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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: August 5, 1996
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SONOCO PRODUCTS COMPANY
Incorporated under the laws Commission File No. 1-11261 I.R.S. Employer Identification
of South Carolina No. 57-0248420
Post Office Box 160
Hartsville, South Carolina 29551-0160
Telephone: 803-383-7000
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SONOCO PRODUCTS COMPANY
FORM 8-K
ITEM 5. OTHER EVENTS
Effective the second quarter of 1996, Sonoco Products Company
(the "Company") changed its segment reporting methods in an effort to
facilitate investors' understanding of the Company's financial
performance and to better align its reporting with how management views
the business internally. Under the new segment reporting format, the
Company will report its operations as Industrial Packaging and Consumer
Packaging. The Industrial Packaging segment includes: tubes, cores,
cones, roll wrap, molded plugs and related products and services (the
Company's global Industrial Products Division); fibre drums, plastic
drums and intermediate bulk containers (the Industrial Container
Division); molded and extrusion plastics (Sonoco Crellin); paper
manufacturing and recovered paper collections (the Paper Division);
fibre partitions; molded pulp and Sonopost(R) corner posts (the
Protective Packaging Division); reels for wire and cable (Sonoco
Baker); adhesives; machinery manufacturing; and forest products. The
Consumer Packaging segment includes: composite cans, fibre and plastic
caulk cartridges (the Consumer Products Division); capseals; plastic
tennis ball containers; flexible packaging (Flexible Packaging
Division); plastic bags (the High Density Film Products Division) and
pressure-sensitive labels, screen printing, paperboard packaging and
label machinery (Sonoco Engraph).
The Company's previous reporting format included segments called
Converted Products, Paper and International. For the convenience of
the financial community, quarterly segmental reporting for 1994, 1995
and the first quarter of 1996 have been restated and are presented
below in the new segment reporting format.
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FINANCIAL SEGMENT INFORMATION (UNAUDITED)
(Dollars in thousands)
1996
First Second Six Months Ended
Quarter Quarter June 30, 1996
--------- --------- ----------------
Total Revenue
Industrial Packaging $384,515 $402,080 $ 786,595
Consumer Packaging 295,511 298,363 593,874
-------- -------- ----------
Consolidated $680,026 $700,443 $1,380,469
======== ======== ==========
Sales to Unaffiliated Customers
Industrial Packaging $374,170 $391,948 $ 766,118
Consumer Packaging 295,061 297,907 592,968
-------- -------- ----------
Consolidated $669,231 $689,855 $1,359,086
======== ======== ==========
Operating Profit
Industrial Packaging $ 51,775 $ 55,736 $ 107,511
Consumer Packaging 30,787 33,724 64,511
Interest, net (10,358) (11,922) (22,280)
-------- -------- ----------
Consolidated $ 72,204 $ 77,538 $ 149,742
======== ======== ==========
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FINANCIAL SEGMENT INFORMATION (UNAUDITED)
(Dollars in thousands)
1995
First Second Third Fourth
Quarter Quarter Quarter Quarter Total
--------- --------- --------- --------- -----------
Total Revenue
Industrial Packaging $391,920 $429,243 $416,591 $389,623 $1,627,377
Consumer Packaging 264,601 276,236 283,003 303,490 1,127,330
-------- -------- -------- -------- ----------
Consolidated $656,521 $705,479 $699,594 $693,113 $2,754,707
======== ======== ======== ======== ==========
Sales to Unaffiliated Customers
Industrial Packaging $380,996 $416,187 $404,262 $379,069 $1,580,514
Consumer Packaging 264,146 275,539 282,736 303,238 1,125,659
-------- -------- -------- -------- ----------
Consolidated $645,142 $691,726 $686,998 $682,307 $2,706,173
======== ======== ======== ======== ==========
Operating Profit
Industrial Packaging $ 45,339 $ 53,782 $ 50,462 $ 46,347 $ 195,930
Consumer Packaging 24,970 26,698 27,109 35,183 113,960
Interest, net (9,28l) (9,366) (10,419) (10,034) (39,100)
-------- -------- -------- -------- ----------
Consolidated $ 61,028 $ 71,114 $ 67,152 $ 71,496 $ 270,790
======== ======== ======== ======== ==========
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FINANCIAL SEGMENT INFORMATION (UNAUDITED)
(Dollars in thousands)
1994
First Second Third Fourth
Quarter Quarter Quarter Quarter Total
--------- --------- --------- --------- -----------
Total Revenue
Industrial Packaging $321,752 $340,071 $355,371 $362,016 $1,379,210
Consumer Packaging 224,648 233,016 245,739 255,663 959,066
-------- -------- -------- -------- ----------
Consolidated $546,400 $573,087 $601,110 $617,679 $2,338,276
======== ======== ======== ======== ==========
Sales to Unaffiliated Customers
Industrial Packaging $313,663 $331,903 $346,018 $352,291 $1,343,875
Consumer Packaging 223,709 232,488 245,160 254,895 956,252
-------- -------- -------- -------- ----------
Consolidated $537,372 $564,391 $591,178 $607,186 $2,300,127
======== ======== ======== ======== ==========
Operating Profit
Industrial Packaging $ 32,313 $ 36,627 $ 35,716 $ 38,257 $ 142,913
Consumer Packaging 22,010 25,283 25,740 28,449 101,482
Interest, net (8,331) (8,322) (8,897) (7,915) (33,465)
-------- -------- -------- -------- ----------
Consolidated $ 45,992 $ 53,588 $ 52,559 $ 58,791 $ 210,930
======== ======== ======== ======== ==========
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SONOCO PRODUCTS COMPANY
FORM 8-K
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SONOCO PRODUCTS COMPANY
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(Registrant)
Date: August 5, 1996 By: /s/ F. T. Hill, Jr.
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F. T. Hill, Jr.
Vice President and
Chief Financial Officer
