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UNITED STATES SEC File Number
SECURITIES AND EXCHANGE COMMISSION 0-30067
Washington, D.C. 20549
Cusip Number
FORM 12b-25 693651 10 1
NOTIFICATION OF LATE FILING
(Check One) _X_ Form 10-K __ Form 20-F __ Form 11-K __ Form 10-Q __ Form N-SAR
For Period Ended: June 30, 2000
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:____________________________
READ ATTACHED INSTRUCTION SHEET BEFORE PREPARING FORM. PLEASE PRINT OR TYPE
Nothing in the form shall be construed to imply that the Commission has
verified any information contained herein.
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If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:
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PART I - REGISTRANT INFORMATION
PVC CONTAINER CORPORATION
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Full Name of Registrant
N/A
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Former Name if Applicable
2 Industrial Way West
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Address of Principal Executive Office (STREET AND NUMBER)
Eatontown, New Jersey 07724
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City, State and Zip Code
PART II - RULES 12b-25(b) and (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following
should be completed. (Check appropriate box)
___ (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
_X_ (b) The subject annual report, semi-annual report, transition
report on Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion
thereof, will be filed on or before the fifteenth calendar day
following the prescribed due date; or the subject quarterly
report of transition report on Form 10-Q, or portion thereof
will be filed on or before the fifth calendar day following
the prescribed due date; and
__ (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed with the
prescribed time period. (Attach Extra Sheets if Needed)
Account change from LIFO to FIFO.
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PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Bertram Berkowitz 732 542-0060 x 207
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such shorter
period that the registrant was required to file such reports been
filed? If answer is no identify report(s).
_X_ Yes __ No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject
report or portion thereof? X Yes __ No
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
See Attachment A
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PVC CONTAINER CORPORATION
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date 9/28/2000 By /s/ Bertram Berkowitz
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Bertram Berkowitz, Vice President
of Finance
INSTRUCTION: The form may be signed by an executive officer of the registrant
or by any other duly authorized representative. The name and title of the
persons signing the form shall be typed or printed beneath the signature. If
the statement is signed on behalf of the registrant by an authorized
representative (other than an executive officer), evidence of the
representative's authority to sign on behalf of the registrant shall be filed
with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
GENERAL INSTRUCTION
1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the
General Rules and Regulations under the Securities Exchange Act of
1934.
2. One signed original and four conformed copies of this form and
amendments thereto must be completed and filed with the Securities and
Exchange Commission, Washington, D.C. 20549 in accordance with Rule
0-3 of the General Rules and Regulations under the Act. The
information contained in or filed with the form will be made a matter
of public record in the Commission files.
3. A manually signed copy of the form and amendments thereto shall be
filed with each national securities exchange on which any class of
securities of the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but
need not restate information that has been correctly furnished. The
form shall be clearly identified as an amendment notification.
5. ELECTRONIC FILERS. This form shall not be used by electronic filers
unable to timely file a report solely due to electronic difficulties.
Filers unable to submit a report within the time period prescribed due
to difficulties in electronic filing should comply with either Rule
201 or Rule 202 of Regulation S-T (Section 232.201 or Section 232.202
of this chapter) or apply for an adjustment in filing date pursuant to
Rule 13(b) of Regulation S-T (Section 232.12(c) of this chapter).
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Attachment A
Thursday September 28, 11:17 am Eastern Time
Press Release
SOURCE: PVC Container Corporation
PVC Container Corporation Announces Results For
Fiscal Year Ended June 30, 2000
EATONTOWN, N.J., Sept. 28 /PRNewswire/ -- PVC Container Corporation (Nasdaq:
PVCC - news) reported a loss of $(.06) per diluted common share for the fourth
fiscal quarter ended June 30, 2000 as compared to earnings of $.15 per diluted
common share for the same period a year ago. Net sales increased 2% to
$24,843,000 for the quarter ended June 30, 2000 compared to $24,381,000 for the
quarter ended June 30, 1999.
For the fiscal year ended June 30, 2000, the Company reported a loss per diluted
share of $(.17) as compared to earnings of $.24 for the same period last year,
after accounting for the $.04 per share restructuring charge. Net sales
increased 9% to $92,620,000 for the fiscal year ended June 30, 2000 compared to
$85,155,000 for the fiscal year ended June 30, 1999.
Phillip L. Friedman, President and Chief Executive Officer said, "Fiscal 2000
was a challenging year for PVC Container Corporation. As we've noted for several
quarters, very rapidly escalating plastic raw material costs, especially PVC
resin, severely eroded margins, particularly at our Novatec Plastics rigid PVC
compounding business. Margins were also negatively affected by resin price
increases throughout our plastic bottle segments, as price increases for our
plastic containers were constrained by increased competition in our marketplace.
These factors, as well as weaker sales volume in our extrusion blow molding
("EBM") general line bottle segment continued in the fourth fiscal quarter,
lowering capacity utilization and hurting our overall financial performance."
Mr. Friedman continued, "Despite the less than satisfactory financial results
for the quarter and the year, we are very pleased with the progress we've made
in several strategic areas. Our PET bottle segment has seen extraordinary growth
throughout the fiscal year. Many new molds and new customers contributed to an
80+% increase in this segment of our business. Additionally, our Airopak
specialty container division experienced solid growth and good results for the
year. Also on a positive note, we believe that margins for Novatec PVC compounds
will be improving as PVC resin prices that peaked during our fourth fiscal
quarter will decline during fiscal 2001 due to excess capacity in the PVC resin
supply market.
Mr. Friedman added, "In fiscal 2000, the Company changed its method of valuing
inventories from last-in, first-out (LIFO) to first-in, first-out (FIFO) method.
The change from LIFO to FIFO has been applied retroactively. The accounting
change decreased the net loss in 2000 by $754,000 or $(.11) per share and
increased net income in 1999 by $94,000 or $.01 per share. With a declining PVC
resin environment expected for fiscal 2001, LIFO inventories would approximate
FIFO inventories."
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Commenting further on the results, Mr. Friedman added, "In response to the poor
financial results for the past fiscal year, we implemented a company-wide
program we call `Challenge 2000' which empowers all of our employees to submit
projects and programs to reduce waste, lower costs and improve quality. In
addition, we have completed a painful process of restructuring various jobs and
functions throughout the Company, which has resulted in a 7% reduction in our
employee base. We have also undertaken a strategic review of our business and
will be implementing a strategy to further enhance our specialty segments of our
business. These and other programs, when successfully implemented, will improve
our position to compete successfully in our marketplace and return to profitable
growth and increasing long-term shareholder value."
This press release contains forward-looking statements that involve numerous
risks and uncertainties. The Company's actual results could differ materially
from those anticipated in such forward-looking statements as a result of certain
factors, including those set forth in the Company's filings with the Securities
& Exchange Commission, some of which are summarized in the Company's Form 10-K
Annual Report for the fiscal years ended June 30, 2000 and 1999.
PVC Container Corporation, founded in 1968 with executive offices in Eatontown,
New Jersey and manufacturing facilities in Pennsylvania, New York, South
Carolina and Illinois, is a major producer of plastic containers for the
packaging industry. It operates several wholly owned subsidiaries including
Novapak Corporation, for the manufacture and sale of general line plastic
bottles, the Airopak Corporation and Marpac Industries, Inc., responsible for
manufacturing and sales of specialty plastic containers, and Novatec Plastics
Corporation, a leading supplier of PVC compounds and specialty plastic alloys in
the United States. The Company's stock is traded under the Nasdaq symbol PVCC.
PVC CONTAINER CORPORATION
Results of Operations for the
Three & Twelve Months Ended
June 30, 2000
Three Months Ended Twelve Months Ended
June 30 June 30
2000 1999 2000 1999
(as restated) (as restated) (as restated) (as restated)
Net Sales $24,842,736 $24,381,365 $92,619,720 $85,155,047
Cost of Goods Sold 20,006,185 17,487,573 73,911,809 63,899,366
Selling, Genl &
Adm Exp 2,989,417 2,697,183 10,458,510 9,186,743
Depreciation 1,581,102 1,812,693 6,798,802 7,141,249
Restructuring Charge -- -- 400,000 --
Income from Operations 266,032 2,383,916 1,050,599 4,927,689
Interest & Other Exp (853,432) (548,479) (2,863,748) (2,089,384)
(Loss)Income Before
Taxes (587,400) 1,835,437 (1,813,149) 2,838,305
Tax (provision)
benefit 199,716 (738,900) 616,471 (1,135,322)
Net (loss)Income ($387,684) $1,096,537 ($1,196,678) $1,702,983
Common Shares
Outstanding 7,044,655 7,038,705 7,044,655 7,038,705
Earnings Per Share
(Basic & Diluted)
Before Restructuring
Charge ($.06) $.15 ($.13) $.24
After Restructuring
Charge ($.06) $.15 ($.17) $.24
SOURCE: PVC Container Corporation
