Sunbeam 2001 Annual Report Download

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alltrista
annual report 2001

Table of contents

  • Page 1
    alltrista annual report 2001

  • Page 2
    ... in the U.S. and manufactures injection molded and industrial plastics. corporate strategy: It is the Company's strategy to increase stockholder value by building a leading consumer products business focused on home food preservation, branded domestic consumables and related items. In pursuing this...

  • Page 3
    ... per share data) 2001 2000 1999 Net sales EBITDA* Net income Diluted earnings per share Diluted weighted average shares outstanding $425.5 70.3 $ 20.3 $ 3.18 6.4 $390.2 62.3 $ 19.4 $ 3.04 6.4 $ 355.0 64.2 $ 19.8 $ 2.92 6.8 The unaudited pro forma financial information presented gives effect to...

  • Page 4
    ... has been Consumer Products, which manufactures branded consumables used for food preservation. The fundamental shift in focus and direction that has taken place in your company during 2001 is the renewed emphasis on the consumer products business that has consistently delivered steady returns for...

  • Page 5
    ...the authorized share capital and creating and amending stock option plans to attract and motivate your management team. I am pleased to report that despite all of the distractions and strategic initiatives during 2001, the core remaining businesses of Alltrista turned in solid financial results. All...

  • Page 6
    ... home canning and related products in North America and Tilia, the leading provider of home vacuum packaging systems for household use in the United States. A Alltrista consumer products currently manufactures, markets and distributes a broad line of home food preservation and preparation products...

  • Page 7
    "Alltrista's success results in part from our strong consumer products brands that are respected for quality and longevity in -Jack Metz the marketplace." President, Alltrista Consumer Products

  • Page 8
    ...-enter. T The patented FoodSaver ® vacuum packaging system is superior to more conventional means of food packaging, including freezer and storage bags and plastic containers, in preventing dehydration, rancidity, mold, freezer burn and hardening of food. The FoodSaver allows consumers ® longer...

  • Page 9
    ... Lifejacket® anti-corrosion system. Unimark Plastics is a plastic injection molding operation which manufactures precision custom injection molded components in three plants for major companies in the healthcare and consumer products industries including CIBA Vision Corporation, Johnson & Johnson...

  • Page 10
    ...) Zinc strip raw material Injection molded consumer products Thermoformed inner door liner for Whirlpool refrigerator Zinc Unimark Industrial Plastics Our materials based group enjoys longstanding relationships with its customers predicated on innovative technology, lowcost high quality...

  • Page 11
    ... corporation Report of Independent Auditors Board of Directors and Stockholders Alltrista Corporation and Subsidiaries We have audited the accompanying consolidated balance sheets of Alltrista Corporation and subsidiaries as of December 31, 2001 and 2000, and the related consolidated statements...

  • Page 12
    alltrista corporation Consolidated Statements of Operations (in thousands, except per share amounts) Year ended December 31, 2001 2000 1999 Net sales ...Costs and expenses Cost of sales ...Selling, general and administrative expenses ...Goodwill amortization ...Special charges (credits) and ...

  • Page 13
    ... corporation Consolidated Balance Sheets (in thousands, except per share amounts) December 31, 2001 2000 Assets Current assets Cash and cash equivalents...Accounts receivable, net of reserve for doubtful accounts of $778 and $1,517 ...Income taxes receivable ...Inventories, net...Deferred taxes...

  • Page 14
    ... from sale of property, plant and equipment...Acquisitions of businesses, net of cash acquired...Proceeds from divestitures of assets and product lines ...Proceeds from the surrender of insurance contracts ...Proceeds from insurance contracts loaned to former officers ...Investments in insurance...

  • Page 15
    ... Shares Amount Shares Amount Capital Earnings Cumulative Translation Adjustment Interest Rate Swap Minimum Pension Liability Balance, December 31, 1998 . Net income ...Stock options exercised and stock plan purchases ...Shares reissued from treasury Shares tendered for stock options and taxes...

  • Page 16
    alltrista corporation Consolidated Statements of Comprehensive Income (in thousands) Year ended December 31, 2001 2000 1999 Net income (loss) ...Foreign currency translation: Translation adjustment during period...Translation adjustment recorded to net income due to liquidation of investment in ...

  • Page 17
    ...amounts reported and disclosed in the financial statements and related notes. Actual results could differ from those estimates. Revenue Recognition Revenue from the sale of products is primarily recognized at the time product is shipped to customers. The Company allows customers to return defective...

  • Page 18
    .... The Company recorded a pre-tax loss of $1.4 million in 2001 related to the sale. On June 1, 2000, the Company acquired the net assets of Synergy World, a St. Louis, Missouri-based designer and marketer of portable restrooms sold to equipment rental companies, waste services companies and diversi...

  • Page 19
    ... to fund working capital needs over the next several years. This investment was sold effective November 1, 2001. Effective May 24, 1999, the Company sold its plastic packaging product line, which produced coextruded high-barrier plastic sheet and containers for the food processing industry, for $28...

  • Page 20
    ... Earnings (loss) before interest, taxes and minority interest . . Interest expense, net ... The Company's major customers are located within the United States and Canada. Net sales of the Company's products in Canada, including home food preservation products, coinage and thermoformed plastic parts...

  • Page 21
    ...term debt. In December 2001, the Company applied the $21.0 million of proceeds from the sale of the thermoformed assets to the outstanding term loan balance. In January 2002, the Company applied $15.0 million of proceeds from the income tax refund related to the thermoformed sale to further pay down...

  • Page 22
    ... 31, 2001. The Company will continue to distribute its products in Canada through Bernardin, Ltd. During 2001, items recognized related to the divested thermoforming operations included a pre-tax gain of $1.0 million in connection with an insurance recovery associated with a property casualty...

  • Page 23
    ..., 2001, 2000 and 1999. The Company also maintains a defined benefit pension plan for certain of its hourly employees. The components of net periodic Property, equipment and intangibles ...$ 9,430 $17,559 Other ...2,314 346 Gross deferred tax liabilities ...Net operating loss...Accounts receivable...

  • Page 24
    ...return on assets of 9.0%. In accordance with the provisions of SFAS 87, ''Employer's Accounting for Pensions,'' the Company recorded an additional minimum liability of $1.3 million at December 31, 2001... used to compute the funded status of the plan for 2001 and Service cost of benefits earned...$...

  • Page 25
    ... a life insurance policy having the death benefit equivalent to the amount of the loan payable to the Company. All accrued interest and principal on the loans are payable upon the death of the participant and their spouse. The Company recognized $4.1 million of pretax income during 2001 related to...

  • Page 26
    ...78 $ 4.34 Pro forma ...(13.47) 0.73 4.29 Diluted earnings (loss) per share As reported ...$ (13.43) $ 0.77 $ 4.28 Pro forma ...(13.47) 0.72 4.24 2000 Weighted Avg. Shares Option Price Price Range Outstanding at beginning of year . New options granted Exercised ...Canceled ...276,110 . 80,750 . (20...

  • Page 27
    .... 133 (''SFAS 133''), Accounting for Derivative Instruments and Hedging Activities, on January 1, 2001. The statement requires the Company to recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges must be adjusted to fair value through income. If the derivative...

  • Page 28
    ...respect to the London Interbank Offered Rate on its term debt obligations. The Company has designated the interest rate swaps as cash ï¬,ow hedges. Gains and losses related to the effective portion of the interest rate swaps are reported as a component of other comprehensive income and reclassified...

  • Page 29
    ... $1.5 million of income (net of tax) related to the discharge of deferred compensation obligations, a $0.7 million gain (net of tax) related to an insurance recovery (85,429) associated with a property casualty and $0.9 million of costs (net of tax) associated with the Company's evaluation of its...

  • Page 30
    .... On March 9, 2002, the Job Creation and Workers' Assistance Act of 2002 was enacted which provides, in part, for the carryback of 2001 net operating losses for five years instead of the previous two year period. As a result, the company filed for an additional refund of $22.8 million, of which...

  • Page 31
    ... loss from early extinguishment of debt (net of income taxes)...$ Other Data: EBITDA (b) ...$ Depreciation and amortization ...Capital expenditures...Balance Sheet Data (at end of period): Cash and cash equivalents ...Working capital ...Total assets ...Total debt...Total stockholders' equity...

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    ...Chief Financial Officer Willkie Farr & Gallagher New York, New York Douglas W. Huemme Director transfer agent: National City Bank Cleveland, Ohio Richard L. Molen Director 800-622-6757 Lynda W. Popwell Director corporate headquarters: 555 Theodore Fremd Avenue, Suite B-302 Rye, New York 10580...

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