Bemis Company Reports 2011 Third Quarter Results
(Thomson Reuters ONE) -
NEENAH, WISCONSIN, October 26, 2011 - Bemis Company, Inc. (NYSE-BMS) today
reported its 2011 third quarter results:
Highlights of the third quarter 2011:
* Net sales increased by 4.9 percent to $1.4 billion.
* Diluted earnings per share was $0.53, including charges of $0.03 per share
related to acquisitions completed during the quarter.
* Adjusted diluted earnings per share would have been $0.56, consistent with
the low end of management's guidance for the quarter (See attached schedule,
"Reconciliation of Non-GAAP Data.")
* Flexible packaging segment operating profit primarily reflected the negative
effect of lower unit volume levels compared to the same period of 2010,
especially in our South American operations.
* Record quarterly cash provided by operating activities was $169 million.
* Repurchases of Bemis common stock totaled 1.2 million shares.
Fourth quarter guidance:
* Capacity optimization initiatives, including workforce reductions and
several small plant closings, are expected to result in severance and other
special charges in the future. Severance charges in the fourth quarter are
expected to approximate $0.04 per share.
* Management established adjusted diluted earnings guidance for the fourth
quarter of 2011, excluding the severance charges highlighted above, at $0.36
to $0.42 per share, reflecting the negative impact of lower unit sales
volumes expected to continue through the end of the year.
"During the third quarter, unit volumes decreased in nearly every market
category, reflecting the concern about softness in demand that our customers had
expressed earlier in the year," said Henry Theisen, Bemis Company's President
and Chief Executive Officer. "Food price inflation has driven grocery store
prices higher in 2011, challenging consumers to stretch their grocery store
dollars. Most of our customers experienced lower unit sales volumes in many of
the product categories for which we provide packaging, and we expect this trend
to continue through the fourth quarter.
"At Bemis, we have responded to lower volume levels by reducing our workforce.
In addition, we are undertaking optimization initiatives that will result in the
closing of several small plants globally and leveraging our most efficient
facilities and proprietary technologies over the next year. These initiatives
are possible because of the progress we have made in activities around
specification consolidation and production efficiency. Efforts associated with
these activities are expected to reduce fixed costs and optimize our facilities
to create a manufacturing platform from which to expand in the future."
CONSOLIDATED RESULTS
Total Bemis net sales were $1.36 billion for the third quarter of 2011, a 4.9
percent increase from $1.29 billion for the same period of 2010. Sales growth
included a 2.3 percent increase due to currency translation. The remaining
increase in net sales reflects higher selling prices offset by lower unit sales
volumes.
Diluted earnings per share from continuing operations for the third quarter of
2011 was $0.53 compared to $0.56 per share for the same quarter of 2010.
Excluding professional fees and other acquisition associated costs incurred,
adjusted diluted earnings from continuing operations would have been $0.56 per
share for the current quarter compared to $0.57 per share in the same quarter of
2010.
FLEXIBLE PACKAGING BUSINESS SEGMENT
Bemis' flexible packaging business segment reported net sales of $1.22 billion.
This represents a 5.5 percent increase compared to net sales of $1.15 billion
for the third quarter of 2010. Currency effects increased net sales by 2.1
percent. The remaining sales growth reflected higher selling prices compared to
the third quarter of 2010, partially offset by lower unit sales volumes.
Segment operating profit for the third quarter of 2011 was $117.4 million, or
9.7 percent of net sales, compared to operating profit of $133.9 million, or
11.6 percent of net sales for the same period of 2010. Excluding the impact of
purchase accounting charges and integration costs, operating profit as a
percentage of net sales would have been 9.8 percent for the third quarter of
2011 compared with 11.7 percent for the same period of 2010. The effect of
currency translation increased operating profit in the third quarter of 2011 by
$1.8 million compared to the same quarter of 2010. Raw material cost increases
in 2011 have negatively impacted operating margins as a percentage of net sales,
and lower unit volumes across most market categories have resulted in additional
negative margin pressure.
Commenting on the flexible packaging segment results, Theisen said, "We have
addressed the raw material cost increases from the first half of the year with
selling price adjustments, many of which were implemented during the third
quarter. The benefits of these price adjustments were more than offset by the
negative impact of generally lower unit sales volumes this quarter. Food price
inflation has led to retail consumer price increases and reduced consumer demand
for many of our customers' packaged food products during this period of economic
weakness. In North America, we experienced lower unit volumes in the majority of
our market categories. In Europe, a decline in unit volumes was substantially
offset by higher selling prices and better sales mix. Unit volumes in our South
American operations were also lower in most market categories, and recent
currency fluctuations have driven the price of both imported and domestic raw
materials higher in that region, putting further pressure on our operating
results.
"We have made progress in optimizing production between facilities and reducing
specifications to improve manufacturing efficiency. We expect our ongoing
optimization efforts to position us well to maximize performance in the future
as volumes strengthen and new products are commercialized."
PRESSURE SENSITIVE MATERIALS BUSINESS SEGMENT
Net sales from the pressure sensitive materials business segment for the third
quarter of 2011 were $141.8 million, about even with the third quarter of 2010.
Currency effects increased net sales by 3.8 percent. For the third quarter of
2011, operating profit totaled $8.0 million, or 5.6 percent of net sales,
compared to operating profit for the third quarter of 2010 of $7.6 million, or
5.4 percent of net sales. Currency effects increased operating profit for the
quarter by $0.3 million. Both net sales and operating profit performance reflect
the impact of lower unit volumes offset by higher selling prices and lower
period costs.
OTHER OPERATING (INCOME) EXPENSE, NET
For the third quarter of 2011, other operating income and expense included $4.9
million of fiscal incentive income, an increase of $1.4 million compared to $3.5
million for the third quarter of 2010. Government fiscal incentives are
associated with net sales and manufacturing activities in certain operations in
Brazil and are included in flexible packaging segment operating profit.
OTHER NON-OPERATING (INCOME) EXPENSE, NET
Other non-operating income included a $1.1 million gain on the sale of excess
land during the third quarter of 2011.
CAPITAL STRUCTURE AND CASH FLOW
Total debt as of September 30, 2011 was $1.6 billion, an increase of $124
million from the balance of $1.5 billion at June 30, 2011. Total cash flow from
operating activities for the quarter ended September 30, 2011 was a record $169
million. Cash available for the quarter was used to fund shareholder dividends,
capital expenditures, the acquisition of the Mayor Packaging business, the
acquisition of the preferred shares of a subsidiary, and the purchase of 1.2
million shares of Bemis common stock. As of September 30, 2011, the remaining
share repurchase authorization was 4.5 million shares.
2011 EARNINGS OUTLOOK
Commenting on the fourth quarter, Theisen said, "We expect unit volumes to
continue to decline during the fourth quarter, and we are aggressively reducing
costs to restore margins and support growth in the future. Our ongoing
optimization activities will position Bemis to improve operating performance,
while leveraging our proprietary technologies to deliver superior solutions to
our customers."
Management expects adjusted diluted earnings per share for the fourth quarter of
2011 to be in the range of $0.36 to $0.42. Fourth quarter severance charges
associated with the optimization activities are expected to be in the range of
$0.04 per share and will save about $0.06 per share in annualized costs
beginning in 2012. These optimization related costs are not included in
management's quarterly guidance.
Adjusted diluted earnings per share for the full year 2011 is expected to be in
the range of $1.90 to $1.96 per share. Capital expenditures are expected to be
approximately $125 million for the full year 2011.
PRESENTATION OF NON-GAAP INFORMATION
This press release refers to non-GAAP financial measures: adjusted operating
profit, adjusted operating profit as a percentage of net sales, and adjusted
diluted earnings per share from continuing operations. These non-GAAP financial
measures adjust for factors that are unusual or unpredictable. These measures
exclude the impact of certain amounts related to acquisition related expenses
including transaction expenses, due diligence expenses, professional and legal
fees, purchase accounting adjustments for inventory and order backlog,
integration expenses, the cash portion of any acquisition earn-out payments
recorded as compensation expenses, changes in fair value of deferred acquisition
payments, and goodwill and intangible asset impairment charges. This adjusted
information should not be construed as an alternative to results determined in
accordance with accounting principles generally accepted in the United States of
America (GAAP). It is provided solely to assist in an investor's understanding
of the impact of these items on the comparability of the Company's on-going
business operations.
FORWARD LOOKING STATEMENTS
Statements in this release that are not historical, including statements
relating to the expected future performance of the Company, are considered
"forward-looking" and are presented pursuant to the safe harbor provisions of
the Securities Litigation Reform Act of 1995. Such content is subject to
certain risks and uncertainties, including but not limited to future changes in
cost or availability of raw materials, our ability to adjust selling prices,
consumer buying patterns, changes in customer order patterns, the results of
competitive bid processes, costs associated with the pursuit of business
combinations, a failure in our information technology infrastructure or
applications, foreign currency fluctuations, unexpected costs associated with
plant closings, changes in working capital requirements, changes in government
regulations, and the availability and related cost of financing from banks and
capital markets. Actual future results and trends may differ materially from
historical results or those projected in any such forward-looking statements
depending on a variety of factors which are detailed in the Company's regular
SEC filings including the most recently filed Form 10-K for the year ended
December 31, 2010.
INVESTOR CONFERENCE CALL
Bemis Company, Inc. will webcast an investor telephone conference regarding its
third quarter 2011 financial results this morning at 10 a.m., Eastern Time.
Individuals may listen to the call on the Internet atwww.bemis.com under
"Investor Relations." Listeners are urged to check the website ahead of time to
ensure their computers are configured for the audio stream. Instructions for
obtaining the required, free, downloadable software are available in a pre-event
system test on the site.
ABOUT BEMIS COMPANY, INC.
Bemis Company is a major supplier of flexible packaging and pressure sensitive
materials used by leading food, consumer products, healthcare, and other
companies worldwide. Founded in 1858, the Company is included in the S&P 500
index of stocks and reported 2010 net sales of $4.8 billion. The Company's
flexible packaging business has a strong technical base in polymer chemistry,
film extrusion, coating and laminating, printing, and converting. Headquartered
in Neenah, Wisconsin, Bemis employs over 20,000 individuals worldwide. More
information about the Company is available at our website, www.bemis.com.
###
Bemis Company, Inc.
One Neenah Center, 4th Floor
P.O. Box 669
Neenah, Wisconsin 54957-0669
For additional information please contact:
Melanie E. R. Miller
Vice President, Investor Relations and Treasurer
(920)527-5045
Kristine Pavletich
Public Relations Specialist
(920)527-5159
Click Here for PDF Version of Q311 Financial Tables.pdf
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share amounts)
(unaudited)
+----------------------------------+---------------------+---------------------+
| | Three Months Ended | Nine Months Ended |
| | | |
| | September 30, | September 30, |
| +----------+----------+----------+----------+
| | 2011 | 2010 | 2011 | 2010 |
| +----------+----------+----------+----------+
| | | | | |
| | | | | |
|Net sales |$1,357,875|$1,294,341|$4,052,523|$3,586,285|
| | | | | |
|Cost of products sold | 1,134,223| 1,052,084| 3,361,034| 2,924,220|
| +----------+----------+----------+----------+
| | | | | |
| | | | | |
|Gross Profit | 223,652| 242,257| 691,489| 662,065|
| | | | | |
| | | | | |
| | | | | |
|Operating expenses: | | | | |
| | | | | |
|Selling, general, and | | | | |
|administrative expenses | 111,629| 114,040| 364,535| 337,418|
| | | | | |
|Research and development | 10,643| 10,496| 28,216| 24,846|
| | | | | |
|Other operating (income) | | | | |
|expense, net | (2,803)| (1,548)| (13,921)| 3,251|
| +----------+----------+----------+----------+
| | | | | |
| | | | | |
|Operating Income | 104,183| 119,269| 312,659| 296,550|
| | | | | |
| | | | | |
| | | | | |
|Interest expense | 18,399| 18,345| 54,845| 55,022|
| | | | | |
|Other non-operating (income) | | | | |
|expense, net | (1,423)| 1,523| (49)| (684)|
| +----------+----------+----------+----------+
| | | | | |
| | | | | |
|Income from continuing | | | | |
|operations | | | | |
|before income taxes | 87,207| 99,401| 257,863| 242,212|
| | | | | |
| | | | | |
| | | | | |
|Provision for income taxes | 31,000| 35,800| 93,300| 87,200|
| +----------+----------+----------+----------+
| | | | | |
| | | | | |
|Income from continuing | | | | |
|operations | 56,207| 63,601| 164,563| 155,012|
| | | | | |
| | | | | |
| | | | | |
|Income (loss) from | | | | |
|discontinued operations, | | | | |
|net of tax | | (833)| | 1,782|
| +----------+----------+----------+----------+
| | | | | |
| | | | | |
|Net income | 56,207| 62,768| 164,563| 156,794|
| | | | | |
| | | | | |
| | | | | |
|Less: Net income attributable | | | | |
|to noncontrolling | | | | |
|interests | 348| 1,349| 3,242| 4,953|
| +----------+----------+----------+----------+
| | | | | |
| | | | | |
|Net income attributable to | | | | |
|Bemis Company, Inc. | $55,859| $61,419| $161,321| $151,841|
| +----------+----------+----------+----------+
| | | | | |
| | | | | |
|Amounts attributable to Bemis | | | | |
|Company, Inc. : | | | | |
| | | | | |
|Income from continuing | | | | |
|operations, net of tax | $55,859| $62,252| $161,321| $150,059|
| | | | | |
|Income (loss) from | | | | |
|discontinued operations, | | | | |
|net of tax | | (833)| | 1,782|
| +----------+----------+----------+----------+
|Net income attributable to | | | | |
|Bemis Company, Inc. | $55,859| $61,419| $161,321| $151,841|
| | | | | |
| | | | | |
| | | | | |
|Basic earnings per share: | | | | |
| | | | | |
|Income from continuing | | | | |
|operations | $0.53| $0.56| $1.51| $1.35|
| | | | | |
|Income (loss) from | | | | |
|discontinued operations | | (0.01)| | 0.02|
| +----------+----------+----------+----------+
|Net income attributable to | | | | |
|Bemis Company, Inc. | $0.53| $0.55| $1.51| $1.37|
| +----------+----------+----------+----------+
| | | | | |
| | | | | |
|Diluted earnings per share: | | | | |
| | | | | |
|Income from continuing | | | | |
|operations | $0.53| $0.56| $1.51| $1.35|
| | | | | |
|Income (loss) from | | | | |
|discontinued operations | | (0.01)| | 0.02|
| +----------+----------+----------+----------+
|Net income attributable to | | | | |
|Bemis Company, Inc. | $0.53| $0.55| $1.51| $1.37|
| +----------+----------+----------+----------+
| | | | | |
| | | | | |
|Cash dividends paid per share | $0.24| $0.23| $0.72| $0.69|
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
|Weighted average shares | | | | |
|outstanding | | | | |
|(includes participating | | | | |
|securities): | | | | |
| | | | | |
|Basic | 104,842| 110,548| 106,765| 110,916|
| | | | | |
|Diluted | 105,319| 110,622| 107,177| 111,020|
| | | | | |
| | | | | |
+----------------------------------+----------+----------+----------+----------+
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(dollars in thousands)
(unaudited)
+---------------------------------------------------+ | |
| |September 30,|December 31,|
| | | |
| ASSETS | 2011 | 2010 |
| +-------------+------------+
| | | |
| | | |
|Cash and cash equivalents | $97,933| $60,404|
| | | |
|Accounts receivable, net | 701,968| 637,738|
| | | |
|Inventories | 685,112| 673,863|
| | | |
|Prepaid expenses and other current assets | 94,868| 94,914|
| +-------------+------------+
|Total current assets | 1,579,881| 1,466,919|
| +-------------+------------+
| | | |
| | | |
|Property and equipment, net | 1,473,439| 1,540,753|
| +-------------+------------+
| | | |
| | | |
|Goodwill | 1,023,618| 1,013,697|
| | | |
|Other intangible assets, net | 206,047| 200,116|
| | | |
|Deferred charges and other assets | 61,235| 64,346|
| +-------------+------------+
|Total other long-term assets | 1,290,900| 1,278,159|
| +-------------+------------+
| | | |
| | | |
|TOTAL ASSETS | $4,344,220| $4,285,831|
| +-------------+------------+
| | | |
| | | |
| LIABILITIES | | |
| | | |
| | | |
| | | |
|Current portion of long-term debt | $14,215| $2,941|
| | | |
|Short-term borrowings | 939| 6|
| | | |
|Accounts payable | 519,216| 548,042|
| | | |
|Accrued salaries and wages | 95,665| 103,024|
| | | |
|Accrued income and other taxes | 28,611| 21,246|
| +-------------+------------+
|Total current liabilities | 658,646| 675,259|
| | | |
| | | |
| | | |
|Long-term debt, less current portion | 1,591,728| 1,283,525|
| | | |
|Deferred taxes | 187,089| 158,289|
| | | |
|Other liabilities and deferred credits | 224,293| 241,326|
| +-------------+------------+
| | | |
| | | |
|TOTAL LIABILITIES | 2,661,756| 2,358,399|
| +-------------+------------+
| | | |
| | | |
| EQUITY | | |
| | | |
| | | |
| | | |
|Bemis Company, Inc. shareholders' equity: | | |
| | | |
|Common stock issued (126,880,367 and | | |
|126,627,875 shares) | 12,688| 12,663|
| | | |
|Capital in excess of par value | 530,349| 568,035|
| | | |
|Retained earnings | 1,835,502| 1,751,908|
| | | |
|Accumulated other comprehensive income | 9,106| 91,117|
| | | |
|Common stock held in treasury, | | |
| 23,953,971 and 18,953,971 shares at cost | (705,181)| (544,100)|
| +-------------+------------+
|Total Bemis Company, Inc. shareholders' equity | 1,682,464| 1,879,623|
| +-------------+------------+
|Noncontrolling interests | | 47,809|
| +-------------+------------+
|TOTAL EQUITY | 1,682,464| 1,927,432|
| +-------------+------------+
| | | |
| | | |
|TOTAL LIABILITIES AND EQUITY | $4,344,220| $4,285,831|
+---------------------------------------------------+-------------+------------+
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
(unaudited)
+--------------------------------------------------------+---------------------+
| | Nine Months Ended |
| | |
| | September 30, |
| +---------+-----------+
| | 2011 | 2010 |
| +---------+-----------+
|Cash flows from operating activities | | |
| | | |
|Net income | $164,563| $156,794|
| | | |
|Adjustments to reconcile net income to net cash | | |
| | | |
|provided by operating activities: | | |
| | | |
|Depreciation and amortization | 166,676| 156,177|
| | | |
|Excess tax benefit from share-based payment | | |
|arrangements | (1,173)| (3,558)|
| | | |
|Share-based compensation | 13,541| 14,000|
| | | |
|Deferred income taxes | 15,651| (2,983)|
| | | |
|Income of unconsolidated affiliated company | (2,051)| (1,785)|
| | | |
|Cash dividends received from unconsolidated | | |
|affiliated company | 4,338| |
| | | |
|(Gain) loss on sales of property and equipment | (534)| 488|
| | | |
|Changes in working capital, excluding effect of | | |
|acquisitions |(116,987)| (83,577)|
| | | |
|Net change in deferred charges and credits | 6,471| 18,107|
| +---------+-----------+
| | | |
| | | |
|Net cash provided by operating activities | 250,495| 253,663|
| +---------+-----------+
| | | |
| | | |
|Cash flows from investing activities | | |
| | | |
|Additions to property and equipment | (92,211)| (64,670)|
| | | |
|Business acquisitions and adjustments, net of cash | | |
|acquired |(102,663)|(1,206,232)|
| | | |
|Proceeds from sales of property and equipment | 3,650| 1,698|
| | | |
|Net proceeds from sale of discontinued operations | | 75,202|
| +---------+-----------+
| | | |
| | | |
|Net cash used in investing activities |(191,224)|(1,194,002)|
| +---------+-----------+
| | | |
| | | |
|Cash flows from financing activities | | |
| | | |
|Proceeds from issuance of long-term debt | 6,573| 13,665|
| | | |
|Repayment of long-term debt | (4,256)| (51,659)|
| | | |
|Net borrowing of commercial paper | 316,023| 158,369|
| | | |
|Net borrowing (repayment) of short-term debt | 1,039| (7,049)|
| | | |
|Cash dividends paid to shareholders | (76,762)| (76,650)|
| | | |
|Common stock purchased for the treasury |(161,081)| (29,225)|
| | | |
|Purchase of subsidiary shares from noncontrolling | | |
|interests | (89,713)| (15,879)|
| | | |
|Excess tax benefit from share-based payment | | |
|arrangements | 1,173| 3,558|
| | | |
|Stock incentive programs and related withholdings | (4,008)| (14,651)|
| +---------+-----------+
| | | |
| | | |
|Net cash used in financing activities | (11,012)| (19,521)|
| +---------+-----------+
| | | |
| | | |
|Effect of exchange rates on cash and cash | | |
|equivalents | (10,730)| (13,329)|
| +---------+-----------+
| | | |
| | | |
|Net increase (decrease) in cash and cash equivalents | 37,529| (973,189)|
| | | |
| | | |
| | | |
|Cash and cash equivalents balance at beginning of | | |
|year | 60,404| 1,065,687|
| +---------+-----------+
| | | |
| | | |
|Cash and cash equivalents balance at end of period | $97,933| $92,498|
+--------------------------------------------------------+---------+-----------+
BEMIS COMPANY, INC. AND SUBSIDIARIES
OPERATING PROFIT AND PRETAX PROFIT
(in millions)
(unaudited)
+---------------------------------------------+----------------+---------------+
| | Three Months | Nine Months |
| | Ended | Ended |
| | | |
| | September 30, | September 30, |
| +------+---------+------+--------+
| | 2011 | 2010 | 2011 | 2010 |
| +------+---------+------+--------+
| | | | | |
| | | | | |
| | | | | |
| | | | | |
|Flexible Packaging operating profit |$117.4| $133.9|$350.0| $349.0|
| | | | | |
| | | | | |
| | | | | |
|Pressure Sensitive Materials operating | | | | |
|profit | 8.0| 7.6| 29.6| 25.9|
| | | | | |
| | | | | |
| | | | | |
|General corporate expenses |(21.2)| (22.2)|(66.9)| (78.3)|
| +------+---------+------+--------+
| | | | | |
| | | | | |
|Operating income | 104.2| 119.3| 312.7| 296.6|
| | | | | |
| | | | | |
| | | | | |
|Interest expense |(18.4)| (18.3)|(54.8)| (55.0)|
| | | | | |
| | | | | |
| | | | | |
|Other non-operating income (expense), net | 1.4| (1.5)| | 0.7|
| | | | | |
| | | | | |
| +------+---------+------+--------+
|Income from continuing operations before | | | | |
|income taxes | $87.2| $99.4|$257.9| $242.2|
| +------+---------+------+--------+
| |
+------------------------------------------------------------------------------+
BEMIS COMPANY, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP DATA
(in millions, except per share amounts)
(unaudited)
+------------------------------------------+-----------------+-----------------+
| | Three Months | |
| | Ended |Nine Months Ended|
| | | |
| | September 30, | September 30, |
| +--------+--------+--------+--------+
| | 2011 | 2010 | 2011 | 2010 |
+------------------------------------------+--------+--------+--------+--------+
|Reconciliation of GAAP to Non-GAAP | | | | |
|Operating Profit | | | | |
| | | | | |
|and Operating Profit as a Percentage of | | | | |
|Net Sales by Segment | | | | |
+------------------------------------------+ | | | |
| | | | | |
| | | | | |
|Flexible Packaging | | | | |
| | | | | |
| Net Sales |$1,216.1|$1,152.3|$3,614.2|$3,160.6|
| +--------+--------+--------+--------+
| | | | | |
| | | | | |
| Operating Profit as reported | 117.4| 133.9| 350.0| 349.0|
| | | | | |
| | | | | |
| | | | | |
| Non-GAAP adjustments: | | | | |
| | | | | |
|Purchase accounting for inventory and | | | | |
|order backlog (1) | 0.5| | 0.5| 15.4|
| | | | | |
|Acquisition related integration costs | | | | |
|(4) | 1.2| 0.5| 1.2| 4.5|
| | | | | |
| | | | | |
| +--------+--------+--------+--------+
| Operating Profit as adjusted | $119.1| $134.4| $351.7| $368.9|
| +--------+--------+--------+--------+
| | | | | |
| | | | | |
| Operating Profit as a percentage of | | | | |
|Net Sales | | | | |
| | | | | |
| As Reported | 9.7%| 11.6%| 9.7%| 11.0%|
| | | | | |
| As Adjusted | 9.8%| 11.7%| 9.7%| 11.7%|
| | | | | |
| | | | | |
+------------------------------------------+--------+--------+--------+--------+
| | | | | |
| | | | | |
|Pressure Sensitive Materials | | | | |
| | | | | |
| Net Sales | $141.8| $142.0| $438.3| $425.7|
| +--------+--------+--------+--------+
| | | | | |
| | | | | |
| Operating Profit as reported | 8.0| 7.6| 29.6| 25.9|
| | | | | |
| | | | | |
| | | | | |
| Non-GAAP adjustments: | | | | |
| | | | | |
| | | | | |
| +--------+--------+--------+--------+
| Operating Profit as adjusted | $8.0| $7.6| $29.6| $25.9|
| +--------+--------+--------+--------+
| | | | | |
| | | | | |
| Operating Profit as a percentage of | | | | |
|Net Sales | | | | |
| | | | | |
| As Reported | 5.6%| 5.4%| 6.8%| 6.1%|
| | | | | |
| As Adjusted | 5.6%| 5.4%| 6.8%| 6.1%|
| | | | | |
| | | | | |
+------------------------------------------+--------+--------+--------+--------+
| Reconciliation of GAAP to Non-GAAP | | | | |
| | | | | |
| Earnings per Share | | | | |
+------------------------------------------+ | | | |
| | | | | |
| | | | | |
| Diluted earnings per share from | | | | |
|continuing operations, as reported | $0.53| $0.56| $1.51| $1.35|
| | | | | |
| | | | | |
| | | | | |
| Non-GAAP adjustments per share, net | | | | |
|of taxes: | | | | |
| | | | | |
| Purchase accounting for inventory | | | | |
|and order backlog (1) | | | | 0.09|
| | | | | |
| Transaction related costs (2) | 0.02| 0.01| 0.02| 0.09|
| | | | | |
| Financing impact of the Alcan | | | | |
|Packaging Food | | | | |
| | | | | |
| Americas acquisition (3) | | | | 0.06|
| | | | | |
| Acquisition related integration | | | | |
|costs (4) | 0.01| | 0.01| 0.04|
| | | | | |
| | | | | |
| +--------+--------+--------+--------+
| Diluted earnings per share from | | | | |
|continuing operations, as adjusted | $0.56| $0.57| $1.54| $1.63|
| +--------+--------+--------+--------+
| | | | | |
+------------------------------------------+--------+--------+--------+--------+
(1) Expenses related to the purchase accounting impact of the fair value
write-up of inventory and a charge for the fair value of the customer
order backlog, both in the Alcan Packaging Food Americas and Mayor
Packaging acquisitions.
(2) Transaction related costs are related primarily to
our acquisition of Alcan Packaging Food Americas and
Mayor Packaging. These costs consist of legal,
accounting, and other professional fees.
(3) Impact from the July 2009 financing of the Alcan Packaging Food Americas
acquisition,
which included the issuance of 8.175 million shares
and $800 million of public debt. The EPS
impact includes the effect of the interest expense on
the debt and the dilutive effect of the
newly issued shares until the
acquisition was completed on
March 1, 2010.
(4) Acquisition related integration costs include severance costs for
workforce reductions and equipment relocation costs related to the Alcan
Packaging Food Americas acquisition and earnout payments treated as
compensation expense related to the Mayor Packaging acquisition.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Bemis Company Inc via Thomson Reuters ONE
[HUG#1557913]
Unternehmensinformation / Kurzprofil:
Datum: 26.10.2011 - 13:46 Uhr
Sprache: Deutsch
News-ID 80483
Anzahl Zeichen: 59944
contact information:
Town:
Neenah, Wisconsin
Kategorie:
Business News
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"Bemis Company Reports 2011 Third Quarter Results"
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