CCL Industries Reports Record Quarterly Adjusted Earnings per Share
and Declares Dividend
TORONTO, ONTARIO--(Marketwired - May 1, 2014) - CCL Industries
Inc. (TSX:CCL.A)(TSX:CCL.B) -
Results
Summary |
|
|
|
|
For periods ended March 31 |
Three months unaudited |
|
|
|
|
|
(in millions of Cdn
dollars, |
|
|
|
|
|
|
|
|
except per share data) |
|
2014 |
|
2013 |
%
Change |
|
%
Change |
|
|
|
|
|
|
|
|
Excl. FX* |
|
|
|
|
|
|
|
|
|
|
Sales |
$ |
609.7 |
$ |
363.6 |
67.7 |
% |
59.5 |
% |
|
|
|
|
|
|
|
|
|
EBITDA(1) |
$ |
117.8 |
$ |
81.0 |
45.4 |
% |
36.8 |
% |
|
|
|
|
|
|
|
|
|
Operating income(2) |
$ |
88.6 |
$ |
61.9 |
43.1 |
% |
34.7 |
% |
|
|
|
|
|
|
|
|
|
Earnings in equity accounted investments |
$ |
0.1 |
$ |
0.4 |
(75.0 |
%) |
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other items - net loss |
$ |
0.9 |
$ |
1.3 |
(30.8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
$ |
52.6 |
$ |
34.1 |
54.3 |
% |
44.6 |
% |
|
|
|
|
|
|
|
|
|
Per Class B share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
1.54 |
$ |
1.01 |
52.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ |
1.51 |
$ |
0.99 |
52.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other items - net loss |
$ |
0.02 |
$ |
0.03 |
33.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted basic earnings per |
|
|
|
|
|
|
|
|
Class B share(3) |
$ |
1.56 |
$ |
1.04 |
50.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Number of outstanding shares (in 000s) |
|
|
|
|
|
|
|
|
Weighted average for the period - basic |
|
34,251 |
|
33,838 |
|
|
|
|
Actual at period end |
|
34,519 |
|
34,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* - Change over prior year's comparative period
excludes estimated impact of foreign currency translation. |
CCL Industries Inc. ("CCL" or "the Company") is a world leader in
specialty label and packaging solutions for global corporations,
small businesses and consumers.
First Quarter 2014
Results
Sales for the first quarter of 2014 increased 67.7% to $609.7
million, compared to $363.6 million for the first quarter of 2013,
with 4.2% organic growth, 8.2% positive currency translation and
the balance primarily from the Avery Dennison, INT and Sancoa
acquisitions.
Operating income (a non-IFRS measure; see note 2 below) for the
first quarter of 2014 was $88.6 million, an increase of 43.1%
compared to $61.9 million for the comparable quarter of 2013. The
Label Segment posted a 22.8% increase in operating income while the
Container Segment posted a 13.2% increase in operating income for
the comparable first quarters. The Avery Segment recorded a strong
first quarter with a $13.1 million operating income.
EBITDA (a non-IFRS measure; see note 1 below) was $117.8 million
for the first quarter of 2014, an increase of 45.4% compared to
$81.0 million for the first quarter of 2013, driven principally by
above noted acquisitions. EBITDA improved 36.8% excluding the
impact of currency translation.
The Company's joint ventures contributed equity earnings of $0.1
million compared to $0.4 million for the 2013 first quarter, with
the current period including start-up costs in Thailand and Saudi
Arabia. Russia was negatively impacted by the declining ruble to
the euro.
Tax expense in the first quarter of 2014 was $22.2 million
compared to $14.2 million in the prior year period. The effective
tax rates for these two periods are 29.7% and 29.6%,
respectively.
Net earnings for the 2014 first quarter were $52.6 million,
compared to $34.1 million for the first quarter of 2013. Basic
earnings per Class B share were $1.54 in the first quarter of 2014
compared to $1.01 per Class B share in the prior year quarter.
During the first quarter of 2014, the Company recorded
restructuring and other expenses of $0.9 million principally
related to severance and transaction costs associated with the
Sancoa acquisition and reorganization. During the first quarter of
2013, the Company recorded restructuring and other expenses of $1.3
million. Therefore the Company posted adjusted basic earnings (a
non-IFRS measure; see note 3 below) of $1.56 per Class B share for
the first quarter of 2014 compared to adjusted basic earnings of
$1.04 per Class B share for the same quarter of 2013.
Geoffrey T. Martin, President and Chief Executive Officer,
stated, "We are excited to report another record quarter with our
legacy business outperforming the very strong 2013 prior year
period and acquisitions delivering better than expected results;
particularly our new Avery consumer arm. The comparatively weaker
Canadian dollar against many currencies, notably excluding the
Brazilian real, translated to ten cents earnings per share positive
impact; partially offset by transaction challenges in certain
international markets due to the rising U.S. dollar and euro.
Nonetheless, strong operational results, successful acquisition
integrations and a currency tailwind combined to deliver our
fourteenth consecutive quarter of year-over-year improvement in
adjusted earnings per share."
Mr. Martin continued, "CCL Label sales increased 36% driven by
acquisitions, solid 5% organic growth and positive currency
translation. North American sales improved sequentially but were
comparatively flat organically on sluggish consumer staples demand
in the United States influenced by the tough winter. Underlying
profits were up moderately but strong automotive demand continued
to drive good results at CCL Design alongside solid performance
aided by cost reduction and renewed focus at the rest of the
acquired operations from Avery Dennison. Excluding acquisitions,
European sales and profitability were up mid-single digits in local
currencies as demand improved in our consumer and automotive
businesses with the Food & Beverage sector an area of strength
aided by exports to Africa. Emerging Markets posted double digit
sales increases with particular strength in China and Mexico,
although growth rates softened appreciably from 2013 levels in
Brazil compounded by the decline of the real. Our joint ventures
posted solid underlying results held in check by start-up costs in
Thailand, softer mix and foreign exchange challenges in the Middle
East and the devaluation of the ruble to the euro in Russia.
Overall profitability continued to improve for the Segment with
margins compressed only due to the acquisition mix effect."
Mr. Martin then added, "Results at Avery significantly exceeded
expectations with an operating income of $13 million in its
seasonally slow quarter often noted for operating losses in
pre-acquisition prior year periods. Cost saving initiatives
globally and market share gains in the United States in the
important label category were the primary drivers. North America
and Europe both delivered robust results ahead of our plans with
Latin American and Asia Pacific performance solid. The supply chain
facilities consolidation progressed smoothly without service
disruption and is heading for a successful completion later this
year. After all the changes in the second half of last year, we are
pleased to see the organization settle down with renewed energy and
focus on innovation fueled by a very good start to 2014."
Mr. Martin then added, "Winter weather and a robust prior year
period impacted volume comparisons at CCL Container. January was
particularly affected but demand accelerated as the period
progressed culminating in a strong March. Sales for the quarter in
local currencies fell slightly but profits improved with the
benefit of a stronger U.S. dollar and lower operating costs at our
Canadian plant offsetting slower sales in Mexico. Results included
$0.2 million of our budgeted $4 million move expense to
redistribute capacity from the Penetanguishene facility to our U.S.
and Mexican operations. We remain committed to deliver $10 million
in annualized cost savings once the transition is completed in
early to mid-2015."
Mr. Martin continued, "The Sancoa acquisition closed late in the
quarter alongside a series of small transactions around the world.
Given the stub reporting period, combined results were not material
to our earnings but the quarter end financial position reflects
transaction purchase prices. We began restructuring initiatives in
our North American Home & Personal Care sector in view of the
Sancoa acquisition and remain committed to our $5 million target in
annualized synergies by 2016."
Mr. Martin concluded, "Debt increased by $124 million in the
first quarter due largely to the Sancoa acquisition and currency
translation; cash on hand was $194 million. However, with
significantly improved results the consolidated net debt to
annualized EBITDA leverage ratio remained a comfortable 1.6 times.
Given our strong cash flow and prospects for the balance of the
year, your Board of Directors has declared a quarterly dividend of
$0.25 per Class B non-voting share and $0.2375 per Class A voting
share payable to shareholders of record at the close of business on
June 16, 2014, to be paid on June 30, 2014. CCL has delivered
dividends to shareholders without omission or reduction for over 30
years."
With headquarters in Toronto, Canada, CCL Industries now employs
approximately 10,000 people and operates 96 production facilities
in 27 countries on five continents with corporate offices in
Toronto, Canada, and Framingham, Massachusetts. CCL Label is the
world's largest converter of pressure sensitive and extruded film
materials for a wide range of decorative, instructional and
functional applications for large global customers in the consumer
packaging, healthcare, automotive and consumer durables markets.
Extruded plastic tubes, folded instructional leaflets, precision
printed and die cut metal components with LED displays and other
complementary products and services are sold in parallel to
specific end-use markets. Avery is the world's largest supplier of
labels, specialty converted media and software solutions to enable
short run digital printing in businesses and homes alongside
complementary office products sold through distributors and mass
market retailers. CCL Container is a leading producer of impact
extruded aluminum aerosol cans and bottles for consumer packaged
goods customers in the United States, Canada and Mexico.
(1) EBITDA is a critical non-IFRS financial measure used
extensively in the packaging industry and other industries to
assist in understanding and measuring operating results. It is also
considered as a proxy for cash flow and a facilitator for business
valuations. This non-IFRS financial measure is defined as earnings
before net finance cost, taxes, depreciation and amortization,
goodwill impairment loss, earnings in equity accounted investments,
non-cash acquisition accounting adjustment to finished goods
inventory and restructuring and other items. See section entitled
"Supplementary Information" below for a reconciliation of operating
income to EBITDA. The Company believes that it is an important
measure as it allows management to assess CCL's ongoing business
without the impact of net finance cost, depreciation and
amortization and income tax expenses, as well as non-operating
factors and one-time items. As a proxy for cash flow, it is
intended to indicate CCL's ability to incur or service debt and to
invest in property, plant and equipment, and it allows management
to compare CCL's business to those of CCL's peers and competitors
who may have different capital or organizational structures. EBITDA
is a measure tracked by financial analysts and investors to
evaluate financial performance and is a key metric in business
valuations. EBITDA is considered an important measure by lenders to
the Company and is included in the financial covenants of CCL's
senior notes and bank lines of credit.
(2) Operating Income is a key non-IFRS financial measure used to
assist in understanding the profitability of the Company's business
units. This non-IFRS financial measure is defined as income before
corporate expenses, net finance cost, goodwill impairment loss,
earnings in equity accounted investments, restructuring and other
items, and taxes.
(3) Adjusted Basic Earnings per Class B Share is an important
non-IFRS financial measure used to assist in understanding the
ongoing earnings performance of the Company excluding items of a
one-time or non-recurring nature. It is not considered a substitute
for basic net earnings per Class B share but it does provide
additional insight into the ongoing financial results of the
Company. This non-IFRS financial measure is defined as basic net
earnings per Class B share excluding gains on dispositions,
goodwill impairment loss, restructuring and other items Avery and
DES finance costs, non-cash acquisition accounting adjustment to
finished goods inventory and tax adjustments.
|
Supplementary Information |
|
|
|
|
For periods ended March 31st |
Reconciliation of Operating Income to EBITDA |
|
|
|
|
Unaudited |
|
|
|
(In millions of Canadian dollars) |
|
|
|
|
Three months ended March 31st |
|
Operating
Income |
|
|
|
|
|
|
|
|
2014 |
|
|
2013 |
|
|
|
|
|
|
|
|
|
Label |
$ |
69.5 |
|
|
$ |
56.6 |
|
Avery |
|
13.1 |
|
|
|
- |
|
Container |
|
6.0 |
|
|
|
5.3 |
|
Total operating income |
|
88.6 |
|
|
|
61.9 |
|
|
|
|
|
|
|
|
|
Less: Corporate expenses |
|
(6.3 |
) |
|
|
(7.5 |
) |
Add: Depreciation & amortization |
|
35.5 |
|
|
|
26.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
$ |
117.8 |
|
|
$ |
81.0 |
|
|
|
|
|
|
|
|
|
Reconciliation of Basic Earnings per Class B Share
to |
Adjusted Basic Earnings per Class B Share |
|
|
|
Unaudited |
|
|
|
|
|
|
Three months ended March 31st |
|
|
|
|
|
|
|
2014 |
|
2013 |
|
|
|
|
|
|
Basic earnings per Class B Share |
$ |
1.54 |
|
$ |
1.01 |
|
|
|
|
|
|
Net loss from restructuring and other items |
|
0.02 |
|
|
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Basic Earnings per Class B Share |
$ |
1.56 |
|
$ |
1.04 |
|
|
|
|
|
|
The financial information presented herein has been
prepared on the basis of IFRS for financial statements and is
expressed in Canadian dollars unless otherwise stated. |
This press release contains forward-looking information and
forward-looking statements (hereinafter collectively referred to as
"forward-looking statements"), as defined under applicable
securities laws, that involve a number of risks and uncertainties.
Forward-looking statements include all statements that are
predictive in nature or depend on future events or conditions.
Forward-looking statements are typically identified by the words
"believes," "expects," "anticipates," "estimates," "intends,"
"plans" or similar expressions. Statements regarding the
operations, business, financial condition, priorities, ongoing
objectives, strategies and outlook of the Company, other than
statements of historical fact, are forward-looking statements.
Specifically, this press release contains forward-looking
statements regarding the anticipated growth in sales, income and
profitability of the Company's segments; and the Company's
expectations regarding general business and economic
conditions.
Forward-looking statements are not guarantees of future
performance. They involve known and unknown risks and uncertainties
relating to future events and conditions including, but not limited
to, the after-effects of the global financial crisis and its impact
on the world economy and capital markets; the impact of
competition; consumer confidence and spending preferences; general
economic and geopolitical conditions; currency exchange rates;
interest rates and credit availability; technological change;
changes in government regulations; risks associated with operating
and product hazards; and CCL's ability to attract and retain
qualified employees. Do not unduly rely on forward-looking
statements as the Company's actual results could differ materially
from those anticipated in these forward-looking statements.
Forward-looking statements are also based on a number of
assumptions, which may prove to be incorrect, including, but not
limited to, assumptions about the following: global economic
recovery and higher consumer spending; improved customer demand for
the Company's products; continued historical growth trends, market
growth in specific sectors and entering into new sectors; the
Company's ability to provide a wide range of products to
multinational customers on a global basis; the benefits of the
Company's focused strategies and operational approach; the
achievement of the Company's plans for improved efficiency and
lower costs, including stable aluminum costs; the availability of
cash and credit; fluctuations of currency exchange rates; the
Company's continued relations with its customers; general business
and economic conditions, and the Company's ability to realize
targeted operational synergies and cost savings from the
restructuring of Avery, Sancoa and the Canadian Container
operation. Should one or more risks materialize or should any
assumptions prove incorrect, then actual results could vary
materially from those expressed or implied in the forward-looking
statements. Further details on key risks can be found in the 2013
Management's Discussion and Analysis, particularly under Section 4:
"Risks and Uncertainties." CCL's annual and quarterly reports can
be found online at www.cclind.com and www.sedar.com or are
available upon request.
Except as otherwise indicated, forward-looking statements do not
take into account the effect that transactions or non-recurring or
other special items announced or occurring after the statements are
made may have on CCL's business. Such statements do not, unless
otherwise specified by the Company, reflect the impact of
dispositions, sales of assets, monetizations, mergers,
acquisitions, other business combinations or transactions, asset
write-downs or other charges announced or occurring after
forward-looking statements are made. The financial impact of these
transactions and non-recurring and other special items can be
complex and depends on the facts particular to each of them and
therefore cannot be described in a meaningful way in advance of
knowing specific facts.
The forward-looking statements are provided as of the date of
this press release and the Company does not assume any obligation
to update or revise the forward-looking statements to reflect new
events or circumstances, except as required by law.
Note: |
CCL
will hold a conference call at 2:00 p.m. EDT on May 1, 2014, to
discuss these results. The analyst presentation will be posted on
the Company's website. |
|
|
|
To
access this call, please dial: |
|
416-340-8527 -
Local |
|
800-952-4972 - Toll
Free |
|
|
|
Audio
replay service will be available from May 1, 2014, at 6:00 p.m. EDT
until May 15, 2014, at 11:59 p.m. EDT. |
|
|
|
To
access Conference Replay, please dial: |
|
905-694-9451 -
Local |
|
800-408-3053 - Toll
Free |
|
Access Code: 1252787 |
|
|
|
For
more details on CCL, visit our website - www.cclind.com |
|
|
CCL Industries Inc. |
Consolidated condensed interim statements of financial
position |
Unaudited |
|
In thousands of Canadian dollars |
|
|
|
|
|
|
As at March 31 |
|
As at December 31 |
|
2014 |
|
2013 |
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
193,843 |
|
$ |
209,095 |
|
Trade and other receivables |
|
418,417 |
|
|
363,493 |
|
Inventories |
|
205,306 |
|
|
181,644 |
|
Prepaid expenses |
|
13,672 |
|
|
13,458 |
|
Income tax recoverable |
|
1,002 |
|
|
2,503 |
Total current assets |
|
832,240 |
|
|
770,193 |
|
Property, plant and equipment |
|
944,662 |
|
|
856,001 |
|
Goodwill |
|
563,678 |
|
|
494,231 |
|
Intangible assets |
|
216,028 |
|
|
207,569 |
|
Deferred tax assets |
|
4,005 |
|
|
4,115 |
|
Equity accounted investments |
|
53,258 |
|
|
47,363 |
|
Other assets |
|
21,934 |
|
|
22,176 |
Total non-current assets |
|
1,803,565 |
|
|
1,631,455 |
Total assets |
$ |
2,635,805 |
|
$ |
2,401,648 |
|
Liabilities |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Trade and other payables |
$ |
485,167 |
|
$ |
475,777 |
|
Current portion of long-term debt |
|
47,585 |
|
|
47,070 |
|
Income taxes payable |
|
23,768 |
|
|
21,060 |
|
Derivative instruments |
|
550 |
|
|
642 |
Total current liabilities |
|
557,070 |
|
|
544,549 |
|
Long-term debt |
|
788,454 |
|
|
664,976 |
|
Deferred tax liabilities |
|
42,716 |
|
|
42,661 |
|
Employee benefits |
|
116,036 |
|
|
109,068 |
|
Provisions and other long-term liabilities |
|
15,124 |
|
|
21,511 |
|
Derivative instruments |
|
678 |
|
|
748 |
Total non-current liabilities |
|
963,008 |
|
|
838,964 |
Total liabilities |
|
1,520,078 |
|
|
1,383,513 |
|
Equity |
|
|
|
|
|
|
Share capital |
|
241,700 |
|
|
237,189 |
|
Contributed surplus |
|
14,547 |
|
|
11,919 |
|
Retained earnings |
|
812,750 |
|
|
768,738 |
|
Accumulated other comprehensive income |
|
46,730 |
|
|
289 |
Total equity attributable to shareholders of the
Company |
|
1,115,727 |
|
|
1,018,135 |
Total liabilities and equity |
$ |
2,635,805 |
|
$ |
2,401,648 |
|
|
|
|
|
|
CCL Industries Inc. |
Consolidated condensed interim income statements |
Unaudited |
|
In thousands of Canadian dollars, except per share
data |
|
|
Three Months Ended March 31 |
|
|
|
|
|
|
|
|
|
% |
|
2014 |
|
|
2013 |
|
|
Change |
|
Sales |
$ |
609,700 |
|
|
$ |
363,643 |
|
|
67.7 |
Cost of sales |
|
448,743 |
|
|
|
267,913 |
|
|
|
Gross profit |
|
160,957 |
|
|
|
95,730 |
|
|
|
Selling, general and administrative |
|
78,625 |
|
|
|
41,307 |
|
|
|
Restructuring and other items |
|
946 |
|
|
|
1,322 |
|
|
|
Earnings in equity accounted investments |
|
(69 |
) |
|
|
(377 |
) |
|
|
|
|
81,455 |
|
|
|
53,478 |
|
|
|
Finance cost |
|
6,874 |
|
|
|
5,367 |
|
|
|
Finance income |
|
(151 |
) |
|
|
(160 |
) |
|
|
Net finance cost |
|
6,723 |
|
|
|
5,207 |
|
|
|
Earnings before income taxes |
|
74,732 |
|
|
|
48,271 |
|
|
54.8 |
Income tax expense |
|
22,170 |
|
|
|
14,189 |
|
|
|
Net earnings |
$ |
52,562 |
|
|
$ |
34,082 |
|
|
54.2 |
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
Shareholders of the Company |
$ |
52,562 |
|
|
$ |
34,082 |
|
|
|
Net earnings for the period |
$ |
52,562 |
|
|
$ |
34,082 |
|
|
|
|
Basic earnings per Class B share |
$ |
1.54 |
|
|
$ |
1.01 |
|
|
52.5 |
|
Diluted earnings per Class B share |
$ |
1.51 |
|
|
$ |
0.99 |
|
|
52.5 |
|
|
|
|
|
|
|
|
|
|
CCL Industries Inc. |
Segment Information |
Unaudited |
|
|
In thousands of Canadian dollars |
|
|
|
Three Months Ended March 31 |
|
Sales |
|
Operating income |
|
2014 |
|
2013 |
|
2014 |
|
|
2013 |
|
Label |
$ |
423,740 |
|
$ |
312,264 |
|
$ |
69,387 |
|
|
$ |
56,579 |
|
Avery |
|
132,923 |
|
|
- |
|
|
13,143 |
|
|
|
- |
|
Container |
|
53,037 |
|
|
51,379 |
|
|
6,024 |
|
|
|
5,317 |
|
Total operations |
$ |
609,700 |
|
$ |
363,643 |
|
|
88,554 |
|
|
|
61,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expense |
|
|
|
|
|
|
|
(6,222 |
) |
|
|
(7,473 |
) |
Restructuring and other items |
|
|
|
|
|
|
|
(946 |
) |
|
|
(1,322 |
) |
Earnings in equity accounted investments |
|
|
|
|
|
|
|
69 |
|
|
|
377 |
|
Finance cost |
|
|
|
|
|
|
|
(6,874 |
) |
|
|
(5,367 |
) |
Finance income |
|
|
|
|
|
|
|
151 |
|
|
|
160 |
|
Income tax expense |
|
|
|
|
|
|
|
(22,170 |
) |
|
|
(14,189 |
) |
Net earnings |
|
|
|
|
|
|
$ |
52,562 |
|
|
$ |
34,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
Total Liabilities |
|
Depreciation and Amortization |
|
Capital Expenditures |
|
March 31 |
|
December 31 |
|
March 31 |
|
December 31 |
|
Three Months Ended March 31 |
|
Three Months Ended March 31 |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
2014 |
|
|
2013 |
|
Label |
$ |
1,761,730 |
|
$ |
1,558,832 |
|
$ |
397,032 |
|
$ |
357,386 |
|
$ |
28,381 |
|
$ |
22,883 |
|
$ |
46,516 |
|
|
$ |
38,420 |
Avery |
|
399,554 |
|
|
391,658 |
|
|
168,513 |
|
|
205,154 |
|
|
3,446 |
|
|
- |
|
|
3,750 |
|
|
|
- |
Container |
|
155,417 |
|
|
140,678 |
|
|
53,905 |
|
|
49,607 |
|
|
3,474 |
|
|
3,560 |
|
|
9,612 |
|
|
|
830 |
Equity accounted investments |
|
53,258 |
|
|
47,363 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
Corporate |
|
265,846 |
|
|
263,117 |
|
|
900,628 |
|
|
771,366 |
|
|
206 |
|
|
190 |
|
|
- |
|
|
|
- |
Total |
$ |
2,635,805 |
|
$ |
2,401,648 |
|
$ |
1,520,078 |
|
$ |
1,383,513 |
|
$ |
35,507 |
|
$ |
26,633 |
|
$ |
59,878 |
|
|
$ |
39,250 |
Due to the
seasonality of CCL's business, the Company's operating results for
the three months ended March 31, 2014, are not necessarily
indicative of the results that may be expected for the full year
ending December 31, 2014. The first and second quarters are
traditionally higher sales periods for the Label and Container
Segments as a result of the greater number of work days and various
customer activities undertaken during this period versus the third
and fourth quarters of the year. For Avery, the third quarter has
historically been its strongest, as it benefits from the increased
demand related to back-to-school activities in North America.
Certain comparative
segment information has been recast to conform with current period
presentation.
CCL Industries Inc.Sean WashchukSenior Vice President and Chief
Financial Officer416-756-8526www.cclind.com
CCL Industries (TSX:CCL.B)
過去 株価チャート
から 5 2024 まで 6 2024
CCL Industries (TSX:CCL.B)
過去 株価チャート
から 6 2023 まで 6 2024