Ivex Packaging Corp., which completed an initial public offering on Oct. 6, reported a third-quarter net loss of $17.9 million, or $1.72 per share, compared with net earnings of $3.3 million, or 32 cents per share, a year earlier.
The Lincolnshire-based maker of plastic and paper packaging said revenues rose 16 percent, to $137.4 million from $118.6 million.
For the first nine months, Ivex reported a net loss of $15.2 million, or $1.47 per share, compared with net earnings of $5 million, or 48 cents per share, a year earlier. Revenues rose 22 percent, to $401.5 million from $329.1 million.
Ivex said figures for the quarter and nine months include a one-time charge of $53.3 million reflecting a stock-option plan under which the company issued shares to key executives at the time of the initial public offering. The figures also reflect a non-recurring income-tax benefit of about $13.5 million.
