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SLGN > SEC Filings for SLGN > Form 10-Q on 9-May-2014All Recent SEC Filings

Show all filings for SILGAN HOLDINGS INC



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, 2013 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 closures for food and beverage products; and custom designed plastic containers, tubes and closures for personal care, food, health care, pharmaceutical, household and industrial chemical, pet care, agricultural, 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 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.



The following table sets forth certain unaudited income statement data expressed
as a percentage of net sales for the three months ended March 31:
                                                2014      2013
Net sales
Metal containers                                54.7 %    58.3 %
Closures                                        25.0      20.2
Plastic containers                              20.3      21.5
Consolidated                                   100.0     100.0
Cost of goods sold                              85.0      86.0
Gross profit                                    15.0      14.0
Selling, general and administrative expenses     6.8       6.5
Rationalization charges                          0.2       0.2
Income from operations                           8.0       7.3
Interest and other debt expense                  2.4       2.2
Income before income taxes                       5.6       5.1
Provision for income taxes                       1.9       1.9
Net income                                       3.7 %     3.2 %

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

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