SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 27, 1997
SILGAN HOLDINGS INC.
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(Exact name of registrant as specified in its charter)
Delaware 33-28409 06-1269834
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
4 Landmark Square, Stamford, Connecticut 06901
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 975-7110
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Item 5: Other Events.
Based on preliminary unaudited information, Silgan Holdings
Inc. (the "Company") has announced its net sales, estimated income from
operations and estimated net income for the year ended December 31, 1996.
The Company's net sales for the year ended December 31, 1996,
based on preliminary unaudited information, were $1,405.7 million, as compared
to net sales of $1,101.9 million for the year ended December 31, 1995. Net sales
for the Company's metal container business for the year ended December 31, 1996
were $1,189.3 million, an increase of $307.0 million from net sales of $882.3
million for the year ended December 31, 1995. This increase is due principally
to the fact that the Company had twelve months of sales in 1996 from the Food
Metal and Specialty business ("AN Can") acquired by the Company in August 1995
from American National Can Company, as compared to five months of sales in 1995.
Net sales of the Company's metal container business for 1996 were also slightly
more than net sales, pro forma for the AN Can acquisition, of $1,184.8 million
for 1995. Net sales of the Company's plastic container business for the year
ended December 31, 1996 were $216.4 million, as compared to net sales of $219.6
million for the year ended December 31, 1995. This decrease was due principally
to the pass through of lower resin costs, offset by an increase in unit volume.
The Company anticipates that benefits realized from the AN Can
acquisition and improved operating performance in 1996 will result in higher
income from operations for the Company for the year ended December 31, 1996,
which is estimated to be approximately $123.0 million, as compared with income
from operations of $69.8 million and $92.7 million, historical and pro forma for
the AN Can acquisition respectively (in each case after giving effect to a
charge of $14.7 million to adjust the carrying value of certain assets), for
1995.
The Company's net income for the year ended December 31, 1996
is estimated to be approximately $25.0 million. For the year ended December 31,
1995, the Company incurred a historical net loss of $21.8 million (which
included a charge of $14.7 million to adjust the carrying value of certain
assets). The increase in net income in 1996 principally reflected the
aforementioned benefits realized from the acquisition of AN Can, improved
operating performance and plant consolidations, and the benefits of refinancing
in 1995 and 1996 a portion of the Company's 13 1/4% Senior Discount Debentures
due 2002 with lower cost indebtedness.
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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 hereunto duly authorized.
SILGAN HOLDINGS INC.
By:/s/ Harley Rankin, Jr.
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Harley Rankin, Jr.
Executive Vice President,
Chief Financial Officer
and Treasurer
Date: January 27, 1996
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