SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2003
OR
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o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number: 333-88157
CONSOLIDATED CONTAINER COMPANY LLC
(Exact name of registrant as specified in its charter)
|
Delaware |
75-2825338 |
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(State or other jurisdiction of |
(I.R.S. Employer |
|
incorporation or organization) |
Identification No.) |
3101 Towercreek Parkway, Suite 300,
Atlanta, Georgia 30339
(Address of principal executive offices)
Telephone number: (678) 742-4600
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:
Yes x No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Acts).
Yes o No x
As of November 1, 2003, there were 1,000 of the registrant’s member units outstanding.
CONSOLIDATED
CONTAINER COMPANY LLC
INDEX
2
Item 1. Condensed Consolidated Financial Statements
CONSOLIDATED
CONTAINER COMPANY LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in Thousands)
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September 30, |
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December 31, |
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2003 |
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2002 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
25,634 |
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$ |
24,382 |
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Investment securities |
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99 |
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106 |
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Accounts receivable (net of allowance for doubtful accounts of $1,241 and $1,414) |
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90,529 |
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73,043 |
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Inventories |
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49,013 |
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46,748 |
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Other current assets |
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23,981 |
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|
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27,834 |
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Total current assets |
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189,256 |
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|
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172,113 |
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PROPERTY AND EQUIPMENT, Net |
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280,292 |
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289,281 |
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GOODWILL |
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209,859 |
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209,859 |
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INTANGIBLES AND OTHER ASSETS |
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19,414 |
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19,444 |
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$ |
698,821 |
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$ |
690,697 |
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LIABILITIES AND MEMBER’S EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
87,353 |
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$ |
92,407 |
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Accrued liabilities |
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40,703 |
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46,313 |
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Revolving credit facility |
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25,000 |
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31,000 |
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Current portion of long-term debt |
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11,259 |
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61,911 |
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Total current liabilities |
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164,315 |
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231,631 |
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LONG-TERM DEBT |
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565,093 |
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484,065 |
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OTHER LIABILITIES |
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65,003 |
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58,643 |
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COMMITMENTS AND CONTINGENCIES |
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— |
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— |
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MEMBER’S DEFICIT: |
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Member’s deficit |
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(63,886 |
) |
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(51,599 |
) |
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Foreign currency translation adjustment |
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(509 |
) |
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(848 |
) |
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Minimum pension liability adjustment |
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(31,195 |
) |
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(31,195 |
) |
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Total member’s deficit |
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(95,590 |
) |
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(83,642 |
) |
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|
|
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$ |
698,821 |
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$ |
690,697 |
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See notes to condensed consolidated financial statements.
3
CONSOLIDATED CONTAINER COMPANY LLC AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(Amounts in Thousands)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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September 30, |
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September 30, |
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2003 |
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2002 |
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2003 |
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2002 |
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Net sales |
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$ |
188,318 |
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$ |
196,376 |
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$ |
560,955 |
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$ |
569,849 |
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Cost of sales |
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164,370 |
|
|
|
169,872 |
|
|
|
494,116 |
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|
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491,626 |
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Gross profit |
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23,948 |
|
|
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26,504 |
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|
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66,839 |
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78,223 |
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