UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
XX QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 For
the quarterly period ended June 29, 1997
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 0-21052
ALLTRISTA CORPORATION
Indiana No. 35-1828377
State of Incorporation IRS Employer Identification No.
345 South High Street, P.O. Box 5004
Muncie, IN 47307-5004
765/281-5000
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 July 31, 1997
----------------- ----------------------------
Common Stock,
without par value 7,396,630 shares
This document contains 15 pages. The exhibit index is on page 14 of 15.
Page 1 of 15
<PAGE>
ALLTRISTA CORPORATION
Quarterly Report on Form 10-Q
For the period ended June 29, 1997
INDEX
Page Number
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Unaudited Condensed Statements of Income
for the three and six month periods ended
June 29, 1997 and June 30, 1996 3
Unaudited Condensed Balance Sheets at
June 29, 1997 and December 31, 1996 4
Unaudited Condensed Statements of Cash
Flows for the six month periods ended
June 29, 1997 and June 30, 1996 5
Notes to Unaudited Condensed Financial
Statements 6 - 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8 - 11
PART II. OTHER INFORMATION 12
Page 2 of 15
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
<CAPTION>
ALLTRISTA CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED STATEMENTS OF INCOME
(thousands of dollars except per share amounts)
Three month period ended Six month period ended
June 29, June 30, June 29, June 30,
1997 1996 1997 1996
------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
Net Sales $78,950 $69,398 $124,592 $120,526
Costs and expenses
Cost of sales 54,619 46,643 89,417 84,195
Selling, general and administrative expenses 12,664 12,101 20,602 19,854
------------ ----------- ----------- ------------
Operating earnings 11,667 10,654 14,573 16,477
Interest expense, net (751) (842) (1,360) (1,588)
------------ ----------- ----------- ------------
Income from continuing operations before taxes 10,916 9,812 13,213 14,889
Provision for income taxes (4,104) (3,908) (4,968) (5,895)
------------ ----------- ----------- ------------
Income from continuing operations 6,812 5,904 8,245 8,994
Loss from discontinued operation,
net of income taxes of $(216) for the three
month period-ended June 30, 1996 - (267) - -
------------ ----------- ----------- ------------
Net income $ 6,812 $ 5,637 $ 8,245 $ 8,994
============ =========== =========== ===========
Per share of common stock:
Income from continuing operations
Primary earnings per share $ .91 $ .73 $ 1.09 $ 1.12
============ =========== ========== ===========
Fully diluted earnings per share $ 90 $ .73 $ 1.09 $ 1.11
=========== =========== ========== ===========
Net income
Primary earnings per share $ .91 $ .70 $ 1.09 $ 1.12
=========== =========== ========== ===========
Fully diluted earnings per share $ .90 $ .70 $ 1.09 $ 1.11
=========== =========== ========== ===========
See accompanying notes to unaudited condensed financial statements.
</TABLE>
Page 3 of 15
<PAGE>
<TABLE>
<CAPTION>
ALLTRISTA CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED BALANCE SHEETS
(thousands of dollars)
June 29, December 31,
1997 1996
------------ --------------
<S> <C> <C>
ASSETS
Current assets
Cash and cash equivalents $ 3,168 $ 7,611
Accounts receivable, net 39,437 27,621
Inventories
Raw materials and supplies 10,722 9,894
Work in process and finished goods 28,081 32,368
Deferred taxes on income 3,312 3,312
Prepaid expenses 1,242 726
------------ ------------
Total current assets 85,962 81,532
------------ ------------
Property, plant and equipment, at cost 148,619 145,135
Accumulated depreciation (102,684) (99,475)
------------ ------------
45,935 45,660
Goodwill, net 25,503 20,549
Other assets 6,980 6,338
------------ ------------
Total assets $164,380 $154,079
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Notes payable $ 4,808 $ -
Accounts payable 17,097 17,181
Other current liabilities 15,534 15,479
------------ ------------
Total current liabilities 37,439 32,660
------------ ------------
Noncurrent liabilities
Long-term debt 30,000 30,000
Deferred taxes on income 91 92
Other noncurrent liabilities 7,972 7,860
------------ ------------
Total noncurrent liabilities 38,063 37,952
------------ ------------
Shareholders' equity:
Common stock (includes 7,983,341 common
shares issued and 7,352,892 shares
outstanding at June 29, 1997) 41,090 41,457
Retained earnings 61,668 53,475
Minimum pension liability (253) (253)
Cumulative translation adjustment (73) (38)
------------ ------------
102,432 94,641
Less treasury stock (608,256 shares, at cost) (13,554) (11,174)
------------ -----------
Total shareholders' equity 88,878 83,467
------------ ------------
Total liabilities and shareholders' equity $164,380 $154,079
=========== ============
See accompanying notes to unaudited condensed financial statements.
</TABLE>
Page 4 of 15
<PAGE>
<TABLE>
<CAPTION>
ALLTRISTA CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
(thousands of dollars)
Six month period ended
June 29, June 30,
1997 1996
------------ ----------
<S> <C> <C>
Cash flows from operating activities
Net income $8,245 $8,994
Reconciliation of net income to net cash provided
by operating activities:
Depreciation and amortization 5,072 5,554
Loss on disposal of fixed assets 525 590
Deferred employee benefits 406 542
Other (245) 11
Changes in working capital components (8,231) (2,210)
------------ ------------
Net cash provided by operating activities 5,772 13,481
------------ ------------
Cash flows from financing activities
Proceeds from revolving credit borrowings 15,967 20,526
Payments on revolving credit borrowings (11,160) (22,446)
Proceeds from issuance of common stock 1,293 1,809
Purchase of treasury stock (4,042) (2,194)
------------ ------------
Net cash provided by (used in)
financing activities 2,058 (2,305)
------------ ------------
Cash flows from investing activities
Additions to property, plant and equipment (3,617) (6,906)
Proceeds from sale of property, plant and equipment 46 38
Acquisition of businesses and product lines (8,288) (14,633)
Cash proceeds from the sale of certain assets
of discontinued operation - 14,384
Other (414) (437)
------------ ------------
Net cash used in investing activities (12,273) (7,554)
------------ ------------
Net (decrease) increase in cash (4,443) 3,622
Cash and cash equivalents, beginning of period 7,611 2,333
------------ ------------
Cash and cash equivalents, end of period $3,168 $5,955
============ ============
See accompanying notes to unaudited condensed financial statements.
</TABLE>
Page 5 of 15
<PAGE>
ALLTRISTA CORPORATION AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
1. Presentation of Condensed Financial Statements
Certain information and footnote disclosures, including significant
accounting policies normally included in financial statements prepared in
accordance with generally accepted accounting principles, have been
condensed or omitted. Significant intercompany balances and transactions
have been eliminated. Certain amounts from prior periods were reclassified
to conform to the 1997 presentation. Net income and shareholders' equity
have not been affected by these reclassifications. In the opinion of
management, the accompanying condensed financial statements include all
adjustments necessary for a fair presentation of the results for the interim
periods presented. Results of operations for the periods shown are not
necessarily indicative of results for the year, particularly in view of some
seasonality in the Consumer Products business. The accompanying unaudited
condensed financial statements should be read in conjunction with the
Consolidated Financial Statements and Notes to Consolidated Financial
Statements of Alltrista Corporation and Subsidiaries included in the
Company's latest annual report.
2. Contingencies
The Company is subject to and involved in claims arising out of the conduct
of its business including those relating to product liability, environmental
and safety and health matters. The Company's information at this time does
not indicate that the resolution of the aforementioned claims will have a
material, adverse effect upon financial condition, results of operations,
cash flows or competitive position of the Company.
3. Earnings per share
Earnings per share for the periods are computed by dividing net income for
the period by the sum of the weighted average number of shares outstanding
for the period and the common stock equivalents which result from stock
option activity. The Company will adopt the provisions of Statement of
Financial Accounting Standards No. 128, "Earnings Per Share," in the last
quarter of 1997. Pro forma basic and diluted earnings per share for the
three and six month periods ending June 29, 1997 and June 30, 1996
calculated pursuant to SFAS 128 would be as follows:
<TABLE>
<CAPTION>
Three month period ended Six month period ended
June 29, June 30, June 29, June 30,
1997 1996 1997 1996
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
Per share of common stock:
Income from continuing operations
Basic earnings per share $ .93 $ .75 $ 1.11 $ 1.14
Diluted earnings per share $ .91 $ .73 $ 1.09 $ 1.12
Net income
Basic earnings per share $ .93 $ .72 $ 1.11 $ 1.14
Diluted earnings per share $ .91 $ .70 $ 1.09 $ 1.12
</TABLE>
Page 6 of 15
<PAGE>
ALLTRISTA CORPORATION AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS (Continued)
4. Acquisition of assets
In May, 1997, the Company purchased certain assets and assumed certain
liabilities of Viking Industries ("Viking Plastics") for $8.3 million and
future consideration. The acquisition was accounted for as a purchase. The
purchase price was allocated to the assets and liabilities assumed based on
their estimated fair values as of the date of acquisition. The purchase
price in excess of the fair value of assets purchased and liabilities
assumed will be amortized over a 20-year period. The impact of including the
financial results of Viking Plastics in a pro forma presentation for the six
month periods ended June 29, 1997 and June 30, 1996 would not have been
material.
Viking Plastics is an Arkansas-based producer of large thermoformed plastic
products sold to the manufactured housing and recreational vehicle
industries. Viking Plastics had 1996 sales of $15 million.
Page 7 of 15
<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Results of Operations - Comparing Second Quarter 1997 to Second Quarter 1996
The Company's net sales increased 13.8% or $9.6 million to $79.0 million in the
second quarter of 1997 from $69.4 million in the second quarter of 1996.
Operating earnings increased 10.4% or $1.1 million to $11.7 million in the
second quarter of 1997 from $10.6 million in the second quarter of 1996.
The increase in sales was primarily due to a $7.7 million increase in sales in
the Consumer Products division which is benefiting from the March, 1996
acquisition of the Kerr brand home canning products and a good start to the
growing season for home gardening and fresh fruit. During 1996, the Company,
under the terms of a non-exclusive Sales Agent Agreement, sold certain
pre-closing inventory retained by Kerr. These sales are not reflected in the
Company's 1996 results of operations. Since the Company fulfilled the agreement
at the end of 1996, 1997 sales of the Kerr products are reflected in the
Company's current year results. The increase in Consumer Products sales within
the food containers segment was offset in part by a decline in sales within the
Plastic Packaging division. The Plastic Packaging sales decline is primarily a
result of lower customer requirements. The $1.3 million improvement in operating
earnings for this segment was driven primarily by the strong sales in the
Consumer Products division.
The divisions within the industrial components segment all reported an increase
in second quarter 1997 sales compared to the second quarter of 1996 with the
exception of the Unimark Plastics division. The Industrial Plastics division
posted a $2.4 million increase in sales primarily as a result of the acquisition
of Viking Plastics ($2.0 million in sales). The Zinc Products division reported
a $1.2 million increase in sales despite a 6 million pound decrease in coinage
sales volume. U.S. Mint shipments averaged 18 truck loads per week for the
second quarter of 1997 compared to 30 truck loads per week during the second
quarter of 1996. The effect the decline in coinage volume had on sales was
offset by (i) zinc ingot prices steadily increasing from an average of 51 cents
per pound in the second quarter of 1996 to 65 cents per pound in the second
quarter of 1997, (ii) an increase in European industrial sales volume, (iii) an
increase in battery can sales volume, and (iv) inclusion of sales to the Royal
Canadian Mint during the second quarter of 1997 for the Canadian one cent coin
compared to no such sales in the second quarter of 1996. The Zinc Products
division anticipates an average of 15 truck loads per week to the U.S. Mint for
the remainder of 1997. In addition, one of the two customers for which Zinc
Products produces dry cell battery cans notified the Company it would be moving
production of its zinc/carbon batteries to Mexico next year. The Company does
not expect this development to have a material impact on Company profitability.
LumenX reported a $.3 million increase in sales in the second quarter of 1997
compared to the second quarter of 1996. The $1.3 million decrease in Unimark
Plastics sales was attributed to lower demand within both the health care and
consumer markets, with some customers bringing production back into their own
facilities. This division expects sales to return to more normal levels in the
fourth quarter of 1997. Overall, operating earnings for the industrial
components segment was equivalent to 1996.
Gross profit increased $1.6 million in the second quarter of 1997 compared to
the second quarter of 1996. The increase was primarily due to the aforementioned
Consumer Products division sales increase. The increase from the Consumer
Products division and an increase at the Industrial Plastics division were
offset in part by a decrease in gross profit at the Unimark Plastics, Plastic
Packaging, Zinc Products and LumenX divisions. Unimark Plastics and Plastic
Packaging both reported lower sales as noted above. In addition, Plastic
Packaging experienced an increase in resin costs that were not passed through to
customers. Zinc Products decline reflects the decline in zinc coinage volume.
LumenX reported a decline in gross profit primarily due to a change in product
mix.
Selling, general and administrative expenses increased $0.6 million in the
second quarter of 1997 compared to the second quarter of 1996. Several
components within selling, general and administrative expenses (commissions,
warehousing, etc.) fluctuate with sales volume.
Second quarter 1997 net interest expense was flat compared to the same period
last year as reduced 1997 daily average borrowings were offset by slightly
higher average interest rates.
Page 8 of 15
<PAGE>
Results of Operations - Comparing Year to Date 1997 to Year to Date 1996
The Company's net sales increased 3.4% or $4.1 million to $124.6 million in the
first six months of 1997 from $120.5 million in the first six months of 1996.
The increase in sales was primarily due to the $7.5 million increase in sales in
the Consumer Products division which is benefiting from the March, 1996
acquisition of the Kerr brand of home canning products and a good start to the
growing season for home gardening and fresh fruit. During 1996, the Company,
under the terms of a non-exclusive Sales Agent Agreement, sold certain
pre-closing inventory retained by Kerr. These sales are not reflected in the
Company's 1996 results of operations. Since the Company fulfilled the agreement
at the end of 1996, 1997 sales of the Kerr products are reflected in the
Company's current year results. The Zinc Products and Industrial Plastics
divisions both reported increases in sales for the first six months of 1997
compared to the first six months of 1996. The Zinc Products division reported a
$0.8 million increase in sales despite a 14.4 million pound decrease in coinage
sales volume. U.S. Mint shipments averaged 16.7 truck loads per week for the
period compared to 30.5 truck loads per week the first six months of 1996. The
effect the decline in coinage volume had on sales was offset by (i) zinc ingot
prices steadily increasing from an average of 51 cents per pound in the first
six months of 1996 to 62 cents per pound in the first six months of 1997, (ii)
an increase in European industrial sales volume, (iii) an increase in battery
can sales volume, and (iv) initial sales to the Royal Canadian Mint for the
Canadian one cent coin. The Zinc Products division anticipates an average of 15
truck loads per week to the U.S. Mint for the remainder of 1997. In addition,
one of the two customers for which Zinc Products produces dry cell battery cans
notified the Company it would be moving production of its zinc/carbon batteries
to Mexico next year. The Company does not expect this development to have a
material impact on Company profitability. The Industrial Plastics division
posted a $2.2 million increase in sales primarily as a result of the acquisition
of Viking Plastics ($2.0 million in sales). The increase in sales within the
Consumer Products, Zinc Products, and Industrial Plastics divisions were offset
in part by a decrease in the Unimark Plastics, Plastic Packaging and LumenX
divisions. The Unimark Plastics division reported a $2.8 million decrease in
sales for the period as a result of reduced customer requirements as well as
several customers pulling production back into their own facilities. The Plastic
Packaging division's $2.7 million decrease in sales was primarily due to lower
customer requirements. LumenX reported a $0.9 million decrease in sales.
Overall, gross profit declined in the first six months of 1997 compared to the
first six months of 1996 with the majority of the decline occurring within the
Zinc Products and Unimark Plastics divisions. Zinc Products' gross profit was
driven down by the aforementioned decline in coinage sales volume, while Unimark
Plastics' decline in gross profit was primarily due to the decline in sales as
previously noted. The decline in gross profit within these two divisions was
offset in part by the improvement at the Consumer Products division.
Selling, general and administrative expenses increased 3.5% or $0.7 million to
$20.6 million in the first six months of 1997 from $19.9 million in the first
six months of 1996, while remaining unchanged as a percentage of net sales. The
increase was almost entirely a function of the increased Consumer Products
division sales.
Operating earnings decreased 11.5% or $1.9 million to $14.6 million in the
first six months of 1997 from $16.5 million in the first six months of 1996.
Net interest expense for the six month period ended June 29, 1997 was $1.4
million compared to $1.6 million for the same period last year. Lower 1997 daily
average borrowings were offset in part by slightly higher interest rates.
Page 9 of 15
<PAGE>
Financial Condition, Liquidity and Capital Resources
Working capital as of June 29, 1997 decreased $.4 million to $48.5 million from
the 1996 year end level. Accounts receivable increased $11.8 million of which
$11.5 million was within the Consumer Products division. The increase in
accounts receivable was offset by a $4.8 million increase in notes payable and a
$4.4 million and $3.5 million decrease in cash and cash equivalents and
inventories, respectively. The seasonal increase in mid-year receivables and
reduction of inventories is normal in the home canning industry. The decrease in
inventories also reflected a reduction in the stock of higher cost Kerr
products, acquired in a bulk purchase at year-end 1996. The Company entered into
short-term borrowings to fund the seasonal working capital needs as well as to
fund the acquisition of Viking Plastics (see capital expenditure discussion
below). The short-term borrowings will be repaid with internally generated
funds.
In May, 1997, the Company purchased the net assets of Viking Industries, an
Arkansas-based producer of large thermoformed plastic products sold to
manufactured housing and recreational vehicle industries. The $8.3 million
transaction was financed through available credit lines. Other capital
expenditures for property, plant and equipment were $3.6 million during the
first six months of 1997 compared to $6.9 million for the same period last year.
Capital expenditures are largely related to maintaining manufacturing facilities
and are expected to be at lower levels in 1997 compared to 1996.
The growth strategy for the Company places primary emphasis on plastics. The
Company currently has three plastics businesses, namely, Unimark Plastics
(injection molding for health care and consumer markets), Industrial Plastics
(heavy gauge sheet extrusion and thermoforming for appliance and manufactured
housing markets) and Plastic Packaging (coextruded sheet and formed containers
for processed human and pet food). It is anticipated that the plastics business
will be grown through acquisition as well as internally; acquisitions would
include companies that engage in conversion processes similar to those currently
being used by the Company as well as other plastics conversion processes. In the
context of corporate strategy, Consumer Products (home canning supplies and
related products) and Zinc Products (zinc strip and products fabricated from
that strip) will focus on internal growth opportunities that are closely related
to existing business; this strategy will require fewer resources since it will
utilize current capabilities. Hence these two latter businesses should provide
substantial cash to fund the more aggressive growth strategy in plastics,
without precluding growth in these units. LumenX (video and x-ray based
inspection equipment) represents the Company's only capital goods business; this
unit has generated minor operating losses for the past several years. Given the
nature of the products and recent performance, management is assessing its plans
for this business. If a determination to exit this business is made, there can
be no assurance that the entire value of its net assets, approximately $12
million at June 29, 1997, would be recovered.
The Company has $30 million of long-term debt with maturity dates beginning in
December, 1998 and continuing through 2004 at a fixed interest rate of 7.8%. In
May, 1995, the Company terminated a swap agreement, resulting in a transaction
gain of $0.5 million. This gain is being amortized over the original three-year
term of the swap and effectively fixes the Company's interest rate on the
long-term debt through December 1997 at 7.19%. The Company participates in a $50
million revolving credit agreement with a group of banks, of which no borrowings
were outstanding at quarter end or year end. The Company also has available $95
million in committed and uncommitted credit lines of which $4.8 million was
outstanding as of June 29, 1997. After reducing outstanding debt by the cash
balance, the debt-to-total capitalization ratio was 26.3% at the end of the
second quarter of 1997. This is higher than the 21.2% at December 31, 1996, as a
result of normal seasonal borrowings and the Viking Plastics acquisition. As of
June 29, 1997, borrowings on the Company's long-term debt and uncommitted credit
lines were at a weighted average interest rate of 7.0%. During the first six
months of 1997, and in accordance with plans approved by its board of directors,
the Company has purchased 178,000 shares of the Company's common stock for a
total cost of $4.0 million. In May, 1997 the Company's board of directors
approved an additional 600,000 shares to be added to the Company's stock
repurchase program. As of June 29, 1997, the Company has approval to purchase up
to 572,000 additional shares.
The Company is subject to and involved in claims arising out of the conduct of
its business including those relating to product liability, environmental and
safety and health matters. The Company's information at this time does not
indicate that the resolution of the aforementioned claims will have a material,
adverse effect upon financial condition, results of operations, capital
expenditures or competitive position of the Company.
Page 10 of 15
<PAGE>
This Quarterly Report on Form 10-Q includes certain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Those statements include, but may not be
limited to, discussions regarding expectations of future sales and
profitability, anticipated demand for the Company's products and expectations
regarding operating and other expenses. Reliance on forward-looking statements
involves risks and uncertainties. Although the Company believes that the
assumptions upon which the forward-looking statements contained herein are based
are reasonable, any of those assumptions could prove to be inaccurate. As a
result, the forward-looking statements based on those assumptions could also be
incorrect. Please see the Company's Report on Form 8-K, dated June 10, 1997, for
a list of factors which could cause the Company's actual results to differ
materially from those projected in the Company's forward-looking statements.
Page 11 of 15
<PAGE>
PART II. OTHER INFORMATION
Item 4. Submission of matters to a vote of security holders
The Company held its Annual Meeting of Shareholders on May 14, 1997. Matters
voted upon by proxy were the election of two directors for three-year terms
expiring in 2000 and the ratification of the appointment of Price Waterhouse LLP
as independent accountants in 1997. The results of the vote are as follows:
<TABLE>
<CAPTION>
Voted For Voted Against Withheld/Abstained
--------------- ---------------- -------------------------
<S> <C> <C> <C>
Election of directors for terms expiring in 2000:
Thomas B. Clark 6,805,955 20,961
David L. Swift 6,805,557 21,359
Appointment of Price Waterhouse LLP as
independent accountants for 1997 6,808,129 11,034 7,753
</TABLE>
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
11.1 Computation of earnings per share
27 Financial data schedule
(b) Reports on Form 8-K
Report on Form 8-K dated May 19, 1997, filed May 30, 1997, regarding
acquisition of certain assets of Viking Industries.
Report on Form 8-K dated June 10, 1997, filed June 10, 1997, regarding the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995.
Page 12 of 15
<PAGE>
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 duly authorized.
Alltrista Corporation
(Registrant)
Date: August 13, 1997 By: /s/ Kevin D. Bower
----------------- --------------------------
Kevin D. Bower
Senior Vice President and
Chief Financial Officer
Page 13 of 15
<PAGE>
ALLTRISTA CORPORATION AND SUBSIDIARIES
QUARTERLY REPORT ON FORM 10-Q
June 30, 1996
EXHIBIT INDEX
Exhibit Description Page
11.1 Computation of earnings per share. 15
27 Financial Data Schedule [EDGAR filing only]
Page 14 of 15
<TABLE>
<CAPTION>
Exhibit 11.1
ALLTRISTA CORPORATION AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
(Thousands of dollars except share data)
Three month period ended Six month period ended
June 29, June 30, June 29, June 30,
1997 1996 1997 1996
---------- --------- -------- -------
<S> <C> <C> <C> <C>
Primary Earnings Per Share
Income from continuing operations $ 6,812 $ 5,904 $ 8,245 $ 8,994
Discontinued operations - (267) - -
----------- --------- ---------- ----------
Net income $ 6,812 $ 5,637 $ 8,245 $ 8,994
=========== ========= ========== ==========
Weighted average number of common shares
outstanding (000s) 7,364 7,876 7,418 7,872
Additional shares assuming conversion of stock options 142 188 142 181
----------- --------- ---------- ----------
Weighted average number of common and
equivalent shares 7,506 8,064 7,560 8,053
=========== ========= ========== ==========
Primary earnings per common share:
Continuing operations $ .91 $ .73 $ 1.09 $ 1.12
Discontinued operation - (.03) - -
----------- --------- ---------- ----------
Net income $ .91 $ .70 $ 1.09 $ 1.12
=========== ========= ========== ==========
Fully Diluted Earnings Per Share
Income from continuing operations $ 6,812 $ 5,904 $ 8,245 $ 8,994
Discontinued operation - (267) - -
----------- --------- ---------- ----------
Net income $ 6,812 $ 5,637 $ 8,245 $ 8,994
=========== ========= ========== ==========
Weighted average number of common shares
outstanding (000s) 7,364 7,876 7,418 7,872
Additional shares assuming conversion of stock options 182 202 162 214
----------- --------- ---------- ----------
Weighted average number of common and
equivalent shares 7,546 8,078 7,580 8,086
=========== ========= ========== ==========
Fully diluted earnings per common share:
Continuing operations $ .90 $ .73 $ 1.09 $ 1.11
Discontinued operation - (.03) - -
----------- --------- ---------- ----------
Net income $ .90 $ .70 $ 1.09 $ 1.11
=========== ========= ========== ==========
</TABLE>
Page 15 of 15
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AND STATEMENTS OF INCOME FOUND IN THE COMPANY'S FORM
10-Q FOR THE YEAR-TO-DATE, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-29-1997
<CASH> 3168
<SECURITIES> 0
<RECEIVABLES> 39437
<ALLOWANCES> 0
<INVENTORY> 38803
<CURRENT-ASSETS> 85962
<PP&E> 148619
<DEPRECIATION> 102684
<TOTAL-ASSETS> 164380
<CURRENT-LIABILITIES> 37439
<BONDS> 30000
0
0
<COMMON> 41090
<OTHER-SE> 47788
<TOTAL-LIABILITY-AND-EQUITY> 164380
<SALES> 124592
<TOTAL-REVENUES> 124592
<CGS> 89417
<TOTAL-COSTS> 110019
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1360
<INCOME-PRETAX> 13213
<INCOME-TAX> 4968
<INCOME-CONTINUING> 8245
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8245
<EPS-PRIMARY> 1.09
<EPS-DILUTED> 1.09
</TABLE>
