North American supplier of general line rigid containers BWAY Intermediate has reported net sales of $1.2bn for the fiscal year 2011, compared to $1bn 12 months ago.
The acquisitions of Plastican and Phoenix Container in October and December 2010 respectively accounted for $109m of the growth, with the remaining increase of $21.6m resulting from higher raw material driven selling prices.
The fourth quarter net sales stood at $290m, up from $275.2m in the same period of the fiscal 2010. The company also reported adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) and certain other items for the fiscal 2011 of $141.8m compared to $140.9m for fiscal 2010, and $37.2m for the fourth quarter from $39.1m a year ago.
Gross margin for the fiscal 2011 stood at $159.9m against $156.4m last year, which included $5.3m of manufacturers profit in beginning inventory and one-time costs associated with the June 2010 sale of the company to Madison Dearborn Partners affiliates.
The company’s gross margin decreased by $1.8m, primarily as a result of lower margins in the company’s plastic packaging segment.
BWAY said it recorded restructuring charges of $4.3m and $2.9m for the fiscal 2011 and the fourth quarter respectively.
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The fiscal 2011 sales for the company’s metal packaging segment stood at $693.6m, up from $656.1m during the same period in 2010.
According to the firm, the segment’s sales of $173.7m for the quarter were slightly lower than the fourth quarter of the fiscal 2010 sales of $178.6m.
Sales of the company’s plastic packaging segment were $467.9m, compared to $374.8m last year while it recorded sales of $116.3m in 2010 the quarter against $96.6m for the same period in 2010.
BWAY operates 23 plants throughout the US and Canada, serving customers in both countries.