8-K 1 bpc8k050208.txt 8-K 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 (DATE OF EARLIEST EVENT REPORTED):FEBRUARY 8, 2005 (FEBRUARY 3, 2005) 033-75706 (Commission File Number) BPC HOLDING CORPORATION (Exact name of registrant as specified in its charter)

~~-----------------------------------------------------------------------------------------------------~~DELAWARE ~~BPC HOLDING LANDIS AS OF AS OF ADJUSTMENTS PRO FORMA SEPTEMBER 27, SEPTEMBER 28, FOR THE FOR THE (DOLLARS IN THOUSANDS) 2003 2003 TRANSACTIONS TRANSACTIONS~~ 35-~~----------------------------------------------------------------------------------------------------~~1814673 ~~ASSETS Current assets: Cash and cash equivalents........ $ 26,452 $ 6,903 $~~ (~~29,118)(1)~~State $or ~~4,237~~other ~~Accounts~~jurisdiction receivable.............. 67,854 24,868 (261)(2) 92,461 Inventories...................... 57,819 22,299 3,259(3) 83,377 Other current assets............. 8,502 2,106 - 10,608 --------------------------------------------------------------- Total current assets.......... 160,627 56,176 (26,120) 190,683 Property and equipment, net......... 190,835 64,681 10,846(2)(5) 266,362 Intangible assets................... 413,041 - 134,129(4) 547,170 Other assets........................ 102 10,369 (9,986)(2)(5) 485 --------------------------------------------------------------- Total assets.................. $ 764,605 $ 131,226 $ 108,869 $ 1,004,700 --------------------------------------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable................. $ 33,266 $ 10,113 $ - $ 43,379 Accrued interest................. 6,623 105 2,680(6) 9,408 Other current liabilities........ 28,483 12,505 (391)(2) 40,597 Current portion of ~~long-term debt.......................... 9,000 5,786~~ (~~5,286)(7) 9,500 --------------------------------------------------------------- Total current liabilities~~I.R.S... ~~77,372~~Employer ~~28,509~~incorporation ~~(2,997)~~or ~~102,884 Long-term debt (less current portion~~organization)~~.........................~~ ~~595,435~~Identification ~~26,801 125,699(7~~Number) 747,935 Other liabilities................... 4,696 83 - 4,779 --------------------------------------------------------------- Total liabilities............. 677,503 55,393 122,702 855,598 --------------------------------------------------------------- Stockholders' equity: Preferred stock............... - - - - Common stock.................. 28 54 (48)(8) 34 Additional paid-in capital.... 282,370 1,258 60,736(8) 344,364 Adjustment of the carryover basis of continuing stockholders............... (196,603) - - (196,603) Notes receivable-common stock...................... (13,966) - - (13,966) Treasury stock................ (1,972) - - (1,972) Retained earnings............. 15,018 74,521 (74,521)(2)(8) 15,018 Accumulated other comprehensive income....... 2,227 - - 2,227 --------------------------------------------------------------- Total stockholders' equity.... 87,102 75,833 (13,833) 149,102 --------------------------------------------------------------- Total liabilities and stockholders' equity....... $ 764,605 $ 131,226 $ 108,869 $ 1,004,700 -----------------------------------------------------------------------------------------------------

BERRY PLASTICS CORPORATION (Exact name of registrant as specified in its charter)

DELAWARE 35-~~--------------------------------------------------------------------~~1813706 ~~Accounts receivable......................................... $~~ (~~261)~~State ~~Property~~or ~~and~~other ~~equipment,~~jurisdiction ~~net~~of (I.R.S.~~..............................~~ ~~(43)~~Employer ~~Other~~incorporation ~~assets................................................~~or ~~(4,766~~organization) ~~-------~~Identification ~~$(5,070~~Number) ~~-------~~101 ~~Other~~OAKLEY ~~current~~STREET ~~liabilities...................................~~47710 EVANSVILLE, INDIANA (~~391~~Zip Code) ~~Retained~~(Address ~~earnings...........................................~~of ~~(4,679)~~principal ~~-------~~executive ~~$(5,070~~offices) ~~---------------------------------------------------------------------~~

(812) 424-2904 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-4(c)) Item 5.02. DEPARTURE OF DIRECTOR OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS. On February 3, 2005 Berry Plastics Corporation (the "Registrant") received the resignation of Douglas Graham as a director, effective February 14, 2005. Mr. Graham has served as a member of the Registrant's board of directors since June 2004. Mr. Graham resigned to pursue other interests. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf of the undersigned hereunto duly authorized. Dated: February 8, 2005 BPC HOLDING CORPORATION BERRY PLASTICS CORPORATION By: /s/ James M. Kratochvil James M. Kratochvil Executive Vice President, Chief Financial Officer, Treasurer and Secretary of the entities listed above

---------------------------------------------------------------------- Purchase price.............................................. $228,000 Estimated transaction costs................................. 12,000 -------- Total consideration......................................... 240,000 Less: Net assets acquired................................... 105,871 -------- Net adjustment.............................................. $134,129 ----------------------------------------------------------------------

--------------------------------------------------------------------------------------- CURRENT PORTION LONG-TERM DEBT --------------------------------------------------------------------------------------- Retirement of Landis debt............................ $ (5,786) $ (26,801) Notes issued hereby.................................. - 90,000(a) Revolving line of credit............................. - 9,700 Existing term loan................................... (3,300) (323,400) New term loan........................................ 3,800 376,200 -------------------------------- Net adjustments...................................... $ (5,286) $ 125,699 ---------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------- ADDITIONAL PAID-IN COMMON STOCK CAPITAL RETAINED EARNINGS ----------------------------------------------------------------------------------------- Landis equity..................... $ (54) $ (1,258) $ (69,842) New equity........................ 6 61,994 - ----------------------------------------------------- Net adjustments................... $ (48) $ 60,736 $ (69,842) -----------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------ COMPANY ADJUSTMENTS PRO FORMA PREDECESSOR PERIOD LANDIS FOR THE FOR THE PERIOD FROM FROM COMBINED YEAR ENDED BUYOUT BUYOUT 12/30/01- 7/22/02- COMPANY & DECEMBER 31, AND THE AND THE (DOLLARS IN THOUSANDS) 7/21/02 12/28/02 PREDECESSOR 2002 TRANSACTIONS TRANSACTIONS ------------------------------------------------------------------------------------------------------------ Net sales............. $ 280,677 $213,626 $ 494,303 $ 211,613 $ - $ 705,916 Cost of goods sold.... 207,458 163,815 371,273 166,977 (2,572)(1) 535,678 ------------------------------------------------------------------------------------ Gross profit.......... 73,219 49,811 123,030 44,636 2,572 170,238 Operating expenses.... 33,321 23,159 56,480 31,048 (235)(3) 87,293 Merger expenses....... 20,987 - 20,987 - (20,987)(2) - ------------------------------------------------------------------------------------ Operating income...... 18,911 26,652 45,563 13,588 23,794 82,945 Other expenses........ 291 8 299 81 - 380 Loss on extinguished debt............... 25,328 - 25,328 - (25,328)(6) - Interest expense, net................ 28,742 20,512 49,254 2,694 4,766(4) 56,714 ------------------------------------------------------------------------------------ Income (loss) before income taxes....... (35,450) 6,132 (29,318) 10,813 44,356 25,851 Income taxes.......... 345 2,953 3,298 23 7,718(5) 11,039 ------------------------------------------------------------------------------------ Net income (loss)..... (35,795) 3,179 (32,616) 10,790 36,638 14,812 Preferred stock dividends.......... 6,468 - 6,468 - (6,468)(7) - Amortization of preferred stock dividends.......... 574 - 574 - (574)(8) - ------------------------------------------------------------------------------------ Net income (loss) attributable to common stockholders....... $ (42,837) $ 3,179 $ (39,658) $ 10,790 $ 43,680 $ 14,812 ------------------------------------------------------------------------------------ OTHER DATA: Depreciation and amortization....... $ 24,775 $17,190 $ 41,965 $ 12,561 $ 2,085(1) $ 56,611 ------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------ BPC HOLDING LANDIS THIRTY-NINE THIRTY-NINE WEEKS ENDED WEEKS ENDED ADJUSTMENTS PRO FORMA SEPTEMBER 27, SEPTEMBER 28, FOR THE FOR THE (DOLLARS IN THOUSANDS) 2003 2003 TRANSACTIONS TRANSACTIONS ------------------------------------------------------------------------------------------------------ Net sales............................. $ 411,555 $ 164,525 $ - $ 576,080 Cost of goods sold.................... 313,221 134,371 (2,735)(1) 444,857 -------------------------------------------------------------- Gross profit.......................... 98,334 30,154 2,735 131,223 Operating expenses.................... 43,176 25,648 (176)(3) 68,648 -------------------------------------------------------------- Operating income...................... 55,158 4,506 2,911 62,575 Interest expense, net................. 33,794 1,886 5,059(4) 40,739 -------------------------------------------------------------- Income (loss) before income taxes..... 21,364 2,620 (2,148) 21,836 Income taxes.......................... 9,525 77 102(5) 9,704 -------------------------------------------------------------- Net income (loss)..................... $ 11,839 $ 2,543 $ (2,250) 12,132 -------------------------------------------------------------- OTHER DATA: Depreciation and amortization......... $ 31,054 $ 9,586 $ 1,519(1) $ 42,159 ------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------- THIRTY-NINE WEEKS ENDED SEPTEMBER 27, 2002 2003 -------------------------------------------------------------------------------- LIFO adjustment to FIFO..................... $(1,615) $ (1,499) Tooling costs to be capitalized............. (1,392) (1,525) Depreciation on capitalized tooling......... 2,085 1,519 Operating leases not part of purchase....... (4,610) (3,450) New operating leases........................ 2,960 2,220 ------------------------- Net adjustments............................. $(2,572) $ (2,735) --------------------------------------------------------------------------------

-------------------------------------------------------------------------------- THIRTY-NINE WEEKS ENDED SEPTEMBER 27, 2002 2003 -------------------------------------------------------------------------------- Landis existing interest.................... $(2,694) $ (1,886) Notes offered hereby: Interest................................. 8,795 6,597 Amortization of bond premium............. (935) (701) Amortization of deferred financing costs................................. 343 257 Amendment of credit agreement: Interest................................. 761 570 Amortization of deferred financing....... 295 222 Adjustment for Buyout financing............. (1,799) - ------------------------- Net adjustments............................. $ 4,766 $ 5,059 --------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------- FACILITY LOCATION SQUARE FOOTAGE OWNED/LEASED -------------------------------------------------------------------------------------------- Alsip, Il (South) 388,000 Owned(1) Alsip, Il (North) 84,000 Owned(1) Monticello, IN 184,000 Owned Phoenix, AZ 140,000 Owned(1) Richmond, IN 160,000 Owned Syracuse, NY 135,000 Owned(1) --------------------------------------------------------------------------------------------

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