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SLGN > SEC Filings for SLGN > Form 10-Q on 10-May-2013All Recent SEC Filings

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Quarterly Report


Statements included in "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Quarterly Report on Form 10-Q which are not historical facts are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and Securities Exchange Act of 1934. Such forward-looking statements are made based upon management's expectations and beliefs concerning future events impacting us and therefore involve a number of uncertainties and risks, including, but not limited to, those described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and in our other filings with the Securities and Exchange Commission. As a result, the actual results of our operations or our financial condition could differ materially from those expressed or implied in these forward-looking statements.


We are a leading manufacturer of rigid packaging for shelf-stable food and other consumer goods products. We currently produce steel and aluminum containers for human and pet food and general line products; metal, composite and plastic vacuum closures for food and beverage products and plastic closures for the dairy and juice markets; and custom designed plastic containers, tubes and closures for personal care, food, health care, pharmaceutical, household and industrial chemical, pet care, agricultural chemical, automotive and marine chemical products. We are a leading manufacturer of metal containers in North America and Europe, a leading worldwide manufacturer of metal, composite and plastic vacuum closures for food and beverage products and a leading manufacturer of plastic containers in North America for a variety of markets, including the personal care, food, health care, household and industrial chemical markets.

Our objective is to increase shareholder value by efficiently deploying capital and management resources to grow our business, reduce operating costs and build sustainable competitive positions, or franchises, and to complete acquisitions that generate attractive cash returns. We have grown our net sales and income from operations over the years, largely through acquisitions but also through internal growth, and we continue to evaluate acquisition opportunities in the consumer goods packaging market. If acquisition opportunities are not identified over a longer period of time, we may use our cash flow to repay debt, repurchase shares of our common stock or increase dividends to our stockholders or for other permitted purposes.

- 19 -


The following table sets forth certain unaudited income statement data expressed
as a percentage of net sales for the three months ended March 31:

                                                2013        2012
Net sales
Metal containers                                  58.3 %      57.9 %
Closures                                          20.2        21.2
Plastic containers                                21.5        20.9
Consolidated                                     100.0       100.0
Cost of goods sold                                86.0        85.2
Gross profit                                      14.0        14.8
Selling, general and administrative expenses       6.5         5.8
Rationalization charges                            0.2         0.4
Income from operations                             7.3         8.6
Interest and other debt expense                    2.2         2.0
Income before income taxes                         5.1         6.6
Provision for income taxes                         1.9         2.3
Net income                                         3.2 %       4.3 %

Summary unaudited results of operations for the three months ended March 31 are provided below.

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