| Industries |
|---|
| Metal and Glass Containers |
| Oil and Gas Storage and Transportation |
| Oil and Gas Refining and Marketing and Transportation |
| Transportation |
| Environmental Services |
| Energy |
| Independent Power Producers and Energy Traders |
| Investment Banking and Brokerage |
| Exposures |
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| Military |
| Express intent |
| Intelligence |
| Provide |
| Event Codes |
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| Solicit support |
| Agree |
| Demand |
| Yield to order |
| Sports contest |
| Acknowledge responsibility |
| Promise |
| Force |
| Human death |
| Warn |
| Covert monitoring |
| Military blockade |
| Wiki | Wiki Summary |
|---|---|
| Shareholder | A shareholder (in the United States often referred to as stockholder) of a corporation is an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the legal owner of shares of the share capital of a public or private corporation. Shareholders may be referred to as members of a corporation. |
| Equity (finance) | In finance, equity is ownership of assets that may have debts or other liabilities attached to them. Equity is measured for accounting purposes by subtracting liabilities from the value of the assets. |
| Public company | A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (listed company), which facilitates the trade of shares, or not (unlisted public company). |
| Corrugated fiberboard | Corrugated fiberboard is a material consisting of a fluted corrugated sheet and one or two flat linerboards. It is made on "flute lamination machines" or "corrugators" and is used for making cardboard boxes. |
| Kraft Group | The Kraft Group, LLC, is a group of privately held companies in the professional sports, manufacturing, and real estate development industries doing business in 90 countries. Founded in 1998 by American businessman Robert Kraft as a holding company for various interests he had acquired since 1968, it is based in Foxborough, Massachusetts. |
| Nine Dragons Paper Holdings Limited | Nine Dragons Paper (Holdings) Limited (SEHK: 2689) is a publicly listed paper manufacturing company in Mainland China, engaging in the manufacturing of containerboard products which include linerboard, duplex board as well as pulp. Its CEO and largest shareholder is Mrs. |
| Weyerhaeuser | Weyerhaeuser Company () is an American timberland company which owns nearly 12,400,000 acres (19,400 sq mi; 50,000 km2) of timberlands in the U.S., and manages an additional 14,000,000 acres (22,000 sq mi; 57,000 km2) of timberlands under long-term licenses in Canada. The company also manufactures wood products. |
| Cardboard | Card stock, also called cover stock and pasteboard, is paper that is thicker and more durable than normal writing and printing paper, but thinner and more flexible than other forms of paperboard.\nCard stock is often used for business cards, postcards, playing cards, catalogue covers, scrapbooking, and other applications requiring more durability than regular paper gives. |
| Stock market | A stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses; these may include securities listed on a public stock exchange, as well as stock that is only traded privately, such as shares of private companies which are sold to investors through equity crowdfunding platforms. Investment is usually made with an investment strategy in mind. |
| Market structure | Market structure, in economics, depicts how firms are differentiated and categorised based on the types of goods they sell (homogeneous/heterogeneous) and how their operations are affected by external factors and elements. Market structure makes it easier to understand the characteristics of diverse markets. |
| Competitor analysis | Competitive analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. |
| Competitors for the Crown of Scotland | When the crown of Scotland became vacant in September 1290 on the death of the seven-year-old child Queen Margaret, 13 claimants to the throne came forward. Those with the most credible claims were John Balliol, Robert Bruce, John Hastings and Floris V, Count of Holland. |
| Competitor Group | Competitor Group, Inc. (CGI) is a privately held, for-profit, sports marketing and management company based in Mira Mesa, San Diego, California. |
| Sport of athletics | Athletics is a group of sporting events that involves competitive running, jumping, throwing, and walking. The most common types of athletics competitions are track and field, road running, cross country running, and racewalking. |
| Pricing strategies | A business can use a variety of pricing strategies when selling a product or service. To determine the most effective pricing strategy for a company, senior executives need to first identify the company's pricing position, pricing segment, pricing capability and their competitive pricing reaction strategy. |
| Timberland (company) | Timberland LLC is an American manufacturer and retailer of outdoors wear, with a focus on footwear. It is owned by VF Corporation. |
| Timberland, Wisconsin | Timberland is an unincorporated community located in the town of Roosevelt, Burnett County, Wisconsin, United States. |
| Island Timberlands | Island Timberlands LP, a private timberlands business in British Columbia, Canada, was created in 2005 by the purchase of lands from Weyerhaeuser's coastal BC timber estate, which had originally been purchased in 1999 from MacMillan Bloedel. The private managed forest lands comprise approximately 254,000 hectares of forests, both mature and regenerating. |
| Guns of the Timberland | Guns of the Timberland is a 1960 American Technicolor lumberjack Western film directed by Robert D. Webb starring Alan Ladd, Jeanne Crain, Gilbert Roland and Frankie Avalon.\n\n\n== Plot ==\nLogger Jim Hadley (Alan Ladd) and his lumberjack crew are looking for new forest to cut. |
| Klaus Teuber | Klaus Teuber (born June 25, 1952) is a German former dental technician and designer of board games. He is best known for designing the strategy board game Catan. |
| Price Chopper and Market 32 Supermarkets | Golub Corporation is an American supermarket operator. Headquartered in Schenectady, New York, it owns the chains Market 32 and Price Chopper Supermarkets. |
| Volatility (finance) | In finance, volatility (usually denoted by σ) is the degree of variation of a trading price series over time, usually measured by the standard deviation of logarithmic returns.\nHistoric volatility measures a time series of past market prices. |
| Recycling | Recycling is the process of converting waste materials into new materials and objects. The recovery of energy from waste materials is often included in this concept. |
| Sustainable fashion | Sustainable fashion (also known as eco-fashion) is an all-inclusive term describing products, processes, activities, and actors (policymakers, brands, consumers) aiming to achieve a carbon-neutral fashion industry, built on equality, social justice, animal welfare, and ecological integrity. Sustainable fashion concerns more than just addressing fashion textiles or products. |
| Consolidation (business) | In business, consolidation or amalgamation is the merger and acquisition of many smaller companies into a few much larger ones. In the context of financial accounting, consolidation refers to the aggregation of financial statements of a group company as consolidated financial statements. |
| Jessica Stockholder | Jessica Stockholder (born 1959) is a Canadian-American artist known for site-specific installation works and sculptures that are often described as "paintings in space." She came to prominence in the early 1990s with monumental works that challenged boundaries between artwork and display environment as well as between pictorial and physical experience. Her art often presents a "barrage" of bold colors, textures and everyday objects, incorporating floors, walls and ceilings and sometimes spilling out of exhibition sites. |
| Derivative suit | A shareholder derivative suit is a lawsuit brought by a shareholder on behalf of a corporation against a third party. Often, the third party is an insider of the corporation, such as an executive officer or director. |
| Common stock | Common stock is a form of corporate equity ownership, a type of security. The terms voting share and ordinary share are also used frequently outside of the United States. |
| Common stock dividend | A common stock dividend is the dividend paid to common stock owners from the profits of the company. Like other dividends, the payout is in the form of either cash or stock. |
| Preferred stock | Preferred stock (also called preferred shares, preference shares, or simply preferreds) is a component of share capital that may have any combination of features not possessed by common stock, including properties of both an equity and a debt instrument, and is generally considered a hybrid instrument. Preferred stocks are senior (i.e., higher ranking) to common stock but subordinate to bonds in terms of claim (or rights to their share of the assets of the company, given that such assets are payable to the returnee stock bond) and may have priority over common stock (ordinary shares) in the payment of dividends and upon liquidation. |
| Matthiola incana | Matthiola incana is a species of flowering plant in the cabbage family Brassicaceae. Common names include Brompton stock, common stock, hoary stock, ten-week stock, and gilly-flower. |
| Class B share | In finance, a Class B share or Class C share is a designation for a share class of a common or preferred stock that typically has strengthened voting rights or other benefits compared to a Class A share that may have been created. The equity structure, or how many types of shares are offered, is determined by the corporate charter.B share can also refer to various terms relating to stock classes:\n\nB share (mainland China), a class of stock on the Shanghai and Shenzhen stock exchanges\nB share (NYSE), a class of stock on the New York Stock ExchangeMost of the time, Class B shares may have lower repayment priorities in the event a company declares bankruptcy. |
| Convertible bond | In finance, a convertible bond or convertible note or convertible debt (or a convertible debenture if it has a maturity of greater than 10 years) is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value. It is a hybrid security with debt- and equity-like features. |
| Price | A prince is a male ruler (ranked below a king, grand prince, and grand duke) or a male member of a monarch's or former monarch's family. Prince is also a title of nobility (often highest), often hereditary, in some European states. |
| Market power | In economics, market power refers to the ability of a firm to influence the price at which it sells a product or service by manipulating either the supply or demand of the product or service to increase economic profit. In other words, market power occurs if a firm does not face a perfectly elastic demand curve and can set its price (P) above marginal cost (MC) without losing revenue. |
| Non-price competition | Non-price competition is a marketing strategy "in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design and workmanship". It often occurs in imperfectly competitive markets because it exists between two or more producers that sell goods and services at the same prices but compete to increase their respective market shares through non-price measures such as marketing schemes and greater quality. |
| Risk Factors |
|---|
| PACKAGING CORP OF AMERICA Item 1A RISK FACTORS Some of the statements in this report and in our 2005 Annual Report to Shareholders, and in particular, statements found in Management’s Discussion and Analysis of Financial Condition and Results of Operations, that are not historical in nature may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 |
| These statements are often identified by the words “will,” “should,” “anticipate,” “believe,” “expect,” “intend,” “estimate,” “hope,” or similar expressions |
| These statements reflect management’s current views with respect to future events and are subject to risks and uncertainties |
| There are important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond our control |
| These factors, risks and uncertainties include, but are not limited to, the factors described below |
| Our actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, and accordingly, we can give no assurances that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition |
| In view of these uncertainties, investors are cautioned not to place undue reliance on these forward-looking statements |
| We expressly disclaim any obligation to publicly revise any forward-looking statements that have been made to reflect the occurrence of events after the date hereof |
| Industry Risks Industry Earnings Cyclicality—Imbalances of supply and demand for containerboard affect the price at which we can sell containerboard and, as a result, could result in lower selling prices and earnings |
| The price of containerboard could fall if the supply of containerboard available for sale in the market exceeds the demand |
| The demand for containerboard is driven by market needs for containerboard in the United States and abroad to manufacture corrugated shipping containers |
| Market needs or demand are driven by both global and US business conditions |
| If supply exceeds demand, prices for containerboard could decline, resulting in decreased earnings and cash flow |
| From time to time, we have taken downtime (or slowbacks) at some of our mills to balance our production of containerboard with the market demand for our containerboard, and we may continue to do so in the future |
| Some of our competitors have also temporarily closed or reduced production at their containerboard mills, some of which could reopen and increase production capacity |
| This could result in a supply and demand imbalance and cause prices to fall |
| 12 ______________________________________________________________________ Competition—The intensity of competition in the containerboard and corrugated packaging industry combined with the commodity nature of containerboard could result in downward pressure on pricing, which could lower earnings |
| PCA operates in an industry that is highly competitive, with no single containerboard or corrugated packaging producer having a dominant position |
| Containerboard cannot generally be differentiated by producer, which tends to intensify price competition |
| The corrugated packaging industry is also sensitive to price fluctuations, as well as other factors including innovation, design, quality and service |
| To the extent that one or more competitors are more successful with respect to any key competitive factor, our business could be adversely affected |
| Our products also compete, to some extent, with various other packaging materials, including products made of paper, plastics, wood and various types of metal |
| The intensity of containerboard competition and the commodity nature of containerboard, plus the intensity of corrugated packaging competition, could lead to a reduction in our market share as well as lower prices for our products, both of which could reduce our earnings |
| Company Risks Cost of Wood Fiber—Dependence on external wood fiber sources could lead to higher costs and lower earnings for PCA During 1999 and 2000, PCA sold 800cmam000 acres of owned timberlands |
| In connection with these sales, we entered into supply agreements at market prices for wood fiber to be consumed at three of our four mills |
| Currently, we have supply agreements on about 390cmam000 of the 800cmam000 acres of timberlands sold |
| In addition to these supply agreements, PCA also secures wood fiber from various other sources at market prices |
| Because we do not own any timberlands, we are more vulnerable to changes in availability of wood fiber in areas adjacent to our mills than those of our competitors who do own timberlands in areas adjacent to their mills, and therefore could face higher wood fiber costs than those competitors, both in terms of the cost of the wood fiber itself as well as the transportation costs to get the wood fiber to our mills |
| The price for wood fiber has historically fluctuated on a cyclical basis and has often depended on a variety of factors over which we have no control, including environmental and conservation regulations, natural disasters and the weather |
| Any increase in wood fiber costs could cause our manufacturing costs to increase and our earnings to decrease to a greater extent than those of our competitors who own their own timberlands |
| Cost of Recycled Fiber—An increase in the cost of recycled fiber could increase our containerboard manufacturing costs and lower our earnings |
| PCA purchases recycled fiber for use at three of its four containerboard mills |
| PCA currently purchases, net of recycled fiber generated at its box plants, approximately 400cmam000 tons of recycled fiber per year |
| The increase in demand of products manufactured, in whole or in part, from recycled fiber on a global basis has caused an occasional tightening in the supply of recycled fiber |
| These periods of supply and demand imbalance have tended to create significant price volatility |
| We expect that periods of above average recycled fiber costs and overall price volatility will continue, which could result in earnings volatility |
| Cost of Purchased Energy—An increase in the cost of purchased energy, particularly natural gas and oil, could lead to higher manufacturing costs, resulting in reduced earnings |
| PCA has the capability to use various types of purchased fuels in its manufacturing operations, including coal, bark, natural gas and oil |
| Energy prices, in particular prices for oil and natural gas, have 13 ______________________________________________________________________ fluctuated dramatically in the past and have risen substantially in recent years |
| These fluctuations impact our manufacturing costs and result in earnings volatility |
| If energy prices rise, our production costs will increase, which will lead to higher manufacturing costs and reduced earnings |
| Environmental Matters—PCA may incur significant environmental liabilities with respect to both past and future operations |
| We are subject to, and must comply with, a variety of federal, state and local environmental laws, particularly those relating to air and water quality, waste disposal and the cleanup of contaminated soil and groundwater |
| Because environmental regulations are constantly evolving, we have incurred, and will continue to incur, costs to maintain compliance with those laws |
| In our 2005 Annual Report on Form 10-K under the caption “Environmental Matters,” we provide certain estimates of expenditures we expect to make for environmental compliance in the next few years |
| Although we have established reserves to provide for future environmental liability, these reserves may not be adequate |
| Restrictions Imposed by the Senior Credit Facility, the Receivables Revolving Credit Facility and the Indenture Governing our Notes—Our operating flexibility is limited in certain respects by the covenants in our senior credit facility, the receivables revolving credit facility and the indenture governing our notes |
| Our senior credit facility, receivables revolving credit facility and the indenture governing our notes impose restrictions on us that could increase our vulnerability to general adverse economic and industry conditions by limiting our flexibility in planning for and reacting to changes in our business and industry |
| Specifically, these restrictions limit our ability, among other things, to: · incur liens; · enter into certain transactions with affiliates; · enter into sale and leaseback transactions; and · merge or consolidate with any other person or sell or otherwise dispose of all or substantially all of the assets of PCA Major Stockholder; Potential Conflicts—The interests of our major stockholder could conflict with those of the other holders of our common stock |
| Our largest stockholder, PCA Holdings, LLC, an entity controlled by Madison Dearborn Partners, holds 21cmam773cmam010, or 21dtta0prca, of our outstanding shares of common stock as of February 17, 2006 |
| Two representatives of Madison Dearborn Partners are members of PCA’s seven member Board of Directors, and will continue to play a major role in determining the outcome of all matters submitted to a vote of our stockholders, including the election of directors |
| The interests of Madison Dearborn Partners could conflict with the interests of our other stockholders |
| Investment Risks Availability of Significant Amounts of Common Stock for Sale—The market price of our common stock could be adversely affected as a result of the availability of a significant amount of our common stock for sale |
| PCA Holdings LLC currently has registration rights that require us to register its shares of common stock under the Securities Act at our expense |
| The future sale of a significant number of shares of PCA’s common stock held by PCA Holdings in the public market, or the perception that such sales could occur, could adversely affect the prevailing market price of our common stock |
| 14 ______________________________________________________________________ Potential Impediments to a Change of Control—Some of the provisions of our charter documents and the presence of a large stockholder could discourage acquisition proposals by third parties and could delay, deter or prevent a change in control |
| Our certificate of incorporation authorizes our Board of Directors, subject to any limitations prescribed by law, to issue shares of preferred stock in one or more series without stockholder approval |
| The issuance of preferred stock, while providing desirable flexibility in connection with possible acquisitions and for other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or discouraging a third party from seeking to acquire, a majority of our outstanding voting stock |
| The presence of a significant stockholder may also deter a potential acquirer from making a tender offer or otherwise attempting to obtain control of PCA, even if that might be favorable to PCA or PCA’s other stockholders |
| Market Price of our Common Stock—The market price of our common stock may be volatile, which could cause the value of your investment to decline |
| Securities markets worldwide experience significant price and volume fluctuations |
| This market volatility, as well as general economic, market or political conditions, could reduce the market price of our common stock in spite of our operating performance |
| In addition, our operating results could be below the expectations of public market analysts and investors, and in response, the market price of our common stock could decrease significantly |