Consumers Packaging - 2000 Results

Preliminary operating results for Consumers Packaging reported that the company suffered a consolidated net loss of US$ 137m on net sales of US$ 1,543m for the year ending 31 December 2000, compared with a loss of US$ 127m on net sales of US$ 1,514m in 1999. Management attributes the loss in 2000 to cost increases, most notably the increase in the cost of natural gas, which were not adequately recovered through increases in sales prices. certain charges against accounts receivable, inventory and fixed assets, along with other significant expenses from litigation settlements, one-time pension costs and debt service also contributed to the 2000 loss position. (whole item)