The publication of a monthly report for April 2009 rather than a quarterly filing helps illustrate the difficult situation in which plastics machinery manufacturer Milacron (Cincinnati, Ohio / USA; www.milacron.com) currently finds itself. The report included a statement that the company "was not in a position to produce the annual report for 2008, nor for the first quarter of 2009". The ongoing proceedings relating to creditors protection under chapter 11 are evidently forcing the company to adopt this unorthodox form of reporting.

In the report, Milacron puts its April sales in North America at USD 19m. Global sales in the second quarter of 2008 were USD 215m, equating to around USD 70m per month. Historically North American sales have accounted for a over half of Milacron’s total sales.

Gross profit in April 2009 was USD 1m, insufficient to pay salaries and related expenses. The net operating loss was USD 2.7m. However, after deduction of various bankruptcy fees and costs as well as an investment loss in subsidiaries amounting to USD 2.9m, the company posted a net loss of USD 10.4m.

Milacron recently reached an agreement to sell "substantially all" of its assets to its creditors in a debt-to-equity swap – see Plasteurope.com of 14.05.2009. The company filed for Chapter 11 protection on 10 March 2009.

e-Service:
Milacron April monthly report as a PDF document (362 KB)