Highlights
2015
- Net income per share of $2.81
- Adjusted net income per share of
$2.97
- Cash from operations per share of
$5.47
- Increased cash dividend per share by 7
percent
- Metal container volume growth of 5
percent
- Completed tender offer for $161.8
million of common stock
- Initiated multi-year footprint
optimization programs, including construction of three new
manufacturing facilities
- Announced the closure of two plastic
container facilities
Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of rigid
packaging for shelf-stable food and other consumer goods products,
today reported full year 2015 net income of $172.4 million, or
$2.81 per diluted share, as compared to full year 2014 net income
of $182.4 million, or $2.86 per diluted share.
“In 2015, we posted adjusted net income per diluted share of
$2.97 and free cash flow of $117.1 million, which included capital
expenditures of $237.3 million primarily to facilitate footprint
optimization programs in each of our businesses,” said Tony Allott,
President and CEO. “Our closures business had record operating
income in 2015 due largely to strong operational performance. As
expected, our metal and plastic container businesses began a
transitional period in 2015 with a focus on the construction of
three new manufacturing facilities to reduce logistical costs and
the rationalization of plants to create an even lower cost
manufacturing network,” continued Mr. Allott. “The construction of
these new manufacturing facilities is expected to be completed in
the first half of 2016. We will continue our transition in 2016 as
we judiciously start-up and qualify these new facilities,
rationalize certain other plants and further enhance our franchises
to position us for improved profitability in 2017 and beyond. Our
ongoing focus on servicing our existing customers will continue to
dictate the pace and level of transitional activity that we will
tackle in 2016, and as such we expect continued incremental
manufacturing and start-up costs, particularly in the first half of
the year. As a result, we expect to deliver full year adjusted net
income per diluted share in 2016 in a range of $2.80 to $3.00. We
expect free cash flow for 2016 to be approximately $175 million, as
capital expenditures related to the new manufacturing facilities
begin to ebb later in the year,” concluded Mr. Allott.
Adjusted net income per diluted share was $2.97 for the full
year 2015, after adjustments increasing net income per diluted
share by $0.16. Adjusted net income per diluted share was $3.17 for
the full year 2014, after adjustments increasing net income per
diluted share by $0.31. A reconciliation of net income per diluted
share to “adjusted net income per diluted share,” a Non-GAAP
financial measure used by the Company which adjusts net income per
diluted share for certain items, can be found in Tables A and B at
the back of this press release.
The Company delivered net cash provided by operating activities
of $335.4 million and $345.0 million in 2015 and 2014,
respectively, and free cash flow of $117.1 million in 2015 as
compared to $200.8 million in 2014. Free cash flow in 2015 was
impacted by capital expenditures of $237.3 million partially as a
result of the construction of three new manufacturing facilities,
as compared to capital expenditures of $140.5 million in 2014. The
Company is providing a reconciliation in Table C of this press
release of net cash provided by operating activities to “free cash
flow,” a Non-GAAP financial measure which adjusts net cash provided
by operating activities for capital expenditures and changes in
outstanding checks.
Net sales for the full year of 2015 were $3.8 billion, a
decrease of $147.8 million, or 3.8 percent, as compared to 2014.
This decrease was due largely to the impact of unfavorable foreign
currency translation and the pass through of lower raw material
costs in each of our businesses.
Income from operations for 2015 was $319.8 million, a decrease
of $41.1 million, or 11.4 percent, as compared to $360.9 million
for 2014, and operating margin decreased to 8.5 percent from 9.2
percent over the same periods. The decrease in income from
operations was the result of a decrease in income from operations
in the metal and plastic container businesses, partially offset by
an increase in income from operations in the closures business.
Income from operations for 2015 included rationalization charges of
$14.4 million. Income from operations for 2014 included
rationalization charges of $14.5 million and a loss from operations
of $3.1 million in Venezuela which ceased operations at the end of
2014.
Interest and other debt expense before loss on early
extinguishment of debt for 2015 was $66.9 million, a decrease of
$7.9 million as compared to 2014 due primarily to lower weighted
average interest rates and the impact from favorable foreign
currency translation. Loss on early extinguishment of debt of $1.5
million in 2014 was a result of the refinancing of the senior
secured credit facility in January 2014.
The effective tax rate for 2015 was 31.8 percent as compared to
35.9 percent for 2014. The 2015 effective tax rate was favorably
impacted primarily by higher income in more favorable tax
jurisdictions and the ability to fully recognize benefits in the
current year period from the recent legislative extension of
certain U.S. tax provisions. The effective tax rate for 2014 was
unfavorably impacted primarily by the tax effect from the shutdown
of the Venezuela manufacturing facility, partially offset by the
favorable impact from the realization of certain foreign tax credit
benefits.
Metal Containers
Net sales of the metal container business were $2.37 billion in
2015, a decrease of $4.4 million, or 0.2 percent, as compared to
2014. This decrease was primarily a result of the impact of
unfavorable foreign currency translation and the pass through of
lower raw material costs, partially offset by higher unit volumes.
Unit volumes increased approximately 5 percent due principally to
volumes of smaller size cans associated with the Van Can operations
which were acquired late in 2014 and continued growth for pet food
products.
Income from operations of the metal container business in 2015
was $236.4 million, a decrease of $12.3 million as compared to
$248.7 million in 2014, and operating margin decreased to 10.0
percent from 10.5 percent over the same periods. The decrease in
income from operations was primarily due to higher manufacturing
costs as a result of logistical challenges from changes in customer
demand patterns, a less favorable mix of products sold and the
impact of unfavorable foreign currency translation, partially
offset by higher unit volumes sold and the impact from an inventory
build in anticipation of optimizing production capacities in
2016.
Closures
Net sales of the closures business were $805.0 million in 2015,
a decrease of $77.9 million, or 8.8 percent, as compared to $882.9
million in 2014. This decrease was primarily the result of the
impact of unfavorable foreign currency translation, the pass
through of lower raw material costs and the cessation of operations
in Venezuela at the end of 2014, partially offset by an increase in
unit volumes of approximately 2 percent.
Income from operations of the closures business for 2015
increased $16.2 million to $91.8 million as compared to $75.6
million in 2014, and operating margin increased to 11.4 percent
from 8.6 percent over the same periods. The increase in income from
operations was primarily due to lower rationalization charges,
higher unit volumes, better operating performance largely as a
result of the benefits from plant optimization programs,
operational losses in Venezuela in 2014 and the favorable impact
from the lagged pass through of decreases in resin costs as
compared to the unfavorable impact from resin in 2014. These
increases were partially offset by the impact of unfavorable
foreign currency translation and a reduction in inventories in the
current year as compared to an increase in inventories in the prior
year. Rationalization charges were $1.7 million and $12.2 million
in 2015 and 2014, respectively.
Plastic Containers
Net sales of the plastic container business were $593.7 million
in 2015, a decrease of $65.5 million, or 9.9 percent, as compared
to $659.2 million in 2014. This decrease was principally due to the
impact of unfavorable foreign currency translation, the pass
through of lower raw material costs, lower volumes of approximately
3 percent primarily due to weaker demand in certain markets and the
unfavorable financial impact from recent longer-term customer
contract renewals.
Income from operations of the plastic container business was
$7.8 million, a decrease of $43.7 million as compared to $51.5
million in 2014, and operating margin decreased to 1.3 percent from
7.8 percent over the same periods. The decrease in income from
operations was primarily attributable to the significant
incremental costs and inefficiencies incurred to service customers
during the footprint optimization program, the unfavorable
financial impact from recent longer-term customer contract
renewals, higher rationalization charges, lower volumes, a customer
reimbursement for historical project costs in the prior year, the
impact of unfavorable foreign currency translation and start-up
costs associated with the new manufacturing facilities, partially
offset by the favorable impact from the lagged pass through of
decreases in resin costs. Rationalization charges were $12.7
million and $2.7 million in 2015 and 2014, respectively.
Fourth Quarter
The Company reported net income for the fourth quarter of 2015
of $26.5 million, or $0.44 per diluted share, as compared to net
income for the fourth quarter of 2014 of $23.6 million, or $0.37
per diluted share. Adjusted net income per diluted share for the
fourth quarter of 2015 was $0.48, after adjustments increasing net
income per diluted share by $0.04. Adjusted net income per diluted
share for the fourth quarter of 2014 was $0.58, after adjustments
increasing net income per diluted share by $0.21.
Net sales for the fourth quarter of 2015 decreased $80.6
million, or 8.9 percent, to $829.6 million as compared to $910.2
million for the fourth quarter of 2014. This decrease was primarily
due to the unfavorable impact of foreign currency translation, the
pass through of lower raw material costs, lower volumes in the
metal and plastic container businesses and the unfavorable
financial impact from recent longer-term customer contract renewals
in the plastic container business, partially offset by an increase
in unit volumes in the closures business.
Income from operations for the fourth quarter of 2015 was $52.5
million, a decrease of $6.6 million as compared to $59.1 million
for the fourth quarter of 2014, and operating margin decreased
slightly to 6.3 percent from 6.5 percent over the same periods. The
decrease in income from operations was primarily due to lower
volumes in the metal and plastic container businesses, significant
incremental costs and inefficiencies incurred to service customers
during the footprint optimization program in the plastic container
business, higher manufacturing expenses in the metal container
business largely due to logistical challenges, the impact of
unfavorable foreign currency transactions and translation, new
plant start-up costs associated with the three new manufacturing
facilities and the unfavorable financial impact from recent
longer-term customer contract renewals in the plastic container
business. These decreases were partially offset by lower
rationalization charges, higher unit volumes and better operating
performance in the closures business and the impact from an
inventory build in the metal container business in anticipation of
optimizing production capacities in 2016. Rationalization charges
were $3.6 million and $9.5 million in the fourth quarters of 2015
and 2014, respectively.
Interest and other debt expense for the fourth quarter of 2015
was $16.5 million, a decrease of $1.4 million as compared to 2014
primarily due to lower weighted average interest rates and the
impact from favorable foreign currency translation.
The effective tax rate for the fourth quarter of 2015 was 26.2
percent as compared to 42.7 percent for the fourth quarter of 2014.
The effective tax rate for 2015 was favorably impacted primarily by
the ability to fully recognize benefits from the legislative
extension of certain U.S. tax provisions during the quarter and
higher income in more favorable tax jurisdictions. The effective
tax rate for the fourth quarter of 2014 was unfavorably impacted
primarily by the tax effect from the shutdown of the Venezuela
manufacturing facility, partially offset by the favorable impact
from the realization of certain foreign tax credit benefits.
Outlook for 2016
The Company currently estimates that its adjusted net income per
diluted share for the full year 2016 will be in the range of $2.80
to $3.00, as compared to adjusted net income per diluted share for
the full year of 2015 of $2.97. Adjusted net income per diluted
share excludes rationalization charges.
Net sales in the metal container business are expected to
decrease in 2016 as compared to 2015 primarily due to the pass
through of lower raw material and other costs, partially offset by
a slight increase in unit volumes as a result of anticipated growth
in certain markets. The Company anticipates a normal fruit and
vegetable pack in the U.S. and Europe which is consistent with
2015. Income from operations in the metal container business is
expected to benefit from more efficient operations in the latter
half of the year once the new manufacturing facility becomes fully
operational, better operating performance in the acquired Van Can
plants and volume growth. These benefits are expected to be offset
by start-up costs related to the new manufacturing facility,
ongoing footprint inefficiencies until production in the new
manufacturing facility is qualified and inflation in wages and
certain other costs. Net sales in the closures business are
expected to increase in 2016 as compared to 2015 primarily as a
result of slightly higher unit volumes. Income from operations in
the closures business is expected to increase in 2016 over record
operating income in 2015 primarily as a result of higher unit
volumes and increased manufacturing efficiencies, partially offset
by inflation in wages and certain other costs and the favorable
impact in 2015 from the lagged pass through of lower resin costs
that is not expected to recur in 2016. Net sales in the plastic
container business are expected to decrease in 2016 as compared to
2015 primarily as a result of ongoing efforts to rebalance the
customer portfolio as the business consolidates plants, the pass
through of lower raw material costs, the unfavorable financial
impact from previous long-term customer contract renewals,
continued demand weakness in certain markets and a heightened focus
on servicing existing customers while executing optimization
programs in lieu of pursuing new business opportunities. Income
from operations in the plastic container business is expected to
decrease primarily as a result of continued incremental costs and
inefficiencies incurred to service customers during the footprint
optimization program, delays in implementing certain cost
reductions, lower volumes, start-up costs related to the two new
manufacturing facilities and the favorable impact in 2015 from the
lagged pass through of lower resin costs that is not expected to
recur in 2016.
The Company expects interest expense to increase slightly in
2016 due to higher weighted average interest rates, partially
offset by lower average outstanding borrowings.
The Company expects the effective tax rate for 2016 to be
approximately 33.5 percent as compared to 31.8 percent in 2015.
The Company currently estimates that free cash flow in 2016 will
be approximately $175 million as compared to $117.1 million in
2015.
For the first quarter of 2016, net sales are expected to be
lower than the prior year period primarily due to the pass through
of lower raw material and other costs. Income from operations in
the first quarter of 2016 is also expected to decrease principally
due to the continuation from the latter half of 2015 of significant
incremental costs related to footprint optimization programs and
manufacturing inefficiencies, the continuation of logistical
challenges in the metal container business and the incurrence of
start-up costs related to the three new manufacturing facilities.
Accordingly, the Company is providing an estimate of adjusted net
income per diluted share in the range of $0.35 to $0.45, as
compared to adjusted net income per diluted share of $0.54 in the
first quarter of 2015. Adjusted net income per diluted share
excludes rationalization charges.
Conference Call
Silgan Holdings Inc. will hold a conference call to discuss the
Company’s results for the fourth quarter and full year 2015 at
11:00 a.m. Eastern time on February 3, 2016. The toll free number
for those in the U.S. and Canada is 877-852-6561, and the number
for international callers is 719-325-4898. For those unable to
listen to the live call, a taped rebroadcast will be available
through February 17, 2016. To access the rebroadcast, U.S. and
Canadian callers should dial (888) 203-1112, and international
callers should dial (719) 457-0820. The pass code is 420478.
Silgan Holdings is a leading supplier of rigid packaging for
shelf-stable food and other consumer goods products with annual net
sales of approximately $3.8 billion in 2015. Silgan operates 89
manufacturing facilities in North and South America, Europe and
Asia. Silgan is a leading supplier of metal containers in North
America and Europe and a leading worldwide supplier of metal,
composite and plastic closures for food and beverage products. In
addition, Silgan is a leading supplier of plastic containers for
shelf-stable food and personal care products in North America.
Statements included in this press release which are not
historical facts are forward looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and the Securities Exchange Act of 1934, as
amended. Such forward looking statements are made based upon
management’s expectations and beliefs concerning future events
impacting the Company and therefore involve a number of
uncertainties and risks, including, but not limited to, those
described in the Company’s Annual Report on Form 10-K for 2014 and
other filings with the Securities and Exchange Commission.
Therefore, the actual results of operations or financial condition
of the Company could differ materially from those expressed or
implied in such forward looking statements.
SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME (UNAUDITED)
For the quarter and year ended December
31,
(Dollars in millions, except per share
amounts)
Fourth
Quarter
Year
Ended
2015
2014
2015
2014
Net sales $829.6 $910.2 $3,764.0 $3,911.8 Cost of
goods sold
716.5 787.7
3,209.9 3,312.0 Gross profit 113.1
122.5 554.1 599.8 Selling, general and administrative
expenses 57.0 53.9 219.9 224.4 Rationalization charges
3.6 9.5 14.4
14.5 Income from operations 52.5 59.1 319.8
360.9 Interest and other debt expense before loss on early
extinguishment of debt 16.5 17.9 66.9 74.8 Loss on early
extinguishment of debt
- - -
1.5 Interest and other debt expense
16.5 17.9 66.9
76.3 Income before income taxes 36.0 41.2 252.9
284.6 Provision for income taxes
9.5
17.6 80.5 102.2 Net
income
$ 26.5 $ 23.6 $ 172.4
$ 182.4 Earnings per share: Basic net income
per share $0.44 $0.37 $2.83 $2.88 Diluted net income per share
$0.44 $0.37 $2.81 $2.86 Cash dividends per share $0.16 $0.15
$0.64 $0.60 Weighted average shares (000’s): Basic 60,425
63,236 61,021 63,426 Diluted 60,750 63,470 61,306 63,745
SILGAN HOLDINGS INC.
CONSOLIDATED SUPPLEMENTAL FINANCIAL
DATA (UNAUDITED)
For the quarter and year ended December
31,
(Dollars in millions)
Fourth
Quarter
Year
Ended
2015
2014
2015
2014
Net sales: Metal containers $ 507.3 $ 554.9 $ 2,365.3 $ 2,369.7
Closures 184.0 195.9 805.0 882.9 Plastic containers
138.3 159.4
593.7 659.2
Consolidated
$ 829.6
$ 910.2 $
3,764.0 $ 3,911.8
Income from operations: Metal containers (a) $ 41.4 $
45.1 $ 236.4 $ 248.7 Closures (b) 18.6 5.0 91.8 75.6 Plastic
containers (c) (3.6 ) 12.5 7.8 51.5 Corporate
(3.9 )
(3.5 )
(16.2 )
(14.9 ) Consolidated
$ 52.5 $
59.1 $ 319.8
$ 360.9
SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
December 31,
(Dollars in millions)
2015
2014
Assets: Cash and cash equivalents $ 99.9 $ 222.6 Trade accounts
receivable, net 281.0 310.7 Inventories 628.1 548.8 Other current
assets 36.1 53.3 Property, plant and equipment, net 1,125.4 1,063.6
Other assets, net
1,022.2
1,075.1 Total assets
$
3,192.7 $ 3,274.1
Liabilities and stockholders’ equity: Current liabilities,
excluding debt $ 628.9 $ 539.2 Current and long-term debt 1,513.5
1,584.1 Other liabilities 411.1 440.8 Stockholders’ equity
639.2 710.0
Total liabilities and stockholders’
equity
$ 3,192.7 $
3,274.1 (a)
Includes a rationalization credit of $0.4 million for the fourth
quarter and year ended December 31, 2014. (b) Includes
rationalization charges of $0.3 million and $9.5 million for the
fourth quarters of 2015 and 2014, respectively, and $1.7 million
and $12.2 million for the years ended December 31, 2015 and 2014,
respectively. Includes losses from operations in Venezuela of $0.5
million and $3.1 million for the fourth quarter and year ended
December 31, 2014, respectively. (c) Includes rationalization
charges of $3.3 million and $0.4 million for the fourth quarters of
2015 and 2014, respectively, and $12.7 million and $2.7 million for
the years ended December 31, 2015 and 2014, respectively.
SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(UNAUDITED)
For the year ended December 31,
(Dollars in millions)
2015
2014
Cash flows provided by (used in) operating activities: Net
income $ 172.4 $ 182.4 Adjustments to reconcile net income to net
cash provided by (used in) operating activities: Depreciation and
amortization 146.3 152.3 Rationalization charges 14.4 14.5 Loss on
early extinguishment of debt - 1.5 Other (13.6 ) 35.5 Other changes
that provided (used) cash, net of effects from acquisitions: Trade
accounts receivable, net 12.3 3.7 Inventories (97.6 ) (54.0 ) Trade
accounts payable and other changes, net
101.2
9.1 Net cash provided by
operating activities
335.4
345.0 Cash flows provided by (used in)
investing activities: Purchases of businesses, net of cash acquired
(0.7 ) (17.7 ) Capital expenditures (237.3 ) (140.5 ) Proceeds from
asset sales
0.9 1.3
Net cash used in investing activities
(237.1 )
(156.9 ) Cash
flows provided by (used in) financing activities: Dividends paid on
common stock (39.7 ) (38.6 ) Changes in outstanding checks -
principally vendors 19.0 (3.7 ) Shares repurchased under authorized
repurchase program (170.1 ) (24.7 ) Net borrowings and other
financing activities
(30.2 )
(59.0 ) Net cash used in financing activities
(221.0 )
(126.0 ) Cash and
cash equivalents: Net (decrease) increase (122.7 ) 62.1 Balance at
beginning of year
222.6
160.5 Balance at end of year
$
99.9 $ 222.6
Interest paid, net $ 64.0 $ 69.7 Income taxes paid, net of
refunds 49.7 66.3
SILGAN HOLDINGS INC.
RECONCILIATION OF ADJUSTED NET INCOME
PER DILUTED SHARE (1)
(UNAUDITED)
For the quarter and year ended December
31,
Table A
Fourth
Quarter
Year
Ended
2015
2014
2015
2014
Net income per diluted share as reported $0.44 $0.37 $2.81
$2.86 Adjustments: Rationalization charges 0.04 0.21 0.16
0.26 Loss on early extinguishment of debt - - - 0.02 Net loss from
operations in Venezuela
- -
- 0.03 Adjusted net income per diluted
share
$0.48 $0.58 $2.97
$3.17
SILGAN HOLDINGS INC.
RECONCILIATION OF ADJUSTED NET INCOME
PER DILUTED SHARE (1)
(UNAUDITED)
For the quarter and year ended,
Table B
First
Quarter
Year
Ended
March 31,
December
31,
Estimated
Actual
Estimated
Actual
Low High Low High
2016
2016
2015
2016
2016
2015
Net income per diluted share as estimated for 2016 and as
reported for 2015 $0.29 $0.39 $0.53 $2.70 $2.90 $2.81
Adjustments: Rationalization charges 0.06 0.06 0.01 0.10 0.10 0.16
Costs attributable to announced acquisitions (2)
-
- - - -
- Adjusted net income per diluted share as estimated
for 2016 and presented for 2015 $0.35 $0.45 $0.54 $2.80 $3.00 $2.97
SILGAN HOLDINGS INC.
RECONCILIATION OF FREE CASH FLOW
(3)
(UNAUDITED)
For the year ended December 31,
(Dollars in millions, except per share
data)
Table C
2015
2014
Net cash provided by operating activities $335.4 $345.0
Capital expenditures (237.3 ) (140.5 ) Changes in
outstanding checks
19.0 (3.7 )
Free cash flow
$117.1 $200.8
Net cash provided by operating activities per diluted
share $5.47 $5.41 Free cash flow per diluted share $1.91
$3.15
Weighted average diluted shares
(000’s)
61,306
63,745
(1) The Company has presented adjusted net income per
diluted share for the periods covered by this press release, which
measure is a Non-GAAP financial measure. The Company’s management
believes it is useful to exclude rationalization charges, costs
attributable to announced acquisitions, the loss on early
extinguishment of debt and net results from operations in Venezuela
from its net income per diluted share as calculated under U.S.
generally accepted accounting principles because such Non-GAAP
financial measure allows for a more appropriate evaluation of its
operating results. While rationalization costs are incurred on a
regular basis, management views these costs more as an investment
to generate savings rather than period costs. Acquisition costs
attributable to announced acquisitions consist of third party fees
and expenses that are viewed by management as part of the
acquisition and not indicative of the on-going cost structure of
the Company. Due to the political environment in Venezuela and an
increasingly restrictive monetary policy, the operations in
Venezuela were unable to import raw materials on a regular basis.
Therefore, management does not view the net results from operations
in Venezuela to be meaningful or indicative. Such Non-GAAP
financial measure is not in accordance with U.S. generally accepted
accounting principles and should not be considered in isolation but
should be read in conjunction with the unaudited condensed
consolidated statements of income and the other information
presented herein. Additionally, such Non-GAAP financial measure
should not be considered a substitute for net income per diluted
share as calculated under U.S. generally accepted accounting
principles and may not be comparable to similarly titled measures
of other companies. (2) Costs attributable to announced
acquisitions have not been estimated for future periods. (3)
The Company has presented free cash flow in this press release,
which is a Non-GAAP financial measure. The Company’s management
believes that free cash flow is important to support its stated
business strategy of investing in internal growth and acquisitions.
Free cash flow is defined as net cash provided by operating
activities adjusted for changes in outstanding checks and reduced
by capital expenditures. At times, there may be other unusual cash
items that will be excluded from free cash flow. Net cash provided
by operating activities is the most comparable financial measure
under U.S. generally accepted accounting principles to free cash
flow, and it should not be inferred that the entire free cash flow
amount is available for discretionary expenditures. Such Non-GAAP
financial measure is not in accordance with U.S. generally accepted
accounting principles and should not be considered in isolation but
should be read in conjunction with the unaudited condensed
consolidated statements of cash flows and the other information
presented herein. Additionally, such Non-GAAP financial measure
should not be considered a substitute for net cash provided by
operating activities as calculated under U.S. generally accepted
accounting principles and may not be comparable to similarly titled
measures of other companies.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160202006533/en/
Silgan Holdings Inc.Robert B. Lewis,
203-406-3160
Silgan (NASDAQ:SLGN)
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