BWAY net sales in 2012 remain unchanged

1 January 2013 (Last Updated January 1st, 2013 18:30)

North American rigid containers supplier BWAY Intermediate has reported net sales of $1.2bn for fiscal 2012, which is almost the same as in 2011.

North American rigid containers supplier BWAY Intermediate has reported net sales of $1.2bn for fiscal 2012, which is almost equal to net sales in 2011.

The company's net sales for the fourth quarter 2012 increased to $292m, up from $290m for the same quarter of 2011.

For fiscal 2012, net income was $21.7m, compared to a net loss for fiscal 2011 of $132.6m, which included a $124.6m fourth quarter goodwill impairment charge.

Net income for the quarter stood at $3.8m, compared to a loss of $128.7m during the corresponding quarter of 2011, which included the charge associated with the goodwill impairment related to the plastic segment.

For 2012, BWAY also reported adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) and adjusted for certain other items noted in the accompanying GAAP reconciliation of $167.4m, as against $141.8m for fiscal 2011, and $42.8m for the quarter compared to $37.2m during 2011.

The company recorded $9.8m in gains during fiscal 2012, mainly related to the sale of its blow moulded plastic bottle business including associated equipment.

According to the company, the gain was deducted as part of the adjustments to arrive at adjusted EBITDA.

Sales of the metal packaging segment for fiscal 2012 were $726.3m, compared to $693.6m in 2011, and earnings increased to $148.5m, up from $130.7m.

The company's plastic packaging segment reported sales of $453.5m, compared to $467.9m in 2011.

BWAY supplies general line rigid containers and operates 22 plants throughout the US and Canada.