Graham Packaging Reports Gain in Q3 Operating Income

Graham Packaging Holdings Company has reported a 19.8 percent gain in operating income for the third quarter of 2003, compared to the third quarter of 2002. Operating income was $25.4 million for the quarter ended September 28, 2003, compared to $21.2 million for the quarter ended September 29, 2002. Operating income for the nine-month period ended September 28, 2003 was $89.6 million, compared to $81.6 million for the previous nine-month period, or a gain of 9.8 percent. Net sales for the third quarter were $243.9 million, an increase of $16.8 million. "The turnaround and strengthening in our customers' order patterns that we have been anticipating have not fully arrived, but despite being well short of our internal goals this year, we have continued to make progress," CEO Philip R. Yates said. During this year, Graham completed a European restructuring that included the closing or sale of seven non-strategic locations.