Form 8-K for Greif, Inc.

 

UNITED STATES

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): September 11, 2003 (September 10, 2003)

 

 

GREIF, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   1-566   31-4388903

(State or other jurisdiction

of incorporation or organization)

   (Commission File Number)  

(I.R.S. Employer

Identification No.)

 

425 Winter Road, Delaware, Ohio   43015
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code (740) 549-6000

 

Not Applicable

Former name or former address, if changed since last report.

 

Item 12.   Results of Operations and Financial Condition.

 

On September 10, 2003, Greif, Inc. (the “Company”) issued a press release (the “Release”) announcing its results for the three-month and nine-month periods ended July 31, 2003. The full text of the Release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

The Release included the non-GAAP financial measures of (i) net income before restructuring charges, debt extinguishment charge and timberland gains, (ii) earnings per Class A and Class B share before restructuring charges, debt extinguishment charge and timberland gains, and (iii) operating profit before restructuring charges. Net income before restructuring charges, debt extinguishment charge and timberland gains is equal to GAAP net income plus restructuring charges and debt extinguishment charge less timberland gains, net of tax. Earnings per Class A and Class B share before restructuring charges, debt extinguishment charge and timberland gains is equal to GAAP earnings per Class A and Class B share plus the effects of restructuring charges and debt extinguishment charge less the effects of timberland gains, net of tax. Operating profit before restructuring charges is equal to GAAP operating profit plus restructuring charges.

 

Management uses net income before restructuring charges, debt extinguishment charge and timberland gains, earnings per Class A and Class B share before restructuring charges, debt extinguishment charge and timberland gains and operating profit before restructuring charges because it believes that these measures are a better indication of the Company’s operational performance than GAAP net income, earnings per Class A and Class B share and operating profit because they exclude restructuring charges and debt extinguishment charge, which are not representative of ongoing operations, and timberland gains that sometimes are volatile from period to period. Net income before restructuring charges, debt extinguishment charge and timberland gains, earnings per Class A and Class B share before restructuring charges, debt extinguishment charge and timberland gains and operating profit before restructuring charges provide a more stable platform on which to compare the historical performance of the Company.

 

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.

 

       

GREIF, INC.

Date: September 11, 2003       By:  

/s/    DONALD S. HUML        

               

Donald S. Huml

Chief Financial Officer

(Duly Authorized Signatory)

INDEX TO EXHIBITS

 

Exhibit No.
   

Description

99.1

    Press release issued by Greif, Inc. on September 10, 2003 announcing its results for the three-month and nine-month periods ended July 31, 2003.