BWAY Holding Co. clocks net loss in FY07
BWAY Holding Co. (NYSE: BWY), a supplier of general line rigid containers, reported a net loss for the quarter related in part to IPO charges.
For the year ended Sept. 30, the Atlanta, Ga.-based firm reported a net loss of $3.1 million or $0.15 per share including $29.7 million (pre-tax), or $0.83 per diluted share of one-time initial public offering related expenses.
Full year fiscal 2007 adjusted net income (net income excluding IPO-related expenses) was $16.9 million, or $0.68 per fully diluted share, compared with $0.35 per fully diluted share for fiscal 2006.
Three analysts polled by Thomson Financial were on average projecting earnings per share of $ 0.74 for the year
Net sales were $959 million, compared with $918.5 million for fiscal 2006. The year’s sales clocked in slightly above the $954.45 million two analysts polled by Thomson Financial were on average forecasting.
The small cap attributed the increase in sales primarily to its July 2006 acquisition of ICL Industrial Containers, Ltd. and its January 2007 acquisition of Vulcan Containers.
For the first quarter of fiscal 2008, ending Dec. 30, the company is projecting a net loss of $0.22 to $0.16 per share.
For the fiscal 2008, ending Sept. 28, 2008, BWAY is projecting earnings of $0.68 to $0.78,
The company noted factors that affected its metal packaging segment during the second half of fiscal 2007 are expected to continue through the first quarter of fiscal 2008
Shares of BWAY Holding (BWY) were halted in pre-market trading.
