Ball Records Gain on Sale of DigitalGlobe Shares
May 19 2009 - 6:59PM
PR Newswire (US)
BROOMFIELD, Colo., May 19 /PRNewswire-FirstCall/ -- Ball
Corporation (NYSE:BLL) will record an after-tax gain of
approximately $31 million, or approximately 32 cents per diluted
share, and realize cash proceeds of approximately $37 million in
the company's second quarter results on the sale of 75 percent of
its shares of DigitalGlobe stock. DigitalGlobe, which completed an
initial public offering of its stock today, was formed in 1995 as
EarthWatch, Inc., by Ball Aerospace & Technologies Corp. and
WorldView Imaging Corporation. EarthWatch changed its name to
DigitalGlobe in 2002. "As a founder and shareholder of DigitalGlobe
and the supplier of the spacecraft and instruments for its two
orbiting remote sensing satellites, we are pleased with the
company's successful public offering," said R. David Hoover, Ball's
chairman, president and chief executive officer. "We look forward
to the successful launch and commissioning later this year of the
DigitalGlobe WorldView-2 satellite, which Ball Aerospace also
built." Ball still owns approximately 700,000 shares of
DigitalGlobe and remains a minority shareholder. Ball Corporation
is a supplier of high-quality metal and plastic packaging for
beverage, food and household products customers, and of aerospace
and other technologies and services, primarily for the U.S.
government. Ball Corporation and its subsidiaries employ more than
14,000 people worldwide and reported 2008 sales of approximately
$7.6 billion. For the latest Ball news and for other company
information, please visit http://www.ball.com/. Forward-Looking
Statements This 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 Exhibit 99.2 in our Form 10-K, which are available at our
Web site and at http://www.sec.gov/. Factors that might affect our
packaging segments include fluctuation in product demand and
preferences; availability and cost of raw materials; competitive
packaging availability, pricing and substitution; changes in
climate and weather; crop yields; competitive activity; failure to
achieve anticipated productivity improvements or production cost
reductions, including our beverage can end project; mandatory
deposit or other restrictive packaging laws; changes in major
customer or supplier contracts or loss of a major customer or
supplier; and changes in foreign exchange rates, tax rates and
activities of foreign subsidiaries. Factors that might affect our
aerospace segment include: funding, authorization, availability and
returns of government and commercial contracts; and delays,
extensions and technical uncertainties affecting segment contracts.
Factors that might affect the company as a whole include those
listed plus: accounting changes; changes in senior management; the
current global credit squeeze and its effects on liquidity, credit
risk, asset values and the economy; successful or unsuccessful
acquisitions, joint ventures or divestitures; integration of
recently acquired businesses; regulatory action or laws including
tax, environmental, health and workplace safety, including in
respect of chemicals or substances used in raw materials or in the
manufacturing process; 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; pension changes; reduced cash flow;
interest rates affecting our debt; and changes to unaudited results
due to statutory audits or other effects. DATASOURCE: Ball
Corporation CONTACT: Investors, Ann T. Scott, +1-303-460-3537, , or
Media, Scott McCarty, +1-303-460-2103, , both of Ball Corporation
Web Site: http://www.ball.com/
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