| Full Doc
 | 2003 |
Crown Cork & Seal Reports 2002 Fourth Quarter And Year End Results Comprehensive Refinancing Plan Announced
Crown Cork & Seal Reports 2002 Fourth Quarter And Year End Results Comprehensive Refinancing Plan Announced (20K)
Doc #205401: This document is immediately available for purchase, but does not have a preview available for viewing.
News Release
Crown Cork & Seal Company, Inc.
Corporate Headquarters
One Crown Way
Philadelphia, PA 19154-4599
CROWN CORK & SEAL REPORTS 2002 FOURTH QUARTER
AND YEAR END RESULTS
COMPREHENSIVE REFINANCING PLAN ANNOUNCED
Philadelphia, PA?January 29, 2003. Crown Cork & Seal Company, Inc. (NYSE: CCK), announced today its results for the fourth quarter and year ended December 31, 2002, as well as a comprehensive refinancing plan.
For the fourth quarter of 2002, the Company reported a . . .
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Constar Int'l
As referenced in this Crown Cork & Seal Reports 2002 Fourth Quarter And Year End Results Comprehensive Refinancing Plan Announced:
Constar International – As previously announced, the Company completed the sale of 89.5% of its interest in Constar International during the fourth quarter. The Company recorded a net loss of $213 million on the
dt 25561
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Citicorp
As referenced in this Crown Cork & Seal Reports 2002 Fourth Quarter And Year End Results Comprehensive Refinancing Plan Announced:
Citicorp North America, – stated maturities in 2006 and beyond. The plan, which is currently under discussion with financing sources and rating agencies, includes a commitment by Citicorp North America, Inc. and Deutsche Bank Trust Company Americas to provide the $550 million first lien revolving credit facility.
The refinancing plan is currently
_____________
Citicorp North America, – placement and resold by the initial purchasers to qualified institutional buyers under Rule 144A of the Securities Act of 1933. The commitments of Citicorp North America, Inc. and Deutsche Bank Trust Company Americas are subject to certain conditions, including the completion of the other components of the financing.
_____________
dt 158253
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 Citicorp
As referenced in this Crown Cork & Seal Reports 2002 Fourth Quarter And Year End Results Comprehensive Refinancing Plan Announced:
Citicorp North America, – stated maturities in 2006 and beyond. The plan, which is currently under discussion with financing sources and rating agencies, includes a commitment by Citicorp North America, Inc. and Deutsche Bank Trust Company Americas to provide the $550 million first lien revolving credit facility.
The refinancing plan is currently
_____________
Citicorp North America, – placement and resold by the initial purchasers to qualified institutional buyers under Rule 144A of the Securities Act of 1933. The commitments of Citicorp North America, Inc. and Deutsche Bank Trust Company Americas are subject to certain conditions, including the completion of the other components of the financing.
_____________
dt 158253
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DB Trust
As referenced in this Crown Cork & Seal Reports 2002 Fourth Quarter And Year End Results Comprehensive Refinancing Plan Announced:
Deutsche Bank Trust Co – beyond. The plan, which is currently under discussion with financing sources and rating agencies, includes a commitment by Citicorp North America, Inc. and Deutsche Bank Trust Co mpany Americas to provide the $550 million first lien revolving credit facility.
The refinancing plan is currently contemplated to be completed by the
_____________
Deutsche Bank Trust Co – initial purchasers to qualified institutional buyers under Rule 144A of the Securities Act of 1933. The commitments of Citicorp North America, Inc. and Deutsche Bank Trust Co mpany Americas are subject to certain conditions, including the completion of the other components of the financing. The final terms of the senior
_____________
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| 2002 |
Benefits Allocation Agreement
Benefits Allocation Agreement (70K)
Doc #125880: Click preview link for longer preview.
BENEFITS ALLOCATION AGREEMENT
THIS IS A BENEFITS ALLOCATION AGREEMENT, dated as of November 20, 2002 (the Agreement), by and between Crown Cork & Seal Company, Inc., a Pennsylvania corporation (together with its successors and permitted assigns, Crown), and Constar International Inc., a Delaware corporation (together with its successors and permitted assigns, Constar) (collectively, the Parties or individually, a Party).
Background
A. The Board of Directors of Crown has authorized an initial public offering of Constars common stock (the Offering).
B. Upon the closing of the Offering, Crown and Constar will enter into a number of agreements that will govern certain matters relating to the Offering and the relationship of Crown and Constar and their respective subsidiaries and affiliates following the Offering.
C. This Agreement sets forth the arrangements between the Parties relating to certain employee benefit and compensation matters.
Terms
THEREFORE, in consideration of the foregoing premises and the mutual agreements and covenants contained in this Agreement, the Parties hereby agree as follows:
ARTICLE I
DEFINITIONS
Section 1.1 Definitions. The following words and phrases used in this Agreement shall have the meanings set forth below unless a different meaning is plainly required by the context.
ACTIVE CONSTAR EMPLOYEE means:
(a) Any Employee (other than a Salt Lake Employee) who is performing services for the Constar Group on the Closing Date, including any such Employee who is not actively performing such service as a result of sick leave, workers compensation leave, short-term disability or other authorized leave of absence; and
(b) Any Employee of the Crown Group who is designated by Crown and Constar as an Employee to whom Constar offers employment beginning on or before the Closing Date and who has accepted such offer.
ASO CONTRACT means an administrative services only contract or other contract with a third-party administrator or service provider that pertains to any Crown Welfare Plan or Constar Welfare Plan.
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Constar Int'l
As referenced in this Benefits Allocation Agreement:
Constar International – 10 15 dex1010.htm FORM OF BENEFITS ALLOCATION AGREEMENT
Confidential treatment has been requested by
Constar International Inc. pursuant to Rule 406.
All non-public information has been filed
with the Securities
CONSTAR INTERNATIONAL – AGREEMENT
dated as of
November 20, 2002
between
CROWN CORK & SEAL COMPANY, INC.
and
CONSTAR INTERNATIONAL INC.
TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS
1
Section 1.1 Definitions.
1
ARTICLE
Constar International – Seal Company, Inc., a Pennsylvania corporation (together with its successors and permitted assigns, Crown), and Constar International Inc., a Delaware corporation (together with its successors and permitted assigns, Constar) (collectively, the Parties
Constar International – PA 19154
Attn.: Gary L. Burgess
Fax No. 215-676-7245
if to Constar, to:
Constar International Inc.
One Crown Way
Philadelphia, PA 19154
Attn.: Jerry A. Gunderson
Fax No. 215-552-
CONSTAR INTERNATIONAL – Development
Attest:
[Corporate Seal]
By:
/s/ WILLIAM T. GALLAGHER
Name: William T. Gallagher
Title: Secretary
CONSTAR INTERNATIONAL INC.
By:
/s/ JAMES C. COOK
Name: James C. Cook
Title: Executive Vice President,
Chief
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| 2002 |
Benefits Allocation Agreement
Benefits Allocation Agreement (69K)
Doc #1751005: Click preview link for longer preview.
BENEFITS ALLOCATION AGREEMENT
dated as of
, 2002
between
CROWN CORK & SEAL COMPANY, INC.
and
CONSTAR INTERNATIONAL INC.
TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS
. . .
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Constar Int'l
As referenced in this Benefits Allocation Agreement:
Constar International – Form of Benefits Allocation Agreement
EX-10.10 6 dex1010.htm FORM OF BENEFITS ALLOCATION AGREEMENT
Confidential treatment has been requested by
Constar International Inc. pursuant to Rule 406.
All non-public information has been filed
with the Securities and Exchange Commission.
Exhibit 10.10
BENEFITS ALLOCATION AGREEMENT
dated as of
, 2002
between
CROWN
_____________
CONSTAR INTERNATIONAL – non-public information has been filed
with the Securities and Exchange Commission.
Exhibit 10.10
BENEFITS ALLOCATION AGREEMENT
dated as of
, 2002
between
CROWN CORK & SEAL COMPANY, INC.
and
CONSTAR INTERNATIONAL INC.
TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS
1
Section 1.1 Definitions.
1
ARTICLE II EMPLOYEES AND ALLOCATIONS OF LIABILITIES
4
Section 2.1 Identification and Employment.
4
Section
_____________
Constar International – BENEFITS ALLOCATION AGREEMENT, dated as of , 2002 (the Agreement), by and between Crown Cork & Seal Company, Inc., a Pennsylvania corporation (together with its successors and permitted assigns, Crown), and Constar International Inc., a Delaware corporation (together with its successors and permitted assigns, Constar) (collectively, the Parties or individually, a Party).
Background
A. The Board of Directors of Crown has authorized an
_____________
Constar International – below:
if to Crown, to:
Crown Cork & Seal Company, Inc.
One Crown Way
Philadelphia, PA 19154
Attn.: Gary L. Burgess
Fax No. 215-676-7245
if to Constar, to:
Constar International Inc.
One Crown Way
Philadelphia, PA 19154
Attn.: Jerry A. Gunderson
Fax No. 215-552-3715
or to such other address as any Party may, from time to time, designate
_____________
CONSTAR INTERNATIONAL – WHEREOF, the Parties have executed and delivered this Agreement as of the day and year first above written.
CROWN CORK & SEAL COMPANY, INC.
By:
Name:
Title:
By:
Name:
Title:
CONSTAR INTERNATIONAL INC.
By:
Name:
Title:
22
Appendix AWelfare Plans
Part 1. Crown Welfare Plans
1. Medical Plan
2. Dental Plan
3. Life Insurance
4. Long-Term Disability
5. Supplemental Accident Insurance
_____________
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| 2002 |
Benefits Allocation Agreement
Benefits Allocation Agreement (69K)
Doc #1788102: Click preview link for longer preview.
BENEFITS ALLOCATION AGREEMENT
dated as of
, 2002
between
CROWN CORK & SEAL COMPANY, INC.
and
CONSTAR INTERNATIONAL INC.
TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS
. . .
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Constar Int'l
As referenced in this Benefits Allocation Agreement:
Constar International – Form of Benefits Allocation Agreement
EX-10.10 6 dex1010.htm FORM OF BENEFITS ALLOCATION AGREEMENT
Confidential treatment has been requested by
Constar International Inc. pursuant to Rule 406.
All non-public information has been filed
with the Securities and Exchange Commission.
Exhibit 10.10
BENEFITS ALLOCATION AGREEMENT
dated as of
, 2002
between
CROWN
_____________
CONSTAR INTERNATIONAL – non-public information has been filed
with the Securities and Exchange Commission.
Exhibit 10.10
BENEFITS ALLOCATION AGREEMENT
dated as of
, 2002
between
CROWN CORK & SEAL COMPANY, INC.
and
CONSTAR INTERNATIONAL INC.
TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS
1
Section 1.1 Definitions.
1
ARTICLE II EMPLOYEES AND ALLOCATIONS OF LIABILITIES
4
Section 2.1 Identification and Employment.
4
Section
_____________
Constar International – BENEFITS ALLOCATION AGREEMENT, dated as of , 2002 (the Agreement), by and between Crown Cork & Seal Company, Inc., a Pennsylvania corporation (together with its successors and permitted assigns, Crown), and Constar International Inc., a Delaware corporation (together with its successors and permitted assigns, Constar) (collectively, the Parties or individually, a Party).
Background
A. The Board of Directors of Crown has authorized an
_____________
Constar International – below:
if to Crown, to:
Crown Cork & Seal Company, Inc.
One Crown Way
Philadelphia, PA 19154
Attn.: Gary L. Burgess
Fax No. 215-676-7245
if to Constar, to:
Constar International Inc.
One Crown Way
Philadelphia, PA 19154
Attn.: Jerry A. Gunderson
Fax No. 215-552-3715
or to such other address as any Party may, from time to time, designate
_____________
CONSTAR INTERNATIONAL – WHEREOF, the Parties have executed and delivered this Agreement as of the day and year first above written.
CROWN CORK & SEAL COMPANY, INC.
By:
Name:
Title:
By:
Name:
Title:
CONSTAR INTERNATIONAL INC.
By:
Name:
Title:
22
Appendix AWelfare Plans
Part 1. Crown Welfare Plans
1. Medical Plan
2. Dental Plan
3. Life Insurance
4. Long-Term Disability
5. Supplemental Accident Insurance
_____________
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| 2002 |
Collateral Sharing Agreement
Collateral Sharing Agreement (43K)
Doc #201831: Click preview link for longer preview.
COLLATERAL SHARING AGREEMENT, dated as of November 20, 2002, among CONSTAR INTERNATIONAL INC., a Delaware corporation (the Borrower), the Subsidiaries of the Borrower referred to in Section 5.13 hereof (collectively with the Borrower, the Grantors) and CITICORP NORTH AMERICA, INC., as collateral agent (in such capacity and together with its successors in such capacity, the Collateral Agent).
W I T N E S S E T H:
WHEREAS, in order to induce the Lenders parties thereto to enter into that certain credit agreement, dated as of November 20, 2002 (as amended, amended and restated, supplemented or otherwise modified from time to time, the Credit Agreement) among the Borrower, Citicorp North America, Inc., as administrative agent (in such capacity and together with any successors in such capacity, the Administrative Agent) for the Lenders (as defined herein), JP Morgan Chase Bank, as documentation agent (in such capacity and together with any successor in such capacity, the Documentation Agent), SunTrust Bank, as co-documentation agent (in such capacity and together with any successors in such capacity, the Co-Documentation Agent), Deutsche Bank Securities Inc., as syndication agent (in such capacity, and together with any successors in such capacity, the Syndication Agent), Salomon Smith Barney Inc. and Deutsche Bank Securities Inc., as joint lead arrangers and joint bookrunners (in such capacities, and together with any successors in such capacities, the Arrangers) and the lending institutions from time to time party thereto (together with the Administrative Agent, the Documentation Agent and the Arranger in their capacity as a lender, the Lenders), the Borrower and certain of its Subsidiaries have entered into the Guarantee Agreement, the Pledge Agreement, the Security Agreement and the other Security Documents;
WHEREAS, the Obligations are secured by Liens on the Collateral described in the Security Documents;
NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein and to induce the Administrative Agent, the Arranger and the Lenders to enter into the Credit Agreement and to induce the Lenders to make Loans and the Issuing Bank to issue Letters of Credit to the Borrower thereunder, each Grantor hereby agrees with the Collateral Agent, for the benefit of the Secured Parties, as follows:
-2-
ARTICLE I
DEFINED TERMS
SECTION 1.01. Definitions. (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
(b) The following terms shall have the respective meanings set forth below:
Agreement shall mean this Collateral Sharing Agreement as the same may from time to time be amended, supplemented or otherwise modified.
Collateral shall mean all property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be created by any Security Document.
Collateral Account shall have the meaning assigned in the Security Agreement.
Collateral Agent shall mean Citicorp USA, Inc., in its capacity as collateral agent under the Security Documents and this Agreement and any successor collateral agent appointed hereunder.
Collateral Agent Fees shall mean all fees, costs and expenses of the Collateral Agent of the types described in Sections 4.02, 4.03, 4.04 and 4.05.
Collateral Estate shall have the meaning assigned in Section 2.01(c).
Distribution Date shall mean each date fixed by the Collateral Agent in its sole discretion for a distribution to the Secured Parties of funds held in the Collateral Account.
Exchange Rate shall mean, at any date of determination thereof with respect to any currency, the spot rate of exchange for the conversion of such currency into dollars determined by reference to such rate publishing service as is customarily utilized by the Collateral Agent for such purpose; provided that, to the extent that Exchange Rate is used herein to refer to an actual exchange by the Collateral Agent of one currency for another, Exchange Rate shall be deemed to refer to the rate at which such exchange actually occurs so long as such exchange is effected under customary market conditions. Any such determination of the Exchange Rate shall be conclusive absent manifest error.
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Constar Int'l
As referenced in this Collateral Sharing Agreement:
constar international – size=2>Execution Copy
COLLATERAL SHARING AGREEMENT, dated as of November 20, 2002, among CONSTAR INTERNATIONAL INC., a Delaware corporation (the Borrower), the Subsidiaries of the Borrower referred to in Section
constar international – by their respective authorized officers as of the day and year first written above.
CONSTAR INTERNATIONAL INC.,
By:
/s/ JAMES C. COOK &
dt 5885
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Citicorp
As referenced in this Collateral Sharing Agreement:
CITICORP NORTH AMERICA, – Delaware corporation (the Borrower), the Subsidiaries of the Borrower referred to in Section 5.13 hereof (collectively with the Borrower, the Grantors) and CITICORP NORTH AMERICA, INC., as collateral agent (in such capacity and together with its successors in such capacity, the Collateral Agent).
W I T N
_____________
Citicorp North America, – of November 20, 2002 (as amended, amended and restated, supplemented or otherwise modified from time to time, the Credit Agreement) among the Borrower, Citicorp North America, Inc., as administrative agent (in such capacity and together with any successors in such capacity, the Administrative Agent) for the Lenders (as
_____________
CITICORP NORTH AMERICA, – written above.
CONSTAR INTERNATIONAL INC.,
By:
/s/ JAMES C. COOK
Name: James C. Cook
Title: Executive Vice President, Chief
Financial Officer and Secretary
CITICORP NORTH AMERICA, INC.,
as Collateral Agent
By:
/s/ MYLES KASSIN
Name: Myles Kassin
Title: Vice President
_____________
dt 158235
;
Citicorp USA
As referenced in this Collateral Sharing Agreement:
Citicorp USA, Inc – purported to be created by any Security Document.
Collateral Account shall have the meaning assigned in the Security Agreement.
Collateral Agent shall mean Citicorp USA, Inc ., in its capacity as collateral agent under the Security Documents and this Agreement and any successor collateral agent appointed hereunder.
Collateral Agent
_____________
dt 165040
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Citicorp
As referenced in this Collateral Sharing Agreement:
CITICORP NORTH AMERICA, – Delaware corporation (the Borrower), the Subsidiaries of the Borrower referred to in Section 5.13 hereof (collectively with the Borrower, the Grantors) and CITICORP NORTH AMERICA, INC., as collateral agent (in such capacity and together with its successors in such capacity, the Collateral Agent).
W I T N
_____________
Citicorp North America, – of November 20, 2002 (as amended, amended and restated, supplemented or otherwise modified from time to time, the Credit Agreement) among the Borrower, Citicorp North America, Inc., as administrative agent (in such capacity and together with any successors in such capacity, the Administrative Agent) for the Lenders (as
_____________
CITICORP NORTH AMERICA, – written above.
CONSTAR INTERNATIONAL INC.,
By:
/s/ JAMES C. COOK
Name: James C. Cook
Title: Executive Vice President, Chief
Financial Officer and Secretary
CITICORP NORTH AMERICA, INC.,
as Collateral Agent
By:
/s/ MYLES KASSIN
Name: Myles Kassin
Title: Vice President
_____________
dt 158235
;
Citicorp USA
As referenced in this Collateral Sharing Agreement:
Citicorp USA, Inc – purported to be created by any Security Document.
Collateral Account shall have the meaning assigned in the Security Agreement.
Collateral Agent shall mean Citicorp USA, Inc ., in its capacity as collateral agent under the Security Documents and this Agreement and any successor collateral agent appointed hereunder.
Collateral Agent
_____________
dt 165040
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| 2004 |
Constar International Inc. Announces Fourth Quarter and Full Year 2003 Financial Results
Constar International Inc. Announces Fourth Quarter and Full Year 2003 Financial Results (16K)
Doc #201710: Click preview link for longer preview.
NEWS RELEASE
Constar International Inc.
One Crown Way
Philadelphia, PA 19154-4599
Main Phone: (215) 552-3700
[CONSTAR INTERNATIONAL INC. LOGO]
For Immediate Release
Constar International Inc. Announces Fourth Quarter and
Full Year 2003 Financial Results
Philadelphia, PA March 11, 2004 Constar International Inc. (NASDAQ: CNST) today announced its financial results for the fourth quarter and twelve months ended December 31, 2003.
Fourth Quarter Results
Net sales for the fourth quarter rose to $171.2 million, an 11 percent increase over the $154.1 million for the 2002 fourth quarter. The growth reflects increased shipments of custom and conventional products, favorable foreign currency translation and the pass-through of increased resin prices. The increased net sales were partially offset by previously disclosed price reductions implemented earlier in the year to extend key long-term contracts and increase volume.
Fourth quarter gross profit was $3.6 million compared to $9.0 million in the 2002 fourth quarter. The reduced gross profit is attributable to an unfavorable mix shift and price reductions. During the quarter, gross profit was also impacted by an increase in the Companys property and casualty insurance premiums. In addition, gross profit was reduced by overhead absorption as the Company curtailed production during the fourth quarter to reduce inventories below prior year and prior quarter levels.
In line with Company guidance, adjusted EBITDA in the fourth quarter was $9.0 million compared to $17.6 million in the fourth quarter of 2002. The reduction in gross profit was the primary contributor to the reduction in adjusted EBITDA.
EBITDA is defined by the Company as net income (loss) before interest expense, provision for income taxes, depreciation and amortization and the cumulative effect of a change in accounting for goodwill. The Companys Senior Secured Credit Agreement adjusts EBITDA for certain non-cash accruals and uses the adjusted EBITDA figure to
201710
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Constar Int'l
As referenced in this Constar International Inc. Announces Fourth Quarter and Full Year 2003 Financial Results:
constar international – ellSpacing=0 cellPadding=0 width="100%" align=center border=0>
NEWS RELEASE
Constar International Inc.
One Crown Way
Philadelphia, PA 19154-4599
Main Phone: (215) 552-3700
[CONSTAR
[constar international – International Inc.
One Crown Way
Philadelphia, PA 19154-4599
Main Phone: (215) 552-3700
[CONSTAR INTERNATIONAL INC. LOGO]
For Immediate Release
Constar International Inc. Announces Fourth Quarter and
Full
constar international – Main Phone: (215) 552-3700
[CONSTAR INTERNATIONAL INC. LOGO]
For Immediate Release
Constar International Inc. Announces Fourth Quarter and
Full Year 2003 Financial Results
Philadelphia, PA March 11,
constar international – Announces Fourth Quarter and
Full Year 2003 Financial Results
Philadelphia, PA March 11, 2004 Constar International Inc. (NASDAQ: CNST) today announced its financial results for the fourth quarter and twelve months
constar international – Officer, (215) 698-5392 Ed Bisno, Bisno Communications, (917) 881-5441
Tables to Follow
CONSTAR INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS COMPARISON
(in thousands, except per share data)
&
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| 2003 |
Constar International Inc. Announces 2003 Third Quarter Financial Results
Constar International Inc. Announces 2003 Third Quarter Financial Results (17K)
Doc #201726: Click preview link for longer preview.
For Immediate Release
Constar International Inc. Announces 2003 Third Quarter Financial Results
Philadelphia, PA, November 14, 2003 Constar International Inc. (NASDAQ: CNST) announced its financial results for the third quarter and nine months ended September 30, 2003.
The Company reported a third quarter net loss of $19.6 million, or $1.63 per diluted share, compared to net income of $5.7 million, or $0.47 per diluted share, in the 2002 third quarter.
Net sales for the third quarter increased 5.2 percent to $198.9 million compared to $189.0 million for the same period last year. The growth reflects increased shipments of custom products, favorable foreign currency translation and the pass-through of increased resin prices offset by reduced domestic shipments of conventional products, and implementation of price reductions associated with contract extensions. Shipments of preforms and bottles in Europe were greater in the third quarter of 2003 than in the same period last year.
Gross profit in the third quarter was $4.8 million compared to $16.6 million in last years same period. The reduction is attributable to the decline in domestic conventional volume, an unfavorable shift in product mix and the implementation of price reductions to extend both long-term contracts and increase volume. During the quarter, gross profit was also adversely affected by an increase in the Companys property and casualty insurance premiums as well as higher group insurance costs. In addition, gross profit was affected by unfavorable overhead absorption as the Company curtailed production during the third quarter in order to reduce inventories.
Michael J. Hoffman, Constars President and Chief Executive Officer, commented, We continued to be impacted by challenges such as unfavorable weather, margin compression resulting from changes in price and mix, and slower than expected conversions from glass to PET in our custom business.
During the quarter, we reduced inventories to a more traditional level, and completed our first forecasting cycle utilizing our new forecasting process and software, while reducing storage expense.
201726
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Constar Int'l
As referenced in this Constar International Inc. Announces 2003 Third Quarter Financial Results:
constar international – e=2>EXHIBIT 99.1
[LOGO]
Constar International Inc.
One Crown Way
Philadelphia, PA 19154-4599
Main Phone: (215) 552-3700
For
constar international – Way
Philadelphia, PA 19154-4599
Main Phone: (215) 552-3700
For Immediate Release
Constar International Inc. Announces 2003 Third Quarter Financial Results
Philadelphia, PA, November 14, 2003 Constar International
constar international – Constar International Inc. Announces 2003 Third Quarter Financial Results
Philadelphia, PA, November 14, 2003 Constar International Inc. (NASDAQ: CNST) announced its financial results for the third quarter and nine months ended
constar international – Bisno, Bisno Communications, (917) 881-5441
Tables to Follow
Page 5 of 6
CONSTAR INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS COMPARISON
(in thousands, except per share data)
&
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Constar International Inc. to Recognize Goodwill Impairment
Constar International Inc. to Recognize Goodwill Impairment (3K)
Doc #201747: Click preview link for longer preview.
Constar International Inc.
One Crown Way
Philadelphia, PA 19154-4599
Main Phone: (215) 552-3700
FOR IMMEDIATE RELEASE
CONSTAR INTERNATIONAL INC. TO RECOGNIZE GOODWILL IMPAIRMENT
Philadelphia, PA, August 14, 2003Constar International Inc. today reported that it expects to record a non-cash charge to earnings for the second quarter of 2003 to reflect the impairment of goodwill under FAS 142. Due to the trading price of the Companys common stock and other factors, the Company has determined that a goodwill impairment exists.
The Company is currently assessing the potential impact of the impairment, and while the assessment is not yet complete, the Company expects that the impairment charge will be material. As a result, the Company has delayed filing its quarterly report on Form 10-Q for the second quarter of 2003 until the assessment is completed. The Company expects to file its quarterly report on or before August 19, 2003.
201747
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Constar Int'l
As referenced in this Constar International Inc. to Recognize Goodwill Impairment:
constar international – px">
Constar International Inc.
One Crown Way
Philadelphia, PA 19154-4599
Main Phone: (215) 552-3700
&
constar international – 19154-4599
Main Phone: (215) 552-3700
FOR IMMEDIATE RELEASE
CONSTAR INTERNATIONAL INC. TO RECOGNIZE GOODWILL IMPAIRMENT
Philadelphia, PA, August 14, 2003Constar International Inc. today reported
constar international – particular forward-looking statement in light of future events.
About Constar
Philadelphia-based Constar International Inc. (NASDAQ: CNST) is a leading global producer of PET (polyethylene terephthalate) plastic containers for
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| 2003 |
Constar International Inc. Announces 2003 Second Quarter Results
Constar International Inc. Announces 2003 Second Quarter Results (12K)
Doc #201751: Click preview link for longer preview.
Constar International Inc.
One Crown Way
Philadelphia, PA 19154-4599
Main Phone: (215) 552-3700
FOR IMMEDIATE RELEASE
CONSTAR INTERNATIONAL INC. ANNOUNCES 2003 SECOND
QUARTER RESULTS
Philadelphia, PA, July 29, 2003 Constar International Inc. (NASDAQ: CNST) today announced its results for the second quarter and six months ended June 30, 2003.
For the second quarter, the company reported a quarterly net loss of $4.0 million or a loss of $0.33 per diluted share compared to net income of $7.2 million or $0.60 per diluted share in the second quarter of 2002. Net sales for the second quarter increased 5.3 percent to $203.4 million compared to the prior year period of $193.1 million. The growth in net sales reflects increased shipments of custom products, the pass-through of increased resin prices, and benefits resulting from strengthening foreign currencies against the U.S. dollar. The increase in net sales was partially offset by reduced domestic shipments in conventional products and implementation of price reductions associated with contract extensions.
The second quarter was a challenging one for Constar, commented Michael J. Hoffman, President and Chief Executive Officer. The lack of demand for our customers products was exacerbated by poor weather conditions and contributed to reduced volume in our domestic conventional market. Additionally, we experienced slower than expected ramp-up of new customers and product conversions in the United States and Europe. Without the expected growth, we were unable to offset the previously announced business losses and the price concessions given in exchange for added volume and contract extensions.
Mr. Hoffman continued, While we are disappointed with our results for the first half of the year, we are taking the necessary operational and financial steps to best position Constar to capitalize on future growth opportunities while further reducing our cost structure. We have specific sales and marketing programs targeted on improving revenues and enhancing our ability to forecast. As we enter the second half of 2003, we are focused on reducing our inventory and storage space and securing new volume. At the same time, we remain committed to our overall business strategy.
For the second quarter of 2003, the company reported a gross profit of $8.5 million compared to $19.7 million in the prior year period, representing a decline of 56.9 percent. The reduction in gross profit is attributable to the decline in domestic conventional volume, which produced higher than anticipated inventory levels, leading to increased warehousing and shuttle costs. In
201751
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Constar Int'l
As referenced in this Constar International Inc. Announces 2003 Second Quarter Results:
constar international – ="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
Constar International Inc.
One Crown Way
Philadelphia, PA 19154-4599
Main Phone: (215) 552-3700
&
constar international – 4599
Main Phone: (215) 552-3700
FOR IMMEDIATE RELEASE
CONSTAR INTERNATIONAL INC. ANNOUNCES 2003 SECOND
QUARTER RESULTS
Philadelphia, PA, July 29, 2003 Constar International
constar international – CONSTAR INTERNATIONAL INC. ANNOUNCES 2003 SECOND
QUARTER RESULTS
Philadelphia, PA, July 29, 2003 Constar International Inc. (NASDAQ: CNST) today announced its results for the second quarter and six months ended
constar international – and Chief Financial Officer, (215) 698-5392
Aparna Mohan, Edelman Financial, (212) 704-8224
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CONSTAR INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS COMPARISON
(in thousands, except per share data)
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| 2003 |
Constar International Announces 2003 First Quarter Results
Constar International Announces 2003 First Quarter Results (9K)
Doc #201760: Click preview link for longer preview.
Constar International Inc.
One Crown Way
Philadelphia, PA 19154-4599
Main Phone: (215) 552-3700
[CONSTAR LOGO]
FOR IMMEDIATE RELEASE
CONSTAR INTERNATIONAL ANNOUNCES
2003 FIRST QUARTER RESULTS
Philadelphia, PA, April 28, 2003 Constar International Inc. (NASDAQ: CNST) today announced its results for the first quarter ended March 31, 2003.
The company reported a first quarter net loss of $1.8 million, or $(0.15) per diluted share, compared to a 2002 first quarter net loss of $45.8 million or $(3.82) per diluted share. The net loss for the first quarter of 2002 included a $50.1 million charge for the cumulative effect of a change in accounting for goodwill. Net sales for the first quarter increased 0.4 percent to $168.8 million compared to the prior-year period of $168.1 million. This reflects increased shipments of custom products and the pass-through of increased resin prices, offset by reduced shipments of conventional containers and price concessions tied to contract extensions. Total PET unit volume for the first quarter was down 0.7% compared to the prior year period.
In line with our previous communications, first quarter results were impacted by softer volumes resulting from a slower ramp-up of new customer contracts as well as the unseasonably cold weather experienced in many of the domestic regions we serve, commented Michael J. Hoffman, President and Chief Executive Officer. However, during the quarter we continued to execute on our long-term strategy by containing our costs, growing our custom volume, signing new customer contracts and extending relationships with existing customers.
For the first quarter of 2003, the company reported a gross profit of $12.1 million compared to 2002 first quarter gross profit of $13.9 million, representing a decline of 12.9 percent. The reduction in gross profit is attributable to the decline in conventional volume, and the implementation of price reductions mostly granted to extend long-term contracts and increase volumes. In addition, the company experienced an increase in warehousing costs as it built inventory in anticipation of the traditionally busy summer months.
Operating expenses (selling and administrative expenses, management charges, research and technology expense, foreign exchange adjustments, and other expense, net) for the first quarter were $6.3 million, compared to operating expenses of $6.0 million in the first quarter of 2002. This increase includes a rise in stand-alone administrative costs associated with being an independent company which were mostly offset by a
201760
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Constar Int'l
As referenced in this Constar International Announces 2003 First Quarter Results:
constar international – 19154-4599
Main Phone: (215) 552-3700
[CONSTAR LOGO]
FOR IMMEDIATE RELEASE
CONSTAR INTERNATIONAL ANNOUNCES
2003 FIRST QUARTER RESULTS
Philadelphia, PA, April 28, 2003 Constar International Inc. (NASDAQ:
constar international – RELEASE
CONSTAR INTERNATIONAL ANNOUNCES
2003 FIRST QUARTER RESULTS
Philadelphia, PA, April 28, 2003 Constar International Inc. (NASDAQ: CNST) today announced its results for the first quarter ended March 31, 2003.
&
constar international – Chief Financial Officer, (215) 698-5392
Aparna Mohan, Edelman Financial, (212) 704-8224
CONSTAR INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS COMPARISON
(in thousands, except per share data)
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| 2002 |
Constar International Inc. Comments on Federal District Courts Favorable Ruling in Oxbar Licensing Matter
Constar International Inc. Comments on Federal District Courts Favorable Ruling in Oxbar Licensing Matter (4K)
Doc #201839: Click preview link for longer preview.
CONSTAR INTERNATIONAL INC. COMMENTS ON FEDERAL
DISTRICT COURTS FAVORABLE RULING IN OXBAR LICENSING MATTER
PHILADELPHIA, November 26, 2002. Constar International Inc. (Nasdaq: CNST) announced today that a federal court has ruled in favor of Crown Cork & Seal Technologies Corporation, a subsidiary of Crown Cork & Seal Company, Inc., in its litigation with Chevron Phillips Chemical Company LP and Chevron Research and Technology Company relating to OXBARTM oxygen-scavenging technology that Crown contributed to Constar at the time of Constars November 15, 2002 initial public offering. The holding confirmed Crown and Constars position that Constar retained rights to certain technology that is the subject of a patent infringement claim by Crown against Continental PET Technologies, Inc, a subsidiary of Owens-Illinois, Inc.
Constars patented OXBAR oxygen-scavenging technology increases the shelf life of packaged foods and beverages and is used to manufacture PET bottles for oxygen-sensitive products, such as juice, tea and beer. The United States District Court for the District of Delaware agreed with Crown and Constars position that a license granted to Chevron does not include the rights that Crown and Constar claim are being infringed by Continental PET. Continental PET purports to have a license to the OXBAR oxygen-scavenging technology from Chevron. The court found that Continental PETs bottles are not within the rights licensed to Chevron by Crown. Subject to any appeal by Chevron, the decision will allow Constar to pursue the lawsuit that Crown initiated against Continental PET, which is in its initial stages and was stayed pending resolution of the Chevron claims.
201839
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Constar Int'l
As referenced in this Constar International Inc. Comments on Federal District Courts Favorable Ruling in Oxbar Licensing Matter:
CONSTAR INTERNATIONAL –
PRESS RELEASE
EX-99.1 34 dex991.htm PRESS RELEASE
EXHIBIT 99.1
CONSTAR INTERNATIONAL INC. COMMENTS ON FEDERAL
DISTRICT COURT?S FAVORABLE RULING IN OXBAR LICENSING MATTER
PHILADELPHIA, November 26, 2002. Constar International Inc. (Nasdaq: CNST) announced today that a federal court has ruled
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Constar International – EX-99.1 34 dex991.htm PRESS RELEASE
EXHIBIT 99.1
CONSTAR INTERNATIONAL INC. COMMENTS ON FEDERAL
DISTRICT COURT?S FAVORABLE RULING IN OXBAR LICENSING MATTER
PHILADELPHIA, November 26, 2002. Constar International Inc. (Nasdaq: CNST) announced today that a federal court has ruled in favor of Crown Cork & Seal Technologies Corporation, a subsidiary of Crown Cork & Seal Company, Inc., in
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Constar International – stock and senior subordinated notes and in subsequent filings by Constar. Constar does not intend to review or revise any particular forward-looking statement in light of future events.
Contact:
Constar International Inc.
James C. Cook, 215/698-5392
or
Ed Bisno, 212/704-8212
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Press Release
Press Release (10K)
Doc #236910: This document is immediately available for purchase, but does not have a preview available for viewing.
236910
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Constar Int'l
As referenced in this Press Release:
Constar International – Press Release
EX-99.1 2 dex991.htm PRESS RELEASE
Exhibit 99.1
NEWS RELEASE
Constar International Inc.
One Crown Way
Philadelphia, PA 19154-4599
Main Phone: (215) 552-3700
AUDIT COMMITTEE
Constar International – Crown Way
Philadelphia, PA 19154-4599
Main Phone: (215) 552-3700
AUDIT COMMITTEE DRAFT EB
Constar International Inc. Announces First Quarter Results
Philadelphia, PAApril 28, 2004Constar International Inc. (NASDAQ: CNST) today announced
CONSTAR INTERNATIONAL – Officer, (215) 698-5392
Ed Bisno, Bisno Communications, (917) 881-5441
Page 4 of 4
CONSTAR INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS COMPARISON
(in thousands, except per share data)
Three Months Ended
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