EXHIBIT 99.1 (PRESS RELEASE & FINANCIALS) TO FORM 8-K
Published on July 27, 2006
|
Exhibit
99.1
|
 |
|
News
Release
|
|
For
Immediate Release
|
http://www.ball.com
|
|
|
Investor
Contact:
|
Ann
T. Scott
|
303-460-3537,
ascott@ball.com
|
|
Media
Contact:
|
Scott
McCarty
|
303-460-2103,
smccarty@ball.com
|
Ball
Announces Second Quarter Earnings, Improved
Outlook
for Second Half of 2006
BROOMFIELD,
Colo., July 27, 2006—Ball Corporation [NYSE:BLL] today announced second
quarter earnings of $132.7 million, or $1.26 per diluted share, on
sales of $1.84 billion, compared to $79 million, or 71 cents per
diluted share, on sales of $1.55 billion in the second quarter of
2005.
For
the
first six months of 2006, Ball’s earnings were $177.3 million, or
$1.69 per diluted share, on sales of $3.21 billion, compared to
$137.6 million, or $1.22 per diluted share, on sales of
$2.88 billion in 2005.
The
2006
second quarter includes a $74.1 million gain ($45.2 million after
tax), or 43 cents per diluted share, for insurance recovery from a fire
that occurred April 1 at a beverage can manufacturing plant in Germany. The
2005 second quarter and first half results include an after-tax charge of
$5.9 million, or five cents per diluted share, related to the closing of a
food can manufacturing plant in Quebec.
“Though
the insurance accounting gain skews our second quarter results, when you
put
that aside we still had a solid quarter,” said R. David Hoover, chairman,
president and chief executive officer. “Sales and earnings in the quarter were
up in our packaging segments. Integration of the two businesses acquired
at the
end of the first quarter is underway. Beverage can volumes were strong in
North
America and Europe/Asia. We are proceeding to replace the production capacity
lost to the fire and we plan to have the replacement capacity operating in
the
second quarter of 2007. Overall we are positive about the outlook as we move
into the second half of 2006.”
-
more
-
Ball
Corporation
10
Longs
Peak Drive ·
P.O. Box
5000 ·
Broomfield, CO 80021
Ball
Corporation - 2
Metal
Beverage Packaging, Americas
Earnings
in the quarter for the metal beverage packaging, Americas, segment were
$67.4 million on sales of $740.6 million. A year ago second quarter
earnings in the segment were $67.4 million on sales of $664.5 million.
For the first six months, earnings were $121.9 on sales of
$1.33 billion, compared to $129.2 million on sales of
$1.21 billion in 2005.
“Industry-wide,
U.S. beverage can shipments were up 3.2 percent in the second quarter of
2006 over the second quarter of 2005,” Hoover said. “Favorable weather in many
parts of the U.S. and Canada and heavy promotion of 12-ounce can packages
by
beer and soft drink companies helped drive the strong demand. While the first
six months results in this segment were below last year, we expect full-year
earnings in this segment to exceed those of 2005.”
Metal
Beverage Packaging, Europe/Asia
Second
quarter earnings in the metal beverage packaging, Europe/Asia, segment were
$142.5 million including $74.1 million of earnings due to the
insurance accounting gain in 2006 on sales of $433.8 million, compared to
$58.2 million on sales of $394.3 million in 2005. For the first six
months segment earnings were $171.1 million, including the
$74.1 insurance accounting gain, on sales of $734.7 million, compared
to $88.5 million on sales of $692.3 million in the first half of
2005.
“We
began
to see what we anticipate will be the eventual complete reintroduction of
the
beverage can in Germany during the second quarter as a new deposit redemption
system went in place and retailers began stocking canned beverages again,”
Hoover said. “That, along with favorable weather and the excitement generated by
the World Cup, no doubt contributed to the strong growth in the beverage
can
market in Europe during the quarter. Results also were positively affected
by
the cost recovery initiatives we implemented with our customer base and by
our
continued tight cost control efforts. Volume growth was also strong in
China.”
Metal
Food & Household Products Packaging, Americas
Earnings
for the second quarter in the metal food and household products packaging,
Americas, segment were $12.8 million on sales of $314.2 million,
compared to a $6 million loss that includes an $8.8 million business
consolidation charge on sales of $179.1 million in the second quarter of
2005. Through two quarters segment earnings were $14.6 million on sales of
$503.5 million, compared to $7 million, which includes an
$8.8 million business consolidation charge on sales of $363.3 in the first
half of 2005.
-
more
-
Ball
Corporation
10
Longs
Peak Drive ·
P.O. Box
5000 ·
Broomfield, CO 80021
Ball
Corporation - 3
“We
are
beginning to realize some of the synergies we had identified before acquiring
the aerosol and specialty can operations from U.S. Can at the end of the
first
quarter,” Hoover said. “The acquired assets are fitting in well with our metal
food can operations. We have begun closing the headquarters facility and
will
eliminate approximately 50 staff positions in that process. Meanwhile we
are
seeing some improvement in our legacy metal food can operations as
well.”
Plastic
Packaging, Americas
Second
quarter earnings in the plastic packaging, Americas, segment were
$7.4 million on sales of $178.5 million, compared to $4.7 million
on sales of $133.4 million in the second quarter of 2005. For the first six
months earnings in the segment were $9.2 million on sales of
$300.9 million, compared to $8.2 million on sales of
$249.2 million in the first half of 2005. The second quarter and first six
months of 2006 also included increased costs of $1.2 million related to
purchase accounting adjustments to step up the value of acquired finished
goods
inventory to fair market value.
The
addition of the plastic bottle business acquired from Alcan near the end
of the
first quarter was largely responsible for the increase in plastic packaging,
Americas, segment sales in the second quarter over the second quarter of
2005.
The R&D operation associated with the acquired business will be relocated
from Wisconsin to Ball’s R&D operations in Colorado.
Aerospace
and Technologies
Earnings
were $8.3 million on sales of $175.4 million in the aerospace and
technologies segment in the second quarter of 2006, compared to
$14.9 million on sales of $180.7 million in the second quarter of
2005. For the first half of 2006, earnings were $17.8 million on sales of
$335.3 million, compared to $23.8 million on sales of
$362.7 million in the first six months of 2005.
“The
slowdown in awarding and funding of projects began to manifest itself in
the
second quarter results of our aerospace and technologies segment,” Hoover said.
“Although we continue to bid on and win new business, sales and earnings were
down. Increased pension costs contributed to the lower earnings in the
quarter.”
Outlook
“We
are
generally pleased with our second quarter results,” Hoover said. “We ended the
first quarter with a number of uncertainties arising out of our April 1
fire, the new beverage container redemption system in Germany, the threat
of a
possible disruption at a major aluminum supplier and the integration of two
businesses acquired within days of each other.
-
more
-
Ball
Corporation
10
Longs
Peak Drive ·
P.O. Box
5000 ·
Broomfield, CO 80021
Ball
Corporation - 4
“In
the
second quarter we saw positive developments in all of those areas plus growth
in
demand for many of our products and in particular for beverage cans in both
our
North American and Europe/Asia metal beverage packaging segments,” Hoover
said.
“As
a
result we are more confident about the outlook for 2006 than we were at the
end
of the first quarter and see a stronger second half of the year,” Hoover said.
“Still, we realize there is a lot of work to do. We have to rebuild the lost
capacity in Europe; aggressively pursue the synergies and benefits we anticipate
from our acquisitions; complete the capital spending projects we have underway
and begin to realize the cost savings associated with them; work through
the
delays in awarding and funding of projects that are affecting our aerospace
and
technologies segment; and continue to push cost recovery initiatives throughout
our reporting segments.
“Doing
so
will help make 2006 a success and set us up well for 2007,” Hoover
said.
Ball
Corporation is a supplier of high-quality metal and plastic packaging products
and owns Ball Aerospace & Technologies Corp. Ball reported 2005 sales of
$5 8 billion and employs 15,600 people.
Conference
Call Details
Ball
Corporation [NYSE: BLL] will hold its conference call on the company’s second
quarter 2006 results and performance today at 9 a.m. Mountain Time
(11 a.m. Eastern). The North American toll-free number for the call is
1-800-779-2954.
International
callers should dial +1-212-676-5377.
For
those unable to listen to the live call, a taped rebroadcast will be available
until 10 p.m. Mountain Time on Aug. 3, 2006. To access the
rebroadcast, dial 800-633-8284
(domestic
callers) or +1-402-977-9140 (international
callers) and enter 21298143 as
the
reservation number.
Please
use the following URL for a Web cast of the live call and for the
replay:
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=115234&eventID=1343616
A
written
transcript of the call will be posted within 48 hours of the call’s
conclusion to Ball’s Web site at www.ball.com in the investor relations section
under “presentations.”
Forward-Looking
Statements
This
news
release contains “forward-looking” statements concerning future events and
financial performance. Words such as “expects,” “anticipates,” “estimates” and
similar expressions are intended to identify forward-looking statements.
Such
statements are subject to risks and uncertainties which could cause actual
results to differ materially from those expressed or implied. The company
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
Key risks and uncertainties are summarized in filings with the Securities
and
Exchange Commission, including in Exhibit 99.2 in our Form 10-K. These
filings are available at our Web site and at www.sec.gov. Factors that might
affect our packaging segments include fluctuation in consumer and customer
demand and preferences; availability and cost of raw materials, including
recent
significant increases in resin, steel, aluminum and energy costs, and the
ability to pass such increases on to customers; competitive packaging
availability, pricing and substitution; changes in climate and weather; fruit,
vegetable and fishing yields; industry productive capacity and competitive
activity; failure to achieve anticipated productivity improvements or production
cost reductions, including those associated with our beverage can end project;
the German mandatory deposit or other restrictive packaging laws; changes
in
major customer or supplier contracts or loss of a major customer or supplier;
changes in foreign exchange rates, tax rates and activities of foreign
subsidiaries; and the effect of LIFO accounting. Factors that might affect
our
aerospace segment include: funding, authorization, availability and returns
of
government contracts; and delays, extensions and technical uncertainties
affecting segment contracts. Factors that might affect the company as a whole
include those listed plus: acquisitions, joint ventures or divestitures;
integration of recently acquired businesses; regulatory action or laws including
tax, environmental and workplace safety; governmental investigations;
technological developments and innovations; goodwill impairment; antitrust,
patent and other litigation; strikes; labor cost changes; rates of return
projected and earned on assets of the company’s defined benefit retirement
plans; changes to the company’s pension plans; reduced cash flow; interest rates
affecting our debt; and changes to unaudited results due to statutory audits
or
other effects.
22/06 #
#
#
Ball
Corporation
10
Longs
Peak Drive ·
P.O. Box
5000 ·
Broomfield, CO 80021
|
Condensed
Financials (2nd
quarter 2006)
|
|||||||||||||
|
Unaudited
Statement of Consolidated Earnings
|
|||||||||||||
|
Three
months ended
|
Six
months ended
|
||||||||||||
|
($
in millions, except per share amounts)
|
July
2, 2006
|
July
3, 2005
|
July
2, 2006
|
July
3, 2005
|
|||||||||
|
Net
sales (Note
1)
|
$
|
1,842.5
|
$
|
1,552.0
|
$
|
3,207.4
|
$
|
2,876.1
|
|||||
|
Costs
and expenses
|
|||||||||||||
|
Cost
of sales (excluding depreciation and amortization)
|
1,550.0
|
1,300.2
|
2,706.3
|
2,396.9
|
|||||||||
|
Business
consolidation costs (gains) (Note 3)
|
(0.4
|
)
|
8.8
|
1.7
|
8.8
|
||||||||
|
Depreciation
and amortization
|
64.9
|
53.0
|
119.5
|
106.4
|
|||||||||
|
Selling,
general and administrative
|
73.5
|
58.5
|
143.8
|
121.6
|
|||||||||
|
Property
insurance gain (Note 3)
|
(74.1
|
)
|
–
|
(74.1
|
)
|
–
|
|||||||
|
1,613.9
|
1,420.5
|
2,897.2
|
2,633.7
|
||||||||||
|
Earnings
before interest and taxes (Note
1)
|
228.6
|
131.5
|
310.2
|
242.4
|
|||||||||
|
Interest
expense
|
(37.6
|
)
|
(24.3
|
)
|
(60.9
|
)
|
(50.1
|
)
|
|||||
|
Tax
provision
|
(63.0
|
)
|
(32.9
|
)
|
(79.7
|
)
|
(62.7
|
)
|
|||||
|
Minority
interests
|
(0.2
|
)
|
(0.3
|
)
|
(0.4
|
)
|
(0.5
|
)
|
|||||
|
Equity
in results of affiliates
|
4.9
|
5.0
|
8.1
|
8.5
|
|||||||||
|
Net
earnings
|
$
|
132.7
|
$
|
79.0
|
$
|
177.3
|
$
|
137.6
|
|||||
|
Earnings
per share (Note
3):
|
|||||||||||||
|
Basic
|
$
|
1.28
|
$
|
0.72
|
$
|
1.71
|
$
|
1.24
|
|||||
|
Diluted
|
$
|
1.26
|
$
|
0.71
|
$
|
1.69
|
$
|
1.22
|
|||||
|
Weighted
average shares outstanding (000's):
|
|||||||||||||
|
Basic
|
103,655
|
109,526
|
103,449
|
110,589
|
|||||||||
|
Diluted
|
105,205
|
111,483
|
105,133
|
112,680
|
|||||||||
|
Condensed
Financials (2nd
quarter 2006)
|
||||||||||||||
|
Unaudited
Statements of Consolidated Cash Flows
|
||||||||||||||
|
($
in millions)
|
Three
months ended
|
Six
months ended
|
||||||||||||
|
July
2, 2006
|
July
3, 2005
|
July
2, 2006
|
July
3, 2005
|
|||||||||||
|
Cash
Flows From Operating Activities:
|
||||||||||||||
|
Net
earnings
|
$
|
132.7
|
$
|
79.0
|
$
|
177.3
|
$
|
137.6
|
||||||
|
Depreciation
and amortization
|
64.9
|
53.0
|
119.5
|
106.4
|
||||||||||
|
Property
insurance gain (Note 3)
|
(74.1
|
)
|
–
|
(74.1
|
)
|
–
|
||||||||
|
Business
consolidation costs (gains)
|
(0.4
|
)
|
8.8
|
1.7
|
8.8
|
|||||||||
|
Prepaid
common stock repurchase
|
–
|
108.5
|
–
|
–
|
||||||||||
|
Change
in working capital
|
(22.4
|
)
|
(15.8
|
)
|
(275.6
|
)
|
(164.4
|
)
|
||||||
|
Other
|
4.9
|
(2.3
|
)
|
(15.0
|
)
|
(18.2
|
)
|
|||||||
|
105.6
|
231.2
|
(66.2
|
)
|
70.2
|
||||||||||
|
Cash
Flows From Investing Activities:
|
||||||||||||||
|
Additions
to property, plant and equipment
|
(63.1
|
)
|
(67.7
|
)
|
(127.5
|
)
|
(148.3
|
)
|
||||||
|
Acquisitions
(Note 2)
|
(17.5
|
)
|
–
|
(785.4
|
)
|
–
|
||||||||
|
Property
insurance proceeds (Note 3)
|
32.4
|
–
|
32.4
|
–
|
||||||||||
|
Other
|
7.1
|
(1.6
|
)
|
8.6
|
(9.5
|
)
|
||||||||
|
(41.1
|
)
|
(69.3
|
)
|
(871.9
|
)
|
(157.8
|
)
|
|||||||
|
Cash
Flows From Financing Activities:
|
||||||||||||||
|
Net
change in borrowings
|
(44.6
|
)
|
15.7
|
985.0
|
158.0
|
|||||||||
|
Dividends
|
(10.5
|
)
|
(10.7
|
)
|
(20.7
|
)
|
(21.8
|
)
|
||||||
|
Purchase
of common stock, net
|
(4.7
|
)
|
(176.7
|
)
|
(31.5
|
)
|
(168.0
|
)
|
||||||
|
Other
|
0.4
|
(0.2
|
)
|
(4.0
|
)
|
(0.2
|
)
|
|||||||
|
(59.4
|
)
|
(171.9
|
)
|
928.8
|
(32.0
|
)
|
||||||||
|
Effect
of exchange rate changes on cash
|
0.5
|
(1.1
|
)
|
0.8
|
(3.4
|
)
|
||||||||
|
Change
in cash
|
5.6
|
(11.1
|
)
|
8.5
|
(123.0
|
)
|
||||||||
|
Cash—beginning
of
period
|
46.9
|
86.8
|
61.0
|
198.7
|
||||||||||
|
Cash—end
of
period
|
$
|
52.5
|
$
|
75.7
|
$
|
52.5
|
$
|
75.7
|
||||||
|
Condensed
Financials (2nd
quarter 2006)
|
|||||||
|
Unaudited
Consolidated Balance Sheets
|
|||||||
|
($
in millions)
|
July
2,
|
July
3,
|
|||||
|
Assets
|
2006
|
2005
|
|||||
|
Current
assets
|
|||||||
|
Cash
and cash equivalents
|
$
|
52.5
|
$
|
75.7
|
|||
|
Receivables,
net
|
770.7
|
543.0
|
|||||
|
Inventories,
net
|
830.3
|
657.6
|
|||||
|
Deferred
taxes, prepaids and other current assets
|
139.0
|
88.5
|
|||||
|
Total
current assets
|
1,792.5
|
1,364.8
|
|||||
|
Property,
plant and equipment, net
|
1,831.4
|
1,504.5
|
|||||
|
Goodwill
|
1,710.0
|
1,287.9
|
|||||
|
Other
assets
|
518.9
|
272.8
|
|||||
|
Total
assets
|
$
|
5,852.8
|
$
|
4,430.0
|
|||
|
Liabilities
and Shareholders’ Equity
|
|||||||
|
Current
liabilities
|
|||||||
|
Short-term
debt and current portion of long-term debt
|
$
|
133.9
|
$
|
165.4
|
|||
|
Payables
and accrued liabilities
|
1,206.6
|
917.2
|
|||||
|
Total
current liabilities
|
1,340.5
|
1,082.6
|
|||||
|
Long-term
debt
|
2,513.0
|
1,588.0
|
|||||
|
Other
liabilities and minority interests
|
949.0
|
806.7
|
|||||
|
Shareholders'
equity
|
1,050.3
|
952.7
|
|||||
|
Total
liabilities and shareholders' equity
|
$
|
5,852.8
|
$
|
4,430.0
|
|||
|
Notes
to Condensed Financials (2nd
quarter 2006)
|
|||||||||||||
|
($
in millions)
|
|||||||||||||
|
Three
months ended
|
Six
months ended
|
||||||||||||
|
1.
Business
Segment Information
|
July
2, 2006
|
July
3, 2005
|
July
2, 2006
|
July
3, 2005
|
|||||||||
|
Sales-
|
|||||||||||||
|
Metal
Beverage Packaging, Americas
|
$
|
740.6
|
$
|
664.5
|
$
|
1,333.0
|
$
|
1,208.6
|
|||||
|
Metal
Beverage Packaging, Europe/Asia
|
|
433.8
|
|
394.3
|
|
734.7
|
|
692.3
|
|||||
|
Metal
Food & Household Packaging, Americas (Note 2)
|
314.2
|
179.1
|
503.5
|
363.3
|
|||||||||
|
Plastic
Packaging, Americas (Note 2)
|
178.5
|
133.4
|
300.9
|
249.2
|
|||||||||
|
Aerospace
and technologies
|
175.4
|
180.7
|
335.3
|
362.7
|
|||||||||
|
Consolidated
net sales
|
$
|
1,842.5
|
$
|
1,552.0
|
$
|
3,207.4
|
$
|
2,876.1
|
|||||
|
Earnings
before interest and taxes-
|
|||||||||||||
|
Metal
Beverage Packaging, Americas
|
$
|
67.4
|
$
|
67.4
|
$
|
121.9
|
$
|
129.2
|
|||||
|
Metal
Beverage Packaging, Europe/Asia
|
68.4
|
58.2
|
97.0
|
88.5
|
|||||||||
|
Property
insurance gain (Note 3)
|
74.1
|
–
|
74.1
|
–
|
|||||||||
|
Total
Metal Beverage Packaging, Europe/Asia
|
142.5
|
58.2
|
171.1
|
88.5
|
|||||||||
|
Metal
Food & Household Packaging, Americas (Note 2)
|
12.4
|
2.8
|
16.3
|
15.8
|
|||||||||
|
Business
consolidation gains (costs) (Note 3)
|
0.4
|
(8.8
|
)
|
(1.7
|
)
|
(8.8
|
)
|
||||||
|
Total
Metal Food & Household Packaging, Americas
|
12.8
|
6.0
|
14.6
|
7.0
|
|||||||||
|
Plastic
Packaging, Americas (Note 2)
|
7.4
|
4.7
|
9.2
|
8.2
|
|||||||||
|
Aerospace
and technologies
|
8.3
|
14.9
|
17.8
|
23.8
|
|||||||||
|
Segment
earnings before interest and taxes
|
238.4
|
139.2
|
334.6
|
256.7
|
|||||||||
|
Undistributed
corporate costs
|
(9.8
|
)
|
(7.7
|
)
|
(24.4
|
)
|
(14.3
|
)
|
|||||
|
Earnings
before interest and taxes
|
$
|
228.6
|
$
|
131.5
|
$
|
310.2
|
$
|
242.4
|
|||||
|
2.
|
Acquisitions
|
On
March
27, 2006, Ball Corporation acquired all the issued and outstanding shares of
U.S. Can Corporation for consideration of 444,677 Ball common shares, together
with the repayment of $598 million of existing U.S. Can debt, including $27
million of bond redemption premiums and fees. The acquisition has been accounted
as a purchase, and, accordingly, its results have been included in our
consolidated financial statements in the Metal Food and Household Products
Packaging, Americas, segment from March 27, 2006.
The
acquired business manufactures and sells aerosol cans, paint cans, plastic
containers and custom and specialty containers in 10 plants in the U.S. and
is
the largest manufacturer of aerosol cans in North America. In addition, the
company manufactures and sells aerosol cans in two plants in Argentina. The
acquired operations employ 2,300 people and have annual sales of approximately
$600 million.
|
Condensed
Financials (2nd
quarter 2006)
|
|
2.
|
Acquisitions
(continued)
|
On
March
28, 2006, Ball Corporation acquired certain North American plastic container
net
assets from Alcan Packaging for a total cash consideration of $185 million.
Ball
acquired plastic container manufacturing plants in Batavia, Illinois; Bellevue,
Ohio; and Brampton, Ontario; as well as certain equipment and other assets
at an
Alcan research facility in Neenah, Wisconsin; and at a plant in Newark,
California. The acquisition has been accounted as a purchase, and, accordingly,
its results have been included in our consolidated financial statements in
the
Plastic Packaging, Americas, segment from March 28, 2006.
The
acquired business primarily manufactures and sells barrier polypropylene plastic
bottles used in food packaging, and to a lesser extent, manufactures and sells
barrier PET plastic bottles used for beverages and foods. The acquired
operations employ 470 people and have annual sales of approximately $150
million.
|
3.
|
Business
Consolidation Activities and Property Insurance
Gain
|
2006
In
the
first quarter, a $2.1 million charge ($1.4 million after tax) was recorded
in
the Metal Food and Household Products Packaging, Americas, segment to shut
down
a food can line in a Canadian plant. The charge was comprised of employee
termination costs and impairment of plant equipment and related spares and
tooling.
In
the
second quarter, earnings of $0.4 million ($0.2 million after tax) were recorded
to reflect the recovery of amounts previously expensed in a 2005 business
consolidation charge.
On
April
1, 2006, there was a fire in the metal beverage can plant in Hassloch, Germany,
which damaged a significant portion of the building and machinery and equipment.
After review and confirmation from the insurance carrier, a $74.1 million
property insurance gain ($45.2 million after tax) was recorded in the second
quarter. The accounting gain is the result of asset replacement costs being
higher than the asset book values at the time of the fire. Property insurance
proceeds of $32.4 million were received in the second quarter and the damaged
plant is expected to be operational in the second quarter of 2007.
2005
In
the
second quarter, a charge of $8.8 million ($5.9 million after tax) was recorded
to close a metal food container plant in Quebec.
A
summary of the effects of the above transactions on after-tax earnings
follows:
|
Three
months ended
|
Six
months ended
|
|||||||||||
|
($
in millions, except per share amounts)
|
July
2, 2006
|
July
3, 2005
|
July
2, 2006
|
July
3, 2005
|
||||||||
|
Net
earnings as reported
|
$
|
132.7
|
$
|
79.0
|
$
|
177.3
|
$
|
137.6
|
||||
|
Insurance
gain, net of tax
|
(45.2
|
)
|
–
|
(45.2
|
)
|
–
|
||||||
|
Business
consolidation (gains) costs, net of tax
|
(0.2
|
)
|
5.9
|
1.1
|
5.9
|
|||||||
|
Net
earnings before the above items
|
$
|
87.3
|
$
|
84.9
|
$
|
133.2
|
$
|
143.5
|
||||
|
Per
diluted share before the above items
|
$
|
0.83
|
$
|
0.76
|
$
|
1.27
|
$
|
1.27
|
||||
Ball’s
management segregates the above items related to closed facilities and insurance
gain to evaluate the company’s performance of current operations. The above is
presented on a non-U.S. GAAP basis and should be considered in connection with
the unaudited statement of consolidated earnings. Non-U.S. GAAP measures should
not be considered in isolation.