DELAWARE, Ohio, Dec. 9 /PRNewswire-FirstCall/ -- -- Net sales were
$2.8 billion in fiscal 2009 compared to $3.8 billion in fiscal
2008. Net sales were $761 million in the fourth quarter of 2009,
down from $982 million in the fourth quarter of 2008 and up
sequentially from $718 million in the third quarter of 2009. -- Net
income before special items, as defined below, was $194 million
($3.32 per diluted Class A share) in fiscal 2009 compared to $267
million ($4.54 per diluted Class A share) in fiscal 2008. GAAP net
income was $132 million ($2.28 per diluted Class A share) and $234
million ($3.99 per diluted Class A share) in fiscal 2009 and 2008,
respectively. -- Net income before special items was $90 million
($1.53 per diluted Class A share) in the fourth quarter of 2009
compared to $75 million ($1.27 per diluted Class A share) in the
fourth quarter of 2008. GAAP net income was $79 million ($1.35 per
diluted Class A share) and $60 million ($1.03 per diluted Class A
share) in the fourth quarter of 2009 and 2008, respectively. Greif,
Inc. (NYSE:GEFNYSE:GEF.B), a global leader in industrial packaging
products and services, today announced results for its fiscal year
and fiscal fourth quarter ended Oct. 31, 2009. Michael J. Gasser,
chairman and chief executive officer, said, "During 2009, we
rapidly and decisively adapted to difficult global market
conditions and volatile raw material prices, achieved over $150
million in contingency savings, and completed several tuck-in
acquisitions. We expect to realize further benefits in 2010 from
actions taken during 2009." Gasser added, "We are encouraged by our
operating results for the fourth quarter of 2009, which were above
the same period last year and significantly higher sequentially.
Volumes continued to gradually improve and further cost-savings
were realized. We completed two acquisitions during the quarter,
bringing the total to six for the year, and we continue to pursue
our pipeline of consolidation and product line extension
opportunities in 2010." Special Items and GAAP to Non-GAAP
Reconciliations Special items are as follows: (i) for fiscal 2009,
restructuring charges of $67 million ($52 million net of tax),
restructuring-related inventory charges of $11 million ($9 million
net of tax) and debt extinguishment charges of $0.8 million ($0.6
million net of tax); (ii) for fiscal 2008, restructuring charges of
$43 million ($33 million net of tax) and gain on timberland
disposals, net of $0.4 million ($0.3 million net of tax); (iii) for
the fourth quarter of 2009, restructuring charges of $9 million
($10 million net of tax) and restructuring-related inventory
charges of $0.7 million ($1.0 million net of tax); and (iv) for the
fourth quarter of 2008, restructuring charges of $19 million ($14
million net of tax). Reconciliations of the differences between all
non-GAAP financial measures used in this release with the most
directly comparable GAAP financial measures are included in the
financial schedules that are a part of this release. Consolidated
Results Fiscal 2009 Net sales decreased 26 percent for fiscal 2009
compared to fiscal 2008 due to lower sales volumes (16 percent),
foreign currency translation (6 percent) and lower selling prices
(4 percent). The 20 percent constant-currency decrease was
primarily due to lower sales volumes resulting from the sharp
decline in the global economy and lower selling prices primarily
resulting from the pass-through of lower raw material costs. The
net sales decrease of $1.0 billion to $2.8 billion in fiscal 2009
from $3.8 billion in fiscal 2008 was due to lower net sales in the
Industrial Packaging ($0.8 billion) and Paper Packaging ($0.2
billion) segments. Operating profit before special items was $313
million for fiscal 2009 compared to $413 million for fiscal 2008.
The lower operating profit before special items for the Industrial
Packaging ($83 million) and Paper Packaging ($19 million) segments,
as compared to fiscal 2008, was due to lower net sales and lower
net gains on asset disposals, significantly offset by cost
reductions achieved under the previously announced accelerated
Greif Business System (GBS) initiatives and specific contingency
actions. The Land Management (formerly Timber) segment's operating
profit before special items improved by $2 million. The Company's
GAAP operating profit was $235 million and $370 million in fiscal
2009 and 2008, respectively. Net income before special items was
$194 million for fiscal 2009 compared to $267 million for fiscal
2008. Diluted earnings per share before special items were $3.32
compared to $4.54 per Class A share and $5.00 compared to $6.89 per
Class B share for fiscal 2009 and 2008, respectively. The Company
had GAAP net income of $132 million, or $2.28 per diluted Class A
share and $3.42 per diluted Class B share, in fiscal 2009 compared
to GAAP net income of $234 million, or $3.99 per diluted Class A
share and $6.04 per diluted Class B share, in fiscal 2008. Fourth
Quarter of 2009 Net sales decreased 23 percent for the fourth
quarter of 2009 as compared to the fourth quarter of 2008 due to
lower selling prices (12 percent), lower sales volumes (10 percent)
and foreign currency translation (1 percent). Net sales were $761
million in the fourth quarter of 2009 compared to $982 million in
the fourth quarter of 2008. The $221 million decrease was
attributable to lower net sales in Industrial Packaging ($177
million) and Paper Packaging ($51 million), partially offset by
higher net sales in Land Management ($7 million). Net sales volumes
were up 6 percent sequentially in the fourth quarter 2009 as
compared to the third quarter of 2009. Operating profit before
special items increased 13 percent to $127 million in the fourth
quarter of 2009 compared to $112 million in the fourth quarter of
2008. The $15 million increase was attributable to higher operating
profit before special items in Industrial Packaging ($19.4 million)
and Land Management ($10.3 million), partially offset by lower
operating profit before special items in Paper Packaging ($14.7
million). GAAP operating profit was $118 million and $93 million in
the fourth quarter of 2009 and 2008, respectively. Net income
before special items increased 20 percent to $90 million in the
fourth quarter of 2009 compared to $75 million in the fourth
quarter of 2008. Diluted earnings per share before special items
were $1.53 compared to $1.27 per Class A share and $2.32 compared
to $1.93 per Class B share for the fourth quarter of 2009 and 2008,
respectively. The Company had GAAP net income of $79 million, or
$1.35 per diluted Class A share and $2.05 per diluted Class B
share, in the fourth quarter of 2009 compared to GAAP net income of
$60 million, or $1.03 per diluted Class A share and $1.56 per
diluted Class B share, in the fourth quarter of 2008. Business
Group Results Industrial Packaging net sales decreased 26 percent
to $2.3 billion in fiscal 2009 from $3.1 billion in fiscal 2008 due
to lower sales volumes (16 percent), foreign currency translation
(7 percent) and lower selling prices (3 percent). Operating profit
before special items was $232 million in fiscal 2009 compared to
$315 million in fiscal 2008. The $83 million decrease was primarily
due to lower net sales and lower net gains on asset disposals.
These reductions were partially offset by lower raw material costs
and related last-in, first-out (LIFO) benefits. In addition, labor,
transportation and energy costs were lower in fiscal 2009 as
compared to fiscal 2008. The gross profit margin for this segment
was 18.8 percent in fiscal 2009 and 18.6 percent in fiscal 2008.
The Industrial Packaging segment's cost of products sold and
selling, general and administrative expenses continue to benefit
from GBS and specific contingency initiatives. GAAP operating
profit was $155 million and $281 million in fiscal 2009 and 2008,
respectively. For the fourth quarter of 2009, the Industrial
Packaging segment net sales decreased 21 percent to $616 million
from $793 million in the fourth quarter of 2008. This decrease was
due to lower selling prices (11 percent), lower sales volumes (8
percent) and foreign currency translation (2 percent). Operating
profit before special items was $99 million in the fourth quarter
of 2009 compared to $80 million in the fourth quarter of 2008. The
$19 million increase was primarily due to lower raw material costs
and related LIFO benefits and higher net gains on asset disposals.
GAAP operating profit was $88 million and $67 million in the fourth
quarter of 2009 and 2008, respectively. Paper Packaging net sales
decreased 28 percent to $505 million in fiscal 2009 from $697
million in fiscal 2008. This $192 million decrease was primarily
due to lower sales volumes (20 percent) and lower selling prices (8
percent) in fiscal 2009 as compared to fiscal 2008. Operating
profit before special items was $59 million in fiscal 2009 compared
to $78 million in fiscal 2008. The $19 million decrease was due to
lower net sales, partially offset by lower raw material costs,
especially for old corrugated containers, and related LIFO
benefits. In addition, labor, transportation and energy costs were
lower in fiscal 2009 as compared to fiscal 2008. The gross profit
margin for this segment was 19.5 percent in fiscal 2009 and 17.1
percent in fiscal 2008. The Paper Packaging segment's cost of
products sold and selling, general and administrative expenses
continue to benefit from GBS and specific contingency initiatives.
GAAP operating profit was $58 million and $68 million in fiscal
2009 and 2008, respectively. For the fourth quarter of 2009, the
Paper Packaging segment net sales decreased 27 percent to $136
million from $187 million in the fourth quarter of 2008. This
decrease was due to lower sales volumes (16 percent) and lower
selling prices (11 percent). Operating profit before special items
was $15 million in the fourth quarter of 2009 compared to $30
million in the fourth quarter of 2008, primarily due to the lower
net sales. GAAP operating profit was $18 million and $24 million in
the fourth quarter of 2009 and 2008, respectively. Net sales for
the Land Management segment were $21 million and $19 million in
fiscal 2009 and 2008, respectively. Operating profit before special
items was $22 million in fiscal 2009 compared to $21 million in
fiscal 2008. Included in these amounts were operating profits from
the sale of special use properties (e.g., surplus, higher and
better use, and development properties) of $15 million in fiscal
2009 and $17 million in fiscal 2008. GAAP operating profit was $22
million and $21 million in fiscal 2009 and 2008, respectively. For
the fourth quarter of 2009, net sales for the Land Management
segment increased to $8.4 million from $1.9 million in the fourth
quarter of 2008. Operating profit before special items was $12.3
million in the fourth quarter of 2009 compared to $2.0 million in
the fourth quarter of 2008. GAAP operating profit was $12.3 million
and $2.0 million in the fourth quarter of 2009 and 2008,
respectively. Financing Arrangements Senior Secured Credit
Facilities In the second quarter of 2009, the Company closed on its
$700 million senior secured credit facilities. The new facilities
replaced an existing $450 million revolving credit facility that
was scheduled to mature in March 2010. The new credit agreement
provides for a $500 million revolving credit facility and a $200
million term loan, which both mature in February 2012. Senior Notes
In the third quarter of 2009, the Company issued $250 million
aggregate principal amount of its 7-3/4 percent Senior Notes due
2019. The net proceeds from the issuance of these Senior Notes are
available for general corporate purposes, including the repayment
of amounts outstanding under its revolving credit facility, without
any permanent reduction to the commitments. Other Financial
Information During fiscal 2009, the Company completed six
acquisitions, including five Industrial Packaging companies and one
Paper Packaging company, for a total purchase price of $91 million.
During fiscal 2008, there were five acquisitions with a total
purchase price of $90 million. In addition, there were net gains
from asset disposals of $34 million and $60 million in fiscal 2009
and 2008, respectively. Capital expenditures were $125 million,
excluding timberland purchases of $1 million, for fiscal 2009
compared with capital expenditures of $143 million, excluding
timberland purchases of $3 million, for fiscal 2008. Depreciation,
depletion and amortization expense was $103 million and $106
million for fiscal 2009 and 2008, respectively. On Dec. 8, 2009,
the Board of Directors declared quarterly cash dividends of $0.38
per share of Class A Common Stock and $0.56 per share of Class B
Common Stock. These dividends are payable on Jan. 1, 2010 to
stockholders of record at close of business on Dec. 21, 2009. Greif
Business System (GBS) and Accelerated Initiatives In December 2008,
the Company announced specific plans to address the adverse impact
to its businesses resulting from the sharp decline of the global
economy, which began in the Company's fourth quarter of 2008.
Management aggressively implemented plans that included the
following initiatives: -- Incremental GBS initiatives, including
operational and commercial improvements and global sourcing
initiatives, produced savings of approximately $50 million during
fiscal 2009. -- Accelerated GBS and contingency initiatives,
including active portfolio management, administrative staffing
reductions and curtailed discretionary spending, captured more than
$150 million in annual savings in fiscal 2009. The permanent
benefits ($120 million) from these initiatives are expected to be
fully realized in fiscal 2010. As a result of these initiatives,
the Company recorded restructuring charges of $67 million during
fiscal 2009. The restructuring and other cost reduction activities
included the closure of 19 facilities and the elimination of more
than 2,100 operating and administrative positions in fiscal 2009.
Company Outlook For fiscal 2010, the Company's management is
cautiously optimistic due to its expectation of continued gradual
improvement in sales volumes and the full realization of fiscal
2009 permanent cost reductions. As such, the Company expects that
Class A earnings per share, before special items, will be in the
range of $4.00 to $4.25 per share for fiscal 2010. Conference Call
The Company will host a conference call to discuss fiscal 2009
results on Dec. 10, 2009, at 10 a.m. Eastern Time (ET). To
participate, domestic callers should call 877-485-3107 and ask for
the Greif conference call. The number for international callers is
+1 201-689-8427. Phone lines will open at 9:50 a.m. ET. The
conference call will also be available through a live webcast,
including slides, which can be accessed at http://www.greif.com/. A
replay of the conference call will be available on the Company's
website in the investor center approximately one hour following the
call. About Greif Greif is a world leader in industrial packaging
products and services. The Company produces steel, plastic, fibre,
corrugated and multiwall containers, packaging accessories and
containerboard, and provides blending and packaging services for a
wide range of industries. Greif also manages timber properties in
North America. The Company is strategically positioned in more than
45 countries to serve global as well as regional customers.
Additional information is on the Company's website at
http://www.greif.com/. Forward-Looking Statements All statements
other than statements of historical facts included in this news
release, including, without limitation, statements regarding the
Company's future financial position, business strategy, budgets,
projected costs, goals and plans and objectives of management for
future operations, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "project," "believe,"
"continue," "on track" or "target" or the negative thereof or
variations thereon or similar terminology. All forward-looking
statements made in this news release are based on information
currently available to management. Although the Company believes
that the expectations reflected in forward-looking statements have
a reasonable basis, the Company can give no assurance that these
expectations will prove to be correct. Forward-looking statements
are subject to risks and uncertainties that could cause actual
events or results to differ materially from those expressed in or
implied by the statements. Such risks and uncertainties that might
cause a difference include, but are not limited to: general
economic and business conditions, including a prolonged or
substantial economic downturn; the availability of the credit
markets to our customers and suppliers, as well as the Company;
changing trends and demands in the industries in which the Company
competes, including industry over-capacity; industry competition;
the continuing consolidation of the Company's customer base for its
industrial packaging, containerboard and corrugated products;
political instability in those foreign countries where the Company
manufactures and sells its products; foreign currency fluctuations
and devaluations; availability and costs of raw materials for the
manufacture of the Company's products, particularly steel, resin
and old corrugated containers; price fluctuations in energy costs;
costs associated with litigation or claims against the Company
pertaining to environmental, safety and health, product liability
and other matters; work stoppages and other labor relations
matters; property loss resulting from wars, acts of terrorism or
natural disasters; the Company's ability to integrate its newly
acquired operations effectively with its existing business; the
Company's ability to achieve improved operating efficiencies and
capabilities; the Company's ability to effectively embed and
realize improvements from the Greif Business System; the frequency
and volume of sales of the Company's timber, timberland and special
use timberland; and the deviation of actual results from the
estimates and/or assumptions used by the Company in the application
of its significant accounting policies. These and other risks and
uncertainties that could materially affect the Company's
consolidated financial results are further discussed in its filings
with the Securities and Exchange Commission, including its Form
10-K for the year ended Oct. 31, 2008. The Company assumes no
obligation to update any forward-looking statements. GREIF, INC.
AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME
UNAUDITED (Dollars and shares in millions, except per share
amounts) Quarter ended Year ended ------------- ---------- October
31, October 31, ----------- ----------- 2009 2008 2009 2008 ----
---- ---- ---- Net sales $760.5 $981.8 $2,792.2 $3,790.5 Cost of
products sold 582.6 789.4 2,257.1 3,097.7 ----- ----- -------
------- Gross profit 177.9 192.4 535.1 692.8 Selling, general and
administrative expenses 76.1 87.1 267.6 339.2 Restructuring charges
8.8 18.8 66.6 43.2 Asset disposals, net 24.6 6.8 34.4 59.9 ---- ---
---- ---- Operating profit 117.6 93.3 235.3 370.3 Interest expense,
net 15.9 11.4 53.6 49.6 Debt extinguishment charges -- -- 0.8 --
Other income (expense), net (3.1) 0.5 (7.2) (8.8) ---- --- ----
---- Income before income tax expense and equity earnings and
minority interests 98.6 82.4 173.7 311.9 Income tax expense 18.1
20.2 37.7 73.6 Equity earnings and minority interests (1.2) (1.8)
(3.6) (3.9) ----- ---- ---- ---- $79.3 $60.4 $132.4 $234.4 Net
income ===== ===== ====== ====== Basic earnings per share: Class A
Common Stock $1.36 $1.04 $2.29 $4.04 Class B Common Stock $2.05
$1.56 $3.42 $6.04 Diluted earnings per share: Class A Common Stock
$1.35 $1.03 $2.28 $3.99 Class B Common Stock $2.05 $1.56 $3.42
$6.04 Earnings per share were calculated using the following number
of shares: Basic earnings per share: Class A Common Stock 24.4 24.0
24.3 23.9 Class B Common Stock 22.5 22.6 22.5 22.8 Diluted earnings
per share: Class A Common Stock 24.8 24.5 24.6 24.4 Class B Common
Stock 22.5 22.6 22.5 22.8 GREIF, INC. AND SUBSIDIARY COMPANIES GAAP
TO NON-GAAP RECONCILIATION CONSOLIDATED STATEMENTS OF INCOME
UNAUDITED (Dollars in millions, except per share amounts) Quarter
ended Quarter ended October 31, 2009 October 31, 2008
---------------------- ---------------------- Diluted per Diluted
per share amounts share amounts --------------- ---------------
Class A Class B Class A Class B ------- ------- ------- -------
GAAP - operating profit $117.6 $93.3 Restructuring charges 8.8 18.8
Restructuring-related inventory charges 0.7 -- Timberland
disposals, net -- -- --- --- Non-GAAP - operating profit before
restructuring charges, restructuring-related inventory charges and
timberland disposals, net $127.1 $112.1 ====== ====== GAAP - net
income $79.3 $1.35 $2.05 $60.4 $1.03 $1.56 Restructuring charges,
net of tax 9.5 0.16 0.25 14.3 0.24 0.37 Restructuring-related
inventory charges, net of tax 1.0 0.02 0.02 -- -- -- Timberland
disposals, net of tax -- -- -- -- -- -- --- --- --- --- --- ---
Non-GAAP - net income before restructuring charges, restructuring-
related inventory charges and timberland disposals, net $89.8 $1.53
$2.32 $74.7 $1.27 $1.93 ===== ===== ===== ===== ===== ===== Year
ended Year ended October 31, 2009 October 31, 2008
---------------------- ---------------------- Diluted per Diluted
per share amounts share amounts --------------- ---------------
Class A Class B Class A Class B ------- ------- ------- -------
GAAP - operating profit $235.3 $370.3 Restructuring charges 66.6
43.2 Restructuring-related inventory charges 10.8 -- Timberland
disposals, net -- (0.4) --- ---- Non-GAAP -operating profit before
restructuring charges, restructuring-related inventory charges and
timberland disposals, net $312.7 $413.1 ====== ====== GAAP - net
income $132.4 $2.28 $3.42 $234.4 $3.99 $6.04 Restructuring charges,
net of tax 52.1 0.89 1.34 33.0 0.55 0.86 Restructuring-related
inventory charges, net of tax 8.5 0.14 0.22 -- -- -- Debt
extinguishment charges, net of tax 0.6 0.01 0.02 -- -- --
Timberland disposals, net of tax -- -- -- (0.3) -- (0.01) --- ---
--- ---- --- ----- Non-GAAP - net income before restructuring
charges, restructuring- related inventory charges, debt
extinguishment charges and timberland disposals, net $193.6 $3.32
$5.00 $267.1 $4.54 $6.89 ====== ===== ===== ====== ===== =====
GREIF, INC. AND SUBSIDIARY COMPANIES SEGMENT DATA UNAUDITED
(Dollars in millions) Quarter ended Year ended -------------
---------- October 31, October 31, ------------------
--------------------- 2009 2008 2009 2008 ---- ---- ---- ---- Net
sales Industrial Packaging $616.1 $792.8 $2,266.9 $3,074.8 Paper
Packaging 136.0 187.1 504.7 696.9 Land Management 8.4 1.9 20.6 18.8
--- --- ---- ---- Total $760.5 $981.8 $2,792.2 $3,790.5 ======
====== ======== ======== Operating profit Operating profit before
restructuring charges, restructuring-related inventory charges and
timberland disposals, net: Industrial Packaging $99.4 $80.0 $231.7
$315.0 Paper Packaging 15.4 30.1 58.7 77.5 Land Management 12.3 2.0
22.3 20.6 ---- --- ---- ---- Operating profit before restructuring
charges, restructuring-related inventory charges and timberland
disposals, net 127.1 112.1 312.7 413.1 ----- ----- ----- -----
Restructuring charges: Industrial Packaging 11.0 13.0 65.7 34.0
Paper Packaging (2.2) 5.8 0.7 9.1 Land Management -- -- 0.2 0.1 ---
--- --- --- Restructuring charges 8.8 18.8 66.6 43.2 --- ---- ----
---- Restructuring-related inventory charges: Industrial Packaging
0.7 -- 10.8 -- Timberland disposals, net: Land Management -- -- --
0.4 --- --- --- --- Total $117.6 $93.3 $235.3 $370.3 ====== =====
====== ====== Depreciation, depletion and amortization expense
Industrial Packaging $20.2 $19.3 $73.2 $73.8 Paper Packaging 6.7
8.0 26.3 28.2 Land Management 1.2 0.1 3.1 4.4 --- --- --- --- Total
$28.1 $27.4 $102.6 $106.4 ===== ===== ====== ====== GREIF, INC. AND
SUBSIDIARY COMPANIES GEOGRAPHIC DATA UNAUDITED (Dollars in
millions) Quarter ended Year ended October 31, October 31,
---------------- ------------------ 2009 2008 2009 2008 ---- ----
---- ---- Net sales North America $400.4 $534.9 $1,530.4 $2,001.3
Europe, Middle East and Africa 226.9 306.1 835.1 1,278.4 Other
133.2 140.8 426.7 510.8 ----- ----- ----- ----- Total $760.5 $981.8
$2,792.2 $3,790.5 ====== ====== ======== ======== Operating profit
Operating profit before restructuring charges,
restructuring-related inventory charges and timberland disposals,
net: North America $65.9 $67.4 $199.3 $195.6 Europe, Middle East
and Africa 46.3 31.5 95.2 133.9 Other 14.9 13.2 18.2 83.6 ---- ----
---- ---- Operating profit before restructuring charges and 127.1
112.1 312.7 413.1 timberland disposals, net Restructuring charges
8.8 18.8 66.6 43.2 Restructuring-related inventory charges 0.7 --
10.8 -- Timberland disposals, net -- -- -- 0.4 --- --- --- ---
Total $117.6 $93.3 $235.3 $370.3 ====== ===== ====== ====== GREIF,
INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION
SEGMENT DATA UNAUDITED (Dollars in millions) Quarter ended Year
ended October 31, October 31, 2009 2008 2009 2008 ----------------
------------------ Industrial Packaging GAAP - operating profit
$87.7 $67.0 $155.2 $281.0 Restructuring charges 11.0 13.0 65.7 34.0
Restructuring-related inventory charges 0.7 -- 10.8 -- --- --- ----
--- Non-GAAP - operating profit before restructuring charges and
restructuring- related inventory charges $99.4 $80.0 $231.7 $315.0
===== ===== ====== ====== Paper Packaging GAAP - operating profit
$17.6 $24.3 $58.0 $68.4 Restructuring charges (2.2) 5.8 0.7 9.1
---- --- --- --- Non-GAAP -operating profit before restructuring
charges $15.4 $30.1 $58.7 $77.5 ===== ===== ===== ===== Land
Management GAAP - operating profit $12.3 $2.0 $22.1 $20.9
Restructuring charges -- -- 0.2 0.1 Timberland disposals, net -- --
-- (0.4) --- --- --- ---- Non-GAAP -operating profit before
restructuring charges and timberland disposals, net $12.3 $2.0
$22.3 $20.6 ===== ==== ===== ===== GREIF, INC. AND SUBSIDIARY
COMPANIES CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED (Dollars
in millions) October 31, 2009 October 31, 2008 ----------------
---------------- ASSETS CURRENT ASSETS Cash and cash equivalents
$111.9 $77.6 Trade accounts receivable 337.0 392.5 Inventories
227.4 304.0 Other current assets 157.4 148.5 ----- ----- 833.7
922.6 ----- ----- LONG-TERM ASSETS Goodwill 592.1 513.0 Intangible
assets 131.4 104.4 Assets held by special purpose entities 50.9
50.9 Other long-term assets 112.1 88.6 ----- ---- 886.5 756.9 -----
----- PROPERTIES, PLANTS AND EQUIPMENT 1,092.3 1,066.4 -------
------- $2,812.5 $2,745.9 ======== ======== LIABILITIES AND
SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $335.8
$384.6 Short-term borrowings 19.6 44.3 Other current liabilities
189.2 242.9 ----- ----- 544.6 671.8 ----- ----- LONG-TERM
LIABILITIES Long-term debt 738.6 673.2 Liabilities held by special
purpose entities 43.2 43.3 Other long-term liabilities 386.5 298.1
----- ----- 1,168.3 1,014.6 ------- ------- MINORITY INTEREST 7.0
3.7 --- --- SHAREHOLDERS' EQUITY 1,092.6 1,055.8 ------- -------
$2,812.5 $2,745.9 ======== ======== DATASOURCE: Greif, Inc.
CONTACT: Analysts: Robert Lentz, +1-614-876-2000, or Media: Deb
Strohmaier, +1-740-549-6074, +1-614-208-3496 cell Web Site:
http://www.greif.com/
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