$PKG
PACKAGING CORP OF AMERICA

2013 Q1 Form 10-Q Financial Statement

#000119312513191856 Filed on May 01, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $755.2M $671.4M
YoY Change 12.49% 6.65%
Cost Of Revenue $570.0M $526.3M
YoY Change 8.29% 6.03%
Gross Profit $185.2M $141.8M
YoY Change 30.58% 6.53%
Gross Profit Margin 24.52% 21.13%
Selling, General & Admin $75.29M $51.94M
YoY Change 44.94% -18.2%
% of Gross Profit 40.65% 36.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $44.30M $42.64M
YoY Change 3.89% 8.49%
% of Gross Profit 23.92% 30.06%
Operating Expenses $75.29M $51.94M
YoY Change 44.94% -22.71%
Operating Profit $106.0M $165.8M
YoY Change -36.07% 151.6%
Interest Expense -$9.251M -$9.700M
YoY Change -4.63% 40.58%
% of Operating Profit -8.73% -5.85%
Other Income/Expense, Net
YoY Change
Pretax Income $96.75M $159.4M
YoY Change -39.31% 170.22%
Income Tax $34.46M $141.6M
% Of Pretax Income 35.61% 88.81%
Net Earnings $62.30M $15.83M
YoY Change 293.66% -57.7%
Net Earnings / Revenue 8.25% 2.36%
Basic Earnings Per Share $0.65 $0.16
Diluted Earnings Per Share $0.64 $0.16
COMMON SHARES
Basic Shares Outstanding 96.42M shares 96.60M shares
Diluted Shares Outstanding 97.42M shares 97.73M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $268.0M $84.00M
YoY Change 219.05% -51.45%
Cash & Equivalents $268.0M $84.02M
Short-Term Investments
Other Short-Term Assets $45.60M $75.50M
YoY Change -39.6% 33.87%
Inventory $270.2M $263.3M
Prepaid Expenses
Receivables $391.7M $348.3M
Other Receivables $36.10M $94.00M
Total Short-Term Assets $1.012B $865.2M
YoY Change 16.93% 12.06%
LONG-TERM ASSETS
Property, Plant & Equipment $1.353B $1.477B
YoY Change -8.39% 8.6%
Goodwill $67.16M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $46.50M $41.90M
YoY Change 10.99% 7.16%
Total Long-Term Assets $1.504B $1.627B
YoY Change -7.55% 12.31%
TOTAL ASSETS
Total Short-Term Assets $1.012B $865.2M
Total Long-Term Assets $1.504B $1.627B
Total Assets $2.516B $2.492B
YoY Change 0.94% 12.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $142.9M $153.0M
YoY Change -6.63% -8.82%
Accrued Expenses $91.72M $127.2M
YoY Change -27.89% 54.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.00M $15.90M
YoY Change -5.66% -85.51%
Total Short-Term Liabilities $286.4M $320.7M
YoY Change -10.7% -17.2%
LONG-TERM LIABILITIES
Long-Term Debt $774.9M $815.4M
YoY Change -4.97% 42.85%
Other Long-Term Liabilities $31.20M $283.4M
YoY Change -88.99% 21.58%
Total Long-Term Liabilities $1.228B $1.099B
YoY Change 11.73% 36.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $286.4M $320.7M
Total Long-Term Liabilities $1.228B $1.099B
Total Liabilities $1.514B $1.570B
YoY Change -3.58% 30.81%
SHAREHOLDERS EQUITY
Retained Earnings $729.7M
YoY Change
Common Stock $383.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.002B $921.9M
YoY Change
Total Liabilities & Shareholders Equity $2.516B $2.492B
YoY Change 0.94% 12.22%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $62.30M $15.83M
YoY Change 293.66% -57.7%
Depreciation, Depletion And Amortization $44.30M $42.64M
YoY Change 3.89% 8.49%
Cash From Operating Activities $95.77M $34.95M
YoY Change 174.05% -45.4%
INVESTING ACTIVITIES
Capital Expenditures $27.28M $34.81M
YoY Change -21.65% -152.12%
Acquisitions $35.53M
YoY Change
Other Investing Activities -$46.00K -$35.50M
YoY Change -99.87% -11933.33%
Cash From Investing Activities -$28.96M -$71.74M
YoY Change -59.63% 7.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.340M $23.23M
YoY Change -85.62%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$6.163M -35.50M
YoY Change -82.64% 69.06%
NET CHANGE
Cash From Operating Activities $95.77M 34.95M
Cash From Investing Activities -$28.96M -71.74M
Cash From Financing Activities -$6.163M -35.50M
Net Change In Cash $60.64M -72.30M
YoY Change -183.88% 207.64%
FREE CASH FLOW
Cash From Operating Activities $95.77M $34.95M
Capital Expenditures $27.28M $34.81M
Free Cash Flow $68.49M $132.0K
YoY Change 51787.12% -99.9%

Facts In Submission

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PACKAGING CORP OF AMERICA
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1. Basis of Presentation</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The condensed consolidated financial statements of Packaging Corporation of America (&#x201C;PCA&#x201D; or the &#x201C;Company&#x201D;) as of March&#xA0;31, 2013 and for the three-month periods ended March 31, 2013 and 2012 are unaudited but include all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of such financial statements. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with Article&#xA0;10 of SEC Regulation&#xA0;S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete audited financial statements. Operating results for the period ended March&#xA0;31, 2013 are not necessarily indicative of the results that may be expected for the year ending December&#xA0;31, 2013. These condensed consolidated financial statements should be read in conjunction with PCA&#x2019;s Annual Report on Form&#xA0;10-K for the year ended December&#xA0;31, 2012.</font></p> </div>
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721000
CY2013Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
572776000
CY2013Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-2249000
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3637000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
60613000
CY2013Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
763000
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
55686000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
33382000
CY2013Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with U.S.&#xA0;generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts in the financial statements and the accompanying notes. Actual results could differ from those estimates.</font></p> </div>
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
16030000 shares
CY2013Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-10640000
CY2013Q1 pkg Interest Expense Net
InterestExpenseNet
9251000
CY2013Q1 pkg Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodGrantDateFairValue
2957000
CY2013Q1 pkg Number Of Joint Ventures Under Equity Method
NumberOfJointVenturesUnderEquityMethod
2 pure
CY2013Q1 pkg Long Term Equity Incentive Plan Termination Date
LongTermEquityIncentivePlanTerminationDate
October 19, 2014
CY2013Q1 pkg Share Based Compensation Arrangement By Share Based Payment Award Shares Granted Since Inception Of Plan Net Of Forfeitures
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesGrantedSinceInceptionOfPlanNetOfForfeitures
8024928 shares
CY2013Q1 pkg Us Treasury Note Maturity Term
USTreasuryNoteMaturityTerm
10 Y
CY2013Q1 pkg Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriodGrantDateFairValue
365000
CY2013Q1 pkg Environmental Remediation Expense To Date
EnvironmentalRemediationExpenseToDate
3200000
CY2013Q1 pkg Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months Net Of Tax
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonthsNetOfTax
-3500000
CY2013Q1 pkg Corporate Overhead
CorporateOverhead
19538000
CY2013Q1 pkg Alternative Fuel Mixture Credit Change
AlternativeFuelMixtureCreditChange
-6929000
CY2013Q1 pkg Pension And Postretirement Benefits Contributions Expense Net
PensionAndPostretirementBenefitsContributionsExpenseNet
-10120000
CY2013Q1 pkg Other Comprehensive Income Loss Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationAdjustmentsNetOfTax
CY2013Q1 pkg Other Comprehensive Income Loss Reclassification Adjustment On Pension And Other Postretirement Benefit Plans Included In Net Income Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentOnPensionAndOtherPostretirementBenefitPlansIncludedInNetIncomeNetOfTax
1889000
CY2013Q1 pkg Other Comprehensive Income Loss Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentsNetOfTax
2758000
CY2012Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
6728000
CY2012Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
58000
CY2012Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
526338000
CY2012Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-2412000
CY2013Q1 pkg Long Term Equity Incentive Plan Amendment Date
LongTermEquityIncentivePlanAmendmentDate
2013-05-01
CY2013Q1 pkg Long Term Equity Incentive Plan Extended Term
LongTermEquityIncentivePlanExtendedTerm
P10Y
CY2013Q1 pkg Stock Repurchased During Period Total Shares
StockRepurchasedDuringPeriodTotalShares
121263 shares
CY2013Q1 pkg Stock Repurchased During Period Total Value
StockRepurchasedDuringPeriodTotalValue
5100000
CY2013Q1 pkg Stock Repurchased During Period Shares Not Settled
StockRepurchasedDuringPeriodSharesNotSettled
41263 shares
CY2013Q1 pkg Stock Repurchased During Period Value Not Settled
StockRepurchasedDuringPeriodValueNotSettled
1800000
CY2013Q1 pkg Alternative Energytax Credits Used
AlternativeEnergytaxCreditsUsed
-32700000
CY2012Q1 us-gaap Derivative Instruments Gain Loss Recognized In Income Net
DerivativeInstrumentsGainLossRecognizedInIncomeNet
462000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
169110000
CY2012Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1009000
CY2012Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-4930000
CY2012Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
35531000
CY2012Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
26757000
CY2012Q1 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
1406000
CY2012Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
42638000
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2594000
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
CY2012Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
11000
CY2012Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.2500
CY2012Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
23230000
CY2012Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1131000 shares
CY2012Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
10221000
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
34945000
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-71739000
CY2012Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment On Derivatives Included In Net Income Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax
-277000
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
70206000 shares
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
7518000
CY2012Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
196000
CY2012Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-2579000
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
34813000
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-72296000
CY2012Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
19665000
CY2012Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
3955000
CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
7662000
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97729000 shares
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
671357000
CY2012Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
21125000
CY2012Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
8913000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-35502000
CY2012Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1585000
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96598000 shares
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2594000
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
159427000
CY2012Q1 us-gaap Gross Profit
GrossProfit
145019000
CY2012Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
146756000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
17844000
CY2012Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1127000
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
51942000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
141583000
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
2940000 shares
CY2012Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-22827000
CY2012Q1 pkg Interest Expense Net
InterestExpenseNet
9683000
CY2012Q1 pkg Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodGrantDateFairValue
2007000
CY2012Q1 pkg Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriodGrantDateFairValue
60000
CY2012Q1 pkg Alternative Fuel Mixture Credits
AlternativeFuelMixtureCredits
95500000
CY2012Q1 pkg Corporate Overhead
CorporateOverhead
16888000
CY2012Q1 pkg Alternative Fuel Mixture Credit Change
AlternativeFuelMixtureCreditChange
119239000
CY2012Q1 pkg Pension And Postretirement Benefits Contributions Expense Net
PensionAndPostretirementBenefitsContributionsExpenseNet
-5420000
CY2012Q1 pkg Other Comprehensive Income Loss Reclassification Adjustment On Pension And Other Postretirement Benefit Plans Included In Net Income Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentOnPensionAndOtherPostretirementBenefitPlansIncludedInNetIncomeNetOfTax
1672000

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