Silgan Holdings Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net sales of $835.9 million compared with $711.6 million for the same period a year ago. Income from operations of $70.0 million compared with $38.6 million for the same period a year ago. Income before income taxes of $53.7 million compared with $21.9 million for the same period a year ago. Net income of $37.1 million or $0.53 per diluted share compared with $16.4 million or $0.22 per diluted share for the same period a year ago. Income from operations for 2011 was an increase of $70.8 million, or 25.0%, as compared to 2010. These increases were the result of an increase in income from operations in each of the businesses as well as the inclusion of $25.2 million of income in corporate selling, general and administrative expenses for proceeds received as a result of the termination of the Graham Packaging merger agreement, net of costs attributable to certain corporate development activities. For the full year, the company reported net sales of $3,509.2 million compared with $3,071.5 million for the same period a year ago. Income from operations of $354.1 million compared with $283.3 million for the same period a year ago. Income before income taxes of $290.1 million compared with $221.7 million for the same period a year ago. Net income of $193.2 million or $2.75 per diluted share compared with $144.6 million or $1.89 per diluted share for the same period a year ago. The company delivered free cash flow in 2011 of $152.9 million as compared to $89.1 million in 2010. Free cash flow in 2011 was impacted by $173.0 million of capital expenditures, an increase of $67.6 million from 2010 to take advantage of certain accelerated tax deductions in 2011 and for investments into new Eastern Europe plants by the recently acquired Vogel & Noot operations. Net cash provided by operating activities of $359.6 million compared with $187.3 million for the same period a year ago. The company is providing an estimate of adjusted net income per diluted share for the first quarter of 2012 in the range of $0.42 to $0.47, as compared to adjusted net income per diluted share of $0.41 in the first quarter of 2011. The estimate for the first quarter of 2012 excludes rationalization charges. The company currently estimates that its adjusted net income per diluted share for the full year 2012 will be in the range of $2.80 to $2.90, which excludes rationalization charges. The primary drivers of the anticipated year-over-year increase are improved profitability in each business. Net sales in the metal container business are expected to be higher in 2012 as compared to 2011 primarily due to the contractual pass through of higher raw material and other manufacturing costs, the inclusion of a full year of Vogel & Noot and an anticipated modest increase in U.S. unit volume primarily from a more normalized fruit and vegetable pack in 2012. Income from operations in the metal container business is expected to improve modestly as volume growth and ongoing operational improvements are anticipated to be partially offset by general inflation, new plant start-up costs in Eastern Europe, the cost impact associated with planned inventory reductions and an increase in depreciation expense. The company expects interest expense to be flat in 2012 as compared to 2011, as higher average outstanding borrowings primarily as a result of the refinancing of the senior secured credit facility in 2011 and borrowings to fund 2011 acquisitions and new plant expansions are expected to be offset by the benefit of lower interest rates under the new senior secured credit facility. The company currently estimates that free cash flow in 2012 will be between $200 million and $250 million due to lower capital expenditures and some reduction in working capital, partially offset by significantly higher cash taxes as a result of the benefit of accelerated deductions of capital expenditures in 2011. For the full year, the company expected to report diluted earnings per share in the range of $2.74 to $2.84. The company currently expects its tax rates to be consistent with 2011, but do expect to pay significantly higher cash taxes as cycle over the large accelerated depreciation deduction in 2011. Also, the company expects capital expenditures in 2012 to be in the range of $115 million to $135 million as a result of the incremental spending in 2011 to take advantage of the accelerated deduction is somewhat mitigated by capital to commercialize continued growth in the eastern markets.