Berry Plastics Group reported results for its third fiscal 2015 quarter. The company recorded net sales of $1,241 million compared to $1,298 million in the same prior year quarter.
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The year-over-year decrease was primarily attributed to decreased selling prices as a result of the pass-through of lower raw material costs, a negative impact from foreign currency changes, and soft customer demand partially offset by net sales from acquisition volume attributed to the Healthcare Containers and Closures business purchased from Rexam and volume gains in certain product categories.
net sales increased by 1 percent to $3,685 million as compared to $3,648 million for the same period of fiscal 2014.
This increase was primarily attributed to net sales from businesses we acquired in the last twelve months along with volume gains in certain of our product lines partially offset by decreased selling prices as a result of the pass-through of lower raw material costs, a negative impact from foreign currency changes, and soft customer demand in certain markets.
he ratio of net debt of $3,646 million at the end of the June 2015 quarter to adjusted EBITDA of $830 million for the four quarters ended June 27, 2015, was 4.4x, representing a 0.2x improvement (reduction) through the first three quarters of fiscal 2015.
The company’s adjusted free cash flow for the June 2015 quarter was $140 million and $378 million for the four quarters ended June 27, 2015. During the quarter we refinanced our $800 million principal 9.75 percent second priority senior notes and replaced them with $700 million principal 5.125 percent second priority senior notes.
The cash costs from refinancing totaled approximately $90 million and will yield approximately $40 million of annual interest expense savings. ■
A clipper system will move quickly across the northern Plains into the Midwest Friday and the Northeast by Saturday, bringing a wintry mix of rain and snow showers ahead of a sweeping cold front.