<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
---------
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 For the quarterly period ended June 30, 1997
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Commission File Number: 33-45897
PLASTIC CONTAINERS, INC.
(Exact name of registrant as specified in its charter)
Delaware 13-3632393
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
301 Merritt 7 Corporate Park
Norwalk, Connecticut 06856
(Address of principal executive offices)
Telephone number (203) 750-5900
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 twelve months, and (2) has been subject to such filing
requirements for the past 90 days:
Yes (X) No ( )
As of August 11, 1997, there were 100 shares of the registrant's common stock
outstanding.
<PAGE>
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
- ------------------------------
PLASTIC CONTAINERS, INC.
Condensed Consolidated Balance Sheets as of June 30, 1997 and December 31, 1996
Condensed Consolidated Statements of Operations for the three months ended
June 30, 1997 and 1996
Condensed Consolidated Statements of Operations for the six months ended
June 30, 1997 and 1996
Condensed Consolidated Statements of Cash Flows for the six months ended
June 30, 1997 and 1996
Notes to Condensed Consolidated Financial Statements
CONTINENTAL PLASTIC CONTAINERS, INC.
(A WHOLLY-OWNED SUBSIDIARY OF PLASTIC CONTAINERS, INC.)
Condensed Balance Sheets as of June 30, 1997 and December 31, 1996
Condensed Statements of Operations for the three months ended June 30, 1997
and 1996
Condensed Statements of Operations for the six months ended June 30, 1997
and 1996
Condensed Statements of Cash Flows for the six months ended June 30, 1997
and 1996
Notes to Condensed Financial Statements
2
<PAGE>
PLASTIC CONTAINERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(IN THOUSANDS, EXCEPT FOR SHARE AMOUNTS)
June 30, December 31,
1997 1996
-------- ------------
Assets
------
Current assets:
Cash and cash equivalents $ 6,309 12,178
Investment securities 17,434 1,210
Accounts receivable, net 24,173 27,702
Inventories (note 3) 17,572 19,402
Other current assets 4,181 4,061
--------- ---------
Total current assets 69,669 64,553
Property, plant and equipment, net 98,896 102,245
Intangible assets, net 26,518 27,078
Other assets 11,452 11,774
--------- ---------
$ 206,535 205,650
========= =========
Liabilities & Stockholders' Equity
----------------------------------
Current liabilities:
Notes payable to bank $ -- --
Accounts payable - trade 18,764 19,267
Current portion of long-term obligations 980 980
Other current liabilities 19,828 19,004
--------- ---------
Total current liabilities 39,572 39,251
Long-term obligations 128,590 129,002
Other liabilities 21,410 23,183
Stockholders' equity:
Common stock, $1 par value. Authorized 1,000
shares; 100 shares issued and outstanding -- --
Additional paid-in capital 78,759 77,722
Deficit (30,685) (33,434)
--------- ---------
48,074 44,288
Less note receivable from stockholder 31,111 30,074
--------- ---------
Total stockholders' equity 16,963 14,214
--------- ---------
$ 206,535 205,650
========= =========
3
<PAGE>
PLASTIC CONTAINERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS)
THREE MONTHS ENDED
June 30, June 30,
1997 1996
-------- --------
Net sales $ 71,374 66,382
Cost of goods sold 59,675 55,796
-------- --------
Gross profit 11,699 10,586
Selling, general and administrative expense 6,718 7,565
Plant rationalization and realignment -- 1,100
-------- --------
Operating income 4,981 1,921
Other income (expense):
Interest income 359 27
Interest expense (3,350) (3,260)
Loss on disposal of assets (58) --
-------- --------
Total other income (expense) (3,049) (3,233)
-------- --------
Income (loss) before income taxes 1,932 (1,312)
Income tax expense (benefit) 24 (627)
-------- --------
Net income (loss) $ 1,908 (685)
======== ========
4
<PAGE>
PLASTIC CONTAINERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS)
SIX MONTHS ENDED
June 30, June 30,
1997 1996
-------- --------
Net sales $ 136,761 127,017
Cost of goods sold 114,601 108,184
--------- ---------
Gross profit 22,160 18,833
Selling, general and administrative expense 13,238 14,741
Plant rationalization and realignment -- 1,100
--------- ---------
Operating income 8,922 2,992
Other income (expense):
Interest income 646 54
Interest expense (6,739) (6,463)
Gain (loss) on disposal of assets (56) 1
--------- ---------
Total other income (expense) (6,149) (6,408)
--------- ---------
Income (loss) before income taxes 2,773 (3,416)
Income tax expense (benefit) 24 (1,266)
--------- ---------
Net income (loss) $ 2,749 (2,150)
========= =========
5
<PAGE>
PLASTIC CONTAINERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
June 30, June 30,
1997 1996
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 2,749 (2,150)
Adjustments:
Depreciation and amortization 6,928 11,749
(Gain) loss on disposal of assets 56 (1)
Changes in assets and liabilities 5,058 3,358
Net cash provided by operating activities 14,791 12,956
-------- --------
Cash flows from investing activities:
Change in investment securities, net (16,224) 31
Proceeds from disposal of assets 104 121
Purchases of property, plant and equipment (4,127) (14,978)
-------- --------
Net cash used in investing activities (20,247) (14,826)
-------- --------
Cash flows from financing activities:
Net repayments on notes payable to bank -- (3,012)
Additions to long-term obligations -- 5,100
Repayments of long-term obligations (413) (216)
-------- --------
Net cash provided by (used in) financing activities (413) 1,872
-------- --------
Net increase (decrease) in cash and cash equivalents (5,869) 2
Cash and cash equivalents - beginning 12,178 1,428
-------- --------
Cash and cash equivalents - ending $ 6,309 1,430
======== ========
Supplemental disclosure of cash flow information:
Interest paid $ 6,720 6,288
Income taxes paid 40 8
======== ========
</TABLE>
6
<PAGE>
PLASTIC CONTAINERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(all dollars in thousands)
(1) BASIS OF PRESENTATION
The accompanying condensed consolidated financial statements include
Plastic Containers, Inc. and its wholly-owned subsidiaries, Continental
Plastic Containers, Inc. ("CPC") and Continental Caribbean Containers, Inc.
("Caribbean") (collectively, "PCI" or "the Company"). All significant
intercompany transactions have been eliminated in the consolidated
financial statements.
The condensed consolidated financial statements are unaudited and reflect
all adjustments which are, in the opinion of management, necessary for a
fair presentation of the financial position and operating results for the
interim periods. The condensed consolidated financial statements should be
read in conjunction with the consolidated financial statements and notes
thereto contained in the Company's Form 10-K for the year ended December
31, 1996.
CPC and Caribbean constitute all of PCI's direct and indirect subsidiaries
and have fully and unconditionally guaranteed PCI's 10% Senior Secured
Notes due 2006 (the "10% Notes") on a joint and several basis.
Additionally, the stock of CPC and Caribbean is pledged as security for the
10% Notes. PCI is a holding company with no assets or operations other than
its investments in CPC and Caribbean. Separate financial statements of CPC
accompany these financial statements pursuant to Rule 3-10 of Regulation
S-X. Separate financial statements and other disclosures concerning
Caribbean are not presented because management has determined that such
information is not material to investors.
The Company develops, manufactures and markets a wide range of custom
extrusion blow-molded plastic containers for food and juice, household
chemicals, automotive products and motor oil, industrial and agricultural
chemicals, and hair care products.
PCI is a subsidiary of Continental Can Company, Inc.
(2) INVENTORIES
Major classes of inventories at June 30, 1997 and December 31, 1996 consist
of the following:
June 30, Dec. 31,
1997 1996
-------- --------
Raw materials $ 9,319 10,774
Finished goods 10,924 11,539
------ ------
20,243 22,313
LIFO reserve (4,247) (4,247)
------- -------
15,996 18,066
Repair parts and supplies 1,576 1,336
-------- --------
$ 17,572 19,402
======= =======
7
<PAGE>
PLASTIC CONTAINERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(3) PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost. Depreciation is computed
principally on a straight-line basis over the estimated useful lives of the
assets which range from three to thirty-five years. Plant and equipment
held under capital leases and leasehold improvements are amortized
straight-line over the shorter of the lease term or estimated useful life
of the asset.
Effective January 1, 1997, the Company revised its estimates of the useful
lives of certain machinery and equipment. These changes were made to better
reflect the estimated periods during which these assets will remain in
service. For the three months and six months ended June 30, 1997, the
change had the effect of decreasing depreciation expense by $424 and $848,
respectively, and after adjusting for an assumed tax rate of 35%,
increasing net income by $276 and $552, respectively.
(4) LEASES
PCI leases certain facilities and equipment used in connection with its
operations. Rental expense under these operating leases was $3,400 and
$6,908 for the three months and six months ended June 30, 1997,
respectively, and $1,921 and $3,793 for the three months and six months
ended June 30, 1996, respectively. The increase in rent expense in 1997 is
primarily attributed to a sale-leaseback transaction completed in December
1996. The sale-leaseback transaction also resulted in a corresponding
reduction in depreciation expense.
8
<PAGE>
CONTINENTAL PLASTIC CONTAINERS, INC.
(A WHOLLY-OWNED SUBSIDIARY OF PLASTIC CONTAINERS, INC.)
CONDENSED BALANCE SHEETS
(UNAUDITED)
(IN THOUSANDS, EXCEPT FOR SHARE AMOUNTS)
June 30, December 31,
1997 1996
-------- ------------
Assets
------
Current assets:
Cash and cash equivalents $ 4,951 10,522
Investment securities 17,259 1,000
Accounts receivable, net 23,699 27,029
Inventories (note 3) 16,846 18,727
Other current assets 4,010 4,147
--------- ---------
Total current assets 66,765 61,425
Property, plant and equipment, net 95,214 98,778
Intangible assets, net 26,518 27,078
Other assets 11,443 11,774
--------- ---------
$ 199,940 199,055
========= =========
Liabilities & Stockholder's Equity
----------------------------------
Current liabilities:
Notes payable to bank $ -- --
Accounts payable - trade 18,598 19,045
Current portion of long-term obligations 980 980
Other current liabilities 19,592 18,813
--------- ---------
Total current liabilities 39,170 38,838
Long-term obligations 128,590 129,002
Other liabilities 21,384 23,155
Stockholder's equity:
Common stock, $1 par value. Authorized 25,000
shares; 10,000 shares issued and outstanding 10 10
Additional paid-in capital 72,152 71,114
Deficit (30,255) (32,990)
--------- ---------
41,907 38,134
Less note receivable from stockholder of parent 31,111 30,074
--------- ---------
Total stockholder's equity 10,796 8,060
--------- ---------
$ 199,940 199,055
========= =========
9
<PAGE>
CONTINENTAL PLASTIC CONTAINERS, INC.
(A WHOLLY-OWNED SUBSIDIARY OF PLASTIC CONTAINERS, INC.)
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS)
THREE MONTHS ENDED
June 30, June 30,
1997 1996
-------- --------
Net sales $ 69,822 65,013
Cost of goods sold 58,183 54,442
-------- --------
Gross profit 11,639 10,571
Selling, general and administrative expense 6,709 7,558
Plant rationalization and realignment -- 1,100
-------- --------
Operating income 4,930 1,913
Other income (expense):
Interest income 342 4
Interest expense (3,350) (3,260)
Loss on disposal of assets (58) --
-------- --------
Total other income (expense) (3,066) (3,256)
-------- --------
Income (loss) before income taxes 1,864 (1,343)
Income tax benefit -- 627
-------- --------
Net income (loss) $ 1,864 (716)
======== ========
10
<PAGE>
CONTINENTAL PLASTIC CONTAINERS, INC.
(A WHOLLY-OWNED SUBSIDIARY OF PLASTIC CONTAINERS, INC.)
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS)
SIX MONTHS ENDED
June 30, June 30,
1997 1996
-------- --------
Net sales $ 134,098 124,539
Cost of goods sold 111,957 105,653
--------- ---------
Gross profit 22,141 18,886
Selling, general and administrative expense 13,218 14,727
Plant rationalization and realignment -- 1,100
--------- ---------
Operating income 8,923 3,059
Other income (expense):
Interest income 607 9
Interest expense (6,739) (6,463)
Gain (loss) on disposal of assets (56) 1
--------- ---------
Total other income (expense) (6,188) (6,453)
--------- ---------
Income (loss) before income taxes 2,735 (3,394)
Income tax benefit -- 1,266
--------- ---------
Net income (loss) $ 2,735 (2,128)
========= =========
11
<PAGE>
CONTINENTAL PLASTIC CONTAINERS, INC.
(A WHOLLY-OWNED SUBSIDIARY OF PLASTIC CONTAINERS, INC.)
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
June 30, June 30,
1997 1996
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 2,735 (2,128)
Adjustments:
Depreciation and amortization 6,735 11,566
(Gain) loss on disposal of assets 56 (1)
Changes in assets and liabilities 5,173 3,393
Net cash provided by operating activities 14,699 12,830
-------- --------
Cash flows from investing activities:
Change in investment securities, net (16,259) --
Proceeds from disposal of assets 104 121
Purchases of property, plant and equipment (3,702) (14,813)
-------- --------
Net cash used in investing activities (19,857) (14,692)
-------- --------
Cash flows from financing activities:
Net repayments on notes payable to bank -- (3,012)
Additions to long-term obligations -- 5,100
Repayments of long-term obligations (413) (216)
-------- --------
Net cash provided by (used in) financing activities (413) 1,872
-------- --------
Net increase (decrease) in cash and cash equivalents (5,571) 10
Cash and cash equivalents - beginning 10,522 --
-------- --------
Cash and cash equivalents - ending $ 4,951 10
======== ========
Supplemental disclosure of cash flow information:
Interest paid $ 6,720 6,288
Income taxes paid 6 --
======== ========
</TABLE>
12
<PAGE>
CONTINENTAL PLASTIC CONTAINERS, INC.
(A WHOLLY-OWNED SUBSIDIARY OF PLASTIC CONTAINERS, INC.)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(unaudited)
(all dollars in thousands)
(1) BASIS OF PRESENTATION
Continental Plastic Containers, Inc. ("CPC") develops, manufactures and
markets a wide range of custom extrusion blow-molded plastic containers for
food and juice, household chemicals, automotive products and motor oil,
industrial and agricultural chemicals, and hair care products.
CPC is a wholly-owned subsidiary of Plastic Containers, Inc. ("PCI"). PCI
was organized in October 1991 for the purpose of acquiring CPC and
Continental Caribbean Containers, Inc. ("Caribbean"). PCI is a holding
company with no assets or operations separate from its investment in CPC
and Caribbean and is dependent upon funding provided by CPC to service its
debt. Accordingly, the accompanying financial statements of CPC reflect
various "push down" accounting adjustments to reflect debt and other
purchase adjustments recorded by PCI in connection with the acquisition.
The condensed financial statements are unaudited and reflect all
adjustments which are, in the opinion of management, necessary for a fair
presentation of the financial position and operating results for the
interim periods. The condensed financial statements should be read in
conjunction with the financial statements and notes thereto contained in
PCI's Form 10-K for the year ended December 31, 1996.
PCI is a subsidiary of Continental Can Company, Inc.
(2) INVENTORIES
Major classes of inventories at June 30, 1997 and December 31, 1996 consist
of the following:
June 30, Dec. 31,
1997 1996
-------- --------
Raw materials $ 8,868 10,307
Finished goods 10,648 11,331
------ ------
19,516 21,638
LIFO reserve (4,247) (4,247)
------- -------
15,269 17,391
Repair parts and supplies 1,577 1,336
-------- --------
$ 16,846 18,727
======= =======
13
<PAGE>
CONTINENTAL PLASTIC CONTAINERS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(3) PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost. Depreciation is computed
principally on a straight-line basis over the estimated useful lives of the
assets which range from three to thirty-five years. Plant and equipment
held under capital leases and leasehold improvements are amortized
straight-line over the shorter of the lease term or estimated useful life
of the asset.
Effective January 1, 1997, the CPC revised its estimates of the useful
lives of certain machinery and equipment. These changes were made to better
reflect the estimated periods during which these assets will remain in
service. For the three months and six months ended June 30, 1997, the
change had the effect of decreasing depreciation expense by $424 and $848,
respectively, and after adjusting for an assumed tax rate of 35%,
increasing net income by $276 and $552, respectively.
(4) LEASES
CPC leases certain facilities and equipment used in connection with its
operations. Rental expense under these operating leases was $3,400 and
$6,908 for the three months and six months ended June 30, 1997,
respectively, and $1,921 and $3,793 for the three months and six months
ended June 30, 1996, respectively. The increase in rent expense in 1997 is
primarily attributed to a sale-leaseback transaction completed in December
1996. The sale-leaseback transaction also resulted in a corresponding
reduction in depreciation expense.
14
<PAGE>
PLASTIC CONTAINERS, INC. AND SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
------------------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
(All Dollars in Thousands).
RESULTS OF OPERATIONS
Net Sales. Net sales for the second quarter and first six months of
1997 increased $4,992 (7.5%) and $9,744 (7.7%), respectively, compared to
the second quarter and first six months of 1996. The increase in sales was
the result of an increase in resin prices that were passed-through to
customers. Higher resin prices accounted for increased sales of
approximately $6,300 and $11,600 in the second quarter and first six months
of 1997, respectively. Part of the increase in sales resulting from higher
resin prices was offset by changes in product mix. Total unit volume for
the second quarter and first six months of 1997 increased 7.5% and 7.7%,
respectively, compared to the same periods in 1996; however, the product
mix in 1997 is comprised of a larger percentage of lighter-weight,
lower-priced containers compared to the prior year.
Gross Profit. Gross profit for the second quarter and first six
months of 1997 was $11,699 and $22,160, respectively, an increase of $1,113
(10.5%) and $3,327 (17.7%), respectively, over the corresponding periods in
1996. The increase in gross profit resulted primarily from a reduction in
manufacturing overhead costs. Net cost savings were realized through the
consolidation of production facilities whereby one facility was closed in
October 1996 and another facility was closed in March 1997. Such savings
amounted to approximately $900 for the second quarter and approximately
$2,000 for the first six months of 1997. There was no material loss in unit
volume or net sales from these closings, as substantially all related
production volume was transferred to other Company facilities. These
savings were partially offset by additional costs related to a new facility
which began full production in the fourth quarter of 1996. A revision in
the estimated useful lives of certain machinery and equipment also resulted
in a reduction in depreciation expense of $424 and $848, respectively for
the second quarter and first six months of 1997. A further reduction in
manufacturing costs was also accomplished through increased operating
efficiencies at all production facilities.
Gross profit percentage for the second quarter and first six months
of 1997 was 16.4% and 16.2%, respectively, compared to 15.9% and 14.8% for
the corresponding periods of 1996. The increase in gross profit percentage
was the result of the increase in gross profit dollars discussed above, net
of the impact of higher resin prices on sales. As discussed above, the
increase in sales attributed to resin prices are a direct pass-through of
raw material cost increases and do not result in a corresponding increase
in gross profit dollars. Excluding the impact on sales of higher resin
prices, gross profit percentage for the second quarter and first six months
of 1997 would have been 18.0% and 17.7%.
SG&A. Selling, general and administrative (SG&A) expense for the
second quarter and first six months of 1997 decreased $847 (11.2%) and
$1,503 (10.2%), respectively, compared to the second quarter and first six
months of 1996. The decrease in SG&A expense results primarily from a
reduction in amortization expense related to noncompete agreements which
became fully amortized in the fourth quarter of 1996. SG&A expense as a
percentage of net sales for the second quarter and first six months of 1997
was 9.4% and 9.7%, respectively, compared to 11.4% and 11.6% for the
corresponding periods of 1996. The decrease in the percentage was the
result of the reduction in expense and the impact on sales of the higher
resin prices. Excluding the resin impact on sales, SG&A as a percentage of
net sales for the second quarter and first six months of 1997 would have
been 10.3% and 10.6%, respectively.
15
<PAGE>
Plant rationalization and realignment. A charge of $1,100 was
recognized in the second quarter of 1996 in connection with a plan to
consolidate certain manufacturing operations.
Other Expense. Other expense for the second quarter and first six
months of 1997 decreased $184 and $259, respectively, compared to the
corresponding periods of 1996. This decrease results primarily from an
increase in interest income from additional invested funds in 1997.
Income Taxes. Income taxes on 1997 earnings are offset by a benefit
from previously unrecognized tax net operating loss carryforwards. An
income tax benefit for the second quarter and first six months of 1996 of
$627 and $1,266, respectively, resulted primarily from a decrease in the
valuation reserve for deferred tax assets.
Net Earnings. Net earnings for the second quarter and first six
months of 1997 were $1,908 and $2,749, respectively, compared to a net loss
of $685 and $2,150 for the corresponding periods of 1996. The increase in
1997 earnings is the result of the improvement in gross profit dollars and
the decrease in SG&A expense, offset by the decrease in income tax benefit.
CAPITAL REQUIREMENTS
PCI acquired $4,127 in capital assets in the first six months of
1997, compared to $14,978 in the first six months of 1996. Substantially
all of the assets acquired were packaging equipment for the manufacture of
plastic containers or related support equipment. Capital expenditure levels
in 1996 were higher due to the addition of a new production facility. The
capital requirements in the first six months of 1997 were met with cash
generated by operations and from existing funds.
LIQUIDITY
The Company's primary sources of liquidity are provided through a
revolving credit facility of $50,000 and cash flows from operations. At
June 30, 1997, the Company had no borrowings outstanding under the
revolving credit facility and had invested cash and cash equivalents of
approximately $23,700.
The revolving credit facility has a term of seven years expiring
October 31, 2002. Interest is based on the bank's prime rate or LIBOR, at
the Company's option. At June 30, 1997, the Company had undrawn
availability under the revolving credit facility of approximately $27,700.
Working capital was $30,097 at June 30, 1997, an increase of $4,795,
from $25,302 at December 31, 1996. The current ratio is 1.76 at June 30,
1997 compared to 1.64 at December 31, 1996. The increase in working capital
is the result of improved cash flows from operations and a reduction in
capital spending levels.
Management believes that existing funds and the funds expected to be
generated from operations and provided by existing credit facilities will
be sufficient to meet working capital and capital investment needs for the
foreseeable future.
16
<PAGE>
PART II
OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
------------------------------------------
(a) Exhibits
(27) Financial Data Schedule........................... Page 18
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter ended June 30,
1997.
SIGNATURE
---------
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 authorized.
PLASTIC CONTAINERS, INC.
By: /s/ Abdo Yazgi
---------------------
Abdo Yazgi
Principal Financial and
Accounting Officer on behalf
of the registrant
Dated this 11th day of August, 1997.
17
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 6,309
<SECURITIES> 17,434
<RECEIVABLES> 25,497
<ALLOWANCES> 1,324
<INVENTORY> 17,572
<CURRENT-ASSETS> 69,669
<PP&E> 169,900
<DEPRECIATION> 71,004
<TOTAL-ASSETS> 206,535
<CURRENT-LIABILITIES> 39,572
<BONDS> 128,590
<COMMON> 0
0
0
<OTHER-SE> 16,963
<TOTAL-LIABILITY-AND-EQUITY> 206,535
<SALES> 136,761
<TOTAL-REVENUES> 136,761
<CGS> 114,601
<TOTAL-COSTS> 127,839
<OTHER-EXPENSES> 6,149
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,739
<INCOME-PRETAX> 2,773
<INCOME-TAX> 24
<INCOME-CONTINUING> 2,749
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,749
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
