IPL Plastics Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported revenue of $169.2 million compared to $157.5 million a year ago. The increase was primarily driven by continued organic volume growth and price increases in all three of the company's divisions, particularly the Consumer Packaging Solutions and Returnable Packaging Solutions divisions. Adjusted EBITDA was $20.5 million compared to $25.5 million a year ago. Net income was $4.8 million compared to $7.5 million a year ago. Adjusted net income was $10.5 million compared to $8.7 million a year ago. Adjusted diluted earnings per share were $0.19 compared to $0.26 a year ago. Pro forma adjusted diluted earnings per share were $0.19 compared to $0.16 a year ago. The decrease in net income was primarily attributable to the increased resin prices and other cost pressures, additional business reorganization and integration costs and refinancing transaction costs, partially offset by reduced finance costs and income tax expense. Adjusted free cash flow was an inflow of $18.4 million, compared to an inflow of $19.8 million in the prior year. The reduction was primarily the result of reduced cash flows from operating activities as a result of lower EBITDA, partially offset by an increased unwind of working capital. Operating profit was $7,818,000 compared to $12,758,000 a year ago. Income from continuing operations was $4,760,000 compared to $7,224,000 a year ago. Net cash flows from operating activities were $16,621,000 compared to $23,264,000 a year ago. Maintenance capital expenditure were $2,120,000 compared to $2,136,000 a year ago.

For the nine months, the company reported revenue of $495.8 million compared to $402.4 million a year ago. Adjusted EBITDA was $60.4 million compared to $60.9 million a year ago. Net income was $3.6 million compared to $17.1 million a year ago. Adjusted net income was $24.3 million compared to $22.1 million a year ago. Adjusted diluted earnings per share were $0.54 compared to $0.68 a year ago. Pro forma adjusted diluted earnings per share were $0.44 compared to $0.41 a year ago. Operating profit was $13,791,000 compared to $30,475,000 a year ago. Income from continuing operations was $3,605,000 compared to $17,222,000 a year ago. Net cash out flows from operating activities were $3,165,000 compared to net cash flows from operating activities of $15,598,000 a year ago. Maintenance capital expenditure were $7,011,000 compared to $4,079,000 a year ago. The company have reduced net debt to $219.7 million at the end of the third quarter compared to $276.3 million at the end of 2017.

The company expects to incur total cash outflow in respect of capital purchases of property, plant and equipment for fiscal 2018 of approximately $52.5 million. This estimate is based on the following assumptions, among others the company's major capital investment projects are completed on time and on budget; a U.S. dollar to Canadian dollar exchange rate of 1:1.27; and interest and inflation rates consistent with historical levels.