million for the three months ended March 31, 2000
primarily due to volume growth. Gross profit declined to 27.6% of net sales
for the three months ended March 31, 2000 from 31.2% of net sales for the same
period in 1999 due to increased raw material costs, partially offset by improved
manufacturing efficiencies. Operating expenses increased to $10.4 million for
the three months ended March 31, 2000 from $9.3 million for the same period in
1999 primarily due to higher distribution costs in the domestic packaging
business. Income from operations for the three months ended March 31, 2000
decreased by $1.6 million or 25.4% over the same period in 1999 for the reasons
described above.
Specialty Chemicals
<TABLE>
<CAPTION>
THREE MONTHS ENDED
--------------------------------------------------
<S> <C> <C>
March 31, MARCH 26,
(Millions of dollars) 2000 1999
- ----------------------------------------------------------------------------------------------------------
Net sales $30.9 $21.1
- ----------------------------------------------------------------------------------------------------------
Gross profit 2.1 2.2
- ----------------------------------------------------------------------------------------------------------
Operating expenses 3.9 3.8
- ----------------------------------------------------------------------------------------------------------
Income from operations (1.8) (1.6)
- ----------------------------------------------------------------------------------------------------------
</TABLE>
Net sales for the three months ended March 31, 2000 and March 26, 1999
included sales to the packaging and insulation segment of $5.2 million and $3.7
million, repectively. Net sales for the first quarter of fiscal 2000 increased
to $30.9 million from $21.1 million for the same period in 1999. This $9.8
million increase was due to increased sales volume and selling prices in the
Company's specialty chemicals business.
Gross profits remained relatively unchanged from the three months ended March
26, 1999 to the three months ended March 31, 2000. As a percentage of net sales,
gross profit declined to 6.8% for the first quarter of fiscal 2000 from 10.4%
for the same period in 1999. This change was caused by the time lag between
rising raw material costs and increases in selling prices in the Company's North
American specialty chemicals operations, partially offset by increased
manufacturing efficiencies. Operating expenses increased $0.1 million to $3.9
million for the three months ended March 31, 2000 primarily as a result of
increased domestic selling expenses.
Corporate & Other
Corporate operating expenses increased by $0.3 million to $2.4 million for the
three months ended March 31, 2000. This increase was primarily due to a $0.4
million increase in amortization of intangible assets, partially offset by
decreased operating costs at the Company's executive offices in Radnor,
Pennsylvania.
INTEREST EXPENSE
- ----------------
<TABLE>
<CAPTION>
THREE MONTHS ENDED
-------------------------------------------------
<S> <C> <C>
March 31, MARCH 26,
(Millions of dollars) 2000 1999
- --------------------------------------------------------------------------------------------------------
Interest Expense $ 5.4 $ 5.0
- --------------------------------------------------------------------------------------------------------
</TABLE>
Interest expense for the three months ended March 31, 2000 increased by $0.4
million over the same period in 1999. This increase was primarily due to
increased borrowings related to the purchase of the
10
<PAGE>
Company's Tolleson, Arizona food packaging plant and the reengineering of the
Company's Stone Mountain, Georgia food packaging facility. Also included in
interest expense was the amortization of the deferred financing fees and debt
issuance premium of $0.3 million in each period.
INCOME TAXES
- ------------
<TABLE>
<CAPTION>
THREE MONTHS ENDED
----------------------------------------------------
<S> <C> <C>
March 31, MARCH 26,
(Millions of dollars) 2000 1999
- ---------------------------------------------------------------------------------------------------------
Income tax benefit $(1.5) $(0.8)
- ---------------------------------------------------------------------------------------------------------
</TABLE>
The effective tax rate for the three months ended March 31, 2000 increased to
38.0% of pre-tax income from 37.1% of pre-tax income for the same period in
1999. As of March 31, 2000 the Company had approximately $49.0 million of net
operating loss carryforwards for federal income tax purposes, which expire
through 2020.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
During the three months ended March 31, 2000 and March 26, 1999, the Company's
principal source of funds consisted of cash from financing activities. During
the 2000 period, after tax cash flow of $1.0 million, net borrowings on bank
financed debt and capital leases of $9.4 million and a decrease in cash of $4.7
million were primarily used to fund capital expenditures of $2.3 million and a
$11.8 million increase in working capital.
As of March 31, 2000, the Company had $33.2 million outstanding and $7.2
million of availability under its revolving credit agreements. The principal
uses of cash for the next several years will be working capital requirements and
capital expenditures.
As a holding company, Radnor Holdings Corporation is dependent upon dividends
and other payments from its subsidiaries to generate the funds necessary to meet
its obligations. Subject to certain limitations under applicable state law and
the Company's credit agreements, Radnor Holdings Corporation is, and will
continue to be, able to control its receipt of dividends and other payments from
its subsidiaries. Management believes that cash generated from operations,
together with available borrowings under the revolving credit facilities, will
be sufficient to meet the Company's expected operating needs, planned capital
expenditures and debt service requirements.
OTHER FINANCIAL DATA
- --------------------
Financial Instruments
There has been no material change in the net financial instrument position or
sensitivity to market risk since the disclosure in the annual report.
FORWARD LOOKING STATEMENTS
- --------------------------
All statements contained herein that are not historical facts are based on
current expectations. These statements are forward looking in nature and
involve a number of risks and uncertainties. Such risks and uncertainties are
described in detail in the Company's Report on Form 10-K for the year ended
December 31, 1999, Commission File No. 333-19495, to which reference is hereby
made.
11
<PAGE>
PART II - OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
The Company is involved in various legal actions arising in the normal
course of business. After taking into consideration legal counsel's
evaluation of such actions, management believes that these actions will not
have a material effect on the Company's financial position or results of
operations.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27.1 Financial Data Schedule
(b) Reports on Form 8-K
There were no reports filed on Form 8-K during the three month period
ended March 31, 2000.
12
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, its duly authorized officer and chief financial officer.
RADNOR HOLDINGS CORPORATION
(registrant)
Date: May 12, 2000 By: /s/Michael V. Valenza
---------------------
Michael V. Valenza
Senior Vice President-Finance and
Chief Financial Officer
13
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM RADNOR
HOLDINGS CORPORATION AND SUBSIDIARIES AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-29-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 2,931
<SECURITIES> 0
<RECEIVABLES> 36,116
<ALLOWANCES> 0
<INVENTORY> 40,533
<CURRENT-ASSETS> 88,539
<PP&E> 226,382
<DEPRECIATION> 37,219
<TOTAL-ASSETS> 298,917
<CURRENT-LIABILITIES> 69,398
<BONDS> 220,118
0
0
<COMMON> 1
<OTHER-SE> 2,793
<TOTAL-LIABILITY-AND-EQUITY> 298,917
<SALES> 81,315
<TOTAL-REVENUES> 81,315
<CGS> 63,139
<TOTAL-COSTS> 63,139
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,419
<INCOME-PRETAX> (4,023)
<INCOME-TAX> (1,529)
<INCOME-CONTINUING> (2,494)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,494)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
