ATLANTA, Oct. 21, 2014 /PRNewswire/ --
Third Quarter Highlights
- Q3 Net Sales increased $49.3
million or 4.9%, after adjusting for the impact of divested
businesses.
- Q3 Adjusted Earnings per Diluted Share increased to
$0.17 versus $0.12 in the prior year period.
- Q3 Adjusted EBITDA increased to $190.6
million versus $175.2 million
in the prior year period.
- Q3 Adjusted EBITDA margin was 18.2% versus 15.1% in the prior
year period.
Graphic Packaging Holding Company (NYSE: GPK), (the "Company"),
a leading provider of packaging solutions to food, beverage and
other consumer products companies, today reported Net Income
for third quarter 2014 of $53.0
million, or $0.16 per share,
based upon 330.6 million weighted average diluted shares.
This compares to third quarter 2013 Net Income of $44.5 million, or $0.13 per share, based on 352.2 million weighted
average diluted shares.
Including the tax impact, third quarter 2014 Net Income was
negatively impacted by $4.5 million
of special charges. When adjusting for these charges, Adjusted Net
Income for the third quarter of 2014 was $57.5 million, or $0.17 per diluted share compared to third quarter
2013 Adjusted Net Income of $42.9
million or $0.12 per diluted
share.
"We reported a record Adjusted EBITDA margin this quarter of
just over 18%," said CEO David
Scheible. "This represented a three percentage point
increase over the third quarter last year. The significant
jump was primarily driven by our decision to exit non-core, lower
margin businesses over the last year and to re-focus these
resources around our paperboard packaging business. The
divestitures truly transformed us into a pure play, vertically
integrated paperboard packaging business."
"We also performed quite well in what continues to be a
difficult operating environment, as demand in some of our key end
use markets remains sluggish. Performance was strong across
the business, as key operating metrics at both our mills and
converting plants were up over last year. The integration of
our acquisitions in Europe is also
on target and we are realizing the planned synergies.
Overall, we delivered a solid $22
million net benefit from performance initiatives in the
quarter which keeps us on track to achieve our previously guided
$60 million of benefits for the full
year. We also remain on target to deliver $350 million of net debt reduction from
operations in 2014, having achieved approximately $140 million in the third quarter."
Net Sales
Net Sales decreased 9.7% to $1,050.0
million in the third quarter of 2014, compared to
$1,163.0 million in the prior year
period. Excluding $162.3 million of
sales in the prior year period from divested businesses, Net Sales
increased $49.3 million or 4.9%. The
increase was driven by $28.0 million
of improved volume/mix, $19.1 million
of higher pricing and $2.2 million of
favorable exchange rates.
Given the June 30, 2014 sale of
the Company's Multi-wall Bag Business, beginning with the third
quarter 2014, the Company will be reporting financial results under
a single segment called Paperboard Packaging.
Attached is supplemental data showing Net Tons Sold, Net Sales
and Income (Loss) from Operations for the Paperboard Packaging
Segment for the first three quarters of 2014 and each quarter of
2013 as reclassified.
EBITDA
EBITDA for third quarter 2014 was $182.3
million, or $6.5 million lower
than the third quarter of last year. When adjusting for
special charges, Adjusted EBITDA increased 8.8% to $190.6 million in third quarter 2014 from
$175.2 million in third quarter
2013. When comparing against the prior year quarter, Adjusted
EBITDA in the third quarter of 2014 was positively impacted by
$22.3 million of improved net
operating performance, $19.1 million
of higher pricing and $2.4 million of
favorable exchange rates. These benefits were offset by
$15.6 million of commodity inflation,
$12.6 million in higher labor and
benefit costs and $0.2 million of
unfavorable volume/mix.
Other Results
Total Net Debt at the end of third quarter 2014 was $2,024.0 million, $177.4
million lower than at the end of 2013. The Company's
September 30, 2014 Net Leverage Ratio
dropped to 2.90 times Adjusted EBITDA from 3.23 times Adjusted
EBITDA at the end of the third quarter of 2013. At
September 30, 2014, the Company had
available domestic liquidity of $877.1
million, including the undrawn availability under its
$1.0 billion U.S. revolving credit
facility.
Net Interest Expense was $20.4
million in the third quarter of 2014, compared to
$23.5 million in the third quarter of
2013. The decrease was primarily attributable to lower debt
levels.
Capital expenditures were $42.5
million in the third quarter of 2014, compared to
$68.6 million in the third quarter of
2013. The difference in the quarter was due to the timing of
expenditures as capital expenditures through the first 9 months of
2014 were $151.4 million compared to
$153.2 million over the same period
last year.
Income Tax Expense was $39.3
million in the third quarter of 2014 compared to
$35.8 million in the third quarter of
2013. As of September 30, 2014,
the Company had approximately $811
million of Net Operating Losses (NOLs) for U.S. federal cash
income tax purposes, which may be used to offset future taxable
income.
Please note that a tabular reconciliation of Adjusted Net Sales,
EBITDA, Adjusted EBITDA, Adjusted Net Income and Total Net Debt is
attached to this release.
Earnings Call
The Company will host a conference call at 9:00 am eastern time today (October 21, 2014) to discuss results of third
quarter 2014. To access the conference call, listeners
calling from within North America
should dial 800-392-9489 at least 10 minutes prior to the start of
the conference call (Conference ID #11225690). Listeners may
also access the audio webcast, along with a slide presentation, at
the Graphic Packaging website: http://www.graphicpkg.com in the
Investors section. Replays of the call can be accessed for
one week by dialing 855-859-2056.
Forward Looking Statements
Any statements of the Company's expectations in this press
release constitute "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Such statements,
including but not limited to, anticipated performance
improvements and the use of net operating losses to offset
future taxable income are based on currently available information
and are subject to various risks and uncertainties that could cause
actual results to differ materially from the Company's present
expectations. These risks and uncertainties include, but are
not limited to, cutbacks in consumer spending that could affect
demand for the Company's products or actions taken by our customers
in response to the difficult economic environment, the Company's
ability to implement its business strategies, and other risks
of conducting business internationally, and the impact of
regulatory and litigation matters, including the continued
availability of the Company's net operating loss offset to taxable
income. Undue reliance should not be placed on such
forward-looking statements, as such statements speak only as of the
date on which they are made and the Company undertakes no
obligation to update such statements. Additional information
regarding these and other risks is contained in the Company's
periodic filings with the SEC.
About Graphic Packaging Holding
Company
Graphic Packaging Holding Company (NYSE: GPK), headquartered in
Atlanta, Georgia, is a leading
provider of packaging solutions for a wide variety of products to
food, beverage and other consumer products companies. The
Company is one of the largest producers of folding cartons and
holds a leading market position in coated-unbleached kraft and
coated-recycled board. The Company's customers include some
of the most widely recognized companies in the world.
Additional information about Graphic Packaging, its business and
its products, is available on the Company's web site at
www.graphicpkg.com.
GRAPHIC PACKAGING
HOLDING COMPANY
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
In millions,
except per share amounts
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Net Sales
|
$
|
1,050.0
|
|
|
$
|
1,163.0
|
|
|
$
|
3,239.4
|
|
|
$
|
3,403.2
|
|
Cost of
Sales
|
847.6
|
|
|
982.3
|
|
|
2,636.9
|
|
|
2,851.0
|
|
Selling, General and
Administrative
|
83.6
|
|
|
93.8
|
|
|
279.0
|
|
|
290.0
|
|
Other Income,
Net
|
(0.3)
|
|
|
(4.0)
|
|
|
(1.3)
|
|
|
(11.3)
|
|
Restructuring and
Other Special Charges (Credits)
|
6.8
|
|
|
(14.8)
|
|
|
185.7
|
|
|
(5.1)
|
|
Income from
Operations
|
112.3
|
|
|
105.7
|
|
|
139.1
|
|
|
278.6
|
|
Interest Expense,
Net
|
(20.4)
|
|
|
(23.5)
|
|
|
(62.0)
|
|
|
(80.4)
|
|
Loss on Modification
or Extinguishment of Debt
|
—
|
|
|
(1.2)
|
|
|
—
|
|
|
(27.1)
|
|
Income before Income
Taxes and Equity Income of Unconsolidated Entities
|
91.9
|
|
|
81.0
|
|
|
77.1
|
|
|
171.1
|
|
Income Tax
Expense
|
(39.3)
|
|
|
(35.8)
|
|
|
(30.9)
|
|
|
(70.9)
|
|
Income before Equity
Income of Unconsolidated Entities
|
52.6
|
|
|
45.2
|
|
|
46.2
|
|
|
100.2
|
|
Equity Income of
Unconsolidated Entities
|
0.4
|
|
|
0.5
|
|
|
1.3
|
|
|
1.2
|
|
Net Income
|
53.0
|
|
|
45.7
|
|
|
47.5
|
|
|
101.4
|
|
Net (Income) Loss
Attributable to Noncontrolling Interests
|
—
|
|
|
(1.2)
|
|
|
0.7
|
|
|
(0.8)
|
|
Net Income
Attributable to Graphic Packaging Holding Company
|
$
|
53.0
|
|
|
$
|
44.5
|
|
|
$
|
48.2
|
|
|
$
|
100.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Per Share
Attributable to Graphic Packaging Holding Company —
Basic
|
$
|
0.16
|
|
|
$
|
0.13
|
|
|
$
|
0.15
|
|
|
$
|
0.29
|
|
Net Income Per Share
Attributable to Graphic Packaging Holding Company —
Diluted
|
$
|
0.16
|
|
|
$
|
0.13
|
|
|
$
|
0.15
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Shares Outstanding - Basic
|
328.9
|
|
|
350.5
|
|
|
328.4
|
|
|
349.5
|
|
Weighted Average
Number of Shares Outstanding - Diluted
|
330.6
|
|
|
352.2
|
|
|
330.4
|
|
|
351.3
|
|
GRAPHIC PACKAGING
HOLDING COMPANY
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
In millions,
except share and per share amounts
|
September 30,
2014
|
|
December 31,
2013
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash and Cash
Equivalents
|
$
|
55.2
|
|
|
$
|
52.2
|
|
Receivables,
Net
|
497.7
|
|
|
412.8
|
|
Inventories,
Net
|
532.0
|
|
|
557.1
|
|
Deferred Income Tax
Assets
|
172.0
|
|
|
171.3
|
|
Other Current
Assets
|
32.7
|
|
|
32.2
|
|
Assets Held for
Sale
|
9.5
|
|
|
6.6
|
|
Total Current
Assets
|
1,299.1
|
|
|
1,232.2
|
|
Property, Plant and
Equipment, Net
|
1,545.4
|
|
|
1,678.9
|
|
Goodwill
|
1,121.5
|
|
|
1,125.4
|
|
Intangible Assets,
Net
|
401.0
|
|
|
467.0
|
|
Other
Assets
|
63.6
|
|
|
55.8
|
|
Total
Assets
|
$
|
4,430.6
|
|
|
$
|
4,559.3
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Short-Term Debt and
Current Portion of Long-Term Debt
|
$
|
68.0
|
|
|
$
|
77.4
|
|
Accounts
Payable
|
422.1
|
|
|
428.3
|
|
Other Accrued
Liabilities
|
216.2
|
|
|
205.5
|
|
Total Current
Liabilities
|
706.3
|
|
|
711.2
|
|
Long-Term
Debt
|
2,011.2
|
|
|
2,176.2
|
|
Deferred Income Tax
Liabilities
|
359.1
|
|
|
329.9
|
|
Other Noncurrent
Liabilities
|
255.7
|
|
|
268.4
|
|
|
|
|
|
|
|
Redeemable
Noncontrolling Interests
|
—
|
|
|
11.3
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, par
value $.01 per share; 100,000,000 shares authorized; no shares
issued or outstanding
|
—
|
|
|
—
|
|
Common Stock, par
value $.01 per share; 1,000,000,000 shares authorized; 327,029,475
and 324,746,642 shares issued and outstanding at September 30, 2014
and December 31, 2013, respectively
|
3.3
|
|
|
3.2
|
|
Capital in Excess of
Par Value
|
1,792.4
|
|
|
1,789.9
|
|
Accumulated
Deficit
|
(494.4)
|
|
|
(542.6)
|
|
Accumulated Other
Comprehensive Loss
|
(203.0)
|
|
|
(188.2)
|
|
Total
Shareholders' Equity
|
1,098.3
|
|
|
1,062.3
|
|
Total Liabilities
and Shareholders' Equity
|
$
|
4,430.6
|
|
|
$
|
4,559.3
|
|
GRAPHIC PACKAGING
HOLDING COMPANY
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
Nine Months
Ended
|
|
September
30,
|
In
millions
|
2014
|
|
2013
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
Net Income
|
$
|
47.5
|
|
|
$
|
101.4
|
|
Non-cash Items
Included in Net Income:
|
|
|
|
|
|
Depreciation and
Amortization
|
202.2
|
|
|
208.5
|
|
Deferred Income
Taxes
|
28.8
|
|
|
61.0
|
|
Amount of
Postretirement Expense Less Than Funding
|
(13.9)
|
|
|
(0.8)
|
|
Loss (Gain) on the
Sale of Assets
|
170.4
|
|
|
(26.6)
|
|
Other, Net
|
29.3
|
|
|
25.0
|
|
Changes in Operating
Assets and Liabilities
|
(133.1)
|
|
|
(99.0)
|
|
Net Cash Provided by
Operating Activities
|
331.2
|
|
|
269.5
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
Capital
Spending
|
(151.4)
|
|
|
(153.2)
|
|
Proceeds from
Government Grant
|
26.9
|
|
|
—
|
|
Acquisition of
Business
|
(190.7)
|
|
|
—
|
|
Cash Acquired Related
to Acquisition
|
16.9
|
|
|
—
|
|
Proceeds Received
from the Sale of Assets, Net of Selling Costs
|
167.4
|
|
|
64.6
|
|
Other, Net
|
(4.4)
|
|
|
(7.3)
|
|
Net Cash Used in
Investing Activities
|
(135.3)
|
|
|
(95.9)
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
Proceeds from
Issuance or Modification of Debt
|
—
|
|
|
425.0
|
|
Retirement of
Long-Term Debt
|
—
|
|
|
(425.0)
|
|
Payments on
Debt
|
(46.1)
|
|
|
(56.0)
|
|
Borrowings under
Revolving Credit Facilities
|
949.3
|
|
|
1,373.5
|
|
Payments on Revolving
Credit Facilities
|
(1,068.6)
|
|
|
(1,418.7)
|
|
Redemption and Debt
Issuance Costs
|
—
|
|
|
(29.9)
|
|
Repurchase of Common
Stock related to Share-Based Payments
|
(14.7)
|
|
|
(11.2)
|
|
Other, Net
|
(10.2)
|
|
|
10.8
|
|
Net Cash Used in
Financing Activities
|
(190.3)
|
|
|
(131.5)
|
|
|
|
|
|
|
|
Effect of Exchange
Rate Changes on Cash
|
(2.6)
|
|
|
(1.6)
|
|
|
|
|
|
|
|
Net Increase in Cash
and Cash Equivalents
|
3.0
|
|
|
40.5
|
|
Cash and Cash
Equivalents at Beginning of Period
|
52.2
|
|
|
51.5
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$
|
55.2
|
|
|
$
|
92.0
|
|
Reconciliation of Non-GAAP Financial Measures
The tables below set forth the calculation of the Company's
earnings before interest expense, income tax expense, equity income
of unconsolidated entities, depreciation and amortization
("EBITDA"), Adjusted EBITDA, Adjusted Net Income, Net Leverage
Ratio and Total Net Debt. Adjusted EBITDA and Adjusted Net Income
exclude charges associated with: the Company's business
combinations, sale or shutdown of assets, other special (credits)
charges and the modification or extinguishment of debt. The
Company's management believes that the presentation of EBITDA,
Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio
provides useful information to investors because these measures are
regularly used by management in assessing the Company's
performance. EBITDA, Adjusted EBITDA, Adjusted Net Income and Net
Leverage Ratio are financial measures not calculated in accordance
with generally accepted accounting principles in the United States ("GAAP"), and are not
measures of net income, operating income, operating performance or
liquidity presented in accordance with GAAP.
EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage
Ratio should be considered in addition to results prepared in
accordance with GAAP, but should not be considered substitutes for
or superior to GAAP results. In addition, our EBITDA, Adjusted
EBITDA, Adjusted Net Income and Net Leverage Ratio may not be
comparable to Adjusted EBITDA or similarly titled measures utilized
by other companies since such other companies may not calculate
such measures in the same manner as we do.
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
In millions,
except per share amounts
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Net Income
Attributable to Graphic Packaging Holding Company
|
$
|
53.0
|
|
|
$
|
44.5
|
|
|
$
|
48.2
|
|
|
$
|
100.6
|
|
(Subtract)
Add:
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss (Income)
Attributable to Noncontrolling Interests
|
—
|
|
|
1.2
|
|
|
(0.7)
|
|
|
0.8
|
|
Income Tax
Expense
|
39.3
|
|
|
35.8
|
|
|
30.9
|
|
|
70.9
|
|
Equity Income of
Unconsolidated Entities
|
(0.4)
|
|
|
(0.5)
|
|
|
(1.3)
|
|
|
(1.2)
|
|
Interest Expense,
Net
|
20.4
|
|
|
23.5
|
|
|
62.0
|
|
|
80.4
|
|
Depreciation and
Amortization
|
70.0
|
|
|
84.3
|
|
|
212.7
|
|
|
237.2
|
|
EBITDA
|
182.3
|
|
|
188.8
|
|
|
351.8
|
|
|
488.7
|
|
Loss (Gain) on Sale
of Assets
|
0.3
|
|
|
(20.2)
|
|
|
170.7
|
|
|
(19.0)
|
|
Charges Associated
with Business Combinations and Other Special Charges
|
8.0
|
|
|
5.4
|
|
|
16.5
|
|
|
15.1
|
|
Loss on Modification
or Extinguishment of Debt
|
—
|
|
|
1.2
|
|
|
—
|
|
|
27.1
|
|
Adjusted
EBITDA
|
$
|
190.6
|
|
|
$
|
175.2
|
|
|
$
|
539.0
|
|
|
$
|
511.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to Graphic Packaging Holding Company
|
$
|
53.0
|
|
|
$
|
44.5
|
|
|
$
|
48.2
|
|
|
$
|
100.6
|
|
Loss (Gain) on Sale
of Assets
|
0.3
|
|
|
(17.6)
|
|
|
170.7
|
|
|
(16.6)
|
|
Charges Associated
with Business Combinations and Other Special Charges
|
8.0
|
|
|
5.4
|
|
|
16.5
|
|
|
12.7
|
|
Accelerated
Depreciation Related to Shutdown
|
—
|
|
|
3.5
|
|
|
—
|
|
|
3.5
|
|
Loss on Modification
or Extinguishment of Debt
|
—
|
|
|
1.2
|
|
|
—
|
|
|
27.1
|
|
Tax Impact of
Non-recurring Items
|
(3.8)
|
|
|
5.9
|
|
|
(67.4)
|
|
|
(4.5)
|
|
Adjusted Net
Income
|
$
|
57.5
|
|
|
$
|
42.9
|
|
|
$
|
168.0
|
|
|
$
|
122.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings Per
Share – Basic
|
$
|
0.17
|
|
|
$
|
0.12
|
|
|
$
|
0.51
|
|
|
$
|
0.35
|
|
Adjusted Earnings Per
Share – Diluted
|
$
|
0.17
|
|
|
$
|
0.12
|
|
|
$
|
0.51
|
|
|
$
|
0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
September
30,
|
In
millions, except per share amounts
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
Net Sales
|
|
|
|
|
|
|
|
|
$
|
1,050.0
|
|
|
$
|
1,163.0
|
|
Net Sales related to
divestitures
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
(162.3)
|
|
Adjusted Net
Sales
|
|
|
|
|
|
|
|
|
$
|
1,050.0
|
|
|
$
|
1,000.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Margin (Adjusted EBITDA/Net Sales)
|
|
|
|
|
|
|
|
|
|
18.2
|
%
|
|
|
15.1
|
%
|
GRAPHIC PACKAGING
HOLDING COMPANY
|
Reconciliation of
Non-GAAP Financial Measures
|
(Continued)
|
|
|
Twelve Months
Ended
|
|
September
30,
|
|
September
30,
|
|
December
31,
|
In
millions
|
2014
|
|
|
2013
|
|
|
2013
|
|
Net Income
Attributable to Graphic Packaging Holding Company
|
$
|
94.2
|
|
|
$
|
123.5
|
|
|
$
|
146.6
|
|
(Subtract)
Add:
|
|
|
|
|
|
|
|
|
Net (Loss) Income
Attributable to Noncontrolling Interests
|
(1.4)
|
|
|
0.4
|
|
|
0.1
|
|
Income Tax
Expense
|
27.4
|
|
|
84.8
|
|
|
67.4
|
|
Equity Income of
Unconsolidated Entities
|
(1.6)
|
|
|
(1.9)
|
|
|
(1.5)
|
|
Interest Expense,
Net
|
83.5
|
|
|
105.9
|
|
|
101.9
|
|
Depreciation and
Amortization
|
289.7
|
|
|
309.8
|
|
|
314.2
|
|
EBITDA
|
491.8
|
|
|
622.5
|
|
|
628.7
|
|
Charges Associated
with Business Combination
|
26.3
|
|
|
26.3
|
|
|
30.5
|
|
Loss (Gain) on Sale
or Shutdown of Assets, Net
|
171.8
|
|
|
(19.0)
|
|
|
(17.9)
|
|
Restructuring and
Other Special Charges
|
7.4
|
|
|
3.1
|
|
|
1.8
|
|
Loss on Modification
or Extinguishment of Debt
|
—
|
|
|
29.2
|
|
|
27.1
|
|
Adjusted
EBITDA
|
$
|
697.3
|
|
|
$
|
662.1
|
|
|
$
|
670.2
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
December
31,
|
Calculation of Net
Debt:
|
2014
|
|
|
2013
|
|
|
2013
|
|
Short-Term Debt and
Current Portion of Long-Term Debt
|
$
|
68.0
|
|
|
$
|
83.9
|
|
|
$
|
77.4
|
|
Long-Term
Debt
|
2,011.2
|
|
|
2,148.9
|
|
|
2,176.2
|
|
Less:
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
(55.2)
|
|
|
(92.0)
|
|
|
(52.2)
|
|
Total Net
Debt
|
$
|
2,024.0
|
|
|
$
|
2,140.8
|
|
|
$
|
2,201.4
|
|
|
|
|
|
|
|
|
|
|
Net Leverage Ratio
(Net Debt/Adjusted EBITDA)
|
2.90
|
|
|
3.23
|
|
|
3.28
|
|
GRAPHIC PACKAGING
HOLDING COMPANY
|
Unaudited
Supplemental Data
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
June
30,
|
|
September
30,
|
|
December
31,
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Tons Sold
(000's)
|
|
|
|
|
|
|
|
|
|
|
|
|
Paperboard
Packaging
|
|
624.2
|
|
|
654.4
|
|
|
679.4
|
|
|
|
|
Flexible
Packaging
|
|
**
|
|
**
|
|
**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales ($
Millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
Paperboard
Packaging
|
|
$
|
964.7
|
|
|
$
|
1,009.1
|
|
|
$
|
1,050.0
|
|
|
|
|
Flexible
Packaging
|
|
108.0
|
|
|
107.6
|
|
|
—
|
|
|
|
|
Total
|
|
$
|
1,072.7
|
|
|
$
|
1,116.7
|
|
|
$
|
1,050.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
Operations ($ Millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
Paperboard
Packaging
|
|
$
|
87.0
|
|
|
$
|
119.3
|
|
|
$
|
112.3
|
|
|
|
|
Flexible
Packaging
|
|
(7.3)
|
|
|
(172.2)
|
|
|
—
|
|
|
|
|
Total
|
|
$
|
79.7
|
|
|
$
|
(52.9)
|
|
|
$
|
112.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Tons Sold
(000's)
|
|
|
|
|
|
|
|
|
|
|
|
|
Paperboard
Packaging
|
|
653.1
|
|
|
663.9
|
|
|
683.2
|
|
|
637.7
|
|
Flexible
Packaging
|
|
**
|
|
**
|
|
**
|
|
**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales ($
Millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
Paperboard
Packaging
|
|
$
|
959.4
|
|
|
$
|
994.9
|
|
|
$
|
1,021.2
|
|
|
$
|
963.5
|
|
Flexible
Packaging
|
|
141.1
|
|
|
144.8
|
|
|
141.8
|
|
|
111.4
|
|
Total
|
|
$
|
1,100.5
|
|
|
$
|
1,139.7
|
|
|
$
|
1,163.0
|
|
|
$
|
1,074.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
Operations ($ Millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
Paperboard
Packaging
|
|
$
|
91.8
|
|
|
$
|
91.6
|
|
|
$
|
99.9
|
|
|
$
|
70.7
|
|
Flexible
Packaging
|
|
(6.6)
|
|
|
(3.9)
|
|
|
5.8
|
|
|
(7.7)
|
|
Total
|
|
$
|
85.2
|
|
|
$
|
87.7
|
|
|
$
|
105.7
|
|
|
$
|
63.0
|
|
** Not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/graphic-packaging-holding-company-reports-third-quarter-2014-results-696870321.html
SOURCE Graphic Packaging Holding Company