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U.S. Bancorp Piper Jaffray Releases Report on Valuations and Capital Expenditures in the Packaging Industry

CHICAGO, Dec. 3 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray (Piper Jaffray) today released a new report in its series on valuations in the packaging industry. The report, entitled Packaging Industry Valuation Considerations - Capital Expenditures, examines the level of capital expenditures in the packaging industry. According to Doug Lawson, vice president in Piper Jaffray's Middle Market Mergers and Acquisitions (M&A) group, the report reviews capital expenditures, versus sales, earnings-before- interest-taxes-depreciation and amortization (EBITDA) and depreciation for a group of rigid, flexible and paper and board packaging companies since 1998.

The report compares the level of capital expenditures for rigid, flexible and paper and board packaging companies. Capital expenditures for the group of packaging companies reviewed were approximately five percent of sales and 35 percent of EBITDA. Capital expenditures were the highest for rigid packaging companies, representing over six percent of sales and approximately 40 percent of EBITDA. The flexible packaging companies had capital expenditures of approximately five percent of sales and 30 percent of EBITDA over the period reviewed.

According to Lawson, the level of capital expenditures was correlated to economic activity, with capital expenditures averaging over 6.5 percent of sales in 1998 and 1999. The report also reviews the current valuations of the rigid, flexible and paper and board packaging companies and compares them with the level of capital expenditures.

The report is the latest in a series of reports by Piper Jaffray's Middle Market M&A Group that explores mergers and acquisitions in the packaging industry. Other recent reports published by Doug Lawson and his team include:

    -- Caps and Closures: A Mergers and Acquisitions Review (August, 2003)
    -- Valuations in the Packaging Industry (May, 2003).
    -- Packaging Industry Public Acquirers - Earnings per Share --
       Accretion/Dilution Considerations (March, 2003).
    -- Mergers and Acquisitions: Value Drivers for Companies in the Packaging
       Industry (February, 2003).
    -- Mergers and Acquisitions Activity in the Packaging Industry - 2002 Year
       in Review (February 2003).

In addition, Piper Jaffray publishes a monthly packaging mergers and acquisitions newsletter.

To subscribe to the newsletter or to receive a copy of Packaging Industry Valuations Considerations: Capital Expenditures, or any of the aforementioned reports, clients and members of the media should contact Doug Lawson at dlawson@pjc.com or 312-920-2139 or Dana Wade at dwade@pjc.com or 415-277-1556.

U.S. Bancorp Piper Jaffray, a subsidiary of the consolidated group of U.S. Bancorp (NYSE: USB), is a focused securities firm comprised of two revenue- generating segments: Capital Markets and Private Client Services. Clients of both segments are supported by Investment Research. The firm provides a full range of investment products and services to individuals, institutions and businesses. The firm has over 126 offices in 25 states across the country. U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray. For more information on U.S. Bancorp Piper Jaffray, visit www.piperjaffray.com .

SOURCE U.S. Bancorp Piper Jaffray

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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