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CP&P Inc. (temp. sym.)(PULP)

 
123Jump Rating:   Underwriters: Goldman, Sachs & Co.
      Banc of America Sec. LLC
Status: Withdrawn   Morgan Stanley Dean Witter
 
Address: FiledDate: 06/17/2002
     
  Filed Price Range ($):
       
Telephone: Filed Offer Amount ($ Million): $1000.00
       
Fax: Shares Offered (Millions):
       
Websites: Shares Outstanding (Millions):
       
Management: IPO Date:
     
  Final Offer Price ($): $0.00
       
Industry: Paper Final Offer Size (Millions of Shares): 0.00
       
Employees: Final Offer Amount ($ Million): $0.00
       
Competitors: S-1 Forms:
     
   
       
     
     
     
       
 
- Avoid        - Value Gap        - Short-Term Growth        - Long-Term Growth        - Long-Term Value

Company Links
Executives Products Services
Company Strategy
The Company is the largest North American producer of tissue-based consumer products, based on volume, with leading market shares in bathroom tissue, paper towels and paper napkins.

Product/Services Portfolio
The Company operates in three business segments—consumer products, packaging, and paper and pulp. The Company sells its products to both retail and commercial customers. The Company’s retail customers include mass merchandisers, warehouse clubs, grocery stores, drug chains and dollar stores.

The Company produces both branded and private label products for the retail market. The Company’s principal retail brands are Quilted Northern, Quilted Northern Ultra and Angel Soft bathroom tissue, Brawny and Sparkle paper towels, and five of the seven leading paper napkin brands, including Vanity Fair premium dinner napkins and Mardi Gras napkins.

The Company is the market leader in proprietary dispensers, which include differentiated products and products that meet the growing consumer concern for hygiene. The Company is also a leader in control products that dispense towels without being touched. These dispensers limit the quantity of tissue dispensed to the end-user, thereby reducing the customers’ costs from wasted tissue. The Company’s commercial products include Cormatic, Ultimatic and Towlmastr brand dispensers; Brawny Professional towels; Quilted Northern Professional bathroom tissue; Envision, the leading brand of 100% recycled tissue, towel and napkin products; and Preference Ultra premium and Acclaim economy bathroom tissue, towel and napkin products.

Dixie offers a full range of products for both the retail and food service channels. The Company sells its Dixie products and North American tissue products to many of the same retail and commercial customers. In addition, the Company’s food service customers include many of the distributors, restaurants, hotels, office buildings and institutions to whom it sells its commercial tissue products.

The Company’s product lines in both the European retail and commercial markets include primarily bathroom and facial tissue, paper towels and paper napkins. Bathroom tissue, towels and napkins accounted for approximately 87% of European annual sales with the balance comprised of feminine hygiene products, ancillary products, such as health care and pharmacy items, and unconverted tissue rolls. The Company is a leading producer of retail tissue products in France, the United Kingdom, Ireland, Finland, the Netherlands, Italy, Spain, Russia, Greece and Turkey. The Company’s European retail sales include both branded and private label products.

The Company’s packaging business is a leading producer of value-added corrugated packaging products. The Company offers a wide variety of corrugated containers, or brown boxes, including single-, double- and triple-wall boxes in the various sizes, strengths and styles required by its customers. The Company manufacturea produce boxes for produce grown throughout North America, with designs that withstand high humidity and maintain structural integrity during shipping and storage, and while on retail store shelves. The Company also provides its produce customers with state-of-the-art graphics and displayable point-of-sale applications. The Company provides state-of-the-art graphic packaging solutions to its retail customers. The Company operates nine specialty printing, coating and converting facilities. The Company manufactures an extensive array of heavy-duty containers designed for its customers’ rigid shipping and storage requirements for industrial and agricultural applications. The Company offers its customers patent pending reusable plastic containers for produce and other shipping and display needs.

The Company’s paper business produces office and printing paper, kraft paper and bleached board products at six of its tissue manufacturing facilities in North America. The Company’s paper-making facilities are among the industry’s lowest-cost producers and are geographically dispersed.

Investment Analysis
The Consumer Products segment reported net sales of $2.9 billion for the first quarter of 2002, compared with net sales of $3.3 billion for the first quarter of 2001.

The Consumer Products segment reported income before income taxes, extraordinary items and accounting change of $109 million and an income tax provision of $37 million for the first quarter of 2002, compared with a loss before income taxes, extraordinary items and accounting change of $14 million and an income tax provision of $16 million for the first quarter of 2001.

The packaging segment reported net sales of $652 million and operating profits before goodwill amortization of $84 million in the first quarter of 2002, compared with net sales of $638 million and operating profits before goodwill amortization of $93 million in the first quarter of 2001.

The paper and pulp segment reported net sales of $539 million and operating profits before goodwill amortization of $15 million in the 2002 first quarter.

Income Data 
Year Revenues Costs Oper Income Taxes Net Income EPS
1997 5886 6134 -248 -83 -212 0.00
1998 6018 6253 -235 -75 -169 0.00
1999 6443 6197 246 102 144 0.00
2000 7949 7436 513 196 317 0.00
2001 12427 12128 299 397 -99 0.00
2002 2862 2753 109 37 72 0.00
*Three Months ended March 31, 2002
 

 


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