CCL Industries Reports Record Quarterly Earnings Per Share and Declares Dividend

TORONTO, ONTARIO--(Marketwired - Nov. 6, 2014) - CCL Industries Inc. (TSX:CCL.A)(TSX:CCL.B) -

Results Summary
For periods ended September 30		Three months unaudited						Nine months unaudited
(in millions of Cdn dollars, except per share data)			2014		2013	%  Change	% Change Excl. FX*		2014		2013	% Change	% Change Excl. FX*
Sales		$	689.7	$	606.6	13.7%	7.8%	$	1,949.8	$	1,331.7	46.4%	37.5%
EBITDA(1)		$	133.1	$	107.8	23.5%	16.1%	$	369.9	$	259.5	42.5%	33.0%
Operating income(2)		$	107.2	$	67.8	58.1%	47.5%	$	284.9	$	179.9	58.4%	47.4%
Earnings in equity accounted investments		$	0.5	$	0.5			$	1.6	$	1.1
Restructuring and other items - loss		$	-	$	18.3			$	2.0	$	21.0
Net earnings		$	63.1	$	23.6	167.4%	142.4%	$	171.0	$	84.1	103.3%	85.3%
Per Class B share
	Basic earnings per share	$	1.83	$	0.68	169.1%		$	4.98	$	2.46	102.4%
	Diluted earnings per share	$	1.79	$	0.67	167.2%		$	4.88	$	2.42	101.7%
Adjusted basic earnings per  Class B share(3)		$	1.83	$	1.38	32.6%		$	5.02	$	3.24	54.9%
Number of outstanding shares (in 000's)
	Weighted average for the period - basic								34,332		34,141
	Actual at period end								34,635		34,375

* - Change over prior year's comparative period excludes estimated impact of foreign currency translation.

CCL Industries Inc. ("CCL" or "the Company") is a world leader in specialty label and packaging solutions for global corporations, small businesses and consumers.

Third Quarter 2014 Results

Sales for the third quarter of 2014 increased 13.7% to $689.7 million, compared to $606.6 million for the third quarter of 2013, with 2.5% organic growth, 5.9% positive currency translation and the balance primarily from the Sancoa, Dekopak and Bandfix acquisitions. For the nine months ended September 30, 2014, sales increased 37.5%, excluding foreign currency translation, driven by above noted acquisitions as well as the Avery and DES acquisitions on July 1, 2013 compared to the prior year nine-month period.

Operating income (a non-IFRS measure; see note 2 below) for the third quarter of 2014 was $107.2 million, an increase of 58.1% compared to $67.8 million for the comparable quarter of 2013. The Label, Avery and Container Segments posted 22.0%, 176.5% and 3.4% increases in their respective operating income for the comparable third quarters. Again, all three segments contributed to the strong results for the nine-month period ending September 30, 2014, resulting in a 58.4% improvement in operating income for the comparable nine-month period. Included in the 2013 third quarter and nine-month results was a $16.7 million non-cash acquisition accounting adjustment to the acquired finished goods inventory from the Avery and DES businesses that was expensed in the Company's cost of goods sold for the periods ended September 30, 2013. Excluding this non-cash adjustment, operating income improved 26.9% and 44.9% for the three and nine-month periods ended September 30, 2014, respectively.

EBITDA (a non-IFRS measure; see note 1 below) was $133.1 million for the third quarter of 2014, an increase of 23.5% compared to $107.8 million for the third quarter of 2013, driven by the notable improvements at the Label and Avery Segments. EBITDA improved 16.1%, excluding the impact of currency translation. For the nine-month period ended September 30, 2014, EBITDA was $369.9 million, an increase of 42.5% compared to $259.5 million in the comparable 2013 nine-month period.

The Company's joint ventures contributed equity earnings of $0.5 million and $1.6 million for the three-month and nine-month periods ended September 30, 2014, respectively, compared to $0.5 million and $1.1 million for the same two periods in 2013. These results reflect continued strong performance in the Middle East, improved results in Russia and Chile, offset by start-up costs at the Thailand tube joint venture.

Tax expense in the third quarter of 2014 was $26.9 million compared to $9.4 million in the prior year period. The effective tax rates for these two periods are 30.0% and 28.9%, respectively. The increase in the effective tax rate for 2014 third quarter reflects a higher portion of the Company's income being earned in a higher tax jurisdiction. The overall effective income tax rate was 29.0% for the nine-month period of 2014 compared to 28.7% in the nine-month period of 2013.

Net earnings for the 2014 third quarter were $63.1 million, an increase of 167.4% compared to $23.6 million for the third quarter of 2013. Basic earnings per Class B share were $1.83 in the third quarter of 2014 compared to $0.68 per Class B share in the prior year quarter.

Net earnings for the nine-month period of 2014 were $171.0 million, an increase of 103.3% compared to $84.1 million for the same period a year ago. This resulted in basic and diluted earnings of $4.98 and $4.88 per Class B share, respectively, for the 2014 nine-month period compared to basic and diluted earnings of $2.46 and $2.42 per Class B share, respectively, for the prior year nine-month period. The increase in net earnings is primarily attributable to the acquisitions in the prior twelve months as well as improvements in operating income at the Label and Avery Segments partially offset by increases in the effective tax rate and net finance cost.

During the third quarter of 2014, the Company did not record any restructuring and other expenses. However, in the third quarter of 2013, $18.3 million was recorded for restructuring and other charges connected to the Avery and DES acquisitions. For the nine-month period ended September 30, 2014, restructuring and other items expense was $2.0 million compared to $21.0 million for the same period in 2013.

The Company therefore posted adjusted basic earnings (a non-IFRS measure; see note 3 below) of $1.83 and $5.02 per Class B share for the three-month and nine-month periods ended September 30, 2014, compared to adjusted basic earnings of $1.38 and $3.24 per Class B share for the corresponding periods in 2013. In addition to the after tax costs of the aforementioned restructuring and other expenses in 2013, adjusted basic earnings per share for the three-month and nine-month periods exclude the after tax costs of the non-cash acquisition accounting adjustment to the acquired finished goods inventory associated with the Avery and DES acquisitions.

Geoffrey T. Martin, President and Chief Executive Officer, stated, "Third quarter earnings per share reached an all-time record for CCL, with our core Label business contributing strong improvement and Avery delivering solid sales and outstanding profitability performance far ahead of our expectations. The Canadian dollar weakened against most currencies sequentially and year-over-year resulting in seven cents earnings per share positive impact supplementing our sixteenth consecutive quarter of year-over-year improvement in adjusted earnings per share."

Mr. Martin continued, "CCL Label sales increased 21%, fueled by strong 7% organic growth plus the impact of acquisitions and positive currency translation. In North America consumer staples markets remained subdued but a strong performance at Sancoa boosted modest organic sales growth from Home & Personal Care customers. A substantial recovery in our Healthcare & Specialty business, robust automotive demand at CCL Design and new initiatives in Food & Beverage combined to drive mid-single digit organic growth overall. Profits improved on the back of the sales performance plus a meaningful contribution from Sancoa.

European sales were up mid-single digits in local currencies with all business lines and geographies posting solid and in some cases, significantly improved results in a challenging economic environment. Profit margins increased compared to the prior year period on better mix. Sales in Emerging Markets continued to grow double digits despite many Home & Personal Care customers commenting on marked deceleration in growth rates almost everywhere in the developing world. Profitability was down modestly on softer mix and start-up costs in the Philippines. Globally, operating results improvement for the Food & Beverage sector outpaced all other business lines. Our joint ventures also posted solid results despite the turmoil in the Middle East and the impact in Russia of events in Ukraine. The Label Segment's absolute profitability continued to improve with margins slightly ahead of the prior year third quarter with some room to expand as recent acquisitions improve their performance."

Mr. Martin then added, "Results at Avery exceeded all expectations. As we previously indicated, early retailer orders in June for the binder product line shifted sales from the third to second quarter comparatively resulting in a 5% local currency decline for Avery in the period, reversing the gains we saw in the second quarter as a result of this shift. Underlying sales performance was roughly flat with growth initiatives making up for secular declines in some product lines. Printable media sales advanced so this mix effect combined with the cost savings initiatives executed over the last year drove a significant rise in profitability on a like for like adjusted basis. With the back-to-school season completed, the next two quarters are seasonal lows for Avery."

Mr. Martin then added, "CCL Container posted 4% organic sales growth driven by higher volumes in North America and Mexico. Profitability was only in line with the 2013 third quarter as aluminum cost increased double digits compared to the prior year. Work continues on the eventual closure of the Canadian plant and year to date we have expensed $0.5 million of our planned $4 million cost to redistribute capacity to our U.S. and Mexican operations. We remain committed to delivering $10 million in annualized cost savings after the transition is completed towards the end of 2015."

Mr. Martin continued, "Recent geopolitical and macroeconomic news brings the return of uncertainty to our outlook. We therefore decided to prepare for the future by closing unprofitable operations and combining some sub scale locations into larger facilities. A small number of CCL Label operations will be impacted involving approximately 100 people in the coming two quarters. Together with the final actions around Avery, largely in Europe, we plan to incur a restructuring charge of approximately $6 million in the fourth quarter. We expect a pre-tax pay back of approximately one year on these changes."

Mr. Martin concluded, "Debt declined during the third quarter as the Company made net repayments of $101 million; cash on hand was $216 million and the available capacity on our revolving credit facility increased to $239 million. Furthermore, with significantly improved results the consolidated net debt to EBITDA leverage ratio improved to 1.1 times. We expect strong cash flow for the remainder of the year and with confidence in our 2015 outlook, your Board of Directors has declared a dividend of $0.30 per Class B non-voting share and $0.2875 per Class A voting share, payable to shareholders of record at the close of business on December 12, 2014, to be paid on December 22, 2014."

With headquarters in Toronto, Canada, CCL Industries now employs approximately 10,200 people and operates 97 production facilities in 28 countries on five continents with corporate offices in Toronto, Canada, and Framingham, Massachusetts. CCL Label is the world's largest converter of pressure sensitive and extruded film materials for a wide range of decorative, instructional and functional applications for large global customers in the consumer packaging, healthcare, automotive and consumer durables markets. Extruded and laminated plastic tubes, folded instructional leaflets, precision printed and die cut metal components with LED displays and other complementary products and services are sold in parallel to specific end-use markets. Avery is the world's largest supplier of labels, specialty converted media and software solutions to enable short run digital printing in businesses and homes alongside complementary office products sold through distributors and mass market retailers. CCL Container is a leading producer of impact extruded aluminum aerosol cans and bottles for consumer packaged goods customers in the United States, Canada and Mexico.

(1)	EBITDA is a critical non-IFRS financial measure used extensively in the packaging industry and other industries to assist in understanding and measuring operating results. It is also considered as a proxy for cash flow and a facilitator for business valuations. This non-IFRS financial measure is defined as earnings before net finance cost, taxes, depreciation and amortization, goodwill impairment loss, earnings in equity accounted investments, non-cash acquisition accounting adjustment to finished goods inventory and restructuring and other items. See section entitled "Supplementary Information" below for a reconciliation of operating income to EBITDA. The Company believes that it is an important measure as it allows management to assess CCL's ongoing business without the impact of net finance cost, depreciation and amortization and income tax expenses, as well as non-operating factors and one-time items. As a proxy for cash flow, it is intended to indicate CCL's ability to incur or service debt and to invest in property, plant and equipment, and it allows management to compare CCL's business to those of CCL's peers and competitors who may have different capital or organizational structures. EBITDA is a measure tracked by financial analysts and investors to evaluate financial performance and is a key metric in business valuations. EBITDA is considered an important measure by lenders to the Company and is included in the financial covenants of CCL's senior notes and bank lines of credit.
(2)	Operating Income is a key non-IFRS financial measure used to assist in understanding the profitability of the Company's business units. This non-IFRS financial measure is defined as income before corporate expenses, net finance cost, goodwill impairment loss, earnings in equity accounted investments, restructuring and other items, and taxes.
(3)	Adjusted Basic Earnings per Class B Share is an important non-IFRS financial measure used to assist in understanding the ongoing earnings performance of the Company excluding items of a one-time or non-recurring nature. It is not considered a substitute for basic net earnings per Class B share but it does provide additional insight into the ongoing financial results of the Company. This non-IFRS financial measure is defined as basic net earnings per Class B share excluding gains on dispositions, goodwill impairment loss, restructuring and other items, Avery and DES finance costs, non-cash acquisition accounting adjustment to finished goods inventory and tax adjustments.

Supplementary Information
For periods ended September 30th
Reconciliation of Operating Income to EBITDA
Unaudited
(In millions of Canadian dollars)
	Three months ended						Nine months ended
	September 30th						September 30th
Operating Income		2014			2013			2014			2013
Label	$	59.4		$	48.7		$	184.8		$	150.3
Avery		44.8			16.2			86.3			16.2
Container		3.0			2.9			13.8			13.4
Total operating income		107.2			67.8			284.9			179.9
Less: Corporate expenses		(11.3	)		(9.3	)		(24.8	)		(23.7	)
Add: Depreciation & amortization		37.2			32.6			109.8			86.6
Add: Non-cash acquisition accounting adjustment to finished goods inventory		-			16.7			-			16.7
EBITDA	$	133.1		$	107.8		$	369.9		$	259.5

Reconciliation of Basic Earnings per Class B Share to
Adjusted Basic Earnings per Class B Share
Unaudited
	Three months ended						Nine months ended
	September 30th						September 30th
	2014			2013			2014			2013
Basic earnings per Class B Share	$	1.83		$	0.68		$	4.98		$	2.46
Net loss from restructuring and other items		-			0.36			0.04			0.42
OCP & DES finance costs		-			-			-			0.02
Non-cash finished goods inventory adjustment for OCP and DES		-			0.34			-			0.34
Adjusted Basic Earnings per Class B Share	$	1.83		$	1.38		$	5.02		$	3.24

The financial information presented herein has been prepared on the basis of IFRS for financial statements and is expressed in Canadian dollars unless otherwise stated.

This press release contains forward-looking information and forward-looking statements (hereinafter collectively referred to as "forward-looking statements"), as defined under applicable securities laws, that involve a number of risks and uncertainties. Forward-looking statements include all statements that are predictive in nature or depend on future events or conditions. Forward-looking statements are typically identified by the words "believes," " expects," "anticipates," "estimates," "intends," "plans" or similar expressions. Statements regarding the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of the Company, other than statements of historical fact, are forward-looking statements. Specifically, this press release contains forward-looking statements regarding the anticipated growth in sales, income and profitability of the Company's segments; and the Company's expectations regarding general business and economic conditions.

Forward-looking statements are not guarantees of future performance. They involve known and unknown risks and uncertainties relating to future events and conditions including, but not limited to, the after-effects of the global financial crisis and its impact on the world economy and capital markets; the impact of competition; consumer confidence and spending preferences; general economic and geopolitical conditions; currency exchange rates; interest rates and credit availability; technological change; changes in government regulations; risks associated with operating and product hazards; and CCL's ability to attract and retain qualified employees. Do not unduly rely on forward-looking statements as the Company's actual results could differ materially from those anticipated in these forward-looking statements. Forward-looking statements are also based on a number of assumptions, which may prove to be incorrect, including, but not limited to, assumptions about the following: global economic recovery and higher consumer spending; improved customer demand for the Company's products; continued historical growth trends, market growth in specific sectors and entering into new sectors; the Company's ability to provide a wide range of products to multinational customers on a global basis; the benefits of the Company's focused strategies and operational approach; the achievement of the Company's plans for improved efficiency and lower costs, including stable aluminum costs; the availability of cash and credit; fluctuations of currency exchange rates; the Company's continued relations with its customers; general business and economic conditions, the Company's estimated costs associated with planned restructuring activities and the Company's ability to realize targeted operational synergies and cost savings from the restructuring of Avery, DES, CCL Label and the Canadian Container operation. Should one or more risks materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking statements. Further details on key risks can be found in the 2013 Management's Discussion and Analysis, particularly under Section 4: "Risks and Uncertainties." CCL's annual and quarterly reports can be found online at www.cclind.com and www.sedar.com or are available upon request.

Except as otherwise indicated, forward-looking statements do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made may have on CCL's business. Such statements do not, unless otherwise specified by the Company, reflect the impact of dispositions, sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made. The financial impact of these transactions and non-recurring and other special items can be complex and depends on the facts particular to each of them and therefore cannot be described in a meaningful way in advance of knowing specific facts. The forward-looking statements are provided as of the date of this press release and the Company does not assume any obligation to update or revise the forward-looking statements to reflect new events or circumstances, except as required by law.

Note:	CCL will hold a conference call at 2:00 p.m. EST on November 6, 2014, to discuss these results. The analyst presentation will be posted on the Company's website.
	To access this call, please dial:
	416-340-8530 - Local
	1-800-769-8320 - Toll Free
	Audio replay service will be available from November 6, 2014, at 6:00 p.m. EST until November 20, 2014, at 11:59 p.m. EST.
	To access Conference Replay, please dial:
	905-694-9451 - Local
	1-800-408-3053 - Toll Free
	Access Code: 1601593
	For more details on CCL, visit our website – www.cclind.com

CCL Industries Inc.
Consolidated condensed interim statements of financial position
Unaudited
In thousands of Canadian dollars
			As at September 30		As at December 31
			2014		2013
Assets
Current assets
	Cash and cash equivalents	$	216,026	$	209,095
	Trade and other receivables		419,738		363,493
	Inventories		197,434		181,644
	Prepaid expenses		18,284		13,458
	Income tax recoverable		641		2,503
Total current assets			852,123		770,193
	Property, plant and equipment		907,458		856,001
	Goodwill		553,181		494,231
	Intangible assets		219,661		207,569
	Deferred tax assets		3,805		4,115
	Equity accounted investments		50,203		47,363
	Other assets		22,419		22,176
Total non-current assets			1,756,727		1,631,455
Total assets		$	2,608,850	$	2,401,648
Liabilities
Current liabilities
	Trade and other payables	$	506,390	$	475,777
	Current portion of long-term debt		55,903		47,070
	Income taxes payable		27,023		21,060
	Derivative instruments		100		642
Total current liabilities			589,416		544,549
	Long-term debt		650,936		664,976
	Deferred tax liabilities		42,249		42,661
	Employee benefits		118,680		109,068
	Provisions and other long-term liabilities		15,774		21,511
	Derivative instruments		440		748
Total non-current liabilities			828,079		838,964
Total liabilities			1,417,495		1,383,513
Equity
	Share capital		246,220		237,189
	Contributed surplus		20,160		11,919
	Retained earnings		912,300		768,738
	Accumulated other comprehensive income		12,675		289
Total equity attributable to shareholders of the Company			1,191,355		1,018,135
Total liabilities and equity		$	2,608,850	$	2,401,648

CCL Industries Inc.
Consolidated condensed interim income statements
Unaudited
In thousands of Canadian dollars, except per share data
		Three Months Ended September 30							Nine Months Ended September 30
								%							%
			2014			2013		Change		2014			2013		Change
Sales		$	689,691		$	606,646		13.7	$	1,949,793		$	1,331,703		46.4
Cost of sales			502,159			461,371				1,427,166			1,001,462
Gross profit			187,532			145,275				522,627			330,241
Selling, general and administrative			91,603			86,781				262,526			174,018
Restructuring and other items			-			18,290				2,041			21,044
Earnings in equity accounted investments			(516	)		(470	)			(1,560	)		(1,092	)
			96,445			40,674				259,620			136,271
Finance cost			6,864			7,866				20,215			19,299
Finance income			(373	)		(121	)			(703	)		(447	)
Net finance cost			6,491			7,745				19,512			18,852
Earnings before income taxes			89,954			32,929		173.2		240,108			117,419		104.5
Income tax expense			26,872			9,384				69,136			33,354
Net earnings		$	63,082		$	23,545		167.9	$	170,972		$	84,065		103.4
Attributable to:
	Shareholders of the Company	$	63,082		$	23,545			$	170,972		$	84,065
Net earnings for the period		$	63,082		$	23,545			$	170,972		$	84,065
Basic earnings per Class B share		$	1.83		$	0.68		169.1	$	4.98		$	2.46		102.4
Diluted earnings per Class B share		$	1.79		$	0.67		167.2	$	4.88		$	2.42		101.7

CCL Industries Inc.

Consolidated condensed interim statements of cash flows

Unaudited

In thousands of Canadian dollars

			Three Months Ended					Nine Months Ended
			September 30					September 30
			2014		2013			2014			2013
Cash provided by (used for)
Operating activities
	Net earnings		$	63,082		$	23,545		$	170,972		$	84,065
	Adjustments for:
		Depreciation and amortization		37,229			32,563			109,785			86,568
		Earnings in equity accounted investments, net of dividends received		1,672			(470	)		628			1,460
		Net finance cost		6,491			7,745			19,512			18,852
		Current income tax expense		25,709			23,215			67,670			48,699
		Deferred taxes		1,163			(13,831	)		1,466			(15,345	)
		Equity-settled share-based payment transactions		4,402			3,177			10,212			4,221
		Gain on sale of property, plant and equipment		(369	)		(25	)		(439	)		(343	)
				139,379			75,919			379,806			228,177
		Change in inventories		24,915			51,109			(3,807	)		33,781
		Change in trade and other receivables		20,495			8,590			(33,468	)		(32,030	)
		Change in prepaid expenses		1,127			2,717			(4,548	)		(1,512	)
		Change in trade and other payables		(17,253	)		25,697			3,208			52,302
		Change in income taxes receivable and payable		(101	)		4,590			(72	)		5,107
		Change in employee benefits		2,072			9,569			9,612			16,096
		Change in other assets and liabilities		5,421			2,370			(6,949	)		(15,939	)
				176,055			180,561			343,782			285,982
	Net interest paid			(10,119	)		(12,778	)		(23,205	)		(22,856	)
	Income taxes paid			(17,327	)		(12,853	)		(59,926	)		(34,318	)
Cash provided by operating activities				148,609			154,930			260,651			228,808
Financing activities
	Proceeds on issuance of debt			17,969			88,506			129,561			565,426
	Repayment of debt			(118,508	)		(93,972	)		(166,357	)		(98,573	)
	Proceeds from issuance of shares			2,432			-			7,216			16,537
	Purchase of shares held in trust			-			(13,680	)		-			(13,680	)
	Repurchase of shares			-			-			-			(3,018	)
	Dividends paid			(10,361	)		(7,363	)		(27,567	)		(22,046	)
Cash provided by (used for) financing activities				(108,468	)		(26,509	)		(57,147	)		444,646
Investing activities
	Additions to property, plant and equipment			(26,442	)		(22,667	)		(110,589	)		(85,849	)
	Proceeds on disposal of property, plant and equipment			7,716			49			13,368			1,907
	Business acquisitions and other long-term investments			(15,199	)		(514,308	)		(102,123	)		(525,970	)
Cash used for investing activities				(33,925	)		(536,926	)		(199,344	)		(609,912	)
	Net increase (decrease) in cash and cash equivalents			6,216			(408,505	)		4,160			63,542
	Cash and cash equivalents at beginning of period			208,303			683,905			209,095			188,972
	Translation adjustment on cash and cash equivalents			1,507			(15,349	)		2,771			7,537
Cash and cash equivalents at end of period			$	216,026		$	260,051		$	216,026		$	260,051

CCL Industries Inc.
Segment information
Unaudited
In thousands of Canadian dollars
	Three Months Ended September 30										Nine Months Ended September 30
	Sales				Operating income						Sales				Operating income
		2014		2013		2014			2013			2014		2013		2014			2013
Label	$	437,431	$	360,369	$	59,392		$	48,708		$	1,284,929	$	982,524	$	184,762		$	150,285
Avery		204,671		201,790		44,782			16,222			511,794		201,790		86,330			16,222
Container		47,589		44,487		2,979			2,898			153,070		147,389		13,807			13,448
Total operations	$	689,691	$	606,646		107,153			67,828		$	1,949,793	$	1,331,703		284,899			179,955
Corporate expense						(11,224	)		(9,334	)						(24,798	)		(23,732	)
Restructuring and other items						-			(18,290	)						(2,041	)		(21,044	)
Earnings in equity accounted investments						516			470							1,560			1,092
Finance cost						(6,864	)		(7,866	)						(20,215	)		(19,299	)
Finance income						373			121							703			447
Income tax expense						(26,872	)		(9,384	)						(69,136	)		(33,354	)
Net earnings					$	63,082		$	23,545						$	170,972		$	84,065

	Total Assets					Total Liabilities				Depreciation and  Amortization					Capital Expenditures
	September 30		December 31			September 30		December 31		Nine Months Ended September 30					Nine Months Ended September 30
	2014		2013			2014		2013		2014		2013			2014		2013
Label	$	1,772,426	$	1,558,832		$	455,145	$	357,386	$	88,799	$	72,202		$	85,369	$	77,034
Avery		386,918		391,658			175,054		205,154		9,929		3,161			7,978		3,770
Container		159,725		140,678			56,513		49,607		10,458		10,602			17,242		4,998
Equity accounted investments		50,203		47,363			-		-		-		-			-		-
Corporate		239,578		263,117			730,783		771,366		599		603			-		47
Total	$	2,608,850	$	2,401,648		$	1,417,495	$	1,383,513	$	109,785	$	86,568		$	110,589	$	85,849

Due to the seasonality of CCL's business, the Company's operating results for the three months or nine months ended September 30, 2014, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2014. The first and second quarters are traditionally higher sales periods for the Label and Container Segments as a result of the greater number of work days and various customer activities undertaken during this period versus the third and fourth quarters of the year. For Avery, the third quarter has historically been its strongest, as it benefits from the increased demand related to back-to-school activities in North America.