Bemis Company Reports 2011 Fourth Quarter and Full Year Results
(Thomson Reuters ONE) -
NEENAH, WISCONSIN, January 25, 2012 - Bemis Company, Inc. (NYSE-BMS) today
reported quarterly diluted earnings of $0.19 per share for the fourth quarter
ended December 31, 2011. Diluted earnings per share would have been $0.45 for
the fourth quarter of 2011, excluding the effect of facility consolidation and
acquisition related integration charges detailed in the attached schedule,
"Reconciliation of Non-GAAP Data."
Highlights of the full year 2011:
* Cash flow from operations was $416.6 million, an increase of 13.2 percent
from 2010.
* Acquisitions of barrier packaging manufacturing companies in China and North
America position Bemis to expand its geographic and market application
reach.
* Bemis initiated a facility consolidation program to generate over $100
million in savings over the next three years.
* Facility consolidation related activities resulted in a charge of $0.24 per
share during the fourth quarter of 2011, representing employee related
charges and other fixed asset related costs.
* 2011 adjusted diluted earnings per share were $1.99, reflecting the negative
impact of higher raw material costs and lower unit sales volumes during
2011. (See attached schedule: "Reconciliation of Non-GAAP Data.")
"We faced a challenging environment in 2011, as dramatic resin price increases
and softening customer demand impacted our performance throughout the year,"
said Henry Theisen, Bemis Company's President and Chief Executive Officer. "As
we enter 2012, we are making changes to our manufacturing footprint in order to
meaningfully reduce expenses and create positive profit momentum going forward."
CONSOLIDATED RESULTS
Full Year 2011
For the full year 2011, net sales were $5.32 billion, an increase of 10.1
percent compared to net sales of $4.84 billion in 2010. Acquisitions
contributed approximately 4.8 percent to net sales growth. The impact of
currency translation was insignificant. The remaining organic sales growth
primarily reflects selling price increases partially offset by lower unit sales
volume.
Diluted earnings per share from continuing operations for the full year 2011
were $1.70, a decrease of 7.1 percent from $1.83 per share reported in 2010.
Diluted earnings per share from continuing operations, as adjusted, would have
been $1.99 in 2011, a decrease of 6.1 percent compared to $2.12 per share in
2010. (See attached schedule: "Reconciliation of Non-GAAP Data.")
Fourth Quarter 2011
Net sales of $1.27 billion for the fourth quarter of 2011 represented a 1.7
percent increase from $1.25 billion for the same period of 2010. Acquisitions
increased net sales by approximately 1.8 percent. The impact of currency
translation was insignificant.
Quarterly diluted earnings per share from continuing operations were $0.19 for
the fourth quarter ended December 31, 2011. Diluted earnings per share, as
adjusted for charges primarily associated with the facility consolidation
program, would have been $0.45 for the fourth quarter of 2011 compared to $0.49
per share for the fourth quarter of 2010. (See attached schedule:
"Reconciliation of Non-GAAP Data.")
FACILITY CONSOLIDATION
During the fourth quarter of 2011, Bemis initiated a facility consolidation
program to improve efficiencies and reduce fixed costs. As a part of this
program, both administrative and production workforce levels were reduced during
the fourth quarter. Bemis has also announced the planned closure of five
facilities, two of which were completed by early January. Most of the
production from these five facilities will be transferred to other Bemis
facilities.
Charges associated with the facility consolidation-related activities totaled
$38.4 million or $0.24 per share in the fourth quarter of 2011, including $26.3
million of employee-related costs and $12.1 million of fixed assets-related
expenses. Management expects to recognize additional pre-tax charges related to
these efforts of approximately $45 million or $0.27 per share over the next 15
months, primarily associated with accelerated depreciation, equipment
relocation, and lease termination expenses. Cash payments in 2012 are expected
to be approximately $35 million. These facility consolidation activities are
expected to save about $0.24 per share in annualized costs beginning in 2013.
FLEXIBLE PACKAGING BUSINESS SEGMENT
Full Year 2011
For the total year 2011, flexible packaging net sales of $4.75 billion
represented an increase of 11.1 percent compared to 2010. Acquisitions
increased net sales by approximately 5.4 percent. The remaining increase in net
sales was driven by higher selling prices partially offset by the impact of
lower unit sales volumes of packaging for certain applications such as bakery,
confectionery, pet food, and health & hygiene products.
Operating profit for the period was $424.9 million, or 8.9 percent of net sales,
compared to $468.5 million, or 11.0 percent of net sales, in 2010. Excluding
the effect of special charges, operating profit would have been $463.2 million,
or 9.8 percent of net sales, for 2011, compared to $488.5, or 11.4 percent of
net sales, for 2010. The net effect of currency translation increased operating
profit in 2011 by $5.0 million compared to 2010. The lower percentage of
operating profit to net sales in 2011 reflects the impact of higher raw material
costs during the first half of the year and lower unit sales volumes during the
second half of the year.
Fourth Quarter 2011
Our flexible packaging business segment net sales increased 2.0 percent to $1.13
billion for the fourth quarter of 2011 compared to the same period of 2010, due
entirely to the impact of acquisitions. The effect of currency was not
significant to the net sales of the fourth quarter. The steady net sales levels
for the fourth quarter reflect generally higher selling prices and improved
sales mix offset by lower unit sales volumes in the fourth quarter of 2011
compared to the same period of 2010.
Flexible packaging operating profit for the fourth quarter of 2011 was $74.8
million, or 6.6 percent of net sales, compared to $119.5 million, or 10.7
percent of net sales, for the same period of 2010. Excluding the effect of
special charges, flexible packaging operating profit, as adjusted, would have
been $111.4 million, or 9.8 percent of net sales, for the fourth quarter of
2011. (See attached schedule: "Reconciliation of Non-GAAP Data.") Currency
translation increased operating profit by $1.6 million during the quarter. The
decrease in operating profit as a percentage of net sales primarily reflects the
impact of lower unit sales volumes in 2011.
Commenting on the results of the segment, Theisen said, "Operating performance
in our flexible packaging business reflects the negative impact of higher raw
material costs and lower unit sales volumes. We have taken aggressive action to
reduce fixed costs by reducing administrative headcount and adjusting our
factory workforce to meet our current business needs. We are consolidating
business into more efficient facilities in order to improve production and
scheduling efficiency in the future. Once completed, these actions will drive
improvement in our sales mix and operating profit. We are also well positioned
to profitably benefit from the growth of high barrier packaging in emerging
markets such as Brazil and China, and we will invest in new capacity in 2012 in
each of those regions to support that growth."
PRESSURE SENSITIVE MATERIALS BUSINESS SEGMENT
Full Year 2011
For the total year 2011, net sales of pressure sensitive materials were $574.8
million, a 2.2 percent increase from net sales in 2010. Currency effects
increased net sales by 2.4 percent. Operating profit was $33.4 million, or 5.8
percent of net sales, in 2011. Excluding the effect of special charges,
pressure sensitive materials operating profit, as adjusted, would have been
$36.1 million, or 6.3 percent of net sales. This is compared to 2010 operating
profit of $33.0 million, or 5.9 percent of net sales. The net effect of
currency translation increased operating profit in 2011 by $1.1 million. Lower
unit sales volumes were offset by higher selling prices across all product
categories.
Fourth Quarter 2011
Pressure sensitive materials net sales decreased 0.4 percent to $136.4 million
for the fourth quarter of 2011 compared to the same period of 2010. Currency
effects reduced net sales by 0.6 percent compared to the fourth quarter of
2010. Pressure sensitive materials operating profit for the fourth quarter of
2011 was $3.8 million, or 2.8 percent of net sales. Excluding the effect of
special charges, pressure sensitive materials operating profit, as adjusted,
would have been $6.5 million, or 4.8 percent of net sales, compared to operating
profit of $7.2 million, or 5.3 percent of net sales, for the same period of
2010. Currency translation was not significant to operating profit for the
period. Operating performance in this segment was negatively impacted in 2011 by
weak economic conditions in Europe which reduced customer demand.
OTHER OPERATING (INCOME) EXPENSE, NET
For the total year 2011, other operating income and expense included $20.0
million of fiscal incentive income compared to $15.9 million for the year ended
December 31, 2010. These incentives are associated with certain Brazilian
operations and are included in flexible packaging segment operating profit.
Other operating income and expense for the year ended December 31, 2011 also
included $3.1 million of acquisition related expenses, compared to $15.6 million
of such charges in 2010.
For the fourth quarter of 2011, other operating income and expense included $4.3
million of fiscal incentive income, compared to $4.5 million in the fourth
quarter of 2010.
CAPITAL STRUCTURE AND CASH FLOW
Net debt (defined as total debt less cash) to adjusted EBITDA (defined as
operating income plus depreciation and amortization) was 2.3 times at December
31, 2011, compared to 1.9 times as of December 31, 2010. This increase
primarily reflects the impact of acquisition financing in 2011. Management
intends to direct excess cash flow toward debt reduction in 2012 in order to
reduce the ratio of net debt to EBITDA toward a target of approximately 2.0
times.
For the total year 2011, cash provided by operating activities was $416.6
million compared to $368.0 million for 2010. The increase in cash flow from
operations for the total year is largely driven by improved levels of working
capital during the fourth quarter of 2011. For the total year 2011, Bemis used
its strong cash flow from operations to fund $101.8 million in common stock
dividends; $161.1 million of common stock repurchases; and $135.2 million of
capital expenditures. During 2011, Bemis completed three acquisitions which
were financed with commercial paper.
2012 OUTLOOK
Commenting on the year ahead, Theisen said, "As we enter 2012, we expect unit
sales volumes to be generally equal to 2011. Food cost inflation increased
retail grocery costs for consumers in 2011, which negatively impacted consumer
demand for many of our customers' products. This trend is expected to continue
through the first half of 2012. We expect our facility consolidation program to
substantially reduce fixed costs and improve operating efficiencies."
Management expects adjusted diluted earnings per share for the first quarter of
2012 to be in the range of $0.43 to $0.49. This excludes any first quarter
severance and other charges associated with the facility consolidation, the
exact timing of which cannot be estimated at this time.
Adjusted diluted earnings per share for the full year 2012 are expected to be in
the range of $2.05 to $2.20 per share. Pension expense is expected to increase
by approximately $15 million in 2012, which reflects the negative impact of
lower discount rates. The benefits of the facility consolidation activities are
expected to be offset during 2012 by the temporarily higher costs associated
with the transfer of production to other facilities.
Cash provided by operating activities for 2012 is expected to exceed $350
million. Management's objective is to increase cash flow from operations to a
total in excess of $500 million by 2014. Management expects capital
expenditures to be approximately $175 million for the full year 2012, which
includes expansion of Bemis' capacity in China, the addition of high barrier
capacity in Brazil, and added capacity to support increased customer demand for
products from Bemis' barrier platform in North America.
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, net debt to
adjusted EBITDA, 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 facility consolidation activities including employee-related costs,
lease termination payments, accelerated depreciation, and the write-down of
equipment. These measures also exclude 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
fourth quarter and full year 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 2011 net sales of $5.3 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 approximately 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 Q411 Release and Financial Tables.pdf
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share amounts)
(unaudited)
+----------------------+---------------------------+---------------------------+
| | Three Months Ended | Twelve Months Ended |
| | | |
| | December 31, | December 31, |
| +-------------+-------------+-------------+-------------+
| | 2011 | 2010 | 2011 | 2010 |
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
|Net sales | $1,270,147| $1,248,757| $5,322,670| $4,835,042|
| | | | | |
|Cost of products | 1,054,140| 1,017,630| 4,415,174| 3,941,850|
|sold | | | | |
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
|Gross Profit | 216,007| 231,127| 907,496| 893,192|
| | | | | |
| | | | | |
| | | | | |
|Operating | | | | |
|expenses: | | | | |
| | | | | |
|Selling, general, and | | | | |
|administrative | 118,830| 121,670| 483,365| 459,088|
|expenses | | | | |
| | | | | |
|Research and | 10,535| 9,492| 38,751| 34,338|
|development | | | | |
| | | | | |
|Facility | | | | |
|consolidation and | 38,357| | 38,357| |
|other costs | | | | |
| | | | | |
|Other operating | (3,735)| (4,315)| (17,656)| (1,064)|
|income, net | | | | |
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
|Operating Income | 52,020| 104,280| 364,679| 400,830|
| | | | | |
| | | | | |
| | | | | |
|Interest expense | 21,964| 18,466| 76,809| 73,488|
| | | | | |
|Other non-operating | (1,604)| 742| (1,653)| 58|
|(income) expense, net | | | | |
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
|Income from continuing| | | | |
|operations before | 31,660| 85,072| 289,523| 327,284|
|income taxes | | | | |
| | | | | |
| | | | | |
| | | | | |
|Provision for income | 11,600| 30,400| 104,900| 117,600|
|taxes | | | | |
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
|Income from continuing| 20,060| 54,672| 184,623| 209,684|
|operations | | | | |
| | | | | |
| | | | | |
| | | | | |
|Income from | | | | |
|discontinued | | | | 1,782|
|operations, net of tax| | | | |
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
|Net income | 20,060| 54,672| 184,623| 211,466|
| | | | | |
| | | | | |
| | | | | |
|Less: Net income | | | | |
|attributable to | | 1,402| 3,242| 6,355|
|noncontrolling | | | | |
|interests | | | | |
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
|Net income | | | | |
|attributable to Bemis | $20,060| $53,270| $181,381| $205,111|
|Company, Inc. | | | | |
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
|Amounts attributable | | | | |
|to Bemis Company, | | | | |
|Inc.: | | | | |
| | | | | |
|Income from continuing| $20,060| $53,270| $181,381| $203,329|
|operations, net of tax| | | | |
| | | | | |
|Income from | | | | |
|discontinued | | | | 1,782|
|operations, net of tax| | | | |
| +-------------+-------------+-------------+-------------+
|Net income | | | | |
|attributable to Bemis | $20,060| $53,270| $181,381| $205,111|
|Company, Inc. | | | | |
| | | | | |
| | | | | |
| | | | | |
|Basic earnings per | | | | |
|share: | | | | |
| | | | | |
|Income from continuing| $0.19| $0.48| $1.71| $1.83|
|operations | | | | |
| | | | | |
|Income from | | | | |
|discontinued | | | | 0.02|
|operations | | | | |
| +-------------+-------------+-------------+-------------+
|Net income | | | | |
|attributable to Bemis | $0.19| $0.48| $1.71| $1.85|
|Company, Inc. | | | | |
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
|Diluted earnings per | | | | |
|share: | | | | |
| | | | | |
|Income from continuing| $0.19| $0.48| $1.70| $1.83|
|operations | | | | |
| | | | | |
|Income from | | | | |
|discontinued | | | | 0.02|
|operations | | | | |
| +-------------+-------------+-------------+-------------+
|Net income | | | | |
|attributable to Bemis | $0.19| $0.48| $1.70| $1.85|
|Company, Inc. | | | | |
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
|Cash dividends paid | $0.24| $0.23| $0.96| $0.92|
|per share | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
|Weighted average | | | | |
|shares outstanding | | | | |
|(includes | | | | |
|participating | | | | |
|securities): | | | | |
| | | | | |
|Basic | | | | |
| | 104,444| 109,872| 106,180| 110,653|
| | | | | |
|Diluted | | | | |
| | 104,978| 109,912| 106,623| 110,741|
| | | | | |
| | | | | |
+----------------------+-------------+-------------+-------------+-------------+
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(dollars in thousands)
(unaudited)
+----------------------+-------------+-------------+
| |December 31, |December 31, |
| | | |
|ASSETS | 2011 | 2010 |
| +-------------+-------------+
| | | |
| | | |
|Cash and cash | $109,796| $60,404|
|equivalents | | |
| | | |
|Accounts receivable, | 665,402| 637,738|
|net | | |
| | | |
|Inventories | 646,058| 673,863|
| | | |
|Prepaid expenses and | 127,755| 94,914|
|other current assets | | |
| +-------------+-------------+
|Total current assets | 1,549,011| 1,466,919|
| +-------------+-------------+
| | | |
| | | |
|Property and | 1,440,889| 1,540,753|
|equipment, net | | |
| +-------------+-------------+
| | | |
| | | |
|Goodwill | 1,048,469| 1,013,697|
| | | |
|Other intangible | 222,475| 200,116|
|assets, net | | |
| | | |
|Deferred charges and | 59,600| 64,346|
|other assets | | |
| +-------------+-------------+
|Total other long-term | 1,330,544| 1,278,159|
|assets | | |
| +-------------+-------------+
| | | |
| | | |
|TOTAL ASSETS | $4,320,444| $4,285,831|
| +-------------+-------------+
| | | |
| | | |
|LIABILITIES | | |
| | | |
| | | |
| | | |
|Current portion of | $13,411| $2,941|
|long-term debt | | |
| | | |
|Short-term | 1,740| 6|
|borrowings | | |
| | | |
|Accounts payable | 533,862| 548,042|
| | | |
|Accrued salaries and | 95,774| 103,024|
|wages | | |
| | | |
|Accrued income and | 23,854| 21,246|
|other taxes | | |
| +-------------+-------------+
|Total current | 668,641| 675,259|
|liabilities | | |
| | | |
| | | |
| | | |
|Long-term debt, less | 1,554,750| 1,283,525|
|current portion | | |
| | | |
|Deferred taxes | 175,585| 158,289|
| | | |
|Other liabilities and | 328,741| 241,326|
|deferred credits | | |
| +-------------+-------------+
| | | |
| | | |
|TOTAL LIABILITIES | 2,727,717| 2,358,399|
| +-------------+-------------+
| | | |
| | | |
|EQUITY | | |
| | | |
| | | |
| | | |
|Bemis Company, Inc. | | |
|shareholders' equity: | | |
| | | |
|Common stock issued | | |
|(126,937,817 and | 12,694| 12,663|
|126,627,875 shares) | | |
| | | |
|Capital in excess of | 532,441| 568,035|
|par value | | |
| | | |
|Retained earnings | 1,830,193| 1,751,908|
| | | |
|Accumulated other | (77,420)| 91,117|
|comprehensive income | | |
| | | |
|Common stock held in | | |
|treasury, 23,953,971 | (705,181)| (544,100)|
|and 18,953,971 shares | | |
|at cost | | |
| +-------------+-------------+
|Total Bemis Company, | | |
|Inc. shareholders' | 1,592,727| 1,879,623|
|equity | | |
| +-------------+-------------+
|Noncontrolling | | 47,809|
|interests | | |
| +-------------+-------------+
|TOTAL EQUITY | 1,592,727| 1,927,432|
| +-------------+-------------+
| | | |
| | | |
|TOTAL LIABILITIES AND | $4,320,444| $4,285,831|
|EQUITY | | |
+----------------------+-------------+-------------+
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
(unaudited)
+----------------------+---------------------------+
| |Twelve Months Ended |
| | |
| |December 31, |
| +-------------+-------------+
| | 2011 | 2010 |
| +-------------+-------------+
|Cash flows from | | |
|operating activities | | |
| | | |
|Net income | $184,623| $211,466|
| | | |
|Adjustments to | | |
|reconcile net income | | |
|to net cash | | |
| | | |
|provided by operating | | |
|activities: | | |
| | | |
|Depreciation and | 220,324| 209,667|
|amortization | | |
| | | |
|Excess tax benefit | | |
|from share-based | (1,381)| (3,921)|
|payment arrangements | | |
| | | |
|Share-based | 16,349| 18,395|
|compensation | | |
| | | |
|Deferred income taxes | 23,506| 8,092|
| | | |
|Income of | | |
|unconsolidated | (2,515)| (2,121)|
|affiliated company | | |
| | | |
|Cash dividends | | |
|received from | 4,338| |
|unconsolidated | | |
|affiliated company | | |
| | | |
|Loss on sales of | 3,272| 721|
|property and equipment| | |
| | | |
|Non-cash facility | | |
|consolidation and | 35,043| |
|other activities | | |
| | | |
|Changes in working | | |
|capital, excluding | (103,496)| (97,788)|
|effect of acquisitions| | |
| | | |
|Net change in deferred| 36,513| 23,471|
|charges and credits | | |
| +-------------+-------------+
| | | |
| | | |
|Net cash provided by | 416,576| 367,982|
|operating activities | | |
| +-------------+-------------+
| | | |
| | | |
|Cash flows from | | |
|investing activities | | |
| | | |
|Additions to property | (135,238)| (113,208)|
|and equipment | | |
| | | |
|Business acquisitions | | |
|and adjustments, net | (152,783)| (1,179,667)|
|of cash acquired | | |
| | | |
|Proceeds from sales of| 3,928| 2,287|
|property and equipment| | |
| | | |
|Net proceeds from sale| | |
|of discontinued | | 75,192|
|operations | | |
| +-------------+-------------+
| | | |
| | | |
|Net cash used in | (284,093)| (1,215,396)|
|investing activities | | |
| +-------------+-------------+
| | | |
| | | |
|Cash flows from | | |
|financing activities | | |
| | | |
|Proceeds from issuance| 400,860| 17,868|
|of long-term debt | | |
| | | |
|Repayment of long-term| (11,843)| (51,601)|
|debt | | |
| | | |
|Net borrowing of | (114,707)| 63,619|
|commercial paper | | |
| | | |
|Net borrowing | | |
|(repayment) of short- | 1,953| (8,797)|
|term debt | | |
| | | |
|Cash dividends paid to| (101,834)| (101,884)|
|shareholders | | |
| | | |
|Common stock purchased| (161,081)| (45,759)|
|for the treasury | | |
| | | |
|Purchase of subsidiary| | |
|shares from | (89,713)| (15,879)|
|noncontrolling | | |
|interests | | |
| | | |
|Excess tax benefit | | |
|from share-based | 1,381| 3,921|
|payment arrangements | | |
| | | |
|Stock incentive | | |
|programs and related | (5,008)| (14,881)|
|withholdings | | |
| +-------------+-------------+
| | | |
| | | |
|Net cash used in | (79,992)| (153,393)|
|financing activities | | |
| +-------------+-------------+
| | | |
| | | |
|Effect of exchange | | |
|rates on cash and cash| (3,099)| (4,476)|
|equivalents | | |
| +-------------+-------------+
| | | |
| | | |
|Net increase | | |
|(decrease) in cash and| 49,392| (1,005,283)|
|cash equivalents | | |
| | | |
| | | |
| | | |
|Cash and cash | | |
|equivalents balance at| 60,404| 1,065,687|
|beginning of year | | |
| +-------------+-------------+
| | | |
| | | |
|Cash and cash | | |
|equivalents balance at| $109,796| $60,404|
|end of period | | |
+----------------------+-------------+-------------+
BEMIS COMPANY, INC. AND SUBSIDIARIES
OPERATING PROFIT AND PRETAX PROFIT
(in millions)
(unaudited)
+----------------------+---------------------------+---------------------------+
| | Three Months Ended | Twelve Months Ended |
| | | |
| | December 31, | December 31, |
| +-------------+-------------+-------------+-------------+
| | 2011 | 2010 | 2011 | 2010 |
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
| | | | | |
| | | | | |
|Flexible Packaging | $109.7| $119.5| $459.8| $468.5|
|operating profit | | | | |
| | | | | |
|Flexible Packaging | | | | |
|facility consolidation| (34.9)| | (34.9)| |
|and other costs | | | | |
| +-------------+-------------+-------------+-------------+
|Net Flexible Packaging| 74.8| 119.5| 424.9| 468.5|
|operating profit | | | | |
| | | | | |
| | | | | |
| | | | | |
|Pressure Sensitive | | | | |
|Materials operating | 6.5| 7.2| 36.1| 33.0|
|profit | | | | |
| | | | | |
|Pressure Sensitive | | | | |
|Materials facility | (2.7)| | (2.7)| |
|consolidation and | | | | |
|other costs | | | | |
| +-------------+-------------+-------------+-------------+
|Net Pressure Sensitive| | | | |
|Materials operating | 3.8| 7.2| 33.4| 33.0|
|profit | | | | |
| | | | | |
| | | | | |
| +-------------+-------------+-------------+-------------+
|Segment operating | 78.6| 126.7| 458.3| 501.5|
|profit | | | | |
| | | | | |
| | | | | |
| | | | | |
|General corporate | (25.8)| (22.4)| (92.8)| (100.7)|
|expenses | | | | |
| | | | | |
|Corporate facility | | | | |
|consolidation and | (0.8)| | (0.8)| |
|other costs | | | | |
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
|Operating income | 52.0| 104.3| 364.7| 400.8|
| | | | | |
| | | | | |
| | | | | |
|Interest expense | (22.0)| (18.5)| (76.8)| (73.5)|
| | | | | |
| | | | | |
| | | | | |
|Other non-operating | 1.7| (0.7)| 1.6| |
|income (expense), net | | | | |
| | | | | |
| | | | | |
| +-------------+-------------+-------------+-------------+
|Income from continuing| | | | |
|operations before | $31.7| $85.1| $289.5| $327.3|
|income taxes | | | | |
| +-------------+-------------+-------------+-------------+
| |
+------------------------------------------------------------------------------+
BEMIS COMPANY, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP DATA
(in millions, except per share amounts)
(unaudited)
+----------------------+---------------------------+---------------------------+
| | Three Months Ended | Twelve Months Ended |
| | | |
| | December 31, | December 31, |
| +-------------+-------------+-------------+-------------+
| | 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 | $1,133.7| $1,111.8| $4,747.9| $4,272.4|
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
| Operating Profit as| 74.8| 119.5| 424.9| 468.5|
|reported | | | | |
| | | | | |
| | | | | |
| | | | | |
| Non-GAAP | | | | |
|adjustments: | | | | |
| | | | | |
|Purchase accounting | | | | |
|for inventory and | | | 0.5| 15.4|
|order backlog (1) | | | | |
| | | | | |
|Acquisition related | 1.7| 0.2| 2.9| 4.6|
|integration costs (4) | | | | |
| | | | | |
|Facility consolidation| 34.9| | 34.9| |
|and other costs (5) | | | | |
| | | | | |
| | | | | |
| +-------------+-------------+-------------+-------------+
| Operating Profit as| $111.4| $119.7| $463.2| $488.5|
|adjusted | | | | |
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
| Operating Profit as| | | | |
|a percentage of Net | | | | |
|Sales | | | | |
| | | | | |
| As Reported | 6.6%| 10.7%| 8.9%| 11.0%|
| | | | | |
| As Adjusted | 9.8%| 10.8%| 9.8%| 11.4%|
| | | | | |
| | | | | |
+----------------------+-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
|Pressure Sensitive | | | | |
|Materials | | | | |
| | | | | |
| Net Sales | $136.4| $137.0| $574.8| $562.6|
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
| Operating Profit as| 3.8| 7.2| 33.4| 33.0|
|reported | | | | |
| | | | | |
| | | | | |
| | | | | |
| Non-GAAP | | | | |
|adjustments: | | | | |
| | | | | |
|Facility | | | | |
|consolidation | 2.7| | 2.7| |
|and other costs | | | | |
|(5) | | | | |
| | | | | |
| | | | | |
| +-------------+-------------+-------------+-------------+
| Operating Profit as| $6.5| $7.2| $36.1| $33.0|
|adjusted | | | | |
| +-------------+-------------+-------------+-------------+
| | | | | |
| | | | | |
| Operating Profit as| | | | |
|a percentage of Net | | | | |
|Sales | | | | |
| | | | | |
| As Reported | 2.8%| 5.3%| 5.8%| 5.9%|
| | | | | |
| As Adjusted | 4.8%| 5.3%| 6.3%| 5.9%|
| | | | | |
| | | | | |
+----------------------+-------------+-------------+-------------+-------------+
|Reconciliation of GAAP| | | | |
|to Non-GAAP | | | | |
| | | | | |
|Earnings per Share | | | | |
+----------------------+ | | | |
| | | | | |
| | | | | |
| Diluted earnings | | | | |
|per share from | $0.19| $0.48| $1.70| $1.83|
|continuing operations,| | | | |
|as reported | | | | |
| | | | | |
| | | | | |
| | | | | |
| Non-GAAP | | | | |
|adjustments per share,| | | | |
|net of taxes: | | | | |
| | | | | |
| Purchase |
Unternehmensinformation / Kurzprofil:
Datum: 25.01.2012 - 14:56 Uhr
Sprache: Deutsch
News-ID 107729
Anzahl Zeichen: 65562
contact information:
Town:
Neenah, Wisconsin
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 190 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Bemis Company Reports 2011 Fourth Quarter and Full Year Results"
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Bemis Company Inc (Nachricht senden)
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