Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported):

June 4, 2004 (June 3, 2004)

 

 

GREIF, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware   1-566   31-4388903

(State or other jurisdiction of

incorporation or organization)

   (Commission File Number)  

(I.R.S. Employer

Identification No.)

 

425 Winter Road, Delaware, Ohio   43015
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code (740) 549-6000

 

Not Applicable

Former name or former address, if changed since last report.

 

Item 12. Results of Operations and Financial Condition.

 

On June 3, 2004, Greif, Inc. (the “Company”) issued a press release (the “Release”) announcing its results for the second quarter ended April 30, 2004. The full text of the Release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

The Release included the following non-GAAP financial measures: (i) net income before restructuring charges and timberland gains, (ii) diluted earnings per Class A and Class B share before restructuring charges and timberland gains, (iii) operating profit before restructuring charges and timberland gains, and (iv) operating profit before restructuring charges. Net income before restructuring charges and timberland gains is equal to GAAP net income plus restructuring charges less timberland gains, net of tax. Diluted earnings per Class A and Class B share before restructuring charges and timberland gains is equal to GAAP diluted earnings per Class A and Class B share plus the effects of restructuring charges less the effects of timberland gains, net of tax. Operating profit before restructuring charges and timberland gains is equal to GAAP operating profit plus restructuring charges less timberland gains. Operating profit before restructuring charges is equal to GAAP operating profit plus restructuring charges.

 

Management uses net income before restructuring charges and timberland gains, diluted earnings per Class A and Class B share before restructuring charges and timberland gains, operating profit before restructuring charges and timberland gains and operating profit before restructuring charges because it believes that these measures are a better indication of the Company’s operational performance than GAAP net income, diluted earnings per Class A and Class B share and operating profit since they exclude restructuring charges, which are not representative of ongoing operations, and timberland gains, which are volatile from period to period. Net income before restructuring charges and timberland gains, diluted earnings per Class A and Class B share before restructuring charges and timberland gains, operating profit before restructuring charges and timberland gains and operating profit before restructuring charges provide a more stable platform on which to compare the historical performance of the Company.

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    GREIF, INC.

Date: June 4, 2004

  

By:

  

/s/ Donald S. Huml

       

Donald S. Huml

       

Chief Financial Officer

       

(Duly Authorized Signatory)

INDEX TO EXHIBITS

 

Exhibit No.
  

Description

99.1   Press release issued by Greif, Inc. on June 3, 2004 announcing its results for the second quarter ended April 30, 2004.