Berry Plastics Group (BERY) has reported a 116.67 percent jump in profit for the quarter ended Dec. 27, 2014. The company has earned $13 million, or $0.11 a share in the quarter, compared with $6 million, or $0.05 a share for the same period last year. On an adjusted basis, profit per share for the quarter was almost stable at $0.27, when compared with the last year period. On an adjusted basis, earnings per share were at $0.27 for the quarter. Revenue during the quarter grew 7.02 percent to $1,220 million from $1,140 million in the previous year period. Gross margin for the quarter contracted 44 basis points over the previous year period to 15 percent. Total expenses were 94.43 percent of quarterly revenues, down from 94.47 percent for the same period last year. This has led to an improvement of 5 basis points in operating margin to 5.57 percent.
Operating income for the quarter was $68 million, compared with $63 million in the previous year period.
Adjusted EBITDA for the quarter stood at $183 million.
"In the December 2014 quarter we reported both record sales and Operating EBITDA for any December ending quarter in the Company’s history. Operating EBITDA improved by $10 million or 6 percent over the same prior year quarter, primarily as a result of improved operational productivity and cost savings from our previously announced restructuring activities, along with contributions and synergies from our recent acquisitions," said Jon Rich, Chairman and CEO of Berry Plastics
Operating cash flow drops significantly
Berry Plastics Group has generated cash of $100 million from operating activities during the quarter, down 41.86 percent or $ 72 million, when compared with the last year period. The company has spent $25 million cash to meet investing activities during the quarter as against cash outgo of $113 million in the last year period.
The company has spent $148 million cash to carry out financing activities during the quarter as against cash outgo of $39 million in the last year period. It has made net debt repayment of $116 million. It has raised net of $7 million by selling common stocks.
Cash and cash equivalents stood at $53 million as on Dec. 27, 2014, down 67.28 percent or $109 million from $162 million on Dec. 28, 2013.
Working capital turns negative
Working capital of Berry Plastics Group has turned negative to $3,096 million on Dec. 27, 2014 from positive $681 million on Dec. 28, 2013. Current ratio was at 0.31 as on Dec. 27, 2014, down from 1.89 on Dec. 28, 2013.
Days sales outstanding were almost stable at 35 days for the quarter, when compared with the last year period.
Days inventory outstanding was almost stable at 54 days for the quarter, when compared with the last year period.
Debt comes down marginally
Berry Plastics Group has recorded a decline in total debt over the last one year. It stood at $3,812 million as on Dec. 27, 2014, down 3.47 percent or $137 million from $3,949 million on Dec. 28, 2013. Total debt was 73.65 percent of total assets as on Dec. 27, 2014, compared with 2,437.65 percent on Dec. 28, 2013. Debt to equity ratio was at 35.96 as on Dec. 27, 2014, down from 21.58 as on Dec. 28, 2013. Interest coverage ratio improved to 1.28 for the quarter from 1.15 for the same period last year.
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