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AptarGroup Reports Fourth Quarter and Record Annual Results; Recaps Acquisition Activity.

Publication: Business Wire
Publication Date: 09-FEB-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
CRYSTAL LAKE, Ill. -- AptarGroup, Inc. (NYSE:ATR) today reported record annual results in 2005 that were fueled by the Company's 40th consecutive year of increased sales as well as fourth quarter results in line with expectations. The Company also recapped its recent acquisition activity.

FOURTH QUARTER RESULTS

For the quarter ended December 31, 2005, sales decreased one percent to $338.8 million from $343.3 million in the prior year. Sales excluding changes in foreign currency exchange rates increased three percent from the prior year. Custom tooling sales in the quarter decreased to $14.6 million from $18.3 million a year ago.

Net income decreased in the fourth quarter to $23.7 million from $24.0 million a year ago. Diluted earnings per share increased to $.66 per share from $.65 per share in the prior year. Negatively impacting the fourth quarter 2005 net income were charges of approximately $0.5 million ($.01 per diluted share) related to the previously announced Redeployment Program affecting AptarGroup's French fragrance/cosmetic operations. Free cash flow (cash flow from operations less capital expenditures) increased to approximately $11.7 million in the quarter compared to $6.3 million a year ago.

ANNUAL RESULTS

For the year ended December 31, 2005, sales increased six percent to a record $1.4 billion from $1.3 billion in the prior year. The impact of changes in foreign currency exchange rates on sales was not significant for the year. Custom tooling sales decreased to $39.6 million from $58.5 million a year ago.

Net income for the year increased to a record $100.0 million from $93.3 million a year ago. Diluted earnings per share increased 10 percent to $2.77 per share from $2.51 per share in the prior year. Included in the 2005 earnings per share is the positive impact of reduced income taxes recorded in the second quarter related to previous years' research and development credits in the U.S. and...

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