Greif Announces Preliminary Select Fourth Quarter and Fiscal 2014 Financial Information
December 10 2014 - 4:45PM
Business Wire
Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial
packaging products and services, today announced preliminary select
financial information for the fourth quarter and fiscal 2014.
For the fourth quarter of 2014, Greif expects to report net
sales of $1,082 million, operating profit of $93 million (based on
preliminary estimates, with operating profit decreasing in the
event non-cash impairment charges increase, as described below) and
operating profit before special items of $118 million. Net sales
before the effect of acquisitions, divestitures and currency
fluctuations for the fourth quarter of 2014 remained flat compared
to the fourth quarter 2013. For fiscal 2014, Greif expects to
report net sales of $4,378 million, operating profit of $298
million (based on preliminary estimates, with operating profit
decreasing in the event non-cash impairment charges increase, as
described below) and operating profit before special items of $341
million. Long-term debt was $1,088 million and $1,207 million at
October 31, 2014 and 2013, respectively. A reconciliation of the
differences between operating profit and operating profit before
special items, and identification of the special items that are
included in operating profit before special items, is included in
the financial schedules that are a part of this release.
Certain of these special items are preliminary estimates, as the
company has not completed its analysis. Specifically, as a result
of impairment indicators that occurred in the fourth quarter, the
company expects to record a non-cash impairment charge that may
represent a material portion of the goodwill and intangible assets
associated with its Flexible Products & Services segment as of
October 31, 2014. Total goodwill and intangible assets for this
segment were $49.7 million and $13.2 million, respectively.
The company will present at the Bank of America Merrill Lynch
2014 US Basic Materials Conference in Boston, MA at 11:45 a.m. EST
on December 11, 2014. The audio presentation and slides for this
conference will be webcast and can be accessed at www.greif.com in
the Investor section under Presentations.
As previously announced, the company changed its independent
registered public accounting firm during the fourth quarter of
2014. As a result of this transition process, coupled with the
company’s review and assessment of the financial statement impact
associated with the potential non-cash impairment charges discussed
above and certain income tax accounting matters, the company has
determined that it is prudent to delay its release of full
fiscal 2014 and fourth quarter financial results until after the
market closes on Wednesday, January 7, 2015. The company has
scheduled a conference call for Thursday, January 8, 2015, at 10:00
a.m. Eastern Standard Time to review the results. Furthermore, the
company may request a 15 day extension to file its annual report on
Form 10-K for the fiscal year ended October 31, 2014, with the
Securities and Exchange Commission that would extend the required
filing date for its Form 10-K to on or about January 14, 2015.
About Greif
Greif is a world leader in industrial packaging products and
services. The company produces steel, plastic, fibre, flexible and
corrugated containers, reconditioned containers, intermediate bulk
containers, containerboard and packaging accessories, and provides
blending, filling, packaging and industrial packaging
reconditioning services for a wide range of industries. Greif also
manages timber properties in North America. The company is
strategically positioned in more than 50 countries to serve global
as well as regional customers. Additional information is on the
company's website at www.greif.com.
GREIF, INC. AND SUBSIDIARY COMPANIES GAAP
TO NON-GAAP RECONCILIATION OPERATING PROFIT BEFORE SPECIAL
ITEMS
UNAUDITED
(Dollars in millions)
Three months ended Twelve months ended
October 31, October 31, 2014
2014 Operating profit (1) $ 92.9 $ 297.9
Restructuring charges 5.6 16.1 Acquisition-related costs 0.4 1.6
Timberland gains - (17.1) Non-cash asset impairment charges (1)
19.5 42.0 Operating profit before special items $
118.4 $ 340.5
(1) Preliminary amount above does not include any estimate for
possible non-cash impairment of goodwill and intangible assets
associated with the Flexible Products and Services segment as
management is still completing its analysis. Total goodwill and
intangible assets for this segment are $49.7 million and $13.2
million, respectively.
Greif, Inc.Scott Griffin, 740-657-6516Vice President, Corporate
CommunicationsorAnalysts:Robert Lentz, 614-876-2000
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