SOURCE: CCL Industries Inc.

CCL Industries Inc.

August 04, 2016 07:00 ET

CCL Industries Reports Adjusted Net Earnings of $2.80 per Basic Share for the Second Quarter

TORONTO, ON--(Marketwired - August 04, 2016) -

Second Quarter Highlights

  • Record adjusted basic earnings per Class B share(3) of $2.80, up 32.1%; basic earnings per Class B share of $2.06, down 2.8%; includes $0.04 currency tailwind
  • Sales increased 33.1%, supported by 10.4% CCL Label organic sales growth
  • Strong operating income(1) improvements across CCL Label, Avery and CCL Container
  • Closed Checkpoint acquisition, announced bolt-on Healthcare acquisition for CCL Label in Germany
  • Checkpoint results for first seven weeks of ownership in line with expectations

Six-Month Highlights

  • Year-to-date adjusted basic earnings per Class B share(3) of $5.45, up 32.6%; basic earnings per Class B share of $4.63, up 13.2%
  • Sales increased 28.0% supported by 8.9% CCL Label organic sales growth
  • Operating income(1) increased 22.2% driven by strong performances across CCL Label, Avery and CCL Container

CCL Industries Inc. (TSX: CCL.A) (TSX: CCL.B) ("CCL" or "the Company"), a world leader in specialty label and packaging solutions for global corporations, small businesses and consumers, today reported 2016 second quarter results.

Sales for the second quarter of 2016 increased 33.1% to $960.2 million, compared to $721.5 million for the second quarter of 2015, with 6.9% organic growth, 2.8% positive currency translation impact and 23.4% acquisition related growth, primarily driven by the May 13, 2016 acquisition of Checkpoint Systems, Inc. ("Checkpoint") and November 6, 2015 acquisition of Worldmark Ltd. ("Worldmark").

Operating income(1) for the second quarter of 2016 was $143.1 million, an increase of 16.7% compared to $122.6 million for the comparable quarter of 2015. Included in the 2016 second quarter was a $16.6 million non-cash acquisition accounting adjustment related to the acquired finished goods inventory from the Checkpoint and Worldmark businesses that was expensed in the Company's cost of goods sold for the quarter. Excluding this non-cash adjustment, operating income was $159.7 million for the three-month period ended June 30, 2016. Excluding the impact of currency translation and the non-cash accounting adjustment operating income improved 30.3%.

Restructuring and other items of $19.0 million ($13.7 million after tax) was reported for the second quarter of 2016. This consisted of $13.0 million for severance and $4.6 million of other transaction costs associated with the acquisition and re-organization of Checkpoint and $1.4 million for severance and other costs associated with the Worldmark acquisition. There were no expenses for restructuring and other items for the 2015 second quarter.

Net earnings attributable to shareholders of the Company, was $72.3 million for the 2016 second quarter compared to $73.3 million for the 2015 second quarter. Basic and adjusted basic earnings per Class B share(3) were $2.06 and $2.80, respectively, compared to basic and adjusted basic earnings per Class B share(3) of $2.12 in the prior year second quarter.

For the six-month period ended June 30, 2016, sales, operating income and net earnings improved 28.0%, 22.2% and 14.5% to $1,827.0 million, $293.0 million and $161.9 million, respectively, compared to the same six-month period in 2015. Included in the 2016 six-month period was a $16.6 million non-cash acquisition accounting adjustment to the acquired finished goods inventory from the Checkpoint and Worldmark businesses that was expensed in the Company's cost of goods sold for the period. Excluding this non-cash adjustment, operating income was $309.6 million and improved 29.2% for the comparable six month periods. 2016 included results from twelve acquisitions completed since January 1, 2015, delivering acquisition related growth for the period of 17.4%. Organic sales growth of 6.0% provided the foundation for solid profit improvement and foreign currency translation added $0.17 per share. For the six-month period ended June 30, 2016, basic and adjusted basic earnings per Class B share(3) were $4.63 and $5.45, respectively, compared to basic and adjusted basic earnings per Class B share(3) of $4.09 and $4.11, respectively, in the prior year six-month period.

Geoffrey T. Martin, President and Chief Executive Officer, commented, "Second quarter results were driven by exceptional organic growth in our CCL Label business throughout the world with performance in Europe and Latin America fueled by the timing of Easter falling in March 2016. Continued cost savings, new product initiatives and pricing delivered solid profit improvement at Avery on flat sales excluding foreign exchange translation benefits. Results for CCL Container improved meaningfully on strong volume overall and excellent profitability in Mexico. We also announced during the second quarter, and subsequently closed in early July, an important Healthcare acquisition for CCL Label in Germany."

Mr. Martin added, "In addition, with substantial majority support from its shareholders, we completed the acquisition of Checkpoint, now a new reportable operating segment of CCL. For the seven-week period post acquisition, Checkpoint posted sales of $92.6 million with an operating profit of $9.9 million before the non-cash acquisition accounting adjustment. Results were in line with our expectations. In addition, we recorded restructuring charges of $13.0 million as part of our previously announced $40 million restructuring plan and remain committed to $40 million in annualized cost reductions. Our ability to convert these savings to reportable profits is predicated on maintaining sales levels in a challenging environment for retailers."

Mr. Martin continued, "Foreign currency translation added $0.04 per share for the quarter with the comparatively stronger U.S. dollar and euro partly offset by weaker Latin American currencies and the U.K. pound. The impact of "BREXIT" on this quarter's results was moderately positive with transaction gains more than offsetting the modest negative impact of lower average translation rates. At today's Canadian dollar exchange rates, currency translation would be a modest headwind for the second half of the year, if sustained."

Mr. Martin concluded, "Despite closing six acquisitions, with aggregate purchases of approximately $623 million in the first six months of this year, CCL's leverage ratio(4) remains a modest 1.8 times EBITDA(2). Our syndicated credit facility has current undrawn capacity of $119 million and we have $422 million of cash-on-hand, giving CCL ample capacity to execute future growth plans. Given the Company's outlook and strong free cash flow, the Board of Directors declared a continuation of the $0.50 per Class B non-voting share and $0.4875 per Class A voting share dividend, payable to shareholders of record at the close of business on September 16, 2016, to be paid on September 30, 2016."

2016 Second Quarter Highlights

CCL Label

  • Sales increased 28.8% to $604.0 million, with 10.4% organic growth, 15.8% acquisitions and 2.6% positive currency translation
  • Regional organic sales growth: high single digit in North America and Asia Pacific, double digit in Europe and Latin America
  • 15.1% operating income margin(1) excluding non-cash acquisition accounting adjustment related to Worldmark finished goods inventory
  • Label joint ventures added $0.04 earnings per Class B share

Avery

  • Sales increased 4.6% to $207.4 million, 1.1% from acquisitions and 4.5% positive currency translation partially offset by 1.0% organic sales decline
  • Operating income(1) increased 11.7% on positive currency translation, cost savings, new products and pricing
  • Modest back-to-school related profit decline expected for the coming quarter, predicting 2016 to be another year of progress overall

Checkpoint

  • Sales of $92.6 million, stronger international versus domestic results
  • Operating income(1) of $9.9 million excluding $14.6 million non-cash acquisition accounting adjustment related to finished goods inventory
  • Restructuring plan well underway, heading into the stronger second half retail season

CCL Container

  • Sales increased 3.3% to $56.2 million with 4.6% organic growth and 1.3% negative currency translation
  • Strong volume overall and robust profit performance in Mexico resulted in a 46.3% increase in operating income(1)
  • Start-up losses at the Rheinfelden Americas aluminum slug joint venture reduced earnings by $0.01 per Class B share

CCL Taisei Joint Venture

Today, CCL acquired the remaining minority 25% interest in its tube manufacturing joint venture in Bangkok, Thailand, from its former partner Taisei Kako Co., Ltd. of Japan for proceeds of $1.9 million. From this point forward the entity will be a fully consolidated subsidiary of CCL.

CCL will hold a conference call at 8:00 a.m. EDT on August 4, 2016, to discuss these results. The analyst presentation will be posted on the Company's website.

To access this call, please dial:

416-340-2219 - Local
1-866-225-2055 - Toll Free

For more information on CCL, visit our website - www.cclind.com.

Forward-looking Statements

This press release contains forward-looking information and forward-looking statements (hereinafter collectively referred to as "forward-looking statements"), as defined under applicable securities laws, that involve a number of risks and uncertainties. Forward-looking statements include all statements that are predictive in nature or depend on future events or conditions. Forward-looking statements are typically identified by the words "believes," "expects," "anticipates," "estimates," "intends," "plans" or similar expressions. Statements regarding the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of the Company, other than statements of historical fact, are forward-looking statements. Specifically, this press release contains forward-looking statements regarding the anticipated growth in sales, income and profitability of the Company's segments; and the Company's expectations regarding general business and economic conditions.

Forward-looking statements are not guarantees of future performance. They involve known and unknown risks and uncertainties relating to future events and conditions including, but not limited to, the after-effects of the global financial crisis and its impact on the world economy and capital markets; the impact of competition; consumer confidence and spending preferences; general economic and geopolitical conditions; currency exchange rates; interest rates and credit availability; technological change; changes in government regulations; risks associated with operating and product hazards; and CCL's ability to attract and retain qualified employees. Do not unduly rely on forward-looking statements as the Company's actual results could differ materially from those anticipated in these forward-looking statements. Forward-looking statements are also based on a number of assumptions, which may prove to be incorrect, including, but not limited to, assumptions about the following: global economic recovery and higher consumer spending; improved customer demand for the Company's products; continued historical growth trends, market growth in specific sectors and entering into new sectors; the Company's ability to provide a wide range of products to multinational customers on a global basis; the benefits of the Company's focused strategies and operational approach; the achievement of the Company's plans for improved efficiency and lower costs, including stable aluminum costs; the availability of cash and credit; fluctuations of currency exchange rates; the Company's continued relations with its customers; the Company's estimated annual cost reductions from the restructuring of the Checkpoint Systems, Inc. acquisition, the Company's expectations regarding back-to-school profitability; general business and economic conditions. Should one or more risks materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking statements. Further details on key risks can be found in the 2015 Annual Report, Management's Discussion and Analysis, particularly under Section 4: "Risks and Uncertainties." CCL's annual and quarterly reports can be found online at www.cclind.com and www.sedar.com or are available upon request.

Except as otherwise indicated, forward-looking statements do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made may have on CCL's business. Such statements do not, unless otherwise specified by the Company, reflect the impact of dispositions, sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made. The financial impact of these transactions and non-recurring and other special items can be complex and depends on the facts particular to each of them and therefore cannot be described in a meaningful way in advance of knowing specific facts. The forward-looking statements are provided as of the date of this press release and the Company does not assume any obligation to update or revise the forward-looking statements to reflect new events or circumstances, except as required by law.

The financial information presented herein has been prepared on the basis of IFRS for financial statements and is expressed in Canadian dollars unless otherwise stated.

Financial Information

 
CCL Industries Inc.
Consolidated statements of financial position
Unaudited
       
In thousands of Canadian dollars      
   As at June 30, 2016  As at December 31, 2015
Assets        
Current assets        
 Cash and cash equivalents  $421,683  $405,692
 Trade and other receivables   727,777   524,621
 Inventories   426,318   260,600
 Prepaid expenses   31,826   20,562
 Income taxes recoverable   4,661   18,389
Total current assets   1,612,265   1,229,864
Non-current assets        
 Property, plant and equipment   1,203,869   1,085,506
 Goodwill   1,050,496   876,838
 Intangible assets   575,090   285,340
 Deferred tax assets   38,431   12,293
 Equity accounted investments   62,246   61,502
 Other assets   35,532   30,962
Total non-current assets   2,965,664   2,352,441
Total assets  $4,577,929  $3,582,305
Liabilities        
Current liabilities        
 Bank indebtedness  $979  $-
 Trade and other payables   789,973   710,999
 Current portion of long-term debt   61,927   167,103
 Income taxes payable   62,351   33,652
 Derivative instruments   352   1,095
Total current liabilities   915,582   912,849
Non-current liabilities        
 Long-term debt   1,630,998   838,416
 Deferred tax liabilities   71,042   59,860
 Employee benefits   257,990   135,216
 Provisions and other long-term liabilities   59,233   13,833
 Derivative instruments   -   253
Total non-current liabilities   2,019,263   1,047,578
Total liabilities   2,934,845   1,960,427
Equity        
 Share capital   255,141   276,882
 Contributed surplus   53,917   50,584
 Retained earnings   1,309,946   1,182,686
 Accumulated other comprehensive income   21,939   111,726
Total equity attributable to shareholders of the Company   1,640,943   1,621,878
 Non-controlling interest   2,141   -
Total equity   1,643,084   1,621,878
Total liabilities and equity  $4,577,929  $3,582,305
         
 
CCL Industries Inc.
Consolidated income statements
Unaudited
    
   Three Months Ended June 30  Six Months Ended June 30
             
In thousands of Canadian dollars, except per share information  2016  2015  2016  2015
                 
Sales  $960,208  $721,494  $1,827,026  $1,427,364
Cost of sales   678,781   514,706   1,294,287   1,022,354
Gross profit   281,427   206,788   532,739   405,010
Selling, general and administrative expenses   152,393   97,216   264,623   191,705
Restructuring and other items   18,950   -   21,930   940
Earnings in equity accounted investments   (1,057)   (245)   (1,865)   (763)
    111,141   109,817   248,051   213,128
Finance cost   8,388   6,718   17,170   13,424
Finance income   (594)   (505)   (1,473)   (901)
Net finance cost   7,794   6,213   15,697   12,523
Earnings before income tax   103,347   103,604   232,354   200,605
Income tax expense   31,169   30,336   70,452   59,191
Net earnings  $72,178  $73,268  $161,902  $141,414
Attributable to:                
 Shareholders of the Company  $72,317  $73,268  $162,236  $141,414
 Non-controlling interest   (139)   -   (334)   -
Net earnings  $72,178  $73,268  $161,902  $141,414
Earnings per share                
Basic earnings per Class B share  $2.06  $2.12  $4.63  $4.09
Diluted earnings per Class B share  $2.03  $2.09  $4.57  $4.02
                 
 
CCL Industries Inc.
Consolidated statements of cash flows
Unaudited
       
   Three Months Ended June 30  Six Months Ended June 30
       
In thousands of Canadian dollars  2016  2015  2016  2015
Cash provided by (used for)      
Operating activities      
Net earnings  $72,178  $73,268  $161,902  $141,414
Adjustments for:                
 Depreciation and amortization   48,491   39,279   95,311   78,684
 Earnings in equity accounted investments, net of dividends received   (835)   (34)   (1,643)   (552)
 Net finance costs   7,794   6,213   15,697   12,523
 Current income tax expense   45,513   34,340   72,666   56,780
 Deferred taxes   (14,344)   (4,004)   (2,214)   2,411
 Equity-settled share-based payment transactions   6,187   3,851   7,659   6,274
 Gain on sale of property, plant and equipment   (105)   (642)   (833)   (958)
    164,879  152,271  348,545  296,576
 Change in inventories   (3,063)   (16,382)   (10,006)   (36,469)
 Change in trade and other receivables   (29,699)   (15,042)   (40,072)   (94,014)
 Change in prepaid expenses   (14,505)   (13,422)   (10,486)   (12,652)
 Change in trade and other payables   (21,348)   24,219   (149,451)   36,999
 Change in income taxes receivable and payable   4,593   445   5,453   (292)
 Change in employee benefits   (7,239)   3,309   (4,238)   11,186
 Change in other assets and liabilities   31,680   (7,427)   26,415   (5,927)
   125,298  127,971  166,160  195,407
Net interest paid   (4,860)   (1,394)   (17,792)   (11,840)
Income taxes paid   (30,929)   (15,228)   (44,006)   (24,905)
Cash provided by operating activities   89,509   111,349   104,362   158,662
Financing activities              
Proceeds on issuance of long-term debt   598,500   341   831,894   47,023
Repayment of debt   (11,358)   (38,686)   (159,600)   (52,519)
Proceeds from issuance of shares   446   2,403   446   6,005
Purchase of shares held in trust   (28,836)   -   (28,836)   -
Dividends paid   (17,525)   (13,044)   (35,044)   (26,065)
Cash provided by financing activities   541,227   (48,986)   608,860   (25,556)
Investing activities                
Additions to property, plant and equipment   (75,128)   (34,928)   (145,636)   (91,593)
Proceeds on disposal of property, plant and equipment   277   1,834   5,863   2,445
Business acquisitions and other long-term investments   (441,741)   189   (527,825)   (38,623)
Cash used for investing activities   (516,592)   (32,905)   (667,598)   (127,771)
Net increase in cash and cash equivalents   114,144   29,458   45,624   5,335
Cash and cash equivalents at beginning of period   320,140   205,993   405,692   221,873
Translation adjustments on cash and cash equivalents   (12,601)   (731)   (29,633)   7,512
Cash and cash equivalents at end of the period  $421,683  $234,720  $421,683  $234,720
                 
 
CCL Industries Inc.
Segment Information
Unaudited
In thousands of Canadian dollars
       
   Three Months Ended June 30  Six Months Ended June 30
   Sales  Operating income  Sales  Operating income
   2016  2015  2016  2015  2016  2015  2016  2015
Label  $603,962  $468,900  $89,390  $72,001  $1,226,273  $955,031  $193,251  $153,793
Avery   207,384   198,168   50,590   45,277   387,009   358,358   85,985   71,837
Checkpoint   92,635   -   (4,743)   -   92,635   -   (4,743)   -
Container   56,227   54,426   7,868   5,354   121,109   113,975   18,483   14,068
Total operations  $960,208  $721,494   143,105   122,632  $1,827,026  $1,427,364   292,976   239,698
                                 
Corporate expense           (14,071)   (13,060)           (24,860)   (26,393)
Restructuring and other items   (18,950)   -           (21,930)   (940)
Earnings in equity accounted investments   1,057   245           1,865   763
Finance cost           (8,388)   (6,718)           (17,170)   (13,424)
Finance income           594   505           1,473   901
Income tax expense       (31,169)   (30,336)           (70,452)   (59,191)
Net earnings          $72,178  $73,268          $161,902  $141,414
                                 
             
   Total assets  Total liabilities  Depreciation and amortization  Capital expenditures
                   
   
June 30
 
December 31
 
June 30
 
December 31
 
Six Months Ended June 30
 
Six Months Ended June 30
   2016  2015  2016  2015  2016  2015  2016  2015
                                 
Label  $2,319,885  $2,285,169  $567,385  $596,902  $76,239  $63,588  $118,435  $79,729
Avery   647,000   615,893   212,973   230,293   7,873   7,098   11,983   8,676
Checkpoint   909,713   -   451,723   -   3,338   -   1,130   -
Container   167,707   173,688   43,782   50,929   7,364   7,520   14,088   3,188
Equity accounted investments   62,246   61,502   -   -   -   -   -   -
Corporate   471,378   446,053   1,658,982   1,082,303   497   478   -   -
Total  $4,577,929  $3,582,305  $2,934,845  $1,960,427  $95,311  $78,684  $145,636  $91,593
                                 

Non-IFRS Measures

(1) Operating income and operating income margin are key non-IFRS financial measures used to assist in understanding the profitability of the Company's business units. Operating income is defined as earnings before corporate expenses, net finance cost, goodwill impairment loss, earnings in equity accounted investments, restructuring and other items, and taxes. Operating income margin is defined as operating income over sales.

(2) EBITDA is a critical non-IFRS financial measure used extensively in the packaging industry and other industries to assist in understanding and measuring operating results. EBITDA is also considered as a proxy for cash flow and a facilitator for business valuations. This non-IFRS financial measure is defined as earnings before net finance cost, taxes, depreciation and amortization, goodwill impairment loss, non-cash acquisition accounting adjustments to finished goods inventory, earnings in equity accounted investments and restructuring and other items. Calculations are provided below to reconcile operating income to EBITDA. The Company believes that this is an important measure as it allows management to assess CCL's ongoing business without the impact of net finance cost, depreciation and amortization and income tax expenses, as well as non-operating factors and one-time items. As a proxy for cash flow, it is intended to indicate CCL's ability to incur or service debt and to invest in property, plant and equipment, and it allows management to compare CCL's business to those of CCL's peers and competitors who may have different capital or organizational structures. EBITDA is tracked by financial analysts and investors to evaluate financial performance and is a key metric in business valuations. EBITDA is considered an important measure by lenders to the Company and is included in the financial covenants of CCL's senior notes and bank lines of credit.

 
Reconciliation of operating income to EBITDA
 
Unaudited
(In millions of Canadian dollars)         
   Three months ended June 30
 Six months ended June 30
Sales  2016  2015  2016  2015
Label  $604.0  $468.9  $1,226.3  $955.0
Avery   207.4   198.2   387.0   358.4
Checkpoint   92.6   -   92.6   -
Container   56.2   54.4   121.1   114.0
Total sales  $960.2  $721.5  $1,827.0  $1,427.4
Operating Income                
Label  $89.3  $71.9  $193.2  $153.8
Avery   50.6   45.3   86.0   71.8
Checkpoint   (4.7)   -   (4.7)   -
Container   7.9   5.4   18.5   14.1
Total operating income   143.1   122.6   293.0   239.7
Less: Corporate expenses   (14.1)   (13.0)   (24.9)   (26.4)
Add: Depreciation & amortization   48.5   39.3   95.3   78.7
Add: Non-cash acquisition accounting adjustment to finished goods inventory   16.6   -   16.6   -
             
EBITDA  $194.1  $148.9  $380.0  $292.0
             

(3) Adjusted basic earnings per Class B share is an important non-IFRS measure to assist in understanding the ongoing earnings performance of the Company excluding items of a one-time or non-recurring nature. It is not considered a substitute for basic net earnings per Class B share but it does provide additional insight into the ongoing financial results of the Company. This non-IFRS financial measure is defined as basic net earnings per Class B share excluding gains on business dispositions, goodwill impairment loss, non-cash acquisition accounting adjustments to finished goods inventory, restructuring and other items, and tax adjustments.

 
Reconciliation of Basic Earnings per Class B Share to
Adjusted Basic Earnings per Class B Share
 
Unaudited
       
   
Three months ended June 30
 
Six months ended June 30
             
   2016  2015  2016  2015
Basic earnings per Class B Share  $2.06  $2.12  $4.63  $4.09
Net loss from restructuring and other items   0.39   -   0.47   0.02
Non-cash acquisition accounting adjustment related to finished goods inventory   0.35   -   0.35   0.02
                 
Adjusted Basic Earnings per Class B Share  $2.80  $2.12  $5.45  $4.11
                 

(4) Leverage ratio is a measure that indicates the Company's ability to service its existing debt. Leverage ratio is calculated as net debt divided by EBITDA.

 
Unaudited
(In millions of Canadian dollars)
   June 30, 2016
    
Current debt  $62.9
Long-term debt   1,631.0
Total debt   1,693.9
Cash and cash equivalents   421.7
Net debt  $1,272.2
EBITDA for 12 months ending June 30, 2016 (see below)  $696.4
Leverage Ratio   1.8
     
EBITDA for 12 months ended December 31, 2015  $608.4
 less: EBITDA for six months ended June 30, 2015   (292.0)
 add: EBITDA for six months ended June 30, 2016   380.0
     
EBITDA for 12 months ended June 30, 2016  $696.4
    

Supplemental Financial Information

             
Sales Change Analysis                  
Revenue Growth Rates (%)                  
                      
Three Months Ended June 30, 2016  Six Months Ended June 30, 2016
   Organic  Acquisition  FX     Organic  Acquisition  FX   
   Growth  Growth  Translation  Total  Growth  Growth  Translation  Total
                         
Label  10.4%  15.8%  2.6%  28.8%  8.9%  15.1%  4.4%  28.4%
Avery  (1.0%)  1.1%  4.5%  4.6%  (1.4%)  3.1%  6.3%  8.0%
Checkpoint  -  100.0%  -  -  -  100.0%  -  -
Container  4.6%  0.0%  (1.3%)  3.3%  5.1%  0.0%  1.1%  6.2%
CCL  6.9%  23.4%  2.8%  33.1%  6.0%  17.4%  4.6%  28.0%
                         
                         

Business Description

CCL Industries employs more than 19,000 people operating 149 production facilities in 35 countries on 6 continents with corporate offices in Toronto, Canada and Framingham, Massachusetts. CCL Label is the world's largest converter of pressure sensitive and extruded film materials for a wide range of decorative, instructional and functional applications for large global customers in the consumer packaging, healthcare and chemicals, consumer durable, electronic device and automotive markets. Extruded and laminated plastic tubes, folded instructional leaflets, precision decorated and die cut components, electronic displays and other complementary products and services are sold in parallel to specific end-use markets. Avery is the world's largest supplier of labels, specialty converted media and software solutions to enable short-run digital printing in businesses and homes alongside complementary products sold through distributors and mass market retailers. CCL Container is a leading producer of impact extruded aluminum aerosol cans and bottles for consumer packaged goods customers in the United States and Mexico. Checkpoint is a leading manufacturer of technology-driven, loss prevention, inventory management and labeling solutions, including RF and RFID-based, to the retail & apparel industry. CCL partly backward integrates into materials science with capabilities in polymer extrusion, adhesive development and coating, surface engineering and metallurgy that are deployed across all three business segments.

Audio replay service will be available from August 4, 2016, at 10:00 a.m. EDT until September 4, 2016, at 11:59 p.m. EDT.

To access Conference Replay, please dial:
905-694-9451 - Local
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Access Code: 1811222

Contact Information

  • Sean Washchuk
    Senior Vice President and Chief Financial Officer
    416-756-8526