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Owens Illinois Inc (OI) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Owens Illinois Inc

CIK: 812074 Ticker: OI

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

O-I REPORTS FULL YEAR AND FOURTH QUARTER 2012 RESULTS

Strong Cash Flow Generation and Improved Earnings for the

Full Year Driven by Margin Recovery and Restructuring Benefits

 

PERRYSBURG, Ohio (January 30, 2013) —

Owens-Illinois, Inc. (NYSE: OI) today reported financial results for the full year and fourth quarter ending December 31, 2012.

 

Highlights

 

·      Full year 2012 earnings from continuing operations attributable to the Company were $1.12 per share (diluted), compared with a loss of $3.06 per share in 2011. Excluding certain items management considers not representative of ongoing operations, adjusted earnings(1) (non-GAAP) were $2.64 per share in 2012, compared with $2.43 per share in 2011. Full year 2012 adjusted earnings were up nearly 9 percent despite substantial foreign currency headwinds.

 

·      Fourth quarter 2012 adjusted earnings were $0.40 per share, compared with $0.48 per share in the same period of 2011. As expected, adjusted earnings were dampened by lower segment operating profit, primarily in Europe. This decrease was partially offset by a lower effective tax rate.

 

·      O-I generated $290 million in free cash flow(2) (non-GAAP) for the full year 2012, up more than 30 percent from 2011. The increase was driven by growth in earnings and improvements in working capital management. The Company’s leverage ratio improved to 2.67 times EBITDA at year end 2012, compared to 2.88 times EBITDA at the end of prior year.

 

·      Interest expense declined in 2012 compared to the prior year, due in part to cash debt repayments of $321 million in 2012.

 

·      The Company successfully focused on initiatives to recover margin. Higher prices outpaced cost inflation for the year and also allowed partial recovery of unrecovered inflation in 2011.

 

·      Full year 2012 segment operating profit increased by $35 million versus the prior year, buoyed by improved manufacturing performance in North America and restructuring benefits in Asia Pacific.

 

·      The Company expects increased free cash flow in 2013, driven by improved operating results as cost efficiency and restructuring programs take hold, particularly in the second half of the year.

 

Commenting on 2012 results, Chairman and Chief Executive Officer Al Stroucken said, “Our improved segment operating profit over 2011 reflects the success of our pricing strategy to recover margins, as well as significant improvements to the bottom line performance of our North American and Asia Pacific operations. To enhance our competitiveness in the challenging European market, we recently launched an asset optimization program aimed at more effectively meeting customer requirements and improving profitability. Overall, we continued to strengthen our balance sheet by generating significantly higher free cash flow than in the prior year and further reducing our debt.”

 


The following information was filed by Owens Illinois Inc (OI) on Wednesday, January 30, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Cash Flows
Consolidated Comprehensive Income
Consolidated Results Of Operations
Consolidated Share Owners' Equity
Consolidated Share Owners' Equity (parenthetical)
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (details)
Accumulated Other Comprehensive Income (loss) (tables)
Additional Interest Charges From Early Extinguishment Of Debt
Additional Interest Charges From Early Extinguishment Of Debt (details)
Business Combinations
Business Combinations (details)
Business Combinations (tables)
Contingencies
Contingencies (details)
Contingencies (tables)
Debt
Debt (details 2)
Debt (details)
Debt (tables)
Derivative Instruments
Derivative Instruments (details 2)
Derivative Instruments (details)
Derivative Instruments (tables)
Discontinued Operations
Discontinued Operations (details)
Discontinued Operations (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Equity Investments
Equity Investments (details)
Equity Investments (tables)
Financial Information For Subsidiary Guarantors And Non-guarantors
Financial Information For Subsidiary Guarantors And Non-guarantors (details 2)
Financial Information For Subsidiary Guarantors And Non-guarantors (details)
Financial Information For Subsidiary Guarantors And Non-guarantors (tables)
Goodwill
Goodwill (details)
Goodwill (tables)
Income Taxes
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details 4)
Income Taxes (details)
Income Taxes (tables)
Inventories
Inventories (details)
Inventories (tables)
Operating Leases
Operating Leases (details)
Other Assets
Other Assets (details)
Other Assets (tables)
Other Expense
Other Expense (details)
Pension Benefit Plans And Other Postretirement Benefits
Pension Benefit Plans And Other Postretirement Benefits (details 2)
Pension Benefit Plans And Other Postretirement Benefits (details 3)
Pension Benefit Plans And Other Postretirement Benefits (details 4)
Pension Benefit Plans And Other Postretirement Benefits (details 5)
Pension Benefit Plans And Other Postretirement Benefits (details 6)
Pension Benefit Plans And Other Postretirement Benefits (details 7)
Pension Benefit Plans And Other Postretirement Benefits (details)
Pension Benefit Plans And Other Postretirement Benefits (tables)
Restructuring Accruals, Asset Impairments And Other Costs Related To Closed Facilities
Restructuring Accruals, Asset Impairments And Other Costs Related To Closed Facilities (details)
Restructuring Accruals, Asset Impairments And Other Costs Related To Closed Facilities (tables)
Schedule Ii - Valuation And Qualifying Accounts (consolidated)
Schedule Ii - Valuation And Qualifying Accounts (consolidated) (details)
Segment Information
Segment Information (details 2)
Segment Information (details 3)
Segment Information (details 4)
Segment Information (details)
Segment Information (tables)
Significant Accounting Policies
Significant Accounting Policies (details 2)
Significant Accounting Policies (details 3)
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Stock Options And Other Stock Based Compensation
Stock Options And Other Stock Based Compensation (details 2)
Stock Options And Other Stock Based Compensation (details 3)
Stock Options And Other Stock Based Compensation (details)
Stock Options And Other Stock Based Compensation (tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (details)
Supplemental Cash Flow Information (tables)
Ticker: OI
CIK: 812074
Form Type: 10-K Annual Report
Accession Number: 0001047469-13-000991
Submitted to the SEC: Wed Feb 13 2013 4:38:58 PM EST
Accepted by the SEC: Wed Feb 13 2013
Period: Monday, December 31, 2012
Industry: Glass Containers

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