Ropak Corp. of Fullerton told shareholders Tuesday that it expects total net income for 1987 to jump by 50% to about $1.5 million from the $1 million the company earned last year.
The company said it expects sales to exceed $60 million for the year, a jump of at least 26% from last year's record $47.6 million.
In a prepared statement, the company said it based its conclusion on its second-quarter results to date.
Ron Cameron, vice president of finance, declined to elaborate on the figures beyond saying that "they're on target."
Cameron said the financial report for Ropak's second quarter, which ends June 30, will be released late next month.
The company's prepared statement said, "The revenue and earnings improvements are expected to come from gains in market share, from new products and from the contributions of companies acquired last year."
Separately, Ropak's shareholders authorized creating a preferred stock issue, which Cameron said may be used for capital or as leverage in case an opportunity for acquisition arises. He said that the company--which recently lost more than $300,000 in an unsuccessful bid to acquire an Ohio packaging materials firm--has no mergers planned.
Ropak makes reusable plastic containers for agricultural and industrial uses.