The company reported net sales of $434.0 million for the first quarter of 2015, down 10.5% compared to net sales of $484.9 million for the first quarter of 2014 primarily due to the sale of the company's specialty mills in December 2014. Net earnings determined in accordance with generally accepted accounting principles, or GAAP, for the first quarter of 2015 were $5.8 million, or $0.30 per diluted share, compared to $6.2 million, or $0.29 per diluted share, for the first quarter of 2014. The 2015 first quarter GAAP net earnings included $0.3 million of after-tax benefit associated with the mark-to-market impact of directors' equity-based compensation, $0.4 million of after-tax expense associated with the closure of the company's Long Island, New York, converting and distribution facility, and $1.2 million of after tax non-recurring costs associated with a new labor agreement. Excluding special items, first quarter 2015 adjusted net earnings were $6.9 million, or $0.36 per diluted share, compared to first quarter 2014 adjusted net earnings of $13.9 million, or $0.66 per diluted share.
TC Transcontinental Packaging is proud to announce that its Richmond, British Columbia plant, Transcontinental Flexstar, has installed a Regenerative Thermal Oxidizer (RTO), a high caliber pollution abatement system. The 50,000 standard cubic feet per minute RTO will now capture the plant’s volatile organic compounds (VOCs) and air pollutants emitted from the facility’s various exhaust streams, including from the printing presses, laminators, as well as ink room operations. TC Transcontinental Packaging has invested close to 2 million dollars in this project, allowing Transcontinental Flexstar to improve air quality, both indoors and outdoors.
TC Transcontinental Packaging strives to work with its internal and external stakeholders in a concerted manner to conduct its business responsibly. “One of our goals is to reduce the environmental footprint of our activities, namely by fostering a forward-thinking culture within our business units,” said Brian Reid, President, TC Transcontinental Printing and TC Transcontinental Packaging. “Air quality is a top concern, and we are always aiming to limit and control air pollutants, both at the source by choosing new products, and through the exhaust systems of our plants, by capturing VOCs. We are pleased with this project at Transcontinental Flexstar,” explained Mr. Reid.
“As part of TC Transcontinental Packaging’s commitment towards compliance and social responsibility, our plant was looking to control and capture VOCs. The installation of this regenerative thermal oxidizer significantly reduces our plant’s emissions by more than 90%. Additionally, we are proud to be the first flexible packaging company in British Columbia’s Lower Mainland to have a system of this caliber,” adds Marc Bray, General Manager of Transcontinental Flexstar.
Transcontinental Flexstar is part of TC Transcontinental Packaging’s network of 28 plants. Specialized in blown extrusion, printing, lamination and converting, including pouch making and bi-directional laser scoring, for the cereal, confectionery and snack markets, Transcontinental Flexstar services a broad range of customers in North America.