Caraustar Industries buys back $5 million 9 7/8% notes

By Angela McDaniels

Seattle, Oct. 28 - Caraustar Industries, Inc. said it repurchased $5 million of its 9 7/8% senior subordinated notes during the third quarter.

The company also announced that sales for the quarter ended Sept. 30 were $267.8 million, down from sales of $273.8 million for the same quarter in 2004

Net income for the third quarter of 2005 was $0.1 million, or $0.00 per share, improved from the third quarter 2004 net loss of $0.6 million, or $0.02 per share.

As of Sept. 30, Caraustar said it had no borrowings outstanding under its $75 million revolving credit facility, but does have $38.3 million of letters of credit outstanding that reduce availability.

The company bought back $2.5 million of its 9 7/8% notes in the second quarter, $20 million of the notes in the fourth quarter of 2004 and $10 million in the third quarter of 2004.

Caraustar is a recycled packaging manufacturer based in Atlanta, Ga.

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