Silgan Holdings Inc. (SLGN, Financial) filed Quarterly Report for the period ended 2010-08-02.
Silgan Holdings Inc. has a market cap of $2.24 billion; its shares were traded at around $29.28 with a P/E ratio of 13.98 and P/S ratio of 0.73. The dividend yield of Silgan Holdings Inc. stocks is 1.43%.SLGN is in the portfolios of Paul Tudor Jones of The Tudor Group, Columbia Wanger of Columbia Wanger Asset Management, Jim Simons of Renaissance Technologies LLC.
Overview. Consolidated net sales were $1.36 billion in the first six months of 2010, representing a 1.0 percent increase as compared to the first six months of 2009 primarily due to higher unit volumes in the plastic container and closures businesses, higher average selling prices in the plastic container business largely attributable to the pass through of resin cost increases and the impact of favorable foreign currency translation, partially offset by lower average selling prices in the metal food container business as a result of the pass through of lower raw material costs. Income from operations for the first six months of 2010 increased by $4.6 million, or 3.9 percent, as compared to the same period in 2009 as a result of improved manufacturing efficiencies and ongoing cost controls, the year-over-year benefit resulting from the timing of certain contractual pass throughs of changes in manufacturing costs in the metal food container business and higher unit volumes in the plastic container and closures businesses. These increases were partially offset by the impact from the lagged pass through of significant increases in resin costs in the plastic container and closures businesses, the recognition of a charge of $3.2 million in selling, general and administrative expenses for the remeasurement of net assets in the Venezuela operations and higher rationalization charges. The results for the first six months of 2010 and 2009 included rationalization charges of $2.7 million and $1.4 million, respectively. Net income for the first six months of 2010 was $63.0 million, or $0.82 per diluted share, as compared to $61.7 million, or $0.80 per diluted share, for the same period in 2009.
On July 7, 2010, we completed the refinancing of our previous senior secured credit facility by entering into a new $1.4 billion senior secured credit facility, or the Credit Agreement. Our Credit Agreement provides us with term loans and revolving loans. The term loans, or the Term Loans, consist of $400 million of U.S. term loans, €125 million of Euro term loans and Cdn $81 million of Canadian term loans. The revolving loans, or the Revolving Loans, consist of a $790 million multicurrency revolving loan facility and a Cdn $10 million Canadian revolving loan facility. Our Credit Agreement also provides us with an uncommitted multicurrency incremental loan facility for up to an additional U.S. $450 million, which may be used to finance acquisitions and for other permitted purposes.
At June 30, 2010, total bank debt of $404.8 million was repayable within one year. However, based on the refinancing of our previous senior secured credit facility with the Credit Agreement on July 7, 2010, we have classified bank term loan debt of $316.4 million as long-term in the Condensed Consolidated Balance Sheet at June 30, 2010. Amounts outstanding as of June 30, 2010 classified as current debt included $76.0 million of bank revolving loans (which were repaid on July 7, 2010 in connection with the refinancing of our previous senior secured credit facility with the Credit Agreement) and $12.4 million of foreign bank revolving loans and term loans.
For the six months ended June 30, 2010, we used cash and cash equivalents of $253.7 million and net borrowings of revolving loans of $75.8 million to fund cash used in operations of $172.5 million (which consisted of $92.3 million of contributions to our pension benefit plans and $80.2 million primarily for our seasonal working capital needs), decreases in outstanding checks of $92.5 million, net capital expenditures of $47.6 million, net payments for stock-based compensation issuances of $0.6 million and dividends paid on our common stock of $16.3 million.
For the six months ended June 30, 2009, we used cash and cash equivalents of $83.4 million, net borrowings of revolving loans of $97.5 million, proceeds from the issuance of the 7¼% Senior Notes of $243.2 million and net proceeds from stock-based compensation issuances of $1.6 million to fund the repayment of term loans under our senior secured credit facility of $237.9 million, cash used in operations of $71.6 million (which consisted of $23.1 million of contributions to our pension benefit plans and $48.5 million primarily for our seasonal working capital needs), decreases in outstanding checks of $50.0 million, net capital expenditures of $46.3 million, debt issuance costs of $5.3 million and dividends paid on our common stock of $14.6 million.
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Silgan Holdings Inc. has a market cap of $2.24 billion; its shares were traded at around $29.28 with a P/E ratio of 13.98 and P/S ratio of 0.73. The dividend yield of Silgan Holdings Inc. stocks is 1.43%.SLGN is in the portfolios of Paul Tudor Jones of The Tudor Group, Columbia Wanger of Columbia Wanger Asset Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Overview. Consolidated net sales were $693.9 million in the second quarter of 2010, representing a 0.6 percent increase as compared to the second quarter of 2009 primarily as a result of higher average selling prices in the plastic container business largely attributable to the pass through of resin cost increases and higher unit volumes in the plastic container and closures businesses, partially offset by lower average selling prices in the metal food container business as a result of the pass through of lower raw material costs and a decrease in unit volumes in the metal food container business. Income from operations for the second quarter of 2010 of $67.1 million increased by $0.3 million, or 0.4 percent, as compared to the same period in 2009 primarily due to higher unit volumes in the plastic container and closures businesses and effective cost control and manufacturing efficiencies, partially offset by lower unit volumes in the metal food container business, the impact from the lagged pass through of increases in resin costs in the plastic container and closures businesses and higher rationalization charges. Results for 2010 included rationalization charges of $0.7 million. Results for 2009 included $0.7 million for the loss on early extinguishment of debt related to the issuance of 7¼% Senior Notes in May 2009. Net income for the second quarter of 2010 was $36.3 million, or $0.47 per diluted share, as compared to $34.8 million, or $0.45 per diluted share, for the same period in 2009.Overview. Consolidated net sales were $1.36 billion in the first six months of 2010, representing a 1.0 percent increase as compared to the first six months of 2009 primarily due to higher unit volumes in the plastic container and closures businesses, higher average selling prices in the plastic container business largely attributable to the pass through of resin cost increases and the impact of favorable foreign currency translation, partially offset by lower average selling prices in the metal food container business as a result of the pass through of lower raw material costs. Income from operations for the first six months of 2010 increased by $4.6 million, or 3.9 percent, as compared to the same period in 2009 as a result of improved manufacturing efficiencies and ongoing cost controls, the year-over-year benefit resulting from the timing of certain contractual pass throughs of changes in manufacturing costs in the metal food container business and higher unit volumes in the plastic container and closures businesses. These increases were partially offset by the impact from the lagged pass through of significant increases in resin costs in the plastic container and closures businesses, the recognition of a charge of $3.2 million in selling, general and administrative expenses for the remeasurement of net assets in the Venezuela operations and higher rationalization charges. The results for the first six months of 2010 and 2009 included rationalization charges of $2.7 million and $1.4 million, respectively. Net income for the first six months of 2010 was $63.0 million, or $0.82 per diluted share, as compared to $61.7 million, or $0.80 per diluted share, for the same period in 2009.
On July 7, 2010, we completed the refinancing of our previous senior secured credit facility by entering into a new $1.4 billion senior secured credit facility, or the Credit Agreement. Our Credit Agreement provides us with term loans and revolving loans. The term loans, or the Term Loans, consist of $400 million of U.S. term loans, €125 million of Euro term loans and Cdn $81 million of Canadian term loans. The revolving loans, or the Revolving Loans, consist of a $790 million multicurrency revolving loan facility and a Cdn $10 million Canadian revolving loan facility. Our Credit Agreement also provides us with an uncommitted multicurrency incremental loan facility for up to an additional U.S. $450 million, which may be used to finance acquisitions and for other permitted purposes.
At June 30, 2010, total bank debt of $404.8 million was repayable within one year. However, based on the refinancing of our previous senior secured credit facility with the Credit Agreement on July 7, 2010, we have classified bank term loan debt of $316.4 million as long-term in the Condensed Consolidated Balance Sheet at June 30, 2010. Amounts outstanding as of June 30, 2010 classified as current debt included $76.0 million of bank revolving loans (which were repaid on July 7, 2010 in connection with the refinancing of our previous senior secured credit facility with the Credit Agreement) and $12.4 million of foreign bank revolving loans and term loans.
For the six months ended June 30, 2010, we used cash and cash equivalents of $253.7 million and net borrowings of revolving loans of $75.8 million to fund cash used in operations of $172.5 million (which consisted of $92.3 million of contributions to our pension benefit plans and $80.2 million primarily for our seasonal working capital needs), decreases in outstanding checks of $92.5 million, net capital expenditures of $47.6 million, net payments for stock-based compensation issuances of $0.6 million and dividends paid on our common stock of $16.3 million.
For the six months ended June 30, 2009, we used cash and cash equivalents of $83.4 million, net borrowings of revolving loans of $97.5 million, proceeds from the issuance of the 7¼% Senior Notes of $243.2 million and net proceeds from stock-based compensation issuances of $1.6 million to fund the repayment of term loans under our senior secured credit facility of $237.9 million, cash used in operations of $71.6 million (which consisted of $23.1 million of contributions to our pension benefit plans and $48.5 million primarily for our seasonal working capital needs), decreases in outstanding checks of $50.0 million, net capital expenditures of $46.3 million, debt issuance costs of $5.3 million and dividends paid on our common stock of $14.6 million.
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