<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the thirteen week period ended October 3, 1998
---------------
OR
[ ] 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 0-8514
------
LIQUI-BOX CORPORATION .
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
OHIO 31-0628033
- - -----------------------------------------------------------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
6950 Worthington-Galena Road, Worthington, Ohio 43085
- - -----------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (614) 888-9280
--------------
Not Applicable
--------------
(Former name, former address and former fiscal year, if changed since last
report.)
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
------ --------
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at November 9, 1998
- - ------------------------------ -------------------------------
Common Stock, no par value 4,646,666 shares
Exhibit Index at Page 11
<PAGE>
LIQUI-BOX CORPORATION
INDEX
<TABLE>
<CAPTION>
Page No.
- - --------------------------------------------------------------------------------
<S> <C>
Part I - Financial Information:
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
October 3, 1998 and January 3, 1998 3-4
Condensed Consolidated Statements of Income
For the thirteen and thirty-nine week periods ended
October 3, 1998 and September 27, 1997 5
Condensed Consolidated Statements of Cash Flows
For the thirty-nine week periods ended
October 3, 1998 and September 27, 1997 6
Notes to Condensed Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 8-10
Item 3. Quantitative and Qualitative Disclosures About Market Risk 10
Part II - Other Information 10-11
Item 1. Legal Proceedings
Item 2. Changes in Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
Exhibit 27 - Financial Data Schedule 12
Signatures 13
</TABLE>
-2-
<PAGE>
LIQUI-BOX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
UNAUDITED
---------------------------------
October 3, 1998 January 3, 1998
--------------- ---------------
<S> <C> <C>
ASSETS
- - --------------------------------------------------------------------------------------------------
CURRENT ASSETS
- - --------------------------------------------------------------------------------------------------
Cash and cash equivalents $ 6,273,000 $ 17,425,000
Accounts receivable:
Trade, net of allowance for doubtful accounts
of $1,186,000 and $933,000, respectively 16,621,000 14,155,000
Other 685,000 657,000
--------------- ---------------
Total receivables 17,306,000 14,812,000
Inventories:
Raw materials and supplies 8,824,000 7,165,000
Work in process 3,814,000 3,027,000
Finished goods 3,773,000 3,563,000
--------------- ---------------
Total Inventories 16,411,000 13,755,000
Other current assets 1,579,000 1,388,000
--------------- ---------------
TOTAL CURRENT ASSETS 41,569,000 47,380,000
- - --------------------------------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT - at Cost
- - --------------------------------------------------------------------------------------------------
Land, buildings and leasehold improvements 14,949,000 14,784,000
Equipment and vehicles 70,471,000 68,375,000
Equipment leased to customers 18,048,000 18,331,000
Construction in process 2,524,000 2,359,000
--------------- ---------------
TOTAL 105,992,000 103,849,000
Less accumulated depreciation and amortization (68,979,000) (66,295,000)
--------------- ---------------
Property, plant and equipment - net 37,013,000 37,554,000
- - --------------------------------------------------------------------------------------------------
OTHER ASSETS
- - --------------------------------------------------------------------------------------------------
Goodwill, net of amortization 8,785,000 9,137,000
Deferred charges and other assets, net 2,903,000 3,371,000
--------------- ---------------
Total other assets 11,688,000 12,508,000
TOTAL ASSETS $ 90,270,000 $ 97,442,000
--------------- ---------------
--------------- ---------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
-3-
<PAGE>
LIQUI-BOX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
UNAUDITED
---------------------------------
October 3, 1998 January 3, 1998
--------------- ---------------
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
- - --------------------------------------------------------------------------------------------------
CURRENT LIABILITIES
- - --------------------------------------------------------------------------------------------------
Accounts payable $ 7,628,000 $ 6,962,000
Short-term borrowings 8,300,000 10,000,000
Dividends payable 837,000 624,000
Salaries, wages and related liabilities 3,952,000 1,962,000
Federal, state and local taxes 952,000 684,000
Other accrued liabilities 3,194,000 3,627,000
--------------- ---------------
TOTAL CURRENT LIABILITIES 24,863,000 23,859,000
- - --------------------------------------------------------------------------------------------------
OTHER NONCURRENT LIABILITIES
- - --------------------------------------------------------------------------------------------------
Deferred income taxes 983,000 1,069,000
Commitments and Contingencies - -
- - --------------------------------------------------------------------------------------------------
STOCKHOLDERS' EQUITY
- - --------------------------------------------------------------------------------------------------
Preferred stock, without par value,
2,000,000 shares authorized; none issued -
Common stock, $.1667 stated value,
20,000,000 shares authorized,
7,262,598 shares issued 1,210,000 1,210,000
Additional paid-in capital 8,243,000 7,234,000
Cumulative translation adjustment 1,414,000 1,242,000
Unrealized gain on marketable securities-net of income taxes 786,000 872,000
Retained earnings 134,080,000 121,979,000
Less:
Treasury stock, at cost - 2,610,848
and 2,105,553 shares, respectively (81,309,000) (60,023,000)
- - --------------------------------------------------------------------------------------------------
TOTAL STOCKHOLDERS' EQUITY 64,424,000 72,514,000
--------------- ---------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 90,270,000 $ 97,442,000
--------------- ---------------
--------------- ---------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
-4-
<PAGE>
LIQUI-BOX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
UNAUDITED UNAUDITED
----------------------------- ----------------------------
Thirteen Weeks Ended Thirty-nine Weeks Ended
----------------------------- ----------------------------
October 3, September 27, October 3, September 27,
1998 1997 1998 1997
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
NET SALES $ 42,177,000 $ 44,239,000 $ 122,104,000 $ 121,176,000
Cost of Sales 27,403,000 29,647,000 79,015,000 81,188,000
------------- ------------- ------------- -------------
Gross Margin 14,774,000 14,592,000 43,089,000 39,988,000
Selling, administrative and
development expenses 5,601,000 6,238,000 18,499,000 18,821,000
------------- ------------- ------------- -------------
Operating income 9,173,000 8,354,000 24,590,000 21,167,000
OTHER INCOME (EXPENSE):
Interest and dividend income 58,000 273,000 248,000 646,000
Interest expense (150,000) (5,000) (434,000) (10,000)
Other, net (111,000) (109,000) (113,000) 164,000
------------- ------------- ------------- -------------
INCOME BEFORE INCOME TAXES 8,970,000 8,513,000 24,291,000 21,967,000
TAXES ON INCOME 3,669,000 3,405,000 9,935,000 8,908,000
------------- ------------- ------------- -------------
NET INCOME $ 5,301,000 $ 5,108,000 $ 14,356,000 $ 13,059,000
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
- - --------------------------------------------------------------------------------------------------------------------------------
EARNINGS PER SHARE
- - --------------------------------------------------------------------------------------------------------------------------------
Basic $1.13 $0.90 $3.04 $2.28
Diluted $1.08 $0.88 $2.92 $2.23
Cash dividends per common share $0.18 $0.13 $0.48 $0.39
- - --------------------------------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE NUMBER OF SHARES
USED IN COMPUTING EARNINGS PER SHARE:
- - --------------------------------------------------------------------------------------------------------------------------------
Basic 4,684,514 5,664,173 4,721,099 5,741,321
Diluted 4,901,412 5,797,195 4,918,885 5,853,549
</TABLE>
The accompanying notes are an integral part of the financial statements.
-5-
<PAGE>
LIQUI-BOX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
UNAUDITED
-----------------------------
Thirty-nine Weeks Ended
-----------------------------
October 3, September 27,
1998 1997
- - ------------------------------------------------------------------------------------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 14,356,000 $ 13,059,000
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 5,917,000 5,430,000
Provision for loss on accounts receivable 498,000 463,000
Amortization of other noncurrent assets 713,000 818,000
(Gain) on disposal of property, plant and equipment (1,000) (260,000)
Deferred compensation 275,000 328,000
Changes in deferred income tax accounts (63,000) 187,000
Changes in operating assets and liabilities:
Accounts receivable (2,993,000) (3,464,000)
Inventories (2,675,000) 1,178,000
Other current assets (202,000) (4,000)
Accounts payable 653,000 1,695,000
Salaries, wages and related liabilities 1,990,000 3,542,000
Other accrued liabilities (180,000) 2,126,000
------------- -------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 18,288,000 25,098,000
- - ------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
- - ------------------------------------------------------------------------------------------------
Purchase of property, plant and equipment (7,515,000) (8,894,000)
Proceeds from sale of property, plant and equipment 2,176,000 1,499,000
Other changes, net 20,000 123,000
------------- -------------
NET CASH USED IN INVESTING ACTIVITIES (5,319,000) (7,272,000)
- - ------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
- - ------------------------------------------------------------------------------------------------
Acquisition of treasury shares (22,455,000) (9,094,000)
Exercise of stock options, including tax benefit 1,903,000 354,000
Cash dividends (2,042,000) (2,220,000)
Repayment of short-term borrowings (1,700,000)
------------- -------------
NET CASH USED IN FINANCING ACTIVITIES (24,294,000) (10,960,000)
- - ------------------------------------------------------------------------------------------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH 173,000 (1,073,000)
- - ------------------------------------------------------------------------------------------------
(DECREASE ) INCREASE IN CASH AND CASH EQUIVALENTS (11,152,000) 5,793,000
CASH AND CASH EQUIVALENTS, Beginning of year 17,425,000 15,248,000
------------- -------------
CASH AND CASH EQUIVALENTS, End of third quarter $ 6,273,000 $ 21,041,000
------------- -------------
------------- -------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
-6-
<PAGE>
LIQUI-BOX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED
1. The accompanying financial statements include the accounts of Liqui-Box
Corporation (the "Company") and its subsidiaries.
The information furnished reflects all adjustments (all of which were of a
normal recurring nature) which are, in the opinion of management, necessary
to fairly present the consolidated financial position, results of
operations and changes in cash flows on a consistent basis.
Certain amounts in the prior year's financial statements have been
reclassified to conform to the 1998 presentation.
2. As of January 4, 1998, Liqui-Box adopted Statement of Financial Accounting
Standards No. 130 (SFAS 130), "Reporting Comprehensive Income," issued in
June 1997. SFAS 130 requires the reporting and display of comprehensive
income, which is composed of net income and other comprehensive income
items, in a full set of general purpose financial statements. Other
comprehensive income items are revenues, expenses, gains and losses that
under generally accepted accounting principles are excluded from net income
and reflected as a component of equity; such as currency translation and
gain or loss on securities adjustments. Comprehensive income, net of tax,
was $5,442,000 and $4,766,000 in Third Quarter 1998 and Third Quarter 1997.
Year to date comprehesive income was $14,442,000 and $12,119,000 in 1998
and 1997. Other comprehensive income is composed of the change in foreign
currency translation and the change in the value of marketable securities
held for investment.
3. In June 1997, the Financial Accounting Standards Board issued SFAS No. 131,
"Disclosures about Segments of an Enterprise and Related Information". The
statement is effective for periods beginning after December 15, 1997. The
Company has not completed the process of evaluating the impact that will
result on its financial statements when such statement is adopted.
4. The accompanying unaudited consolidated financial statements are presented
in accordance with the requirements for Form 10-Q and Article 10 of
Regulation S-X for interim reporting purposes. Accordingly, they do not
include all information and footnotes required by generally accepted
accounting principles for complete financial statements. These financial
statements should be read in conjuction with the year ended January 3, 1998
consolidated financial statements of Liqui-Box Corporation contained in the
Annual Report on Form 10-K (File No. 0-8514). Reference should be made to
the Company's aforementioned Form 10-K for additional disclosures including
a summary of the Company's accounting policies, which have not
significantly changed.
5. In June 1998, the Financial Accounting Standards Board issued SFAS No. 133,
"Accounting for Derivative Instruments and Hedging Activities". The
statement establishes accounting and reporting standards requiring that all
derivative instruments (including certain derivative instruments imbedded
in other contracts) be recorded in the balance sheet as either an asset or
a liability measured at its fair value. The statement requires that
changes in the derivative's fair value be recognized currently in earnings
unless specific hedge accounting criteria are met. The accounting
provisions for qualifying hedges allow a derivative's gains and losses to
offset related results on the hedged item in the income statement, and
requires that the Company formally document, designate, and assess the
effectiveness of transactions that qualify for hedge accounting. The
Company is not required to adopt this statement until January 2000. The
Company has not determined its method or timing of adopting this statement
or the impact on its financial statements.
-7-
<PAGE>
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
During the Third Quarter 1998, Liqui-Box Corporation and its subsidiaries
(the "Company") experienced a 5% decrease in sales dollars and a 7%
increase in unit sales compared to the Third Quarter 1997. The decrease in
sales dollars for the quarter was the result of the increase in unit sales,
offset by the sales mix and price changes. For the first three quarters of
1998, net sales dollars were $122,104,000 compared to $121,176,000 for the
first three quarters of 1997.
Gross profit, as a percentage of net sales, was 35% in the Third Quarter
1998 and 33% in the Third Quarter 1997. For the first three quarters of
1998, gross profit, as a percentage of net sales, was 35.3% compared to 33%
in 1997. The increases in gross profit as a percent of net sales are
primarily the result of improvements in plant operating efficiencies and to
a lesser extent, improved margins from the Company's Inpaco subsidiary.
For the Third Quarter of 1998, selling, administrative, and development
expenses were 13.3% of sales as compared to 14.1% in the Third Quarter of
1997. For the first nine months of 1998, selling, administrative, and
development expenses were 15.2% of sales as compared to 15.5% for the first
nine months of 1997. The decreases are primarily the result of the
Company's continuing efforts to control costs.
Income before taxes as a percentage of net sales was 21.3% in the Third
Quarter 1998 and 19.2% in the Third Quarter 1997. For the first nine
months of 1998, income before taxes as a percentage of net sales was 19.9%
of sales as compared to 18.1% for the first nine months of 1997.
The provision for income taxes was 40.9% of before tax income for the Third
Quarter of 1998 and 40% for the Third Quarter 1997. On a year-to-date
basis, the provision for income taxes was 40.9% in 1998 and 40.6% in 1997.
The effective tax rate for the first nine months of 1998 is based on the
Company's anticipated tax rate for the 1998 fiscal year.
At the end of the Third Quarter of 1998 and 1997, the Company had no
significant backlog of orders, which is industry typical.
LIQUIDITY AND CAPITAL RESOURCES
Total working capital at October 3, 1998, was $16,706,000 compared to
$23,521,000 at January 3, 1998. This decrease is the result of the
acquisition of treasury shares by the Company in the first three quarters
of 1998 combined with the seasonal needs of the Company. The ratio of
current assets to current liabilities was 1.7 to 1 at the end of the Third
Quarter 1998 and 2.0 to 1 at year-end 1997. Net cash provided from
operations was $18,288,000 for the nine months ended October 3, 1998
compared to $25,098,000 for the nine months ended September 27, 1997. Net
cash used in investing activities was $5,319,000 for the nine months ended
October 3, 1998 compared to $7,272,000 for the nine months ended September
27, 1997. The cash was used primarily for purchases of new plant equipment
and improvements to existing property and plant equipment. Cash used in
financing activities was $24,294,000 for the nine months ended October 3,
1998, compared to cash used of $10,960,000 for the nine months ended
September 27, 1997. The cash used in financing activities was primarily
for the acquisition of treasury stock, repayment of short-term debt and
payment of cash dividends.
-8-
<PAGE>
The Company's major commitments for capital expenditures as of October 3,
1998 were, as they have been in the past, primarily for increased capacity
at existing locations, building filler machines for lease and tooling for
new projects. Funds required to fulfill these commitments will be provided
principally from operations with any additional funding needed coming from
credit facilities that aggregate $30,000,000 with The Huntington National
Bank. There was $8,300,000 outstanding under these commitments as of
October 3, 1998.
Longer-term cash requirements, other than normal operating expenses, are
needed for financing anticipated growth; increasing capacity at existing
plants; development of new products and enhancement of existing products;
dividend payments and possible continued repurchases of the Company's
common shares. The Company believes that its existing cash and cash
equivalents, available credit facilities and anticipated cash generated
from operations will be sufficient to satisfy its currently anticipated
cash requirements for the fiscal year 1998.
There have been no significant changes in capitalization during the first
nine months of 1998, except for the repurchase of treasury shares in the
aggregate amount of $22,455,000 which were acquired throughout the first
nine months of 1998. The common shares were bought at a price considered
fair by management and there was cash available for these purchases. The
Company felt the purchases represented a good investment and would secure
common shares for issuance under the Company's employee benefit plans. The
Company has not entered into any significant financing arrangements not
reflected in the financial statements.
COMPREHENSIVE INCOME
Comprehensive income items are revenues, expenses, gains and losses that
under generally accepted accounting principles are excluded from net income
and reflected as a component of equity; such as currency translation and
gain or loss on securities adjustments. Comprehensive income, net of tax,
was $5,442,000 and $4,766,000 in Third Quarter 1998 and Third Quarter 1997.
Year to Date comprehensive income was $14,442,000 and $12,119,000 in 1998
and 1997. Comprehensive income differs from net income per the
Consolidated Statements of Income due to foreign currency translation gain
in 1998 and loss in 1997, and loss on marketable securities in 1998 and
gain in 1997. Other comprehensive income is composed of the change in
foreign currency translation and the change in the value of marketable
securities held for investment.
YEAR 2000
In prior years, certain computer programs were written using two digits,
rather than four, to define the applicable year. These programs were
written without considering the impact of the upcoming century and may
experience problems handling dates beyond the year 1999. This could cause
computer applications to fail or to create erroneous results unless
corrective measures are taken. Incomplete or untimely resolution of the
Year 2000 issue could have a material impact on the Company's business,
operations or financial condition, in the future.
The Company has identified its Year 2000 risk, in three categories:
internal business software; internal non-financial software and imbedded
chip technology; and external noncompliance by suppliers and customers.
INTERNAL BUSINESS SOFTWARE. The Company has been assessing the impact that
the Year 2000 issue will have on its computer systems, since 1995. In
response to these assessments, the Company has replaced all critical
systems. The Company's Project plan called for the implementation of an
integrated application software package which was purchased from a software
vendor. This application software has received ITAA*2000 certification
from the Information Technology Association of America as Year 2000
compliant. In addition, the Company has replaced all critical computer
hardware and PC software, with Year 2000 compliant products. The project
was implemented in the Second Quarter of 1998, at a total estimated cost of
$1,400,000, of which $241,000 was incurred in Third Quarter 1998 and
$796,000 Year to Date. The project has been funded through operating cash
flows.
-9-
<PAGE>
INTERNAL NON-FINANCIAL SOFTWARE AND IMBEDDED CHIP TECHNOLOGY. The Company
is in the data-gathering phase, with regard to non-financial software and
imbedded chip technology. The Company does not, at this time, have
sufficient data to estimate the cost of achieving Year 2000 compliance for
its non-financial systems. If the Company is unable to achieve Year 2000
compliance for its critical non-financial systems, the Year 2000 could have
a material impact on the operations of the Company. The Company does not
currently have a contingency plan, in place, for its non-financial software
and imbedded chip technology.
EXTERNAL NONCOMPLIANCE BY SUPPLIERS AND CUSTOMERS. The Company is in the
process of surveying critical suppliers, service providers and customers to
determine the status of their Year 2000 compliance programs. To the extent
that responses to Year 2000 readiness are not satisfactory, the Company
intends to change suppliers and service providers, to those who have
demonstrated Year 2000 readiness, but cannot be assured that it will be
successful in finding such alternative suppliers and service providers. In
the event that any of the Company's major customers and critical suppliers
do not achieve successful and timely Year 2000 compliance, and the Company
is not successful in replacing them with new customers or alternative
suppliers, the Company's business or operations could be adversely
affected.
Based on the work to date, the Company believes future costs relating to
the Year 2000 issue will not have a material impact on the Company's
consolidated financial position, results of operations or cash flows.
FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a safe-harbor
for forward-looking statements made by or on behalf of the Company. The
Company and its representatives may from time to time make written or oral
forward-looking statements, including statements contained in the Company's
filings with the Securities and Exchange Commission and in its reports to
shareholders. All statements which are not historical fact are
forward-looking statements based upon the Company's current plans and
strategies, and reflect the Company's current assessment of the risks and
uncertainties related to its business, including such things as product
demand and market acceptance; the economic and business environment and the
impact of governmental regulations, both in the United States and abroad;
the effects of competitive products and pricing pressures; the impact of
fluctuations in foreign currency exchange rates and the implementation of
the Euro; capacity; efficiency and supply constraints; effective
remediation of Year 2000 issues; weather conditions; and other risks
detailed in the Company's press releases, shareholder communications and
Security and Exchange Commission filings. Actual events affecting the
Company and the impact of such events on the Company's operations may vary
from those currently anticipated.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Not applicable
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
Not applicable
-10-
<PAGE>
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable
ITEM 5. OTHER INFORMATION
Not applicable
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit Index
Exhibit 27. Financial Data Schedule (page 12)
(b) No reports on Form 8-K were filed during the quarter ended
October 3, 1998.
-11-
<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 thereunto duly authorized.
LIQUI-BOX CORPORATION
--------------------------
(Registrant)
Date November 16, 1998 By /s/ C. William McBee
---------------------------- -------------------------
C. William McBee
President and Chief Operating Officer
(Duly Authorized Officer)
Date November 16, 1998 By /s/ Paul Maynard
---------------------------- ---------------------
Paul Maynard
Director of Finance
(Principal Accounting Officer)
-13-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AND THE CONSOLIDATED STATEMENT OF INCOME AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-02-1999
<PERIOD-END> OCT-03-1998
<CASH> 6,273
<SECURITIES> 0
<RECEIVABLES> 17,807
<ALLOWANCES> 1,186
<INVENTORY> 16,411
<CURRENT-ASSETS> 41,569
<PP&E> 105,992
<DEPRECIATION> 68,979
<TOTAL-ASSETS> 90,270
<CURRENT-LIABILITIES> 24,863
<BONDS> 0
0
0
<COMMON> 1,210
<OTHER-SE> 63,214
<TOTAL-LIABILITY-AND-EQUITY> 90,270
<SALES> 122,104
<TOTAL-REVENUES> 122,104
<CGS> 79,015
<TOTAL-COSTS> 97,514
<OTHER-EXPENSES> 299
<LOSS-PROVISION> 498
<INTEREST-EXPENSE> 434
<INCOME-PRETAX> 24,291
<INCOME-TAX> 9,935
<INCOME-CONTINUING> 14,356
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 14,356
<EPS-PRIMARY> 3.04
<EPS-DILUTED> 2.92
</TABLE>
