KINGSEY FALLS, QC, Dec. 2 /PRNewswire-FirstCall/ - Cascades Inc. (CAS on the Toronto Stock Exchange), a leader in recovery and in green packaging and tissue paper products, announced today the upsize of its previously announced cash tender offer by its wholly owned subsidiary, Cascades Tenderco Inc. Under the terms of the upsized offer, Cascades Tenderco will purchase up to $700 million aggregate principal amount (the "Maximum Tender Amount") of Cascades' 7 1/4% Senior Notes due 2013 (CUSIP # 146900AC9) and its 6 3/4% Senior Notes due 2013 (CUSIP # 65542NAJ6) (together, the "Notes"). The Maximum Tender Amount had previously been set at $650 million. The tender offer is being made pursuant to an Offer to Purchase dated November 18, 2009 and related Letter of Transmittal.
Pursuant to the terms of the tender offer, tenders of Notes may no longer be withdrawn. The tender offer will expire at 9:00 a.m., New York City time, on December 17, 2009, unless extended or earlier terminated.
This announcement does not constitute an offer to buy or the solicitation of an offer to sell any of the Notes in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful. In those jurisdictions where the securities, blue sky or other laws require the tender offer to be made by a licensed broker or dealer, the tender offer will be deemed to be made by the Dealer Managers or one or more registered brokers or dealers licensed under the laws of such jurisdiction.
Certain statements in this release are forward-looking statements (as such term is defined under the Private Securities Litigation Reform Act of 1995) based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for Cascades' products, increases in raw material costs, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors listed in the Cascades' Securities and Exchange Commission filings.
Founded in 1964, Cascades produces, converts and markets packaging and tissue products composed mainly of recycled fibres. Cascades employs close to 13,000 employees who work in more than 100 modern and flexible production units located in North America and Europe. Cascades' management philosophy, its 45 years of experience in recycling, its continued efforts in research and development are strengths which enable the company to create new products for its customers.
SOURCE CASCADES INC.
BRAMPTON, ONTARIO--(Marketwire - Dec. 2, 2009) - Western Creamery, today announced that it is voluntarily recalling light and regular 250 gram tubs of Western cream cheese with the best before date December 28, 2009 after initial test results from one container of the product tested positive for Salmonella during a routine test.
The Company is notifying retailers in Ontario, Nova Scotia and New Brunswick of the precautionary recall where 667 cases of the product were distributed and has asked that the products be removed from the shelves immediately.
"We are in the process of waiting for final test results but felt it was in the best interests of consumers to initiate a precautionary recall until we can be certain that our products meet our high quality control standards," said Roger Dickhout, president of Western Creamery.
To date no illnesses have been reported from consumption of these products.
The products being recalled can be identified by the best before date of December 28, 2009. They are:
-- 250 gram Western light cream cheese UPC 0 61641 00006 4 -- 250 gram Western cream cheese UPC 0 61641 01550 1
Consumers who have purchased any of the identified Western Creamery cream cheese are advised to dispose of the product and contact Western Creamery at info@westerncreamery.com or by calling Anita Kadar at 905 458 3710 or 1 800 265 3230 for a full refund.
Consumers are asked not to take the product back to the store where they purchased the product. The Company is working cooperatively with the CFIA to complete the recall. Western Creamery regrets the inconvenience that this recall has caused its consumers and customers.
About Western Creamery
For over sixty years, Western Creamery has been providing Ontario customers with high quality cultured dairy products. The company, located in Brampton and Downsview, makes a variety of natural yogurts, cream cheese spreads, pressed cottage cheeses, and sour creams. The brand is committed to high quality and freshness. Western Creamery is a local, natural tradition.
FOR FURTHER INFORMATION PLEASE CONTACT:
Media Contact:
Caroline Spivak
416.371.9740
Source: Western Creamery
BEIJING, Dec. 2 /PRNewswire-Asia/ -- On December 1, 2009, the award ceremony for China's first "SKYTRAX Four-Star Airline" was held at the JW Marriott Hotel Beijing, and attracted a great deal of attention from the aviation industry and media in China and abroad. SKYTRAX President Mr. Edward Plaisted presented the SKYTRAX four-star airline cup and certificate to Hainan Airlines CEO, Mr. Wang Yingming. As China's first SKYTRAX four-star airline company, Hainan Airlines (HNA) has obtained the highest SKYTRAX star rating in China, which reflects the increase in Chinese soft power of air services and is a milestone for the improvement of Chinese civil aviation's management and service and China's growth into a civil aviation power. It also indicates that China's national enterprises have fully complied with international standards and taken another solid step toward the goal of creating world-class brands and helping the country to enhance its soft power.
(Photo: http://www.newscom.com/cgi-bin/prnh/20091202/CNW027 )
Belgian Ambassador to China Mr. Patrick NIJS, the Sudanese deputy ambassador to China Abdelmoniem O. Elbeiti, the Hungarian Embassy tourism counselor Vero and other embassy officials attended the award presentation ceremony, offering their congratulations to China's first SKYTRAX four-star airline. As loyal frequent passengers of Hainan Airlines, China's national table tennis team deputy leader Qiu Wenli and Olympic champion Ma Lin also attended the award ceremony and presented SKYTRAX President Edward Plaisted and HNA Group Chairman Chen Feng with table tennis rackets carrying the signatures of the world champions and Olympic champions from China's national table tennis team and offered congratulations to Hainan Airlines.
HNA Group Chairman Chen Feng attended the ceremony and delivered a speech. HNA Group director Chen Wenli, Hainan Airlines chairman Li Xiaoming and Hainan Airlines CEO Wang Yingming also attended the ceremony.
SKYTRAX President: Hainan Airlines deserves the four-star rating
At the award ceremony, SKYTRAX President Mr. Edward Plaisted delivered a speech in which he pointed out that 10 years ago, Skytrax introduced the star rating system into the civil aviation industry to offer star ratings to airlines around the world. At present, the Skytrax star rating has become an internationally recognized symbol of high-quality airline products and services. The Skytrax ratings are based on front-line products and services that airline companies offer to passengers in their operations. They not only are based on the assessment of an airline company's service quality but also directly reflect the passengers' feelings about its air services, such as ground check-in counters, cabin seats, cabin entertainment and catering and baggage handling. Passengers' whole travel experiences play an important role in the Skytrax star ratings.
Hainan Airlines is a young and dynamic airline and offers services to passengers throughout the world with China's extraordinary culture and the Chinese people's unique passion. Hainan Airlines features personalized and gracious service and has a superb reputation. In a recent Skytrax audit, Hainan Airlines quickly and successfully completed upgrading its service quality. So Hainan Airlines sincerely deserves the honor as a SKYTRAX four-star airline and isn't far away from its goal of becoming a SKYTRAX five-star airline.
HNA Group Chairman Chen Feng: Determined to turn China into a civil aviation power
HNA Group Chairman Chen Feng delivered speech at the certificate-awarding ceremony. He said Hainan Airlines with a strong sense of historical mission has bravely assumed the great responsibilities of raising the enterprise's management and service levels and helping the country enhance its soft power. He said that becoming China's first SKYTRAX four-star airline is not only a milestone in the development history of Hainan Airlines but also another typical case where China's national enterprise enhances its soft power. It is the mark that China's national enterprises, represented by HNA Group, have taken another solid step toward the goal of creating world-class brands, and the world-class enterprises and have made their own contribution to helping the country to enhance its soft power. Since its foundation 16 years ago, Hainan Airlines has transformed from a pure air transport enterprise into a modern, integrated services group that has 3 major industrial chains, including air transport, modern logistics and modern financial services, and whose businesses cover food, housing, transportation, travel, shopping and entertainment industries. It has a total assets of nearly 130 billion RMB and more than 60,000 employees. Obtaining a SKYTRAX four-star rating is not only the glory of Hainan Airlines but also the pride of China's civil aviation industry. It is the result of the correct leadership of the Communist Party of China and China's General Administration of Civil Aviation, the care and support of many passengers and the persistent pursuit and hard work of all the Chinese civil aviation people including the Hainan Airlines staff. Encouraged by this great honor, Hainan Airlines will work hard, develop scientifically, strive for excellent quality and first-class service standard, better exert the strategic role of the civil aviation industry in the national economy and social development and make new contributions to turning China from a big civil aviation country into a civil aviation power.
At a press briefing before the certificate-awarding ceremony, HNA Group Chairman Chen Feng introduced to the media its achievements and the SKYTRAX evaluation process. He said that since its foundation, Hainan Airlines, China's fourth largest airline company, has created a good reputation for its high-quality air and ground services in the civil aviation industry and for its passengers. Since 1998, it has obtained the "Customer Satisfaction Award" of the Chinese civil aviation industry 10 times in a row. SKYTRAX is currently the world's most credible and independent organization for the research and certification of the aviation and air transport. Its research and evaluation of airline products and services are very authoritative and instructional. Every airline company in the world feels proud of obtaining the SKYTRAX Best Airline Award and a SKYTRAX star rating. From 2008 onwards, Hainan Airlines has spearheaded in the introduction of the SKYTRAX audit in China. Through the help of the global professional aviation consultation and accreditation body, Hainan Airlines has established a long-term mechanism for the monitoring, evaluation and improvement of its aviation products and services. It has increased investment and training efforts in 55 areas, such as cabin offerings, Beijing T1 terminal ground services, cabin food and drink services and flight attendants' foreign language skills and communication skills, to improve the quality of its entire chain of products and services. Becoming mainland China's first SKYTRAX four-star airline marks that Hainan Airlines' service level has already gained the recognition of the international air transport research and certification authority and many passengers. Hainan Airlines will regard this as a new start, working hard together with the Chinese civil aviation industry's colleagues to raise the level of China's civil aviation services and to achieve the goal of turning China into a civil aviation power.
Olympic table tennis champion Ma Lin: Everyone should win glory for our country
When the 29th Olympic Games table tennis men's singles world champion Ma Lin appeared at the award ceremony, all the guests and media were stunned. Ma Lin and China's national table tennis team deputy leader Qiu Wenli together presented SKYTRAX President Edward Plaisted and HNA Group Chairman Chen Feng with table tennis rackets carrying the signatures of the world champions and Olympic champions from China's national table tennis team.
Ma said that coaches and athletes of the Chinese national table tennis team often take Hainan Airlines flights to fly around China and the world to participate in competitions and have always received warm, cordial, professional and convenient services from HNA staff. In recent years, Hainan Airlines has made great effort to upgrade its service quality and create a successful model in its quest for the SKYTRAX four-star rating in China's aviation industry
Ma said that China's table tennis athletes tenaciously struggle for gold medals in the competitions to win glory for China and its people. Hainan Airlines employees have quietly yet with great determination, contributed to turning Hainan Airlines into China's first SKYTRAX four-star airline. In doing so, they have also won glory for our country and people. He offered his wish that Hainan Airlines could soon realize its dream of becoming a world-class airline brand, as well as his hope that every Chinese person should win glory for the motherland with his or her own way.
For more information, please contact:
Hainan Airlines
Meng Meng
Phone: +86-898-6673-9689
Email: meng_meng@hnair.com
SOURCE Hainan Airlines
AKRON, Ohio, Dec. 2 /PRNewswire-FirstCall/ --
-- Acquisition would enhance A. Schulman's position in global rotomolding
and masterbatch markets
-- Combined stock and cash transaction valued at approximately $191.4
million
-- Transaction requires approval from ICO shareholders and customary
regulatory approvals
A. Schulman, Inc. (Nasdaq-GS: SHLM) announced today that it has signed a definitive agreement to acquire all of the outstanding stock of ICO, Inc. (Nasdaq: ICOC), pending approval of the transaction by ICO shareholders and receipt of customary regulatory approvals.
Under the terms of the agreement, the total consideration is comprised of $105.0 million in cash and 5.1 million shares of A. Schulman common stock. ICO, Inc. shareholders will receive approximately $6.79 per share of ICO, Inc. stock, comprised of
(a) approximately $3.67 per share in cash and
(b) approximately $3.12 in A. Schulman stock (0.184 share of
A. Schulman stock valued at the closing price on December 2,
2009)
assuming the cash-out of all ICO, Inc. stock options at their "in the money" spread based on the December 2 closing price. After the merger closes, ICO, Inc. shareholders will own approximately 16% of the combined company. The transaction is not subject to a financing contingency. A. Schulman intends to pay the cash portion of the purchase price out of its approximately $230 million of cash on hand. The transaction does not acquire approval by A. Schulman's shareholders.
ICO is a global manufacturer of specialty resins and concentrates, and provides specialty polymer services, including size reduction, compounding and other related services. Its products are used to manufacture plastic bags and films, household products, toys, water tanks and other rotational molding applications. ICO reported annual revenues of $300 million for the year ended September 30, 2009.
"We are very excited by this proposed transaction. The acquisition of ICO presents us with an opportunity to expand our global presence substantially, especially in rotomolding. As we have communicated to our shareholders in the past, A. Schulman's long-term strategic objectives include being a leading global manufacturer in both masterbatch and rotomolding," said Joseph M. Gingo, Chairman, President and Chief Executive Officer of A. Schulman.
"Our two businesses are extremely complementary across markets, product lines and geographies," Gingo said. "The addition of ICO's masterbatch and rotomolding facilities to A. Schulman's facilities, specialty products and technical capabilities, along with our other combined skill sets, will strengthen our ability to serve customers. ICO is also a global leader in size reduction, which is a segment that A. Schulman currently does not serve, and which will enable us to provide a wider variety of solutions to customers throughout all of our businesses. By acquiring the operations of ICO, we will increase our presence in the U.S. masterbatch market, gain plants in the high-growth market of Brazil and facilities in Australia, and add another facility in Asia to bring our total plants in that region to four, including the facility we plan to build in India. In Europe, the acquisition will allow us to expand our presence and add rotomolding and size reduction to our capabilities. It also will enable us to grow both in countries where we currently have a limited presence, such as France, Italy and Holland, as well as further leverage our facilities serving high-growth markets such as Poland, Hungary and Sweden."
Gingo continued, "Going forward, ICO will have access to A. Schulman's strong balance sheet which will help to underpin ongoing strategic growth initiatives. We also expect to achieve approximately $15 million in run-rate synergies by the end of fiscal 2011, resulting from the consolidation and centralization of global purchasing activities, tax benefits, and elimination of duplicate public company costs."
For fiscal 2010, A. Schulman's preliminary assessment, assuming a spring 2010 close, is that the acquisition will contribute approximately $150 million to revenues and be accretive to earnings on an operating basis. This estimate includes the 2010 half-year effect of the synergies, ICO earnings and costs of approximately $5.0 million to achieve the synergies, as well as any costs associated with the transaction.
"Our Board of Directors has unanimously determined that the merger with A. Schulman, Inc. is in the best interests of our shareholders, and that the combined company will provide enhanced product and service offerings to our customers and outstanding opportunities for our employees," said A. John Knapp, Jr., President and Chief Executive Officer of ICO, Inc. "A. Schulman is a strong global leader in the manufacture of high-performance plastic compounds and resins, with an outstanding management team and corporate culture. It is well-positioned to pursue a long-term strategy of profitable growth and value creation that is consistent with our vision at ICO, Inc. The ICO and A. Schulman businesses are largely complementary and synergistic with little overlap in end use and geographic markets. We have built a great team at ICO, Inc., and during our years of working together with A. Schulman, we have been highly impressed with the enthusiasm and energy of their team. We believe the chemistry will be outstanding when the integration takes place."
The two companies believe this transaction will bring significant value and opportunity to the customers of the combined business as a result of:
-- Enhanced and complementary product offerings
-- Expanded global reach
-- Increased financial strength
-- Shared technology and product development focused on better solutions
for customers
ICO expects to make a subsequent announcement of the timing and location of the meeting of shareholders and record date for shareholders eligible to vote on the proposed acquisition. Pending ICO shareholder and regulatory approvals and other customary closing conditions, the transaction is expected to close in the spring of 2010. If the transaction is closed, the agreement calls for two current ICO directors, Gregory T. Barmore and Eugene R. Allspach, to join the A. Schulman Board of Directors.
Conference Calls on the Web
Executives from ICO will host a conference call regarding this transaction and ICO's 2009 fourth-quarter results. A live Internet broadcast of the conference call can be accessed at 9:00 a.m. Central time on Thursday, December 3, 2009, at http://www.videonewswire.com/event.asp?id=64376 where the webcast replay will be accessible for 90 days. The webcast replay will also be accessible on the Company's website at www.icopolymers.com for a period of 12 months.
A. Schulman also will host a conference call regarding this transaction. A live Internet broadcast of the conference call can be accessed at 2:00 p.m. Eastern time on Thursday, December 3, on the Company's website, www.aschulman.com. An archived replay of the call will also be available on the website.
About A. Schulman, Inc.
Headquartered in Akron, Ohio, A. Schulman is a leading international supplier of high-performance plastic compounds and resins. These materials are used in a variety of consumer, industrial, automotive and packaging applications. The Company employs about 2,000 people and has 16 manufacturing facilities in North America, Europe and Asia. Revenues for the fiscal year ended August 31, 2009, were $1.3 billion. Additional information about A. Schulman can be found at www.aschulman.com.
About ICO, Inc.
With 20 locations in nine countries, ICO produces custom polymer powders for rotational molding and other polymer related businesses, such as the textile, metal coating and masterbatch markets. ICO remains an industry leader in size reduction, compounding and other tolling services for plastic and non-plastic materials. ICO's Bayshore Industrial subsidiary produces specialty compounds, concentrates and additives primarily for the plastic film industry. Additional information about ICO, Inc. can be found on the Company's website at www.icopolymers.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
A number of the matters discussed in this release that are not historical or current facts deal with potential future circumstances and developments, in particular, information regarding expected synergies resulting from the merger of Schulman and ICO, combined operating and financial data, the combined company's plans, objectives, expectations and intentions and whether and when the transactions contemplated by the merger agreement will be consummated. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such risks and uncertainties include: the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; restrictions imposed by outstanding indebtedness; fluctuations in the prices of sources of energy or resins and other raw materials; worldwide and regional economic, business, and political conditions, including continuing economic uncertainties in some or all major product markets; changes in customer demand and requirements; business cycles and other industry conditions; the timing of new services or facilities; ability to compete; effects of compliance with laws; fluctuations in the value of currencies in major areas where operations are located, including the U.S. dollar, Euro, U.K. pound sterling, Canadian dollar, Mexican peso, Chinese yuan, and Indonesian rupiah; matters relating to operating facilities; effect and costs of claims (known or unknown) relating to litigation and environmental remediation; ability to manage global inventory; ability to develop technology and proprietary know-how; ability to attract and retain key personnel; escalation in the cost of providing employee health care; performance of the global automotive market; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the failure to obtain governmental approvals of the transaction on the proposed terms and schedule, and any conditions imposed on the combined company in connection with consummation of the merger; the failure to obtain approval of the merger by the stockholders of ICO and the failure to satisfy various other conditions to the closing of the merger contemplated by the merger agreement; and the risks that are described from time to time in Schulman's and ICO's respective reports filed with the SEC, including Schulman's annual report on Form 10-K for the year ended August 31, 2009 and ICO's annual report on Form 10-K for the year ended September 30, 2008 and quarterly report on Form 10-Q for the quarter ended June 30, 2009, in each case, as such reports may have been amended. This release speaks only as of its date, and Schulman and ICO each disclaims any duty to update the information herein.
Additional Information and Where to Find It
In connection with the proposed transaction, a registration statement on Form S-4 will be filed with the SEC. ICO SHAREHOLDERS ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS THAT WILL BE PART OF THE REGISTRATION STATEMENT, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. The final proxy statement/prospectus will be mailed to shareholders of ICO. Investors and security holders will be able to obtain the documents free of charge at the SEC's web site, www.sec.gov, from A. Schulman, Inc. at its web site, www.aschulman.com, or from ICO, Inc. at its web site, www.icopolymers.com, or 1811 Bering Drive, Suite 200, Houston, Texas, 77057, attention: Corporate Secretary.
Participants In Solicitation
Schulman and ICO and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed merger. Information concerning Schulman's participants is set forth in the proxy statement, dated November 6, 2009, for Schulman's 2009 annual meeting of stockholders as filed with the SEC on Schedule 14A. Information concerning ICO's participants is set forth in the proxy statement, dated January 23, 2009, for ICO's 2009 annual meeting of shareholders as filed with the SEC on Schedule 14A. Additional information regarding the interests of participants of Schulman and ICO in the solicitation of proxies in respect of the proposed merger will be included in the registration statement and proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.
SOURCE A. Schulman, Inc.
HOUSTON, Dec. 2 /PRNewswire-FirstCall/ -- ICO, Inc. (Nasdaq: ICOC), global producer of custom polymer powders and plastic film concentrates, today announced the execution of a merger agreement with A. Schulman, Inc. (Nasdaq: SHLM) and its results for the fiscal year and quarter ended September 30, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030509/ICOCLOGO)
ICO, Inc. Merger Agreement with A. Schulman, Inc.
-- Combined stock and cash transaction valued at approximately $191.4
million
-- Transaction requires approval from ICO shareholders and customary
regulatory approvals
-- ICO would strengthen A. Schulman's position in global rotomolding and
masterbatch markets
Under the terms of the agreement, the total consideration is comprised of $105.0 million in cash and 5.1 million shares of A. Schulman common stock. ICO, Inc. shareholders will receive approximately $6.79 per share of ICO, Inc. stock, comprised of
(a) $3.67 in cash and (b) $3.12 in A. Schulman stock (0.184 shares of A. Schulman stock valued at the closing price on December 2, 2009)
assuming the cash-out of all ICO, Inc. stock options at their "in the money" spread based on the December 2, 2009 closing price. After the merger closes, ICO, Inc. shareholders will own approximately 16% of the combined company.
Headquartered in Akron, Ohio, A. Schulman is a leading international supplier of high-performance plastic compounds and resins. These materials are used in a variety of consumer, industrial, automotive and packaging applications. A. Schulman employs about two thousand people and has 16 manufacturing facilities in North America, Europe and Asia. Revenues for the fiscal year ended August 31, 2009 were $1.3 billion.
"Our Board of Directors has unanimously determined that the merger with A. Schulman, Inc. is in the best interests of our shareholders, and that the combined company will provide enhanced product and service offerings to our customers and outstanding opportunities for our employees," said A. John Knapp, Jr., President and Chief Executive Officer of ICO, Inc. "A. Schulman is a strong global leader in the manufacture of high-performance plastic compounds and resins, with an outstanding management team and corporate culture. It is well-positioned to pursue a long-term strategy of profitable growth and value creation that is consistent with our vision at ICO, Inc. The ICO and A. Schulman businesses are largely complementary and synergistic with little overlap in end use and geographic markets. We have built a great team at ICO, Inc., and during our years of working together with A. Schulman, we have been highly impressed with the enthusiasm and energy of their team. We believe the chemistry will be outstanding when the integration takes place."
The two companies believe this transaction will bring significant value and opportunity to the customers of the combined business as a result of:
-- Enhanced and complementary product offerings
-- Expanded global reach
-- Increased financial strength
-- Shared technology and product development focused on better solutions
for customers
If the transaction is closed, current ICO, Inc. directors Gregory T. Barmore and Eugene R. Allspach will join the A. Schulman, Inc. board of directors.
ICO, Inc. will make a subsequent announcement of timing and location of the special meeting of shareholders and record date for shareholders eligible to vote on the proposed acquisition. Pending shareholder and regulatory approvals and other customary closing conditions, the transaction is expected to close in the spring of 2010. This transaction is not subject to a financing contingency and does not require approval by A. Schulman, Inc. shareholders.
J.P. Morgan Securities Inc. acted as ICO's exclusive financial advisor in the transaction. Baker Botts L.L.P. and Locke Lord Bissell and Liddell LLP acted as legal advisors.
ICO's results for the fiscal year and quarter ended September 30, 2009
Fourth Quarter Highlights
-- Volumes increased 6% sequentially
-- Revenues increased 15% sequentially
-- Net income of $1.6 million, or $.06 per share
-- Net debt (total debt outstanding less cash) at $9.9 million as of
September 30, 2009
Fourth Quarter 2009 vs. Fourth Quarter 2008
Revenues for the three months ended September 30, 2009 were $80.5 million, a decrease of $27.5 million or 25% compared to the same quarter of the previous year. The revenue decline was caused by several factors. Volumes, which fell 7%, reduced revenues by $7.0 million. The volume decline was a result of reduced customer demand as a result of the global economic slowdown. Lower average selling prices, as a result of lower resin prices, reduced revenues by $10.8 million. Finally, the translation effect of a stronger U.S. Dollar reduced revenues by $9.7 million.
Net income was $1.6 million or $.06 per share in the three months ended September 30, 2009 compared to net income of $2.2 million or $.08 per share in the fourth quarter of fiscal year 2008. The decline in net income of 27% was primarily caused by the decline in volumes. The impact from lower volumes was partially offset by an increase in gross margin from 15.1% to 18.4% and lower interest expense due to lower borrowings.
"I am very pleased to report an increase in sequential revenues, volumes and profitability. This occurred despite the fourth quarter including the month of August, which is traditionally a weak month in Europe for us. During the quarter, we began to see the benefits from the Chroma and Micro Pellets transactions, as well as an improvement in our other operations," stated President and CEO, A. John Knapp, Jr.
Fourth Quarter 2009 vs. Third Quarter 2009
In the fourth quarter of 2009, revenues increased 15% or $10.5 million over the revenues in the third quarter of 2009. This was the first sequential revenue improvement in five quarters. The revenue improvement was a result of an increase in demand, as volumes sold improved 6%. Selling, general and administrative expenses increased $1.2 million or 14% due in part from merger related expenses incurred in the fourth quarter of 2009. The benefit from the improved volumes partially offset by the increase in SG&A led to a 27% improvement in net income compared to the third quarter.
Balance Sheet and Liquidity
Our net debt position as of September 30, 2009 was $9.9 million. Cash at September 30, 2009 was $21.9 million and total outstanding borrowings were $31.8 million. Our available global borrowing capacity at September 30, 2009 was $50.5 million.
In connection with the merger agreement, the Company has canceled its share repurchase plan.
Conference Call on the Web
A live Internet broadcast of ICO, Inc.'s conference call regarding fiscal year and quarter ended September 30, 2009 results and the proposed merger can be accessed at 9:00 a.m. Central Standard Time on Thursday, December 3, 2009 at http://www.videonewswire.com/event.asp?id=64376 where the webcast replay will be accessible for ninety days. The webcast replay will also be accessible on the Company's website at www.icopolymers.com for a period of twelve months
Investors are invited to participate in the conference by dialing 847-413-3235, passcode 25895059. A replay of the conference call will be available by dialing 630-652-3044, passcode 25895059.
A. Schulman also will host a conference call regarding the merger transaction. A live Internet broadcast of the conference call can be accessed at 2:00 p.m. Eastern time on Thursday, December 3, on the Company's website, www.aschulman.com. An archived replay of the call will also be available on the website.
Use of Non-GAAP Financial Measures
This earnings release includes the use of both GAAP (generally accepted accounting principles) and non-GAAP financial measures. The non-GAAP financial measures are net income (loss), as adjusted, net income (loss) per common share, as adjusted, operating income (loss), as adjusted, and net debt. The Company uses these financial measures to monitor and evaluate the ongoing performance of the Company, and believes that the additional non-GAAP measures are useful to investors for financial analysis. There are limitations associated with the use of these measures. These non-GAAP financial measures are not prepared in accordance with GAAP, may not be reported by all of the Company's competitors and may not be directly comparable to similarly titled measures of the Company's competitors due to potential differences in the exact method of calculation. The Company compensates for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by providing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures.
About ICO, Inc.
With 20 locations in 9 countries, ICO produces custom polymer powders for rotational molding and other polymer related businesses, such as the textile, metal coating and masterbatch markets. ICO remains an industry leader in size reduction, compounding and other tolling services for plastic and non-plastic materials. ICO's Bayshore Industrial subsidiary produces specialty compounds, concentrates and additives primarily for the plastic film industry. Additional information about ICO, Inc. can be found on the Company's website at www.icopolymers.com.
Certain matters discussed in this press release are "forward-looking statements," involving certain risks, uncertainties, and assumptions, intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. The Company's statements regarding trends in the marketplace, potential future results, and statements regarding the merger (including the valuation, benefits, results, effects and timing thereof), the combined company and attributes thereof, and whether and when the transactions contemplated by the merger agreement will be consummated are examples of such forward-looking statements. The following is a non-exclusive list of risks and uncertainties, and circumstances that present risks, that could cause the forward-looking statements; the failure to receive the approval of the Company's shareholders; satisfaction of the conditions to the closing of the merger; costs and difficulties related to integration of businesses and operations; delays, costs and difficulties relating to the merger and related transactions; results of cash/stock elections of shareholders; restrictions imposed by the Company's outstanding indebtedness; changes in the cost and availability of resins (polymers) and other raw materials; changes in demand for the Company's services and products; business cycles and other industry conditions; general economic conditions; international risks; operational risks; currency translation risks; the Company's lack of asset diversification; the Company's ability to manage global inventory, develop technology and proprietary know-how, and attract and retain key personnel; failure of closing conditions in any transaction to be satisfied; integration of acquired businesses; as well as risk factors and other factors detailed in the Company's and A. Schulman's respective most recent form 10-K and other filings with the Securities and Exchange Commission.
Should one or more of such risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. Any forward-looking statements are made only as of the date of this press release, and the Company undertakes no obligation to publicly update any such forward-looking statements to reflect subsequent events or circumstances.
Additional Information
In connection with the proposed merger, A. Schulman and the Company intend to file materials relating to the transaction with the Securities and Exchange Commission ("SEC"), including a registration statement of A. Schulman, which will include a prospectus of A. Schulman and a proxy statement of the Company. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO CAREFULLY READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER MATERIALS REGARDING THE PROPOSED MERGER WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT A. SCHULMAN, THE COMPANY AND THE PROPOSED TRANSACTION. Investors and security holders may obtain a free copy of the registration statement and the proxy statement/prospectus when they are available and other documents containing information about A. Schulman and the Company, without charge, at the SEC's web site at www.sec.gov. Copies of A. Schulman's SEC filings may also be obtained for free by directing a request to Investor Relations Department at 330-668-7302. Copies of the Company's SEC filings may also be obtained for free by directing a request to Investor Relations Department at 713-351-4100. The Company expects to file a Current Report on Form 8-K that will contain additional information with regard to the merger.
Participants in Solicitation
A. Schulman and the Company and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the Company's stockholders in respect of the merger. Information about these persons can be found in A. Schulman's proxy statement relating to its 2009 Annual Meeting of Stockholders, as filed with the SEC on November 6, 2009, A. Schulman's Current Reports on Form 8-K, as filed with the SEC on September 2, 2009 and October 30, 2009, the Company's proxy statement relating to its 2009 Annual Meeting of Shareholders, as filed with the SEC on January 23, 2009, and the Company's Current Reports on Form 8-K, as filed with the SEC on December 11, 2008, January 22, 2009, May 12, 2009 and August 6, 2009. These documents can be obtained free of charge from the sources indicated above. Additional information about the interests of such persons in the solicitation of proxies in respect of the merger will be included in the registration statement and the proxy statement/prospectus to be filed with the SEC in connection with the proposed transaction.
ICO, Inc.
Consolidated Statement of Operations
(Unaudited and in thousands, except per share data and percentages)
Three Months Ended Twelve Months Ended
September 30, June 30, September 30,
------------- -------- -------------
2009 2008 2009 2009 2008
---- ---- ---- ---- ----
Revenues $80,480 $107,992 $69,997 $299,965 $446,701
Cost of sales
and services
(exclusive of
depreciation
and
amortization
shown
separately
below) 65,705 91,712 57,383 250,583 373,557
------ ------ ------ ------- -------
Gross Profit (1) 14,775 16,280 12,614 49,382 73,144
Selling, general
and
administrative
expense 9,854 9,823 8,677 36,679 41,254
Depreciation
and
amortization 2,094 1,951 1,835 7,361 7,531
Goodwill
Impairment - - - 3,450 -
Long-lived
asset
impairment,
restructuring
and other
costs (income) 185 408 (87) (175) (1,348)
--- --- --- ---- ------
Operating income 2,642 4,098 2,189 2,067 25,707
Other income
(expense):
Interest
expense, net (517) (904) (539) (2,230) (4,062)
Other income
(expense) (11) (395) (192) (582) (431)
--- ---- ---- ---- ----
Income (loss)
from
continuing
operations
before
income taxes 2,114 2,799 1,458 (745) 21,214
Provision
for income
taxes 518 569 199 494 5,832
--- --- --- --- -----
Income
(loss)
from
continuing
operations 1,596 2,230 1,259 (1,239) 15,382
Income
(loss)
from
discontinued
operations,
net of
income taxes - (52) - - (68)
--- --- --- --- ---
Net income
(loss) $1,596 $2,178 $1,259 $(1,239) $15,314
Preferred
Stock
dividends - - - - (1)
--- --- --- --- ---
Net income
(loss)
applicable
to Common
Stock $1,596 $2,178 $1,259 $(1,239) $15,313
====== ====== ====== ======= =======
Basic income
(loss)
from
continuing
operations
per common
share $0.06 $0.08 $0.05 $(0.05) $0.56
===== ===== ===== ====== =====
Basic net
income
(loss)
per common
share $0.06 $0.08 $0.05 $(0.05) $0.56
===== ===== ===== ====== =====
Diluted
income
(loss)
from
continuing
operations
per common
share $0.06 $0.08 $0.05 $(0.05) $0.55
===== ===== ===== ====== =====
Diluted net
income
(loss)
per common
share $0.06 $0.08 $0.05 $(0.05) $0.55
===== ===== ===== ====== =====
Basic weighted
average shares
outstanding 27,077,000 27,474,000 27,077,000 27,081,000 27,271,000
========== ========== ========== ========== ==========
Diluted
weighted
average
shares
outstanding 27,593,000 27,864,000 27,221,000 27,081,000 27,994,000
========== ========== ========== ========== ==========
Gross
Margin (2) 18.4% 15.1% 18.0% 16.5% 16.4%
(1) Calculated as Total Revenues minus Cost of Sales and Services,
exclusive of Depreciation and Amortization Expense.
(2) Calculated as Gross Profit divided by Total Revenues.
ICO, Inc.
Consolidated Balance Sheet
(Unaudited and in thousands, except share data and ratios)
September 30, September 30,
2009 2008
---- ----
ASSETS
Current assets:
Cash and cash equivalents $21,880 $5,589
Trade receivables, net 57,124 75,756
Inventories 37,397 53,458
Deferred income taxes 1,848 2,056
Prepaid and other current assets 6,446 10,514
----- ------
Total current assets 124,695 147,373
------- -------
Property, plant and equipment, net 57,144 61,164
Goodwill 4,549 8,689
Deferred Income Taxes 4,128 2,709
Other assets 1,757 1,161
----- -----
Total assets $192,273 $221,096
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings under credit
facilities $- $9,607
Current portion of long-term debt 12,980 15,201
Accounts payable 33,281 37,674
Accrued salaries and wages 4,997 5,978
Other current liabilities 9,344 11,912
----- ------
Total current liabilities 60,602 80,372
------ ------
Long-term debt, net of current portion 18,823 25,122
Deferred income taxes 4,786 5,039
Other long-term liabilities 2,907 2,728
----- -----
Total liabilities 87,118 113,261
------ -------
Commitments and contingencies - -
Stockholders' equity:
Undesignated preferred stock - -
Common stock 55,248 54,756
Additional paid-in capital 73,081 72,241
Accumulated other comprehensive income 2,723 3,022
Accumulated deficit (22,880) (21,641)
Treasury Stock (3,017) (543)
------ ----
Total stockholders' equity 105,155 107,835
------- -------
Total liabilities and
stockholders' equity $192,273 $221,096
======== ========
OTHER BALANCE SHEET DATA
Working capital $64,093 $67,001
Current ratio 2.1 1.8
Total debt $31,803 $49,930
Debt-to-capitalization 23.2% 31.6%
ICO, Inc.
Supplemental Segment Information
(Unaudited and in thousands, except percentages)
Revenues
Three Months
Ended % of
September 30: 2009 Total 2008 % of Total Change %
---- ----- ---- ---------- ------ ---
ICO Europe $35,895 44% $48,489 45% $(12,594) (26%)
Bayshore
Industrial 15,046 19% 19,173 18% (4,127) (22%)
ICO Asia
Pacific 16,760 21% 23,401 22% (6,641) (28%)
ICO Polymers
North America 8,489 11% 10,119 9% (1,630) (16%)
ICO Brazil 4,290 5% 6,810 6% (2,520) (37%)
----- --- ----- --- ------
Consolidated $80,480 100% $107,992 100% $(27,512) (25%)
======= === ======== === ========
Fiscal Year
Ended % of
September 30: 2009 Total 2008 % of Total Change %
---- ----- ---- ---------- ------ ---
ICO Europe $135,006 45% $207,209 46% $(72,203) (35%)
Bayshore
Industrial 65,221 22% 90,736 20% (25,515) (28%)
ICO Asia
Pacific 54,397 18% 82,390 19% (27,993) (34%)
ICO Polymers
North America 32,248 11% 45,090 10% (12,842) (28%)
ICO Brazil 13,093 4% 21,276 5% (8,183) (38%)
------ --- ------ --- ------
Consolidated $299,965 100% $446,701 100% $(146,736) (33%)
======== === ======== === ========= ===
Operating
income (loss)
Three Months
Ended
September 30: 2009 2008 Change %
---- ---- ------ ---
ICO Europe $2,620 $2,782 $(162) (6%)
Bayshore
Industrial 1,067 1,486 (419) (28%)
ICO Asia
Pacific (5) 210 (215) (102%)
ICO Polymers
North America 572 424 148 35%
ICO Brazil 218 429 (211) (49%)
--- --- ----
Total
Operations 4,472 5,331 (859) (16%)
Unallocated
General
Corporate
Expense (1,830) (1,233) (597) 48%
------ ------ ----
Consolidated $2,642 $4,098 $(1,456) (36%)
====== ====== =======
Fiscal Year
Ended
September 30: 2009 2008 Change %
---- ---- ------ ---
ICO Europe $5,728 $13,201 $(7,473) (57%)
Bayshore
Industrial 6,157 10,241 (4,084) (40%)
ICO Asia
Pacific (6,125) 1,822 (7,947) (436%)
ICO Polymers
North America 2,025 5,618 (3,593) (64%)
ICO Brazil 178 982 (804) (82%)
--- --- ----
Total
Operations 7,963 31,864 (23,901) (75%)
Unallocated
General
Corporate
Expense (5,896) (6,157) 261 (4%)
------ ------ ---
Consolidated $2,067 $25,707 $(23,640) (92%)
====== ======= ========
Operating income
(loss) as
a percentage
of revenues Three Months Ended Fiscal Year Ended
September 30, September 30,
--------------------------- --------------------------
2009 2008 Change 2009 2008 Change
---- ---- ------ ---- ---- ------
ICO Europe 7% 6% 1% 4% 6% (2%)
Bayshore
Industrial 7% 8% (1%) 9% 11% (2%)
ICO Asia Pacific 0% 1% (1%) (11%) 2% (13%)
ICO Polymers
North America 7% 4% 3% 6% 12% (6%)
ICO Brazil 5% 6% (1%) 1% 5% (4%)
Consolidated 3% 4% (1%) 1% 6% (5%)
ICO, Inc.
Supplemental Segment Information (cont'd.)
(Unaudited and in thousands, except percentages)
Revenues
Three Months Ended
----------------------------------------------------------
September 30, June 30,
------------- --------
2009 % of Total 2009 % of Total Change %
---- ---------- ---- ---------- ------ ---
ICO Europe $35,895 44% $31,724 45% $4,171 13%
Bayshore
Industrial 15,046 19% 16,003 23% (957) (6%)
ICO Asia
Pacific 16,760 21% 11,974 17% 4,786 40%
ICO Polymers
North America 8,489 11% 7,113 10% 1,376 19%
ICO Brazil 4,290 5% 3,183 5% 1,107 35%
----- --- ----- --- ----- ---
Consolidated $80,480 100% $69,997 100% $10,483 15%
======= === ======= === ======= ===
Operating income (loss)
Three Months Ended
-----------------------------------------
September 30, June 30,
2009 2009 Change %
---- ---- ------ ---
ICO Europe $2,620 $1,342 $1,278 95%
Bayshore
Industrial 1,067 1,772 (705) (40%)
ICO Asia
Pacific (5) 171 (176) (103%)
ICO Polymers
North America 572 210 362 172%
ICO Brazil 218 (10) 228 N.M.*
--- --- ---
Total
Operations 4,472 3,485 987 28%
Unallocated
General
Corporate
Expense (1,830) (1,296) (534) 41%
------ ------ ----
Consolidated $2,642 $2,189 $453 21%
====== ====== ====
Operating
Income
(loss)
as a
percentage
of revenues Three Months Ended
--------------------------------
September 30, June 30,
2009 2009 Change
---- ---- ------
ICO Europe 7% 4% 3%
Bayshor
Industrial 7% 11% (4%)
ICO Asia
Pacific 0% 1% (1%)
ICO Polymers
North America 7% 3% 4%
ICO Brazil 5% 0% 5%
Consolidated 3% 3% 0%
*Not meaningful
ICO, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited and in thousands except per share data)
Net Income (Loss) and Income (Loss) Per Share Reconciliation
Twelve Months Ended: September 30,
---------------------
2009 2008
---- ----
Net income (loss) applicable to common
stock $(1,239) $15,313
Goodwill impairment 3,450 -
----- ---
Net income (loss), as adjusted $2,211 $15,313
====== =======
Basic net income (loss) per common share $(0.05) $0.56
Goodwill impairment 0.13 -
---- ---
Basic net income (loss) per common share,
as adjusted $0.08 $0.56
===== =====
Diluted income (loss) per common share $(0.05) $0.55
Goodwill impairment 0.13 -
---- ---
Diluted net income (loss) per common share,
as adjusted $0.08 $0.55
===== =====
Operating Income (Loss) Reconciliation
Twelve Months Ended: September 30,
----------------------
2009 2008
---- ----
Operating income (loss) $2,067 $25,707
Goodwill impairment 3,450 -
----- ---
Operating income (loss), as adjusted $5,517 $25,707
====== =======
Net Debt Reconciliation September 30,
----------------------
2009 2008
---- ----
Total debt $31,803 $49,930
Less cash and cash equivalents 21,880 5,589
------ -----
Net debt $9,923 $44,341
====== =======
SOURCE ICO, Inc.
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