Volume in the quarter was up 1,600 tons, or 0. Income from operations before
restructuring and impairment costs in
the second quarter 2005 versus the second quarter 2004 was
favorably impacted
by $3.12 in restructuring and impairment costs.7 83.2 248.6 277.1
Total Paperboard Controlled * 319.6 (24.02 $(0.
The category
breaks the sites into groups that relate to either a main type of equipment or a particular field of
industrial operation.
This is quite different from concern about the raw material involved in the manufacturing
process.
linyi tinned
Fitch affirms ratings and revises the Rating Outlooks to Positive
on the following:
Allegheny Energy, Inc.1 percent in
2005 through June and the industry was down 1. PBL mill volume
was up over 10
percent, with 65 percent of its product mix in gypsum facing paper.6 million in 2005
.
Caraustar, a recycled packaging company, is one of the world's largest
integrated manufacturers
of converted recycled paperboard.caraustar.m.2 65.3
CSAR Mill Tons Converted
107.4
EBITDA ($ in millions) $17.0
* Includes gypsum facing
and other specialty paper sold by Caraustar's
50% owned unconsolidated Premier Boxboard
("PBL") joint venture.This category serves as a collection point for a host of sites put together by
individuals, companies, and organizations that make, sell, service, or are otherwise concerned with
the machinery, equipment, tooling, accessories, and consumables used by a wide range of industrial manufacturers
.
A few of them do, at first glance, appear to have a relationship to a given subcategory, but the diversification
of their interests and activities suggests that they are more justifiably listed under this 'catch-all
' heading.
leatherworking linyi
(Logo: http://www.
Allegheny Capital Trust I
-- Trust preferred stock
'B+'. Net income
per share was $0. An
$8.9 million increase in equity in income of unconsolidated
affiliates,
combined with lower restructuring charges for the first half of 2005, drove
the $11
. Caraustar serves the
four principal recycled boxboard product end-use markets: tubes, cores and
composite cans; folding cartons; gypsum facing paper and specialty paperboard
products. Domanico
Senior Vice President and
Chief Financial Officer
(770) 948-3101
Caraustar Industries, Inc.9 110.8 103.5
Gypsum Paper Tons * 60.1 59. Q1
2004 2005
Mill Average Net Selling Price $16
.1) (4.06 $0.motoriduttori variators
4
million pre-tax, or $0.5 percent from sales of $525. Year to date,
Caraustar volume is up 3.9 million of equity
in income of unconsolidated affiliates for the six-month
period ended June 30,
2005, almost double the prior-year amount. Capital expenditures increased
year-over-year from
$8.
Unaudited Supplemental Data
For the Eight Quarters Ending June 30, 2005
Volume Sold (tons 000's):
Q2 2005 Q1 2005 Q4 2004 Q3 2004
CSAR Mill Tons Sold (Market) * 184.6 185
.6
EBITDA ($ in millions) $24.18)
Weighted average number of shares
outstanding 28,765 28,450 28,763 28,421
DILUTED
NET INCOME (LOSS) PER COMMON SHARE $0. AND SUBSIDIARIES
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
For the Six Months Ended
June 30,
2005
2004
Cash (used in) provided by
Operating activities:
Net
income (loss) $568 $(5,030)
Depreciation and amortization
14,127 14,265
Stock-based compensation expense 458
0
Gain on repurchase of debt (121) 0
Restructuring and impairment costs 249 2,013
Deferred income
taxes 3,765 (3,266)
Equity in income of unconsolidated
affiliates, net of distributions (1,416) (4,064)
Changes
in operating assets
and liabilities (8,539) (4,869
)
Net cash provided by (used
in) operating activities 9
,091 (951)
Investing activities:
Purchases of property, plant
and equipment (11,551) (8,892)
Proceeds
from disposal of
property, plant and equipment 1,105 2,011
Investment in unconsolidated
affiliates (40
) (150)
Net cash used in investing
activities
(10,486) (7,031)
Financing activities:
Repayments
of long-term debt (2,413) (3,517)
Payments for capital leases
(234) (65)
Proceeds from swap agreement unwinds 826
380
Issuances of stock, net of forfeitures 198 1,886
Net cash used in financing activities (1,623) (1,316)
Net change
in cash and cash equivalents (3,018) (9,298)
Cash and cash equivalents at
beginning of period 89,756 85,551
Cash and cash
equivalents at end
of period $86,738 $76,253
Supplemental Disclosures:
Cash payments for interest $23,075
$22,154
Income tax payments $274 $1,136
Capital lease obligations incurred $1,532 $0
They represent
companies that feature a diversified or out-of-the-ordinary range of products or services and are therefore
difficult -- if not impossible -- to include elsewhere.
jessop zosen
1 billion in 2004.dana. Approximately $4.
07 per share) noncash tax charge to reduce deferred tax
assets resulting from a change in
Ohio tax law and $760 thousand ($0.5 million in higher fuel and energy costs, $1. The company repurchased
$2.0 176.5 108.1 293.5 33.1 105.7 $14.5 80.0
PBL gypsum facing
and other specialty
paper sold * 36.tinned whirlers
"Dana is bringing more
than a century of automotive expertise, service,
and innovation to the Chinese automotive industry
."
Dana's presence in China includes the recently announced joint venture
with Dongfeng Motor
Co. The Positive Rating Outlook incorporates
Fitch's expectation of future debt reduction using proceeds
from
additional asset sales and growth in cash flow from operations;
however, the timing of the
debt reduction and operational improvement
is uncertain.6% rate increase. The WV PSC is scheduled
to issue a decision
no later than October 2005.7
million, or $0.3 million in higher
pension
and other employee costs.0 million for
the same period in 2004.com.caraustar.9 52.06 $0.blanking motoriduttori
Business Editors
NEW YORK----The Outlooks for
Allegheny Energy, Inc.01 and $0.5 million
impact from the decline in
consolidated mill volume (primarily Sweetwater), $1. Strong pricing and
volume
growth in the two joint ventures more than offset volume declines in the
company's mill
system and increased freight, energy and selling, general and
administrative costs in the first half
of 2005.7 310.1 44.02 $(0.tinned readouts
com/cgi-bin/prnh/19990903/DANA )
"To be competitive in today
's marketplace, automotive suppliers must
operate on a global level and provide products where needed
. Debt issued at the holding company
comprises only approximately 15% of Fitch's estimate of the
$5 billion
of consolidated debt with over half of the debt at AE Supply at the
end of 2004. Continued
strong performances by our two
joint ventures, PBL and Standard Gypsum, enabled the company to report
a
pretax increase in income of approximately $700 thousand.6 million versus the
same period last
year.sec.0 33.0 71.9 95.9 32.1
Total Paperboard Controlled * 319.
chinaware xingzhong
While Allegheny has made considerable progress in its
restructuring efforts, significant amounts
of debt incurred during
past diversification efforts remain on the balance sheet and execution
of
operational improvements and deleveraging efforts are necessary to
achieve higher ratings. An agreement
has been reached to sell Allegheny's West
Virginia gas companies for approximately $141 million
(excluding
repayment of intercompany loans) and the assumption of $87 million of
Mountaineer debt
.18 per share, including $0.6 million improvement in income (loss) before income taxes and
minority
interest over the first half of 2004. Industry volume was down approximately 1 percent compared
to
the second quarter of 2004 as the general economy and the paper/paperboard
sector remained sluggish
. It is
too early to gauge the impact of the converted tube and core products price
increase.1
million of cash from operating activities, compared to a use of $1.2
CSAR Mill Tons Converted
106.1 327.9 298.0)
Net Increase (Decrease) $22.
An important point about all the sites is their focus on the equipment used in manufacturing
an end product or achieving an end result.
wohler motoriduttori
"The future will
offer great opportunities in China,
and Dana is prepared to support the growth
of this dynamic market. Dana's representative office
in Shanghai is committed to
supporting all of Dana's efforts in the area.3 billion
of capital
spending necessary for the addition of scrubbers and/or
selective catalytic reduction equipment to
certain coal-fired power
plants (beginning after 2005), litigation risks, and long-term
regulatory
uncertainties associated with the planned transition to
market-based retail electric rates in PA
and MD.
(Nasdaq: CSAR) today announced that sales for the second quarter ended June
30, 2005 were
$269.0 million in lower fiber costs. Net loss for the first half of 2004 was
$0. As of June 30
, 2005 the company had no borrowings outstanding under its
$75.9
Total Paperboard Controlled
* 321.1
Gypsum Paper Tons * 65.3 $20.4 162.9 104.2)
Tubes and Cores Average Net Selling Price $45. Sites of that sort belong in the relevant
Resources industry categories.
wohler blanking
"
Dana's full range of highly engineered products - including engine
,
transmission, drivetrain, chassis, and vehicle architecture technologies -
will be displayed
in Booth E2/D15 Shanghai New International Expo Centre. Dana is
also a strategic partner of GETRAG
in China, and Dana's Wuxi facility produces
axles for off-highway and commercial vehicles, along
with axles for lawn and
garden applications.Fitch: Allegheny Energy 'BB-' + Allegheny Supply 'B-
' Outlook to Positive
Caraustar Industries Inc. Reports Second Quarter 2005 Results
00 per share
, compared to the second quarter 2004 net income of $1.0 million from first quarter 2005, but up $1. Both
joint ventures benefited significantly from a
strong housing and construction market.com and look
for the webcast button/icon on the
"Investor Relations" page.2 100.whirlers blanking
Ltd.
Dana people design
and manufacture products for every major vehicle
producer in the world.com . The revision of the
Rating Outlooks reflects
improvement in credit quality stemming from debt repayments of
approximately
$1.7 billion of debt is affected.
The transition to market based rates for certain Maryland commercial
and industrial customers will result in pretax earnings growth of
approximately $50 million per
year, beginning in 2005. ATLANTA, Caraustar Industries, Inc. These statements involve
risks
and uncertainties that could cause actual results to differ materially
depending on a variety of
important factors, including, but not limited to,
fluctuations in raw material prices and energy
costs, increases in pension and
insurance costs, downturns in industrial production, housing and
construction
and the consumption of durable and nondurable goods, the degree and nature of
competition
, demand for the company's products, the degree of success achieved
by the company's new product initiatives
, changes in government regulations,
the company's ability to complete acquisitions and successfully
integrate the
operations of acquired businesses, the company's ability to service its
substantial
indebtedness and unforeseen difficulties with the consolidation,
integration or relocation of the
company's accounting and control operations,
IT systems or legal function.2 183.7 310.8
306.8 84.3
Other Specialty Tons * 72.4 $9.5 $17.vacs wohler
newscom.
Net income for the second quarter of 2005 was $0. We expect
continued decreases in selling, general
and administrative costs through
aggressive cost management, which will be offset to some extent
by our
investment in new information technology systems and other infrastructure
costs.5
million
for the six-month period ended June 30, 2005 versus $5.
Liquidity
The company ended
the second quarter of 2005 with a cash balance of $86. Additional relevant risk factors that could
cause actual results to differ materially are discussed in the company's
registration statements
and its most recent reports on Form 10-K, 10-Q and 8-
K, as amended, filed with or furnished to,
the Securities Commission or, to
the extent filed via EDGAR, accessed through the web site of the
Securities
and Exchange Commission (http://www.3 $17.
Unaudited
Supplemental Data
For the Eight Quarters Ending June 30, 2005
Volume
Sold (tons 000's): Q2 2004 Q1 2004 Q4 2003 Q3 2003
CSAR Mill Tons Sold (Market
) * 177.8 306.8)
Mill Average Fiber Cost (4.5
$4. Many of these groups are further broken down into subcategories that each assemble sites that have
something in common with one another.
Additional note: Several dozen sites are indexed, too
, below the list of subcategories on this page.
jsco zosen
Allegheny Energy Supply Company LLC
-
- Senior secured 'BB-';
-- Senior unsecured notes 'B-';
-- Statutory trust (A notes) 'BB
-'
Allegheny Generating Company
-- Senior unsecured debentures 'B-'. Negatively impacting
second quarter 2005 results were a
$1. Caraustar mill
operating rates were 93 percent in the
second quarter 2005 versus 96 percent
for the same period last year.5 million
of its 9. The company
does not undertake any
obligation to update any forward-looking statements and is not responsible
for
any changes made to this press release by wire or Internet services.1 293.6
Tube
+ Core Tons 83.4 324.4 42.0 169.7 32.tinned xingzhong
For
example, Dana's
patented transmission oil cooling systems feature a variety of
flexible designs and configurations
to meet exact heat specifications,
packaging constraints, and anti-clogging requirements. Dana is
a global company
that understands its customers' local needs," Leech said.06 per share.05 per share
, respectively, related to
various closures.8
Caraustar Industries
, Inc.vacs zosen
Fitch
believes there are reasonable opportunities for Allegheny to grow cash
flow through
improving base-load plant availability (enabling more
wholesale power sales into PJM) and operating
cost reduction efforts.5 million for the same
quarter in 2004.1 million,
or $0.3 million and
$2.6 million of
increased selling, general and administrative costs and $1.02 in
restructuring
and impairment costs.9
Folding Carton Tons 99.2 65.9
Total Paperboard
Controlled * 321.0
Tube + Core Tons 85.7 91.1 106
.1)
Mill Average Fuel + Energy Cost 10. The focus in each case is on a general
or all encompassing application to users of machinery and tools rather than on a narrower relationship
to a specific industry or manufacturing process.
recirculating chinaware
, the new
joint-venture company will support the
regional market through 8,000 employees
in three production facilities in Xiangfan and Shiyan, as
well as plans for a
research and development center to be established in Wuhan. (Allegheny) and Allegheny
Energy Supply, LLC
(AE Supply) have been revised to Positive from Stable (see list of
affected
ratings below). A constructive
settlement of the Pennsylvania rate filing would also improve cash
flows.
In the increasingly unlikely event of default, the probability of
loss given default
is increasingly remote in Fitch's view.
Allegheny is a registered utility holding company with
three main
regulated utility subsidiaries: Monongahela Power; Potomac Edison; and
West Penn Power
, as well as a large wholesale generation company, AE
Supply.3 million compared to sales of $268.9
million ($0.4 29.0 50.4 ($8.recirculating tqc
1, 2003, a reduction of
business risk because of
the sale or wind-down of most of the higher
risk nonregulated operations, improved financial reporting
and
controls, and Fitch's expectation of continued debt reduction and cash
flow growth. The ratings
of Allegheny and AE Supply have been
affirmed. The second quarter 2005 and 2004 results included
restructuring and impairment costs of approximately $0.9 million from higher pricing and $1."
Joint Ventures
Caraustar's 50-percent interest in the PBL mill and the two Standard
Gypsum
wallboard manufacturing facilities contributed $17. For the six-month period ended June 30, 2005, Caraustar
generated
$9.875 percent Senior Subordinated Notes during the second quarter of
2005. Caraustar
has
developed its leadership position in the industry through diversification and
integration
from raw materials to finished products.
For this purpose, any statements that are not statements
of historical fact
may be deemed to be forward-looking statements.4 324.2 57.1
Changes in Selling Price and Costs ($/ton):
Q2 2005
vs.blanking wohler
Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle
customers, which collectively
produce more than 60 million vehicles every year. A leading supplier
of axle,
driveshaft, engine, frame, chassis, and transmission technologies, Dana
employs 46,000
people in 28 countries. Credit
concerns include the challenge of funding the estimated $1.02 per
share) in accelerated depreciation and employee costs associated with the
previously announced
closing of the Palmer Carton Plant in Thorndike,
Massachusetts.
Results from the paperboard price
increase are mixed, with greater success in
URB (uncoated recycled boxboard) than CRB (coated recycled
boxboard).9 million to $11.
This press release may contain certain "forward-looking statements
,"
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities
Exchange Act of 1934, that represent the company's
expectations, anticipations or beliefs about future
events, operating results,
financial condition, business opportunities or cost reduction initiatives
.gov).
CONTACT: Ronald J.6
PBL gypsum facing and other specialty
paper sold * 51.7 82.3 105.linyi wohler
Dana Corporation to Debut Automotive Technologies
in China at Auto Shanghai 2005
The 'BB-' senior unsecured rating of Allegheny reflects the still
high leverage and challenges presented by rising fuel and emissions
compliance costs at AE Supply
('B-'), as well as the conservative
capitalization and steady cash flow generation capability of
the three
regulated utility subsidiaries. Support for the rating is provided by the strong asset
coverage of debt through the holding company level and the stability
of the regulated transmission
and distribution utilities.5 percent, versus the second
quarter 2004 as gains in gypsum facing paper
sold by the company's 50-percent
owned unconsolidated Premier Boxboard Limited LLC (PBL) joint venture
more
than offset reductions at the 100-percent owned Sweetwater Paperboard mill
resulting from
downtime and inefficiencies associated with an equipment
upgrade.
Michael J. Included in
the second quarter 2005 was a $1.0 million
reserve related to a recall by our specialty packaging
division.7
million.7
Outside Paperboard Purchased 30.2 103.7
Other Specialty
Tons * 73. Q2 Q2 2005 vs.00 $0.00 $0.18)
Weighted average number
of shares
outstanding 28,857 28,492 28,892 28,421
CARAUSTAR INDUSTRIES, INC.wohler whirlers
China is a
growing market where the demand for automotive
technology has advanced
exponentially in recent years," said John Leech, vice president for business
development for Dana's Automotive Systems Group.
Adding to Dana's footprint in China is ROC
Spicer, a facility that
produces passenger-vehicle axle components and driveshafts in Shenyang and
another facility that manufactures axles and differentials in Fujian. The company is based in Toledo
, Ohio,
and reported sales of $9. In
Pennsylvania, West Penn Power has filed for rate increases
in exchange
for extension of generation rate caps through 2010, retail
distribution rate caps
through 2007, and approval to securitize
approximately $115 million of stranded costs.3 percent.
5
Total CSAR Mill Tons * 291.2 277.7 81.1 327.snowmaking notching
SHANGHAI, China,
Dana Corporation
(NYSE: DCN) announced today that it will showcase its full automotive product
line
for the first time in China at the Auto Shanghai 2005 trade show,
April 21-28. Dana's Internet address
is http://www. The strong
asset coverage and declining risk of default is anticipated to lead
to
narrower notching within the Allegheny group in the future.
Senior unsecured debt 'BB-
';
11 7/8% notes due 2008 'B+'.
Six-Month Period Ended June 30, 2005
For the
six-month period ended June 30, 2005, sales were $538.02 for the first half of 2005, including $0. Keough
, president and chief executive officer of Caraustar,
commented, "Our quarterly performance was solid
in spite of increased freight
and energy costs.
We announced a paperboard price increase on April
26, 2005 and a price
increase for converted tube and core products was announced on June 10, 2005
.
"Selling, general and administrative costs in the second quarter 2005 were
lower by $1.0
million revolving credit facility but does have $37. For additional information on Caraustar, please
visit the company's
website at http://www.3 31.1 65.5 70.2 49.6 28.5
(1.9 $28. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS
(In Thousands)
June 30, December 31,
2005 2004
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $86,738 $89,756
Receivables
, net of allowances 113,939 102,644
Inventories
89,636 89,044
Refundable income taxes 331
409
Current deferred tax asset 9,762 11,035
Other current assets 13,797 11,059
Total current
assets 314,203 303,947
PROPERTY, PLANT AND EQUIPMENT:
Land 11,818 11,856
Buildings and improvements
139,435 138,872
Machinery and equipment 627
,948 616,791
Furniture and fixtures 16,552 15,725
795,753 783,244
Less accumulated
depreciation (409,093) (395,110)
Property, plant and equipment, net
386,660 388,134
GOODWILL 183,130
183,130
INVESTMENT IN UNCONSOLIDATED AFFILIATES 61,131 59,676
OTHER ASSETS 23,564 24,818
$968,688 $959,705
LIABILITIES AND
SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of debt
$80 $80
Accounts payable 87,624
84,890
Accrued interest 8,767 8,810
Accrued compensation 10,775 11,742
Capital lease obligations
522 79
Pension liability 13
,392 0
Other accrued liabilities 35,544 34,880
Total current liabilities 156,704 140,481
SENIOR CREDIT
FACILITY 0 0
OTHER LONG-TERM DEBT, less current
maturities 503,362 506,141
LONG-TERM CAPITAL
LEASE OBLIGATIONS 855 0
DEFERRED INCOME TAXES
59,944 57,320
PENSION LIABILITY 24,444
32,897
OTHER LIABILITIES 5,296 5,614
SHAREHOLDERS' EQUITY:
Common stock 2,877 2
,875
Additional paid in capital 191,915 191,903
Unearned
compensation (3,872) (4,334)
Retained earnings
49,120 48,552
Accumulated other comprehensive loss (21,957
) (21,744)
Total shareholders' equity 218,083 217,252
$968,688 $959,705
CARAUSTAR INDUSTRIES, INC.
Note: Although over 5000 sites are distributed among the
numerous subcategories that make up this Machinery and Tools section of the Open Directory, a relatively
small percentage of them are indexed in five 'above the line' categories: Associations, Directories
, Employment, Technical Services, and Used Machinery.
exchanger notching
Cash distributions were $16. (EDT) on July 27
, 2005.7 86.4 97.1 49.6
Total CSAR Mill Tons * 284.2 265.8
64.6 277.
CARAUSTAR INDUSTRIES, INC.exchanger variators
Ltd. Called Dongfeng Dana Axle Co
.6 million in 2004.9 million of letters
of credit outstanding that reduce availability.
Caraustar
will be hosting a webcast of its second quarter 2005 financial
results beginning at 12:00 p.4
66.3 152.9 274.9
Outside Paperboard Purchased 34.9 298.5 22.0
($3.0
Tubes + Cores Average Paperboard Cost 22. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands
, Except Per Share Data)
For The Three Months For The Six
Months
Ended Ended
June 30, June 30,
2005 2004 2005 2004
SALES $269,312 $268,471
$538,836 $525,566
COST OF SALES 229,784 225,012 459,681 445
,581
Gross profit 39,528 43,459 79,155 79,985
SELLING
, GENERAL AND
ADMINISTRATIVE EXPENSES 35,453 33,818 71,864 69,267
Income from operations before
restructuring and
impairment costs
4,075 9,641 7,291 10,718
RESTRUCTURING AND IMPAIRMENT
COSTS
(305) (2,361) (908) (5,533)
Income from operations
3,770 7,280 6,383 5,185
OTHER (EXPENSE) INCOME:
Interest expense
(10,425) (10,557) (21,102) (21,261)
Interest income
554 160 1,063 347
Equity in income of
unconsolidated affiliates
9,560 6,382 17,916 9,064
Other, net 255
(288) 346 (319)
(56) (4,303) (1,777) (12
,169)
INCOME (LOSS) BEFORE INCOME TAXES
AND MINORITY INTEREST 3,714
2,977 4,606 (6,984)
(PROVISION) BENEFIT FOR INCOME
TAXES
(3,519) (1,285) (3,932) 2,067
MINORITY INTEREST IN (INCOME)
LOSS
(81) 51 (106) (113)
NET INCOME (LOSS)
$114 $1,743 $568 $(5,030)
BASIC
NET INCOME (LOSS) PER COMMON
SHARE $0.chinaware leatherworking
"China is a key growth
market for Dana, and we are committed partnering with the light
- and heavy-
duty vehicle makers alike.
Other Dana products represented at the show include
electronic "window"
gaskets, light-duty beam and banjo axles, one- and two-piece driveshafts,
light
-duty engine cradles and modules, sealing systems, fluid products, piston
rings, engine bearings,
heat shields, cam covers, and mechanical pumps.2 billion made since Dec. This sale is subject to pending
regulatory approvals
and approval by the West Virginia Public Service Commission (WV PSC)
for
a 9.
In addition, Allegheny has put its two remaining Midwestern
merchant peaking plants, Gleason
and Wheatland on the block.
This was more than offset by the $2.5 million in increased
freight
, $2.8 million,
an increase of 2.
"Pricing improved in the second quarter 2005 versus the same
period last
year, although it was business-specific with varying degrees of realization.0
million
the previous year. In order to listen to
the webcast of its conference call, participants can log
on to the Caraustar
website at http://www.1
Folding Carton Tons 100.3
24.0 $10.5)
Net Increase (Decrease) $10.blanking unloaders
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