HARTSVILLE, S.C., Feb. 1 /PRNewswire-FirstCall/ -- Sonoco (NYSE: SON), the
global packaging company, today reported earnings per diluted share for the
fourth quarter of 2005 of $.38, compared with $.35 for the same period in
2004, it was announced by Harris E. DeLoach, Jr., chairman, president and
chief executive officer. Base earnings per diluted share for the fourth
quarter of 2005, a non-GAAP measure that excludes certain unusual items
discussed below, were $.58 per diluted share, compared with $.43 per diluted
share, for the same period of 2004. (A reconciliation of base earnings per
share to reported earnings per share is provided at the end of this news
release.)
(Logo: http://www.newscom.com/cgi-bin/prnh/19991006/SNCLOGO)
Results for the fourth quarter of 2005 included the following unusual
expenses: $10.1 million ($.10 per diluted share) for additional tax expense
associated with the repatriation of $125 million in foreign earnings under the
American Jobs Creation Act and an after-tax charge of $7.6 million ($.08 per
diluted share) related to an increase in the environmental reserve at a
Company subsidiary's paper operations in Wisconsin. Fourth quarter 2005
results also included restructuring costs of $1.9 million after tax ($.02 per
diluted share) related to previously announced actions. In the fourth quarter
of 2004, results included after-tax restructuring costs of $7.8 million ($.08
per diluted share).
Net sales for the fourth quarter of 2005 were $955 million, compared with
$885 million for the same period in 2004. "Sales for the fourth quarter of
2005 were up nearly 8 percent over the same period in 2004 as a result of
increased volumes from composite cans, rigid plastic containers, point-of-
purchase displays, flexible packaging, ends and closures, wire and cable
reels, molded and extruded plastics and protective packaging. Sales were also
favorably impacted by having a full quarter's sales related to the joint
venture between the European engineered carriers and coreboard operations of
Sonoco and Ahlstrom Corporation, which was completed during the fourth quarter
of 2004. Higher average prices in most consumer packaging businesses also
contributed to increased sales, as did increased service revenue in the
Packaging Services businesses and the impact of foreign exchange rates as the
dollar weakened against foreign currencies," said DeLoach. He noted that
volume increases during the fourth quarter of 2005, which excludes the
increased service revenue from Packaging Services, was 4.2 percent over the
same period in 2004. Excluding the impact of the joint venture, volume was up
3 percent.
Net income for the fourth quarter of 2005 was $38.8 million, compared with
$35 million for the fourth quarter of 2004. Base earnings totaled
$58.4 million for the fourth quarter of 2005, compared with $42.8 million for
the same period in 2004. (A reconciliation of base earnings to reported net
income is provided at the end of this news release.)
"Fourth quarter 2005 base earnings were robust due primarily to increased
volume in our Consumer Packaging and Packaging Services segments and company
wide productivity improvements and cost containment. In addition, we continued
to maintain a positive price/cost relationship in the fourth quarter of 2005,
despite higher overall raw material costs," said DeLoach. "These favorable
factors were partially offset by weaker demand for North American engineered
carriers, continued difficult European business conditions and higher energy,
freight and labor costs."
Cash generated from operations for the fourth quarter of 2005 was
$66.7 million, compared with $115 million for the same period in 2004. Pension
contributions, which are included in these figures, totaled $65.5 million in
2005, versus $17.4 million in 2004. Cash generated from operations was used to
fund capital expenditures of approximately $36.9 million and to pay dividends
of approximately $22.9 million. Debt was reduced by approximately
$110.4 million as a result of repatriated foreign earnings under the American
Jobs Creation Act and cash generated from operations.
For the twelve months ended December 31, 2005, net sales were
$3.5 billion, compared with $3.2 billion for the full year 2004. Net income
for 2005 was $161.9 million, compared with $151.2 million in 2004. Net income
in 2005 was negatively impacted by $10.1 million in additional tax expense
associated with the repatriation of foreign earnings, $7.6 million (after tax)
expense to increase an environmental reserve and $13 million (after tax) in
previously announced restructuring costs. Income for the full year 2004 was
negatively impacted by restructuring charges of approximately $14.5 million
(after tax), a $3.6 million (after tax) charge related to the cost of
replacing certain executive life insurance policies and a $2.9 million (after
tax) charge for claims against the Company as a result of a legal judgment.
2004 net income was positively impacted by $9.3 million as a result of the
recognition of certain tax benefits.
Base earnings totaled $192.6 million for 2005, compared with
$162.9 million for 2004. (A reconciliation of base earnings to reported net
income is provided at the end of this news release.) The increase in base
earnings for 2005 was primarily due to increased volume in the Consumer
Packaging segment, higher service revenues in the Packaging Services segment,
reduced costs resulting from ongoing productivity and purchasing initiatives
and a favorable price/cost relationship, as well as the second quarter of 2004
acquisition of CorrFlex Graphics, LLC. These increases were partially offset
by costs associated with the integration of the Sonoco-Alcore joint venture;
weaker demand for engineered carriers and paper in Europe and the Americas;
continued difficult business conditions in Europe; higher energy, freight and
labor costs; and startup costs associated with the Company's new rigid plastic
container plant in Wisconsin.
Also for the full year 2005, cash generated from operations was
$227.4 million, compared with $252.2 million for 2004. The decrease in cash
flow is primarily attributable to increased pension contributions, which
totaled $77 million in 2005, compared with $33.4 million in the previous year.
Cash generated from operations in 2005 was used to fund capital expenditures
of $129.1 million and to pay dividends of $90.1 million. Debt was reduced by
$117.8 million as a result of repatriated foreign earnings under the American
Jobs Creation Act and cash generated from operations.
"Sonoco delivered on its key performance initiatives in 2005. The Company
experienced sustained quarterly earnings increases, margin improvement and
double-digit sales growth driven by acquisitions, improved company wide volume
coming from significant new consumer product and market development, and
geographical expansion. Our employees remained focused on meeting the needs of
our customers while improving productivity and managing costs in all of our
businesses. We continued our efforts to successfully hedge the majority of our
natural gas needs to provide more certainty of energy costs, and we maintained
a positive price/cost relationship, despite rising costs in most raw
materials," said DeLoach.
"At year-end 2005, our domestic pension plan was fully funded, and the
Company's debt-to-capital ratio had been reduced to 35.1 percent, after having
increased to 43.1 percent following the CorrFlex acquisition in May 2004. We
expect cash flow from operations to average approximately $300 million
annually over the next several years. We plan to use available cash in 2006 to
fund acquisitions, capital spending and benefit plans, further reduce debt and
continue paying dividends to our shareholders as we have done without
interruption since 1925. In addition, as previously announced, we expect to
repurchase between 2 million and 2.5 million shares of our outstanding common
stock by the end of the first quarter of 2006. The planned repurchase would be
made under an existing authorization of approximately 5.29 million shares,"
added DeLoach.
"Our fourth quarter 2005 operating performance was strong in most of our
businesses. Year-over-year earnings improvement was especially notable in the
Engineered Carriers/Paper segment, where North American paper operations,
which are traditionally strong in the fourth quarter, had an exceptionally
robust performance. This performance was primarily the result of excellent
management of the price/cost relationship along with significant productivity
improvements. 2005 may well prove to have been a break out year for our
Consumer Packaging and Packaging Services segments, as the addition of
CorrFlex along with volume growth, specifically in flexible packaging and ends
and closures, provided an excellent foundation for future growth. During 2006,
we will remain focused on growing our top line and improving margins by
managing productivity and costs within our businesses. The Company expects
first quarter 2006 base earnings to be in the range of $.41 to $.44 per
diluted share, which includes approximately $.02 per diluted share related to
the expensing of stock options and excludes any restructuring charges, which
cannot be estimated at this time. The first quarter is historically the
Company's weakest quarter. The Company previously announced that it expects
base earnings per diluted share for the full year 2006 in the range of $1.90
to $1.94, including approximately $.03 per diluted share related to expensing
of stock options, excluding any restructuring charges, which cannot be
estimated at this time, and assuming no significant changes in volume or
pricing. With those same qualifications, we expect base earnings for 2006 to
be at the upper end of that guidance. As we move further into 2006, we will
continue to evaluate our performance in light of old corrugated container
(OCC) prices and general economic conditions such as rising interest rates,
historically high personal debt levels and continued weakness in European
economies. OCC prices are historically higher in the first half of the year,
though that has not yet occurred in 2006. With better clarity into the year,
we will determine if earnings guidance should be readdressed," DeLoach
concluded.
Segment Review
The Company uses a non-GAAP financial measure when discussing the
operational results of the segments. Base Operating Profit at the segmental
level is defined as the segments' portion of "Income before income taxes" on
the Company's Condensed Consolidated Statements of Income adjusted for
restructuring charges, net interest expense and non-recurring or infrequent
and unusual items. (A reconciliation of Base Operating Profit for each of the
Company's three reportable segments and All Other Sonoco to GAAP Income before
income taxes is provided at the end of this news release.)
Consumer Packaging
The Consumer Packaging segment includes the following products: round and
shaped rigid packaging, both composite and plastic; printed flexible
packaging; and metal and plastic ends and closures.
Fourth quarter 2005 sales for the Consumer Packaging segment were
$343.1 million, compared with $311.6 million for the same period in 2004. Base
operating profit for this segment was $31.7 million in the fourth quarter of
2005, compared with $24.6 million in the fourth quarter of 2004.
Sales in the Consumer Packaging segment were up year-over-year in the
fourth quarter of 2005, reflecting increased volume in composite cans, rigid
plastic containers and flexible packaging, as well as the impact of increased
prices in closures, composite and rigid plastic containers. The increase in
operating profit in the fourth quarter of 2005 was due to increased selling
prices, higher volume stemming from new products and from manufacturing and
purchasing productivity improvements. This was partially offset by higher
costs for raw material, freight and labor, and continued, but decreasing,
start-up costs stemming from the Company's new rigid plastics facility in
Wisconsin.
Engineered Carriers and Paper
The Engineered Carriers and Paper segment includes the following products:
high-performance paper and composite engineered carriers; fiber-based
construction tubes and forms, paperboard and recovered paper.
Fourth quarter 2005 sales for the Engineered Carriers and Paper segment
were $392.6 million, compared with $389.4 million for the same period in 2004.
Base operating profit for the Engineered Carriers and Paper segment for the
fourth quarter of 2005 was $35.8 million, compared with $24.2 million in the
fourth quarter of 2004.
Fourth quarter 2005 sales in this segment increased due to the favorable
impact of having a full quarter's sales related to the joint venture between
the European engineered carriers and coreboard operations of Sonoco and
Ahlstrom Corporation, which was completed during the fourth quarter of 2004,
partially offset by lower volume in North America and Europe. Base operating
profit in the segment increased primarily due to productivity improvements and
cost containment, along with a favorable price/cost relationship resulting
from lower OCC prices, partially offset by lower volume from North American
and European engineered carriers, a $3 million asset impairment charge and
higher energy, freight and labor costs. A $7.2 million accounting adjustment
from a wholly owned subsidiary in Spain was recorded in the fourth quarter of
2004, providing a favorable variance for the fourth quarter of 2005. North
American paper mill operations reported capacity utilization rates of 99
percent in the fourth quarter of 2005 versus 93 percent in the same period in
2004.
Packaging Services
The Packaging Services segment includes the following services: packaging
fulfillment, product handling, brand management, and supply chain management.
Fourth quarter 2005 sales for the Packaging Services segment were
$124.5 million, compared with $100 million in the same quarter of 2004. Base
operating profit for this segment was $11.6 million, compared with
$10.9 million in the same period in 2004.
Sales in the Packaging Services segment were up primarily due to increased
sales in Packaging Services operations and to a lesser extent, in Sonoco
CorrFlex. Much of the sales increase in Packaging Services is on a pass-
through basis, so the year-over-year change in base operating profit in the
segment is primarily due to productivity improvements in Packaging Services
and the volume impact of CorrFlex sales. In addition, the segment recorded a
gain on the sale of Sonoco's single plant folding carton business.
All Other Sonoco
All Other Sonoco includes the following products: wooden, metal and
composite reels for wire and cable packaging; molded plastics; custom design
protective packaging, adhesives; machinery manufacturing; and specialty
packaging.
Fourth quarter 2005 sales for All Other Sonoco were $94.7 million,
compared with $83.9 million in the fourth quarter of 2004. Base operating
profit for the fourth quarter of 2005 for All Other Sonoco was $11.9 million,
compared with $8.4 million in the same period in 2004.
Fourth quarter sales in All Other Sonoco increased over the same period in
2004 primarily due to volume and price increases in wire and cable reels,
protective packaging and molded and extruded plastics. Base operating profit
for All Other Sonoco in the fourth quarter of 2005 increased primarily because
of higher volumes and productivity improvements.
Corporate
During the fourth quarter of 2005, the United States Environmental
Protection Agency ("EPA") notified Sonoco U.S. Mills, Inc. ("U.S. Mills"), a
wholly owned subsidiary acquired by the Company in 2001, that U.S. Mills and
another party would be jointly held responsible to undertake a program to
remove and dispose of PCB contaminated sediments at a particular site in the
vicinity of a U.S. Mills plant on the lower Fox River in Wisconsin. The
contamination occurred over thirty years ago and U.S. Mills has not admitted
any responsibility. U.S. Mills and the other party have reached agreement with
each other that each would fund 50 percent of the costs of remediation
demanded by the EPA which is currently estimated to be between $25 million and
$30 million for the project as a whole. The Company has accrued $12.5 million
as an estimate of the portion of costs that U.S. Mills expects to fund under
the current agreement. Some or all of any costs incurred may be covered by
insurance or be subject to recoupment from third parties, but no amounts have
been recognized in the financial statements for such recovery.
Depreciation and amortization expense for the fourth quarter of 2005 was
$42.3 million, compared with $44 million in 2004. Net interest expense for the
fourth quarter of 2005 increased slightly to $11.5 million, compared with
$11.3 during the same period in 2004.
The effective tax rate for the Company for the year ended December 31,
2005, was 36.4 percent, compared with 29.8 percent in 2004. The increase in
the effective tax rate was due to tax expense of $10.1 million associated with
the repatriation of $125 million in foreign earnings under the American Jobs
Creation Act in 2005 and the recognition of certain tax benefits totaling
$9.3 million in 2004.
Conference Call
Sonoco will host its regular quarterly conference call concerning
financial results for the most recent quarter today, Wednesday, February 1,
2006, at 2:00 p.m. Eastern time. The conference call can be accessed in a
"listen only" mode via the Internet at http://www.sonoco.com, under the
"Latest News" section. The call will be archived on the Investor Information
section of the Sonoco Web site for 12 months.
About Sonoco
Founded in 1899, Sonoco is a $3.5 billion global manufacturer of
industrial and consumer packaging products and provider of packaging services,
with more than 300 operations in 35 countries, serving customers in 85
nations. Additional information about Sonoco is available at
http://www.sonoco.com.
Forward-looking Statements and Other Information
Statements included herein that are not historical in nature are intended
to be, and are hereby identified as, "forward-looking statements" for purposes
of the safe harbor provided by Section 21E of the Securities Exchange Act of
1934, as amended. The words "estimate," "project," "intend," "expect,"
"believe," "anticipate," "objective," "goal," and similar expressions identify
forward-looking statements. Forward-looking statements include, but are not
limited to, statements regarding offsetting high raw material costs, improved
productivity and cost containment, adequacy of income tax provisions,
refinancing of debt, adequacy anticipated amounts and uses of cash flows,
effects of acquisitions and dispositions, adequacy of provisions for
environmental liabilities and financial strategies and the results expected
from them, pension plan funding, expected earnings and producing improvements
in earnings, continued payment of dividends and stock repurchases. Such
forward-looking statements are based on current expectations, estimates and
projections about our industry, management's beliefs and certain assumptions
made by management. Such information includes, without limitation, discussion
as to estimates, expectations, beliefs, plans, strategies and objectives
concerning our future financial and operating performance. These statements
are not guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict. Therefore, actual
results may differ materially from those expressed or forecasted in such
forward-looking statements. Such risks and uncertainties include, without
limitation: availability and pricing of raw materials; success of new product
development and introduction; ability to maintain or increase productivity
levels; international, national and local economic and market conditions;
fluctuations in obligations and earnings of pension and postretirement benefit
plans; ability to maintain market share; pricing pressures and demand for
products; continued strength of our paperboard-based engineered carrier and
composite can operations; anticipated results of restructuring activities;
resolution of income tax contingencies; ability to successfully integrate
newly acquired businesses into the Company's operations; currency stability
and the rate of growth in foreign markets; use of financial instruments to
hedge foreign exchange, interest rate and commodity price risk; actions of
government agencies; and loss of consumer confidence and economic disruption
resulting from terrorist activities.
Additional information concerning some of the factors that could cause
materially different results is included in the Company's reports on forms 10-
K, 10-Q and 8-K filed with the Securities and Exchange Commission. Such
reports are available from the Securities and Exchange Commission's public
reference facilities and its Web site, the Company's investor relations
department and the Company's Web site, http://www.sonoco.com.
Definition and Reconciliation of Non-GAAP Financial Measures
The following provides definitions of the non-GAAP financial measures
contained in this press release together with the most directly comparable
financial measures calculated in accordance with GAAP, and a reconciliation of
the differences between the non-GAAP financial measures discussed and the most
directly comparable financial measures calculated in accordance with GAAP:
Base Earnings Per Share (EPS)
Base EPS is a non-GAAP financial measure of earnings per share, which
excludes the impact of restructuring charges and of non-recurring or
infrequent and unusual items. The following table sets forth the
reconciliation of GAAP Diluted Earnings Per Share to Base Earnings Per Share:
Three Months Ended
(Unaudited) Dec. 31, 2005 Dec. 31, 2004
Diluted Earnings Per Share, as reported (GAAP) $ .38 $ .35
Adjusted for:
Restructuring charges, net of tax .02 .08
Environmental reserve, net of tax .08
Taxes on repatriation of foreign earnings .10
Base Earnings Per Share (Non-GAAP) $ .58 $ .43
Twelve Months Ended
(Unaudited) Dec. 31, 2005 Dec. 31, 2004
Diluted Earnings Per Share, as reported (GAAP) $1.61 $1.53
Adjusted for:
Restructuring charges, net of tax .13 .14
Executive life insurance, net of tax .04
Environmental reserve, net of tax .08
Legal judgment, net of tax .03
Taxes on repatriation of foreign earnings .10
Recognition of tax benefits (.09)
Base Earnings Per Share (Non-GAAP) $1.92 $1.65
Base Earnings
Base Earnings is a non-GAAP financial measure of net income, which
excludes the impact of restructuring charges and of non-recurring or
infrequent and unusual items. The following table sets forth the
reconciliation of GAAP Net Income to Base Earnings ($ in millions):
Three Months Ended
(Unaudited) Dec. 31, 2005 Dec. 31, 2004
Net Income, as reported (GAAP) $ 38.8 $ 35.0
Adjusted for:
Restructuring charges, net of tax 1.9 7.8
Environmental reserve, net of tax 7.6
Taxes on repatriation of foreign earnings 10.1
Base Earnings (Non-GAAP) $ 58.4 $ 42.8
Twelve Months Ended
(Unaudited) Dec. 31, 2005 Dec. 31, 2004
Net Income, as reported (GAAP) $161.9 $151.2
Adjusted for:
Restructuring charges, net of tax 13.0 14.5
Executive life insurance, net of tax 3.6
Environmental reserve, net of tax 7.6
Legal judgment, net of tax 2.9
Taxes on repatriation of foreign earnings 10.1
Recognition of tax benefits (9.3)
Base Earnings (Non-GAAP) $192.6 $162.9
Base Operating Profit
Base Operating Profit at the segmental level is defined as the segments'
portion of "Income before income taxes" on the Company's Condensed
Consolidated Statements of Income adjusted for restructuring charges, net
interest expense and non-recurring or infrequent and unusual items. The
following tables set forth the reconciliation of Base Operating Profit for
each of the Company's three reportable segments and All Other Sonoco to GAAP
Income before income taxes ($ in millions):
Three Months Ended
(Unaudited) Dec. 31, 2005 Dec. 31, 2004
Consumer Packaging - Base Operating Profit $ 31.7 $ 24.6
Engineered Carriers and Paper - Base Operating
Profit 35.8 24.2
Packaging Services - Base Operating Profit 11.6 10.9
All Other Sonoco - Base Operating Profit 11.9 8.4
Restructuring charges (2.8) (10.7)
Environmental reserve (12.5)
Interest, net (11.5) (11.3)
Income before income taxes (GAAP) $64.2 $46.1
Twelve Months Ended
(Unaudited) Dec. 31, 2005 Dec. 31, 2004
Consumer Packaging - Base Operating Profit $103.5 $ 85.4
Engineered Carriers and Paper - Base Operating
Profit 119.5 119.9
Packaging Services - Base Operating Profit 44.8 30.5
All Other Sonoco - Base Operating Profit 40.6 32.7
Restructuring charges (21.2) (19.0)
Environmental reserve (12.5)
Legal settlement (4.5)
Executive life insurance (5.6)
Interest, net (43.6) (42.1)
Income before income taxes (GAAP) $231.1 $197.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars and shares in thousands except per share)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2005 2004 2005 2004
Sales $954,908 $884,998 $3,528,574 $3,155,433
Cost of sales 766,409 728,484 2,867,623 2,580,643
Selling, general and
administrative expenses 110,038 88,386 364,967 316,403
Restructuring charges 2,777 10,738 21,237 18,982
Income before interest
and taxes 75,684 57,390 274,747 239,405
Interest expense 14,050 13,060 51,559 47,463
Interest income (2,558) (1,780) (7,938) (5,400)
Income before income taxes 64,192 46,110 231,126 197,342
Provision for income taxes 29,585 17,056 84,174 58,858
Income before equity in
earnings of affiliates/
minority interest in
subsidiaries 34,607 29,054 146,952 138,484
Equity in earnings of
affiliates/minority
interest in subsidiaries 4,192 5,940 14,925 12,745
Net income $38,799 $34,994 $161,877 $151,229
Average shares
outstanding - diluted 100,859 99,837 100,418 98,947
Diluted earnings per share $ .38 $ .35 $1.61 $1.53
Dividends per common share $ .23 $ .22 $.91 $.87
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
December 31, December 31,
2005 2004
Assets
Current Assets:
Cash and cash equivalents $59,608 $117,725
Trade accounts receivables 413,209 390,024
Other receivables 45,225 37,457
Inventories 318,316 315,011
Prepaid expenses and deferred taxes 49,142 61,895
885,500 922,112
Property, plant and equipment, net 943,951 1,007,295
Goodwill 573,903 570,508
Other intangible assets 73,037 88,790
Other assets 505,349 452,614
$2,981,740 $3,041,319
Liabilities and Shareholders' Equity
Current Liabilities:
Payable to suppliers and others $495,860 $530,197
Notes payable and current portion
of long-term debt 124,530 93,754
Accrued taxes 96 15,935
620,486 639,886
Long-term debt 657,075 813,207
Pension and other postretirement benefits 173,939 148,214
Deferred income taxes and other 266,926 287,133
Shareholders' equity 1,263,314 1,152,879
$2,981,740 $3,041,319
Prior year data has been reclassified to conform to the current year
presentation.
FINANCIAL SEGMENT INFORMATION (Unaudited)
(Dollars in thousands)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2005 2004 2005 2004
Net Sales
Consumer Packaging $343,087 $311,619 $1,247,451 $1,132,070
Engineered Carriers
and Paper 392,618 389,414 1,482,057 1,388,512
Packaging Services 124,524 100,024 455,877 321,045
All Other Sonoco 94,679 83,941 343,189 313,806
Consolidated $954,908 $884,998 $3,528,574 $3,155,433
Income Before Income Taxes:
Consumer Packaging -
Operating Profit $31,697 $24,622 $103,505 $83,111
Engineered Carriers and
Paper - Operating Profit* 23,260 24,214 107,060 113,032
Packaging Services -
Operating Profit 11,620 10,903 44,813 30,266
All Other Sonoco -
Operating Profit 11,885 8,389 40,607 31,978
Restructuring charges (2,777) (10,738) (21,237) (18,982)
Interest, net (11,493) (11,280) (43,622) (42,063)
Consolidated $64,192 $46,110 $231,126 $197,342
* 2005 Results include charge of $12,500 related to increase in
environmental reserve.
SOURCE Sonoco
 back to top
Related links:
http://www.sonoco.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/19991006/SNCLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Allan V. Cecil, Vice President, Sonoco,
+1-843-383-7524, or allan.cecil@sonoco.com
|
