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Prospector
Profile
3-24-006
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| Portola Packaging, Inc. |
NAICS |
332115 |
| 951 Douglas Road,
Batavia, IL 60510 |
Description |
Crown and Closure Mfg. |
| (630) 406-8440 |
Employees |
1299 |
| http://www.portpack.com/about.html |
Revenue |
(mil) |
269.6100 |
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Income |
(mil) |
-12.0200 |
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Assets |
(mil) |
161.4700 |
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Liability |
(mil) |
258.1400 |
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(for the year ended 2007-08-31) |
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Category:
Low Rating
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Event:
Standard & Poor's Ratings Services affirmed its 'B-' issue-level rating on Portola Packaging Inc.'s $60 million revolving credit facility. The issue rating is two notches higher than the corporate credit rating on Portola, and the recovery rating on this debt remains unchanged at '1', indicating the expectation for very high (90% to 100%) recovery in the event of a payment default. The corporate credit rating on the Company is 'CCC' and the outlook is negative. The ratings on Portola reflect its highly leveraged financial profile, constrained liquidity, modest-size operations, and narrow product line, partially offset by defensible niche positions and favorable geographic diversity, said Standard & Poor's credit analyst Henry Fukuchi.
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Intellectual Property:
As of August 31, 2007, the Company holds more than 277 domestic and foreign patents on the design of its products, including container closures, compatible neck finishes, handling equipment and related processes and additional patent applications are pending. The Company relies primarily on patents to protect intellectual property and are committed to developing new proprietary innovations in tamper evident plastic closures, bottles, related equipment and tooling for the food and beverage and CFT industries, which will provide the Company with a competitive advantage in many new product areas. A number of its prior patents relating to a beverage closure product lines have expired in recent years, which adversely affected gross margins as competitors who have become free to imitate designs have begun to compete aggressively in product pricing. The Company also has a number of trademarks that are deemed valuable to its business, including Cap Snap(R), Snap Cap(R), Portola Packaging(R), Nepco(R), Tech Industries, Inc.(R) and the Portola logo. [SEC Filing 10-K 11-27-07]
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Description:
Portola Packaging, Inc., designs, manufactures and markets tamper-evident plastic closures used in the dairy, fruit juice, bottled water, sports drinks, institutional food products and other non-carbonated beverage products.
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Officers:
Martin Imbler (Chair); Brian J. Bauerbach (Pres., CEO & Dir. ); Michael T. Morefield (SVP & CFO); Richard D. Lohrman (VP-Eng./R&D)
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Auditor:
BDO Seidman LLP
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Securities:
12,014,770 common shares outstanding as of November 27, 2007.
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Notes:
There is no established trading market for any class of the Company's common stock.
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