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EXHIBIT 13.1
TEN-YEAR SUMMARY OF SELECTED FINANCIAL DATA
Dollars in thousands, except per-share and
share amounts 2004 (a) 2003 2002(b)(f) 2001 2000 1999(e)
--------- -------- --------- --------- --------- --------
OPERATING RESULTS:
Net sales $ 544,767 $513,632 $ 433,761 $ 419,594 $ 441,828 $460,592
Gross profit (e) $ 100,462 $108,206 $ 107,928 $ 114,424 $ 138,099 $138,959
Gross profit margin 18.4% 21.1% 24.9% 27.3% 31.3% 30.2%
Selling, general and administrative expenses $ 68,574 $ 68,479 $ 56,631 $ 55,716 $ 61,185 $ 64,131
Income from operations (IFO) (e) $ 23,895 $ 39,727 $ 51,297 $ 58,708 $ 76,914 $ 73,837
IFO margin 4.4% 7.7% 11.8% 14.0% 17.4% 16.0%
Equity (loss) earnings - pretax $ (1,435) $ 4,429 $ 6,379 $ 6,384 $ 12,016 $ 8,857
Other income (expense) (f) $ 2,369 $ 3,484 $ (12,740) $ 3,500 $ 3,765 $ 4,410
Earnings before interest and income taxes
(EBIT) (e) (f) $ 24,829 $ 47,640 $ 44,936 $ 68,592 $ 92,695 $ 87,104
EBIT margin 4.6% 9.3% 10.4% 16.3% 21.0% 18.9%
Interest expense $ 13,049 $ 13,436 $ 8,263 $ 9,360 $ 12,216 $ 12,501
Income before income taxes (e) (f) $ 11,780 $ 34,204 $ 36,673 $ 59,232 $ 80,479 $ 74,603
Provision for income taxes $ 3,528 $ 5,131 $ 8,618 $ 19,840 $ 33,613 $ 31,175
Effective tax rate 30.0% 15.0% 23.5% 33.5% 41.8% 41.8%
--------- -------- --------- --------- --------- --------
Net income (b) (e) (f) $ 8,252 $ 29,073 $ 28,055 $ 39,392 $ 46,866 $ 43,428
========= ======== ========= ========= ========= ========
Net income margin 1.5% 5.7% 6.5% 9.4% 10.6% 9.4%
PER-SHARE AMOUNTS:
Diluted net income (b) (e) (f) $ 0.60 $ 2.11 $ 1.82 $ 2.53 $ 3.01 $ 2.64
Dividends paid $ 0.40 $ 0.40 $ 0.30 $ 0.30 $ 0.30 $ 0.30
OTHER INFORMATION:
EBIT (c) $ 24,829 $ 47,640 $ 44,936 $ 68,592 $ 92,695 $ 87,104
Depreciation & amortization (b) 29,505 28,109 19,143 18,843 18,352 18,753
--------- -------- --------- --------- --------- --------
EBITDA (c) $ 54,334 $ 75,749 $ 64,079 $ 87,435 $ 111,047 $105,857
========= ======== ========= ========= ========= ========
EBITDA margin 10.0% 14.7% 14.8% 20.8% 25.1% 23.0%
Employees (annual average) 3,808 3,838 3,510 3,218 3,270 3,552
BALANCE SHEET DATA:
Total assets $ 578,204 $551,116 $ 524,527 $ 468,082 $ 446,707 $434,395
Total liabilities $ 434,641 $411,259 $ 384,309 $ 302,717 $ 313,436 $342,552
Trade working capital (a) $ 151,007 $142,538 $ 127,945 $ 107,877 $ 126,384 $123,092
% of net sales 27.7% 27.8% 29.5% 25.7% 28.6% 26.7%
Total debt $ 225,372 $230,933 $ 191,178 $ 148,032 $ 161,404 $184,626
CASH FLOW DATA:
Net cash provided by operating activities $ 42,750 $ 29,210 $ 55,001 $ 52,930 $ 37,423 $ 70,597
Capital expenditures 40,482 25,718 17,535 36,863 18,621 11,069
Acquisitions and related costs - 513 62,046 - - -
Proceeds from asset sales and other 16,623 1,410 3,523 (1,563) (63) 94
Dividends received from equity investments 980 4,900 4,659 4,918 2,940 517
--------- -------- --------- --------- --------- --------
Free cash flow (d) $ 19,871 $ 9,289 $ (16,398) $ 19,422 $ 21,679 $ 60,139
========= ======== ========= ========= ========= ========
Shares repurchased $ - $ 38,918 $ 26,837 $ 1,229 $ 4,053 $ 42,828
Dividends paid $ 5,481 $ 5,506 $ 4,574 $ 4,588 $ 4,569 $ 4,821
Dollars in thousands, except per-share and
share amounts 1998(e) 1997 1996 1995
-------- -------- -------- ---------
OPERATING RESULTS:
Net sales $436,522 $411,966 $397,656 $ 357,546
Gross profit (e) $114,573 $116,957 $109,118 $ 99,601
Gross profit margin 26.2% 28.4% 27.4% 27.9%
Selling, general and administrative expenses $ 54,191 $ 49,585 $ 44,620 $ 38,953
Income from operations (IFO) (e) $ 40,336 $ 67,372 $ 64,498 $ 60,648
IFO margin 9.2% 16.4% 16.2% 17.0%
Equity (loss) earnings - pretax $ 12,300 $ 5,843 $ - $ -
Other income (expense) (f) $ 4,519 $ 2,355 $ 4,000 $ 3,035
Earnings before interest and income taxes
(EBIT) (e) (f) $ 57,155 $ 75,570 $ 68,498 $ 63,683
EBIT margin 13.1% 18.3% 17.2% 17.8%
Interest expense $ 12,674 $ 14,840 $ 14,962 $ 13,974
Income before income taxes (e) (f) $ 44,481 $ 60,730 $ 53,536 $ 49,709
Provision for income taxes $ 19,038 $ 24,604 $ 20,986 $ 19,685
Effective tax rate 42.8% 40.5% 39.2% 39.6%
-------- -------- -------- ---------
Net income (b) (e) (f) $ 25,443 $ 36,126 $ 32,550 $ 30,024
======== ======== ======== =========
Net income margin 5.8% 8.8% 8.2% 8.4%
PER-SHARE AMOUNTS:
Diluted net income (b) (e) (f) $ 1.42 $ 2.27 $ 2.12 $ 1.97
Dividends paid $ 0.30 $ 0.30 $ 0.30 $ 0.30
OTHER INFORMATION:
EBIT (c) $ 57,155 $ 75,570 $ 68,498 $ 63,683
Depreciation & amortization (b) 19,506 19,896 21,485 18,158
-------- -------- -------- ---------
EBITDA (c) $ 76,661 $ 95,466 $ 89,983 $ 81,841
======== ======== ======== =========
EBITDA margin 17.6% 23.2% 22.6% 22.9%
Employees (annual average) 3,969 4,136 4,110 3,870
BALANCE SHEET DATA:
Total assets $439,671 $449,600 $315,733 $ 321,815
Total liabilities $324,882 $349,611 $334,180 $ 368,931
Trade working capital(a) $118,554 $123,783 $ 95,929 $ 99,461
% of net sales 27.2% 30.0% 24.1% 27.8%
Total debt $191,232 $213,946 $209,233 $ 251,018
CASH FLOW DATA:
Net cash provided by operating activities $ 54,325 $ 39,793 $ 64,639 $ 31,565
Capital expenditures 19,579 19,585 19,812 22,709
Acquisitions and related costs - - - 40,819
Proceeds from asset sales and other 1,639 654 170 -
Dividends received from equity investments 14,232 - - -
-------- -------- -------- ---------
Free cash flow (d) $ 50,617 $ 20,862 $ 44,997 $ (31,963)
======== ======== ======== =========
Shares repurchased $ 27,258 $ - $ - $ -
Dividends paid $ 5,253 $ 4,550 $ 4,511 $ 4,501
(a) Defined as inventory plus accounts receivable less accounts payable.
(b) Effective January 1, 2002, we adopted SFAS 142, "Goodwill and Other
Intangible Assets." The detail of the impact of the adoption are disclosed
in note 7 to the Consolidated Financial Statements.
(c) We believe that EBIT and EBITDA (earnings before interest, taxes,
depreciation and amortization), non-GAAP financial measures, are useful
metrics for evaluating our financial performance as they are measures in
which we internally assess performance.
(d) We believe that Free Cash Flow (net cash provided by operating activities,
less capital expenditures and acquisition & related costs, plus proceeds
from asset sales and other and dividends received from equity investments)
is a useful metric for evaluating our financial performance as it is the
measure in which we internally assess performance.
(e) In 2004, we incurred $14,519 of pretax charges related to the realignment
of our glassware production capacity. Of this amount, $6,526 is included
in gross profit with the remaining $7,993 included in income from
operations (see note 10 to the Consolidated Financial Statements). We
incurred a pretax charge of $991 in 1999 and $20,046 in 1998 for the
closure of our Canadian facility. These amounts are included in income
from operations.
(f) 2002 includes $13,634 of expenses related to abandoned acquisition (see
note 4 to the Consolidated Financial Statements).