<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 July 4, 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 August 10, 1998
- ------------------------------------- ----------------------------------
Common Stock, no par value 4,702,359 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
July 4, 1998 and January 3, 1998 3-4
Condensed Consolidated Statements of Income
For the thirteen and twenty-six week periods ended
July 4, 1998 and June 28, 1997 5
Condensed Consolidated Statements of Cash Flows
For the twenty-six week periods ended
July 4, 1998 and June 28, 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
------------------------------
July 4, 1998 January 3, 1998
------------ ---------------
ASSETS
- ----------------------------------------------------------------------------------------------
CURRENT ASSETS
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Cash and cash equivalents $ 2,230,000 $ 17,425,000
Accounts receivable:
Trade, net of allowance for doubtful accounts
of $1,126,000 and $933,000, respectively 21,681,000 14,155,000
Other 574,000 657,000
------------ ------------
Total receivables 22,255,000 14,812,000
Inventories:
Raw materials and supplies 8,639,000 7,165,000
Work in process 4,240,000 3,027,000
Finished goods 3,854,000 3,563,000
------------ ------------
Total Inventories 16,733,000 13,755,000
Other current assets 1,704,000 1,388,000
------------ ------------
TOTAL CURRENT ASSETS 42,922,000 47,380,000
- ----------------------------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT - at Cost
- ----------------------------------------------------------------------------------------------
Land, buildings and leasehold improvements 15,765,000 14,784,000
Equipment and vehicles 69,372,000 68,375,000
Equipment leased to customers 18,719,000 18,331,000
Construction in process 3,292,000 2,359,000
------------ ------------
TOTAL 107,148,000 103,849,000
Less accumulated depreciation and amortization (69,651,000) (66,295,000)
------------ ------------
Property, plant and equipment - net 37,497,000 37,554,000
- ----------------------------------------------------------------------------------------------
OTHER ASSETS
- ----------------------------------------------------------------------------------------------
Goodwill, net of amortization 8,828,000 9,137,000
Deferred charges and other assets, net 3,170,000 3,371,000
------------ ------------
Total other assets 11,998,000 12,508,000
TOTAL ASSETS $ 92,417,000 $ 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
------------------------------
July 4, 1998 January 3, 1998
------------ ---------------
LIABILITIES AND STOCKHOLDERS' EQUITY
- ----------------------------------------------------------------------------------------------
CURRENT LIABILITIES
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Accounts payable $ 9,462,000 $ 6,962,000
Short-term borrowings 7,499,000 10,000,000
Dividends payable 708,000 624,000
Salaries, wages and related liabilities 2,740,000 1,962,000
Federal, state and local taxes 1,802,000 684,000
Other accrued liabilities 6,292,000 3,627,000
------------ ------------
TOTAL CURRENT LIABILITIES 28,503,000 23,859,000
- ----------------------------------------------------------------------------------------------
OTHER NONCURRENT LIABILITIES
- ----------------------------------------------------------------------------------------------
Deferred income taxes 1,060,000 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 7,967,000 7,234,000
Cumulative translation adjustment 1,159,000 1,242,000
Unrealized gain on marketable securities 900,000 872,000
Retained earnings 129,616,000 121,979,000
Less:
Treasury stock, at cost - 2,551,454
and 2,105,553 shares, respectively (77,998,000) (60,023,000)
- ----------------------------------------------------------------------------------------------
TOTAL STOCKHOLDERS' EQUITY 62,854,000 72,514,000
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $92,417,000 $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 Twenty-six Weeks Ended
-------------------------- --------------------------
July 4, June 28, July 4, June 28,
1998 1997 1998 1997
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
NET SALES $43,934,000 $42,979,000 $79,927,000 $76,937,000
Cost of Sales 27,298,000 27,672,000 51,612,000 51,008,000
----------- ----------- ----------- -----------
Gross Margin 16,636,000 15,307,000 28,315,000 25,929,000
Selling, administrative and
development expenses 7,436,000 7,500,000 12,898,000 13,116,000
----------- ----------- ----------- -----------
Operating income 9,200,000 7,807,000 15,417,000 12,813,000
OTHER INCOME (EXPENSE):
Interest and dividend income 87,000 218,000 190,000 373,000
Interest expense (130,000) 3,000 (284,000) (5,000)
Other, net (22,000) 26,000 (2,000) 273,000
----------- ----------- ----------- -----------
INCOME BEFORE INCOME TAXES 9,135,000 8,054,000 15,321,000 13,454,000
TAXES ON INCOME 3,736,000 3,294,000 6,266,000 5,503,000
----------- ----------- ----------- -----------
NET INCOME $ 5,399,000 $ 4,760,000 $ 9,055,000 $ 7,951,000
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
- ----------------------------------------------------------------------------------------------------------------------------
EARNINGS PER SHARE
- ----------------------------------------------------------------------------------------------------------------------------
Basic $1.14 $0.83 $1.91 $1.38
Diluted $1.10 $0.81 $1.84 $1.35
Cash dividends per common share $0.15 $0.13 $0.30 $0.26
- ----------------------------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE NUMBER OF Shares
USED IN COMPUTING EARNINGS Per share:
- ----------------------------------------------------------------------------------------------------------------------------
BASIC 4,723,138 5,746,323 4,739,392 5,782,001
DILUTED 4,927,004 5,850,225 4,925,261 5,878,877
</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
---------------------------
Twenty-six Weeks Ended
---------------------------
July 4, June 28,
1998 1997
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 9,055,000 $ 7,951,000
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 3,867,000 3,595,000
Provision for loss on accounts receivable 383,000 217,000
Amortization of other noncurrent assets 473,000 278,000
(Gain) on disposal of property, plant and equipment (1,000) (258,000)
Deferred compensation 230,000 218,000
Changes in deferred income tax accounts 14,000 175,000
Changes in operating assets and liabilities:
Accounts receivable (7,821,000) (4,123,000)
Inventories (2,980,000) (1,564,000)
Other current assets (334,000) (168,000)
Accounts payable 2,496,000 109,000
Salaries, wages and related liabilities 778,000 3,739,000
Other accrued liabilities 3,780,000 660,000
------------ ------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 9,940,000 10,829,000
- -----------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
- -----------------------------------------------------------------------------------------------
Purchase of property, plant and equipment (5,378,000) (5,297,000)
Proceeds from sale of property, plant and equipment 1,575,000 822,000
Other changes, net 65,000 311,000
------------ ------------
NET CASH USED IN INVESTING ACTIVITIES (3,738,000) (4,164,000)
- -----------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
- -----------------------------------------------------------------------------------------------
Acquisition of treasury shares (18,839,000) (3,132,000)
Exercise of stock options, including tax benefit 1,368,000 68,000
Cash dividends (1,334,000) (1,496,000)
Repayment of short-term borrowings (2,501,000)
------------ ------------
NET CASH USED IN FINANCING ACTIVITIES (21,306,000) (4,560,000)
- -----------------------------------------------------------------------------------------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH (91,000) (762,000)
- -----------------------------------------------------------------------------------------------
(DECREASE ) INCREASE IN CASH AND CASH EQUIVALENTS (15,195,000) 1,343,000
CASH AND CASH EQUIVALENTS, Beginning of year 17,425,000 15,248,000
------------ ------------
CASH AND CASH EQUIVALENTS, End of second quarter $2,230,000 $16,591,000
------------ ------------
------------ ------------
</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.
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 $5,491,000 and
$4,899,000 in Second Quarter 1998 and Second Quarter 1997. Year to
date comprehensive income was $9,000,000 and $7,353,000 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 of 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 conjunction 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.
-7-
<PAGE>
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
During the Second Quarter 1998, Liqui-Box Corporation and its subsidiaries (the
"Company") experienced a 2% increase in sales dollars and a 7% increase in unit
sales compared to the Second Quarter 1997. The increase in sales dollars for
the quarter was the result of the increase in unit sales, partly offset by the
sales mix and price changes. For the first two quarters of 1998, net sales
dollars were $79,927,000 compared with $76,937,000.
Gross profit, as a percentage of net sales, was 37.9% in the Second Quarter 1998
and 35.6% in the Second Quarter 1997. For the first two quarters of 1998, gross
profit, as a percentage of net sales, was 35.4% compared to 33.7% 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 Second Quarter of 1998, selling, administrative, and development
expenses were 16.9% of sales as compared to 17.5% in the Second Quarter of
1997. For the first six months of 1998, selling, administrative, and
development expenses were 16.1% of sales as compared to 17.0% for the first
six 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 20.8% in the Second Quarter
1998 and 18.7% in the Second Quarter 1997. For the first six months of 1998,
income before taxes as a percentage of net sales was 19.2% of sales as compared
to 17.5% for the first six months of 1997.
The provision for income taxes was 40.9% of before tax income for the Second
Quarter of 1998 and 40.9% for the Second Quarter 1997. On a year-to-date basis,
the provision for income taxes was 40.9% in 1998 and 40.9% in 1997. The
effective tax rate for the first six months of 1998 is based on the Company's
anticipated tax rate for the 1998 fiscal year.
At the end of the Second 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 July 4, 1998, was $14,419,000 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 half of 1998 combined with the seasonal needs
of the Company. The ratio of current assets to current liabilities was 1.5 to 1
at the end of the Second Quarter 1998 and 2.0 to 1 at year-end 1997. Net cash
provided from operations was $9,940,000 for the six months ended July 4, 1998
compared to $10,829,000 for the six months ended June 28, 1997. Net cash used
in investing activities was $3,738,000 for the six months ended July 4, 1998
compared to $4,164,000 for the six months ended June 28, 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 $21,306,000
for the six months ended July 4, 1998, compared to cash used of $4,560,000 for
the six months ended June 28, 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.
The Company's major commitments for capital expenditures as of July 4, 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 $7,499,000 outstanding under these commitments as of July 4, 1998.
-8-
<PAGE>
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 six
months of 1998, except for the repurchase of treasury shares in the aggregate
amount of $18,839,000 which were acquired throughout the first six 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
$5,491,000 and $4,899,000 in Second Quarter 1998 and Second Quarter 1997. Year
to Date comprehensive income was $9,000,000 and $7,353,000 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 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 plan was implemented in the second quarter of 1998 at a cost of
$1,000,000. The Company is also in the process of surveying critical
suppliers and customers to determine the status of their Year 2000 compliance
programs.
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.
-9-
<PAGE>
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
At the Annual Meeting of Shareholders held on April 22, 1998, the
shareholders of Liqui-Box Corporation ("Liqui-Box") approved the amendment of
Section 6 of Article I of Liqui-Box's Code of Regulations to reduce the number
of shares required to be present, either in person or by proxy, for a quorum at
shareholders' meetings from a majority of the voting power to 33 1/3% of the
voting power of Liqui-Box.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable
-10-
<PAGE>
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
(a) The Annual Meeting of Shareholders of Liqui-Box (the "Annual
Meeting") was held on April 22, 1998. At the close of business on February
24, 1998 (the record date), 4,725,773 common shares were outstanding and
entitled to vote at the Annual Meeting. At the Annual Meeting, 3,320,261
common shares or 70.24 % of the outstanding common shares entitled to vote
were represented in person or by proxy.
(b) Directors elected at the Annual Meeting were:
Samuel B. Davis:
Votes For: 3,060,539 Votes Withheld: 259,721 Broker Non-Votes: None
Robert S. Hamilton:
Votes For 3,069,411 Votes Withheld: 250,849 Broker Non-Votes: None
Russell M. Gertmenian:
Votes For: 3,065,147 Votes Withheld: 255,113 Broker Non-Votes: None
Other directors whose terms of office continued after the Annual Meeting:
Carl J. Aschinger, Jr.
Charles R. Coate
Samuel N. Davis
C. William McBee
(c) See Item 4(b) for the voting results for directors.
1. Proposal to amend Section 6 of Article I of Liqui-Box's Code
of Regulations to reduce quorum for shareholders' meetings:
For: 2,804,822 Against: 505,805 Abstain: 9,634 Broker
Non-Votes: None
(d) Not applicable
ITEM 5. OTHER INFORMATION
As discussed in Liqui-Box's Proxy Statement for the 1998 Annual Meeting
of Shareholders, any qualified shareholder of Liqui-Box who intends to submit
a proposal to Liqui-Box at the 1999 Annual Meeting of Shareholders (the "1999
Annual Meeting") must submit such proposal to Liqui-Box not later than
December 8, 1998 to be considered for inclusion in Liqui-Box's Proxy
Statement and form of Proxy (collectively, the "Proxy Materials") relating to
that meeting. If a shareholder intends to present a proposal at the 1999
Annual Meeting, but has not sought inclusion of such proposal in Liqui-Box's
Proxy Materials, such proposal must be received by Liqui-Box prior to
February 20, 1999 or Liqui-Box's management proxies for the 1999 Annual
Meeting will be entitled to use their discretionary voting authority should
such proposal then be raised, without any discussion of the matter in
Liqui-Box's Proxy Materials.
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 July
4, 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 August 17, 1998 By /s/ C. William McBee
---------------------------- ----------------------------
C. William McBee
President and Chief Operating Officer
(Duly Authorized Officer)
Date August 17, 1998 By /s/ Sheila Balster
---------------------------- ----------------------------
Sheila Balster
Financial Analyst
(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 STATEMENTS OF INCOME AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENT.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-02-1999
<PERIOD-END> JUL-04-1998
<CASH> 2,230
<SECURITIES> 0
<RECEIVABLES> 22,807
<ALLOWANCES> 1,126
<INVENTORY> 16,733
<CURRENT-ASSETS> 42,922
<PP&E> 107,148
<DEPRECIATION> (69,651)
<TOTAL-ASSETS> 92,417
<CURRENT-LIABILITIES> 28,503
<BONDS> 0
0
0
<COMMON> 1,210
<OTHER-SE> 61,644
<TOTAL-LIABILITY-AND-EQUITY> 92,417
<SALES> 79,927
<TOTAL-REVENUES> 79,927
<CGS> 51,612
<TOTAL-COSTS> 64,510
<OTHER-EXPENSES> 96
<LOSS-PROVISION> 383
<INTEREST-EXPENSE> 284
<INCOME-PRETAX> 15,321
<INCOME-TAX> 6,266
<INCOME-CONTINUING> 9,055
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,055
<EPS-PRIMARY> 1.91<F1>
<EPS-DILUTED> 1.84<F1>
<FN>
<F1>Multiplier of 1,000 except EPS.
</FN>
</TABLE>
