BWAY PARENT COMPANY, INC.

CIK:0001487775|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Net sales	$ 329.7	$ 328.5	$ 887.8	$ 871.5
Costs and expenses
Cost of products sold (excluding depreciation and amortization)	274.9	275.3	750.5	751.2
Depreciation and amortization	21.7	22.7	64.9	66.4
Selling and administrative	6.6	6.1	18.4	16.5
Restructuring	0.1	0.6	1.2	1.4
Interest	17.1	17.3	52.1	52.7
Business acquisition	0.2	0.4	0.2	1.0
Net gain on disposition of equipment	(0.1)	0	(9.9)	0
Other expense (income)	0.7	0.4	(1.0)	0.4
Total costs and expenses	321.2	322.8	876.4	889.6
Income (loss) before income taxes	8.5	5.7	11.4	(18.1)
Provision for (benefit from) income taxes	3.3	3.6	4.3	(5.3)
Net income (loss)	5.2	2.1	7.1	(12.8)
Comprehensive income (loss)	5.6	1.8	6.9	(11.9)
BWAY Intermediate Company, Inc.
Net sales	329.7	328.5	887.8	871.5
Costs and expenses
Cost of products sold (excluding depreciation and amortization)	274.9	275.3	750.5	751.2
Depreciation and amortization	21.7	22.7	64.9	66.4
Selling and administrative	6.6	6.1	18.4	16.1
Restructuring	0.1	0.6	1.2	1.4
Interest	11.9	12.6	37.0	40.2
Business acquisition	0.2	0.4	0.2	1.0
Net gain on disposition of equipment	(0.1)	0	(9.9)	0
Other expense (income)	0.8	0.4	(1.0)	(1.1)
Total costs and expenses	316.1	318.1	861.3	875.2
Income (loss) before income taxes	13.6	10.4	26.5	(3.7)
Provision for (benefit from) income taxes	4.7	5.1	8.6	0.2
Net income (loss)	8.9	5.3	17.9	(3.9)
Comprehensive income (loss)	$ 9.3	$ 5.0	$ 17.7	$ (3.0)

Supplemental Cash Flow Disclosures (BWAY Intermediate Company, Inc.)

9 Months Ended

Jun. 30, 2012

BWAY Intermediate Company, Inc.

SUPPLEMENTAL CASH FLOW DISCLOSURES

11.

SUPPLEMENTAL CASH FLOW DISCLOSURES

The following information supplements the consolidated statements of cash flows:


	Nine Months Ended June 30
($ in millions)	2012		2011
Net cash paid (refunded) for:
Interest	$	41.0	$	41.7
Income taxes		4.9		(3.4	)

Business acquisitions
Fair value of assets acquired	$	–	$	107.0
Fair value of liabilities assumed, including debt repaid at closing		–		(56.2	)

Cash paid for business acquisitions	$	–	$	50.8


Non-cash investing and financing activities
Amounts owed for capital expenditures	$	1.8	$	1.2
Assets acquired through capital lease		0.1		1.0
Interest on PIK Notes paid-in-kind (1)		17.7		8.4
Non-cash contribution by BWAY Parent (2)		4.3		5.5

(1)

Applicable only to BWAY Parent. See “Senior PIK Toggle Notes of BWAY Parent” under Note 4, “Long-Term Debt.”

(2)

Applicable only to BWAY Intermediate. See “Related Party Transactions” under Note 1, “General.”

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012	Sep. 30, 2011
Current assets
Cash and cash equivalents	$ 14.0	$ 83.3
Accounts receivable, net of allowance for doubtful accounts of $ 0.9 at June 30, 2012 and $0.8 at September 30, 2011	158.9	116.8
Inventories, net	118.5	117.2
Other current assets	27.9	26.4
Total current assets	319.3	343.7
Property, plant and equipment, net	165.8	175.8
Goodwill	307.6	307.3
Other intangible assets, net	345.9	380.0
Other assets	30.7	35.6
Total assets	1,169.3	1,242.4
Current liabilities
Accounts payable	110.6	125.9
Other current liabilities	43.6	50.6
Current portion of long-term debt	0	5.1
Total current liabilities	154.2	181.6
Long-term debt	810.7	858.8
Deferred tax liabilities	151.7	149.5
Other liabilities	47.7	55.2
Total liabilities	1,164.3	1,245.1
Commitments and contingencies (Note 12)
Stockholders' equity (deficit)
Common stock, $0.01 par value	0.3	0.3
Additional paid-in capital	157.6	156.8
Accumulated deficit	(148.8)	(155.9)
Accumulated other comprehensive loss	(4.1)	(3.9)
Total stockholders' equity (deficit)	5.0	(2.7)
Total liabilities and stockholders' equity (deficit)	1,169.3	1,242.4
BWAY Intermediate Company, Inc.
Current assets
Cash and cash equivalents	13.3	82.5
Accounts receivable, net of allowance for doubtful accounts of $ 0.9 at June 30, 2012 and $0.8 at September 30, 2011	158.9	116.8
Inventories, net	118.5	117.2
Other current assets	27.8	26.4
Total current assets	318.5	342.9
Property, plant and equipment, net	165.8	175.8
Goodwill	307.6	307.3
Other intangible assets, net	345.9	380.0
Other assets	28.3	31.8
Total assets	1,166.1	1,237.8
Current liabilities
Accounts payable	110.6	125.9
Other current liabilities	43.6	50.3
Current portion of long-term debt	0	5.1
Total current liabilities	154.2	181.3
Long-term debt	637.6	704.1
Deferred tax liabilities	151.7	149.5
Other liabilities	44.5	47.9
Total liabilities	988.0	1,082.8
Commitments and contingencies (Note 12)
Stockholders' equity (deficit)
Common stock, $0.01 par value	0	0
Additional paid-in capital	308.1	302.7
Accumulated deficit	(125.9)	(143.8)
Accumulated other comprehensive loss	(4.1)	(3.9)
Total stockholders' equity (deficit)	178.1	155.0
Total liabilities and stockholders' equity (deficit)	$ 1,166.1	$ 1,237.8