Consumers Packaging Results

Consumers Packaging Inc reported a net loss of US$23.6m for the 9-months to 30 September 1999, compared to a net loss of US$34m for the same period in 1998. Sales were US$1.2bn, an increase of 3.4% on the 1998 figure. Operating income reached US$51.3m, against US$28.8m for the same period a year ago. Although the net loss is disappointing for the manufacturer, its positive operating income, increased working capital and sales growth reflect its strength. It has just reached a preliminary agreement with Anheuser-Busch Packaging Group to create a joint venture company that would sell glass containers to the Houston brewery of Anheuser-Busch under a long term contract. (whole item)