CCL Industries Reports a 25% Increase in Third Quarter 2012

CCL Industries Reports a 25% Increase in Third Quarter 2012 Net
Earnings and Declares Dividend 
TORONTO, ONTARIO -- (Marketwire) -- 11/06/12 -- CCL Industries Inc.
(TSX:CCL.A)(TSX:CCL.B) -  
Results Summary 


 
                                                Three months              
For periods ended September 30                    unaudited               
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                                                                       %  
                                                                  Change  
(in millions of Cdn dollars, except per                        %   Excl.  
 share data)                                 2012   2011  Change   FX(i)  
--------------------------------------------------------------------------
                                                                          
Sales                                      $316.6 $316.6       -     4.0% 
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EBITDA(1)                                  $ 58.8 $ 57.1     3.0%    7.8% 
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Operating income(2)                        $ 39.3 $ 36.5     7.7%   13.3% 
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Earnings (losses) in equity accounted                                     
 investments                               $  0.2 $ (0.1)                 
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Restructuring and other items - net loss   $    - $    -                  
--------------------------------------------------------------
------------
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Net earnings                               $ 21.3 $ 17.0    25.3%   36.0% 
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Per Class B share                                                         
                                                                          
  Basic earnings per share                 $ 0.64 $ 0.52                  
                                                                          
  Diluted earnings per share               $ 0.63 $ 0.52                  
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Restructuring and other items - net loss   $    - $    -                  
                                                                          
Adjusted basic earnings per Class B                                       
 share(3)                                  $ 0.64 $ 0.52                  
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Number of outstanding shares (in 000's)                                   
  Weighted average for the period - basic                                 
  Actual at period end                                                    
                                                                          
                                                                          
 
For periods ended September 30               Nine months unaudited          
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                                                                          % 
                                                                     Change 
(in millions of Cdn dollars, except per                           %   Excl. 
 share data)                                 2012      2011  Change   FX(i) 
----------------------------------------------------------------------------
                                                                            
Sales                                     $ 995.1 $   951.2     4.6%    6.8%
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EBITDA(1)                                 $ 196.9 $   184.4     6.8%    9.2%
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Operating income(2)                       $ 139.8 $   128.3     9.0%   11.5%
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Earnings (losses) in equity accounted                                       
 investments                              $   1.1 $    (0.2)                
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Restructuring and other items - net loss  $     - $     0.5                 
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Net earnings                              $  77.6 $    65.7    18.1%   22.6%
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Per Class B share                                                           
                                                                            
  Basic earnings per share                $  2.32 $    1.99                 
                                                                            
  Diluted earnings per share              $  2.28 $    1.96                 
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Restructuring and other items - net loss  $     - $    0.01                 
                                                                            
Adjusted basic earnings per Class B                                         
 share(3)             
                    $  2.32 $    2.00                 
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Number of outstanding shares (in 000's)                                     
  Weighted average for the period - basic  33,464    33,050                 
  Actual at period end                     33,772    33,494                 
                                                                            
                                                                            
(i) - Change over prior year's comparative period excludes estimated impact 
of foreign currency translation.                                            

 
CCL Industries Inc. ("CCL" or "the Company") is a world leader in the
development of label solutions for global producers of consumer
brands in the home & personal care, healthcare, durable goods, and
premium food & beverage sectors; and a specialty supplier of aluminum
containers and plastic tubes for the same customers in North America. 
Third Quarter 2012 Results 
Sales for the third quarter of 2012 were $316.6 million, flat to the
2011 third quarter, however, increased 4.0% excluding the impact of
foreign currency translation. For the nine months ended September 30,
2012, sales increased 6.8%, excluding foreign currency translation,
compared to the 2011 nine-month period. 
Operating income (a non-IFRS measure; see note 2 below) for the third
quarter of 2012 was $39.3 million, a 7.7% improvement from $36.5
million for the third quarter of 2011. Operating income improved
13.3%, excluding the negative impact of foreign currency translation
for the comparative quarters. All three segments, Label, Container
and Tube, contributed to the 9.0% improvement in operating income for
the nine months ended September 30, 2012 compared to the nine-month
period of 2011. 
Earnings before net finance cost, taxes, earnings in equity accounted
investments, depreciation and amortization and other items ("EBITDA",
a non-IFRS measure; see note 1 below) was $58.8 million for the third
quarter of 2012, an increase of 3.0% compared to $57.1 million for
the third quarter of 2011, and a 7.8% increase excluding the negative
impact of currency. For the nine-month period ended September 30,
2012, EBITDA was $196.9 million, an increase of 6.8% compared to
$184.4 million in the comparable 2011 nine-month period. 
The overall effective income tax rate was 24.6% for the third quarter
of 2012 compared to 28.6% in the second quarter of 2012 and 36.3% in
the third quarter of 2011. The decrease is primarily due to the
current quarter reflecting a non-cash accounting increase related to
a tax benefit recognized for certain Canadian tax losses. This
benefit will fluctuate with the movement in the Canadian dollar
versus the U.S. dollar and euro. This accounting adjustment had an
estimated increase of $0.03 on basic earnings per class B share in
the 2012 third quarter compared to a negative impact of approximately
$0.09 per share in the 2011 third quarter. For the nine months of
2012, the impact was $0.02 on basic earnings per class B share
compared to a $0.06 per share negative impact in the same period of
2011. 
Net earnings for the 2012 third quarter were $21.3 million, an
increase of 25.3% compared to $17.0 million for the third quarter of
2011. This resulted in basic and diluted earnings of $0.64 and $0.63
per Class B share, respectively, in the current quarter compared to
basic and diluted earnings of $0.52 per Class B share for the prior
year third quarter. 
Net earnings for the nine-month period of 2012 were $77.6 million, an
increase of 18.1% compared to $65.7 million for the same period a
year ago. This resulted in basic and diluted earnings of $2.32 and
$2.28 per Class B share, respectively, for the 2012 nine-month period
compared to basic and diluted earnings of $1.99 and $1.96 per Class B
share, respectively, for the prior year nine-month period. The
increase in net earnings is attributable to the improvement in
operating income and a decrease in the effective tax rate. 
Geoffrey T. Martin, President and Chief Executive Officer stated, "We
are pleased to report our eighth consecutive quarter of
year-over-year earnings per share improvement despite currency
translation headwinds and signs of slower global economic growth. Net
earnings were up a robust 25% and 36% excluding the impact of
currency translation compared to the 2011 third quarter. Foreign
exchange translation reduced earnings per share by approximately five
cents largely due to significant devaluations in European and Latin
American currencies compared to the prior year. However, the
sequentially lower U.S. dollar resulted in a reduced third quarter
tax rate and this more than offset the translation impact from
international currency changes in the period. Despite the currency
headwinds all three of our business segments continued to post
improved operating income compared to a record third quarter in
2011." 
Mr. Martin continued, "CCL Label posted a solid third quarter
increasing sales in local currencies 3.5% on a strong prior year
period with single digit growth rates in North America and Europe
while Emerging Markets growth softened with only China delivering
double digit top-line improvement. Operating profitability advances
of 6.5%, excluding the impact of currency translation, outpaced sales
growth. Europe delivered strong double digit profit improvement due
to cost reduction initiatives and a good summer season in the
Beverage business. North American profitability was slightly
constrained by start-up costs for new product lines and facilities
but underlying performance improved. Latin American local currency
profits were down due to a soft performance in Brazil driven by
customers destocking inventory in a slower economy. Profit gains in
Asia Pacific were driven by strong results in China and our
Australian operations, including the newly acquired Healthcare
business. Results in the ASEAN region however were below an
exceptional prior year period that included unusually high customer
product launch activity. Contributions from our associate companies
in Russia and the Middle East were in part offset by start-up costs
at the new joint venture in Chile." 
Mr. Martin then added, "CCL Container sales in local currencies were
up 7% in the current quarter and up over 5% for the nine months of
2012 compared to respective periods in 2011. Solid demand for
aerosols coupled with strong operational execution more than doubled
operating profit for the third quarter and by 40% for the nine months
of 2012 compared to 2011. Order intake was very solid and the plants
have a full load for the balance of the year. CCL Tube maintained its
strong performance trend with record third quarter profitability as
we continue to gain share in highly decorated tubes for premium
brands." 
Mr. Martin continued, "We continue to be pleased with the Company's
performance to date in 2012 and maintain a cautiously optimistic
perspective for the immediate future. Order intake levels were more
steady than strong over the summer so we can expect to see a modest
organic rate of growth in the final period with prior year
comparisons a
 greater challenge. Foreign currency markets as we have
seen throughout the year remain highly volatile and would also
present a significant translation headwind at current exchange rate
levels for the final quarter of the year. In addition, like many of
our peers we do see signs of economic challenges in the developed
world beginning to impact emerging market demand; potentially
creating a more difficult external climate if sustained in 2013." 
Mr. Martin concluded, "The Company continues to enhance its strong
balance sheet, ending the third quarter with $159 million of cash on
hand, and nearly $200 million undrawn on its revolving credit
facility. Our net debt to total book capitalization is down 430 basis
points to 16.4% compared to 20.7% at December 31, 2011. Based on our
strong cash flow and our prospects for the remainder of the year,
your Board of Directors has declared a dividend of $0.1950 per Class
B non-voting share and $0.1825 per Class A voting share payable to
shareholders of record at the close of business on December 12, 2012,
to be paid on January 3, 2013." 
With headquarters in Toronto, Canada, CCL Industries now employs
approximately 6,600 people and operates 74 production facilities
globally located to meet the sourcing needs of large international
customers. CCL Label is the world's largest converter of pressure
sensitive and film materials for label applications and sells to
leading global customers in the consumer packaging, healthcare,
automotive and consumer durable markets. CCL Container and CCL Tube
are leading producers of aluminum aerosol cans, bottles and extruded
plastic tubes for consumer packaged goods customers in the United
States, Canada and Mexico. 
(1) EBITDA is a critical non-IFRS financial measure used extensively
in the packaging industry and other industries to assist in
understanding and measuring operating results. It is also considered
as a proxy for cash flow and a facilitator for business valuations.
This non-IFRS financial measure is defined as earnings before net
finance cost, taxes, depreciation and amortization, goodwill
impairment loss, earnings in equity accounted investments and
restructuring and other items. See section entitled "Supplementary
Information" below for a reconciliation of operating income to
EBITDA. The Company believes that it is an important measure as it
allows management to assess CCL's ongoing business without the impact
of net finance cost, depreciation and amortization and income tax
expenses, as well as non-operating factors and one-time items. As a
proxy for cash flow, it is intended to indicate CCL's ability to
incur or service debt and to invest in property, plant and equipment,
and it allows management to compare CCL's business to those of CCL's
peers and competitors who may have different capital or
organizational structures. EBITDA is a measure tracked by financial
analysts and investors to evaluate financial performance and is a key
metric in business valuations. EBITDA is considered an important
measure by lenders to the Company and is included in the financial
covenants of CCL's senior notes and bank lines of credit.  
(2) Operating Income is a key non-IFRS financial measure used to
assist in understanding the profitability of the Company's business
units. This non-IFRS financial measure is defined as income before
corporate expenses, net finance cost, goodwill impairment loss,
earnings in equity accounted investments, restructuring and other
items and taxes.  
(3) Adjusted Basic Earnings per Class B Share is an important
non-IFRS financial measure used to assist in understanding the
ongoing earnings performance of the Company excluding items of a
one-time or non-recurring nature. It is not considered a substitute
for basic net earnings per Class B share but it does provide
additional insight into the ongoing financial results of the Company.
This non-IFRS financial measure is defined as basic net earnings per
Class B share excluding gains on dispositions, goodwill impairment
loss, restructuring and other items and tax adjustments. 
Supplementary Information 
For periods ended September 30th  
Reconciliation of Operating Income to EBITDA 
Unaudited 
(In millions of Canadian dollars) 


 
                                           Three months       Nine months   
                                         ended September    ended September 
                                               30th              30th       
                                        ----------------- ------------------
                                                                            
Operating Income                                                            
----------------
                                           2012     2011      2012     2011 
                                        -------- -------- --------- --------
Label                                   $  32.5  $  32.4  $  117.8  $ 111.6 
                                                                            
Container                                   3.7      1.6      10.4      7.4 
                                                                            
Tube                                        3.1      2.5      11.6      9.3 
                                        ------------------------------------
                                        ------------------------------------
                                                                            
Total operating income                     39.3     36.5     139.8    128.3 
                                                                            
Less: Corporate expenses                   (6.1)    (4.4)    (19.1)   (17.9)
                                                                            
Add: Depreciation & amortization           25.6     25.0      76.2     74.0 
                                        ------------------------------------
                                        ------------------------------------
                                                                            
EBITDA                                  $  58.8  $  57.1  $  196.9  $ 184.4 
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The financial information presented herein has been prepared on the
basis of IFRS for financial statements and is expressed in Canadian
dollars unless otherwise stated. 
This press release contains forward-looking information and
forward-looking statements (hereinafter collectively referred to as
"forward-looking statements"), as defined under applicable securities
laws, that involve a number of risks and uncertainties.
Forward-looking statements include all statements that are predictive
in nature or depend on future events or conditions. Forward-looking
statements are typically identified by the words "believes,"
"expects," "anticipates," "estimates," "intends," "plans" or similar
expressions. Statements regarding the operations, business, financial
condition, priorities, ongoing objectives, strategies and outlook of
the Company, other than statements of historical fact, are
forward-looking statements. Specifically, this press release contains
forward-looking statements regarding the anticipated growth in sales,
income and profitability of the Company's segments; and the Company's
expectations regarding general business and economic conditions. 
Forward-looking statements are not guarantees of future performance.
They involve known and unknown risks and uncertainties relating to
future events and conditions including, but not limited to, the
after-effects of the global financial crisis and its impact on the
world economy and capital markets; the impact of competition;
consumer confidence and spending preferences; general economic and
geopolitical conditions; currency exchange rates; interest rates and
credit availability; technological change; changes in government
reg
ulations; risks associated with operating and product hazards; and
CCL's ability to attract and retain qualified employees. Do not
unduly rely on forward-looking statements as the Company's actual
results could differ materially from those anticipated in these
forward-looking statements. Forward-looking statements are also based
on a number of assumptions, which may prove to be incorrect,
including, but not limited to, assumptions about the following:
global economic recovery and higher consumer spending; improved
customer demand for the Company's products; continued historical
growth trends, market growth in specific sectors and entering into
new sectors; the Company's ability to provide a wide range of
products to multinational customers on a global basis; the benefits
of the Company's focused strategies and operational approach; the
achievement of the Company's plans for improved efficiency and lower
costs, including stable aluminum costs; the availability of cash and
credit; fluctuations of currency exchange rates; the Company's
continued relations with its customers; and general business and
economic conditions. Should one or more risks materialize or should
any assumptions prove incorrect, then actual results could vary
materially from those expressed or implied in the forward-looking
statements. Further details on key risks can be found in the
Management's Discussion and Analysis section of CCL's 2011 Annual
Report, particularly under Section 4: "Risks and Uncertainties."
CCL's annual and quarterly reports can be found online at
www.cclind.com and www.sedar.com or are available upon request. 
Except as otherwise indicated, forward-looking statements do not take
into account the effect that transactions or non-recurring or other
special items announced or occurring after the statements are made
may have on CCL's business. Such statements do not, unless otherwise
specified by the Company, reflect the impact of dispositions, sales
of assets, monetizations, mergers, acquisitions, other business
combinations or transactions, asset write-downs or other charges
announced or occurring after forward-looking statements are made. The
financial impact of these transactions and non-recurring and other
special items can be complex and depends on the facts particular to
each of them and therefore cannot be described in a meaningful way in
advance of knowing specific facts. 
The forward-looking statements are provided as of the date of this
press release and the Company does not assume any obligation to
update or revise the forward-looking statements to reflect new events
or circumstances, except as required by law. 


 
Note:      CCL will hold a conference call at 12:00 p.m. 
           EST on November 6, 2012, to discuss these     
           results. The analyst presentation will be     
           posted on the Company's website.              
                                                         
                                                         
           To access this call, please dial:             
                                                         
           416-340-8527 - Local                          
           877-240-9772 - Toll Free                      
                                                         
           Audio replay service will be available from   
           November 6, 2012, at 6:00 p.m. EST until      
           November 20, 2012 at 11:59 p.m. EST.          
                                                         
           To access Conference Replay, please dial:     
           905-694-9451 - Local                          
           800-408-3053 - Toll Free                      
           Access Code: 7929704                          

 
For more details on CCL, visit our website - www.cclind.com. 


 
CCL Industries Inc.                                                         
Consolidated condensed interim income statements                            
Unaudited                                                                   
                                                                            
In thousands of Canadian dollars, except per share data                     
                                                                            
                          Three months ended           Nine months ended    
                             September 30                 September 30      
                    -----------------------------  -------------------------
                                                %                          %
                           2012      2011  Change     2012      2011  Change
                                                                            
Revenue                $316,643  $316,631     0.0 $995,101  $951,150     4.6
Cost of sales           242,674   244,412          753,661   726,119        
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Gross profit             73,969    72,219          241,440   225,031        
Selling, general and                                                        
 administrative          40,703    40,171          120,688   114,591        
Restructuring and                                                           
 other items                  -         -                -       542        
(Earnings) loss in                                                          
 equity accounted                                                           
 investments               (219)       84           (1,073)      168        
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Results from                                                                
 operating                                                                  
 activities              33,485    31,964          121,825   109,730        
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Finance cost              5,510     5,546           16,534    17,123        
Finance income             (198)     (375)            (769)     (964)       
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Net finance cost          5,312     5,171           15,765    16,159        
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Earnings before                                                             
 income taxes            28,173    26,793     5.2  106,060    93,571    13.3
Income tax expense        6,869     9,769           28,468    27,895        
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Net earnings           $ 21,304  $ 17,024    25.1 $ 77,592  $ 65,676    18.1
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Attributable to:                                                            
  Shareholders of                                                           
   the Company         $ 21,304  $ 17,024         $ 77,592  $ 65,676        
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Net earnings for the                                                        
 period                $ 21,304  $ 17,024         $ 77,592  $ 65,676        
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Basic earnings per                                                          
 Class B share         $   0.64  $   0.52    23.1 $   2.32  $   1.99    16.6
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-
                                                                            
Diluted earnings per                                                        
 Class B share         $   0.63  $   0.52    21.2 $   2.28  $   1.96    16.3
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CCL Industries Inc.                                                         
Consolidated condensed interim statements of financial position             
Unaudited                                                                   
                                                                            
In thousands of Canadian dollars                                            
                                       As at September 30 As at December 31 
                                                     2012              2011 
Assets                                                                      
Current assets                                                              
  Cash and cash equivalents             $         159,546  $        140,698 
  Trade and other receivables                     211,835           192,003 
  Inventories                                      87,021            86,932 
  Prepaid expenses                                  8,361             5,304 
  Income tax recoverable                                -               802 
  Derivative instruments                                -               820 
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Total current assets                              466,763           426,559 
----------------------------------------------------------------------------
  Property, plant and equipment                   669,689           688,099 
  Goodwill                                        347,007           355,788 
  Deferred tax assets                              57,671            54,152 
  Equity accounted investments                     39,554            38,464 
  Intangible assets                                30,561            34,853 
  Other assets                                     16,674            15,566 
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Total non-current assets                        1,161,156         1,186,922 
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Total assets                            $       1,627,919  $      1,613,481 
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Liabilities                                                                 
Current liabilities                                                         
  Trade and other payables              $         223,701  $        233,963 
  Current portion of long-term debt                86,223            19,750 
  Income taxes payable                             13,144                 - 
  Derivative instruments                            1,723             2,530 
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Total current liabilities                         324,791           256,243 
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  Long-term debt                                  242,136           334,218 
  Deferred tax liabilities                        111,121           118,827 
  Employee benefits                                81,673            77,806 
  Provisions and other long-term                                            
   liabilities                                      9,939             9,507 
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Total non-current liabilities                     444,869           540,358 
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Total liabilities                                 769,660           796,601 
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Equity                                                                      
  Share capital                                   221,143           218,663 
  Contributed surplus                              12,713             9,421 
  Retained earnings                               687,563           629,469 
  Accumulated other comprehensive loss            (63,160)          (40,673)
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Total equity attributable to                                                
 shareholders of the Company                      858,259           816,880 
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Total liabilities and equity            $       1,627,919  $      1,613,481 
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CCL Industries Inc.                                                         
Consolidated condensed interim statements of cash flows                     
Unaudited                                                                   
                                                                            
In thousands of Canadian dollars                                            
                                                                            
                                   Three months ended    Nine months ended  
                                      September 30          September 30    
                                      2012       2011       2012       2011 
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Cash provided by (used for)                                                 
Operating activities                                                        
  Net earnings                   $  21,304  $  17,024  $  77,592  $  65,676 
  Adjustments for:                                                          
    Depreciation and                                                        
     amortization                   25,600     25,022     76,176     73,964 
    Earnings in equity accounted                                            
     investments,                                                           
    net of dividends received          164         92        119        584 
    Restructuring and other                                                 
     items                               -          -          -        542 
    Net finance cost                 5,312      5,171     15,765     16,159 
    Current income tax expense       9,841      6,181     35,702     23,589 
    Deferred taxes                  (2,972)     3,588     (7,234)     4,306 
    Equity-settled share-based                                              
     payment transactions            1,005        465      3,076      2,555 
    Gain on sale of property,                                               
     plant and equipment                (1)      (242)      (103)      (952)
----------------------------------------------------------------------------
                                    60,253     57,301    201,093    186,423 
 
    Change in inventories                8     (5,431)       144    (12,682)
    Change in trade and other                                               
     receivables                     5,394      3,777    (19,832)   (30,918)
    Change in prepaid expenses         713        304     (3,057)    (1,615)
    Change in trade and other                                               
     payables                        3,025     10,509     (4,099)    11,852 
    Change in income taxes                                                  
     payable                           727        367      3,581        573 
    Change in employee benefits       (369)     2,834      3,867      8,372 
    Change in other assets and                                              
     liabilities                       203     (2,212)    (4,060)      (839)
----------------------------------------------------------------------------
                                    69,954     67,449    177,637    161,166 
  Net interest paid                (10,384)    (9,941)   (21,102)   (21,826)
  Income taxes paid                 (8,930)    (5,749)   (25,336)   (16,734)
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Cash provided by operating                                                  
 activities                         50,640     51,759    131,199    122,606 
----------------------------------------------------------------------------
                                                                            
Financing activities                                                        
  Proceeds on issuance of long-                                             
   term debt                            79      6,832        101      7,872 
  Repayment of long-term debt      (10,940)   (18,847)   (14,228)   (88,426)
  Decrease in bank advance               -          -          -       (497)
  Proceeds from issuance of                                                 
   shares                              185      2,320      2,053      3,393 
  Repayment of executive share                                              
   purchase plan loans                   -          -        233          - 
  Dividends paid                    (6,554)    (5,806)   (19,658)   (17,410)
----------------------------------------------------------------------------
Cash used for financing                                                     
 activities                        (17,230)   (15,501)   (31,499)   (95,068)
----------------------------------------------------------------------------
                                                                            
Investing activities                                                        
  Additions to property, plant                                              
   and equipment                   (25,031)   (14,199)   (67,998)   (68,122)
  Proceeds on disposal of                                                   
   property, plant and equipment       491        332      1,102      1,451 
  Business acquisitions and                                                 
   other long-term investments      (7,615)   (16,363)    (9,633)   (25,155)
----------------------------------------------------------------------------
Cash used for investing                                                     
 activities                        (32,155)   (30,230)   (76,529)   (91,826)
----------------------------------------------------------------------------
  Net increase (decrease) in                                                
   cash and cash equivalents         1,255      6,028     23,171    (64,288)
  Cash and cash equivalents at                                              
   beginning of period             162,332    102,945    140,698    173,197 
  Translation adjustment on cash                                            
   and cash equivalents             (4,041)     1,119     (4,323)     1,183 
----------------------------------------------------------------------------
Cash and cash equivalents at end                                            
 of period                       $ 159,546  $ 110,092  $ 159,546  $ 110,092 
----------------------------------------------------------------------------
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CCL Industries Inc.                                             
Segment information                                             
Unaudited                                                       
                                                                
In thousands of Canadian dollars                                
                                                                
                                Three months ended              
                                   September 30                 
                               ---------------------            
                           Sales            Operating income    
                    --------------------  ----------------------
                        2012       2011       2012        2011  
                    ---------  ---------  ----------  ----------
Label              $ 250,771  $ 254,405  $  32,528   $  32,376  
Container             45,812     43,042      3,747       1,614  
Tube                  20,060     19,184      3,070       2,494  
                  ----------------------------------------------
Total operations   $ 316,643  $ 316,631     39,345      36,484  
                  ----------------------                        
                  ----------------------                        
                                                                
                                                                
Corporate expense                           (6,079)     (4,436) 
Restructuring and                                               
 other items                                     -           -  
Earnings (loss) in equity                                       
 accounted investments                         219         (84) 
Finance cost                                (5,510)     (5,546) 
Finance income                                 198         375  
Income tax                                                      
 expense                                    (6,869)     (9,769) 
                                        ------------------------
Net earnings                             $  21,304   $  17,024  
                                        ------------------------
                                        ------------------------
                                                                
                                                                
 
CCL Industries Inc.                                            
Segment information                                            
Unaudited                                                      
                                                               
In thousands of Canadian dollars                               
                                                               
                               Nine months ended               
                                 September 30                  
                            ------------------------           
                           Sales            Operating income   
                   ---------------------  ---------------------
                       2012        2011       2012        2011 
                   ---------   ---------  ----------  ---------
Label             $ 791,894 $   758,044  $ 117,818   $ 111,614 
Container           140,073     133,260     10,430       7,433 
Tube                 63,134      59,846     11,588       9,263 
                 ----------------------------------------------
Total operations  $ 995,10
1 $   951,150    139,836     128,310 
                 -----------------------                       
                 -----------------------                       
                                                               
                                                               
Corporate expense                          (19,084)    (17,870)
Restructuring and                                              
 other items                                     -        (542)
Earnings (loss)                                                
 in equity                                                     
 accounted                                                     
 investments                                 1,073        (168)
Finance cost                               (16,534)    (17,123)
Finance income                                 769         964 
Income tax                                                     
 expense                                   (28,468)    (27,895)
                                        -----------------------
Net earnings                             $  77,592   $  65,676 
                                        -----------------------
                                        -----------------------

 
Contacts:
CCL Industries Inc.
Sean Washchuk
Senior Vice President and Chief Financial Officer
416-756-8526
www.cclind.com
 
 
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