Bemis Company Inc
Del
BEMIS COMPANY REPORTS 2010 FOURTH QUARTER AND YEAR END RESULTS
IndustrialsIndustrial Goods & ServicesGeneral Industrials
BEMIS COMPANY, INC.
One Neenah Center, 4(th) 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
BEMIS COMPANY REPORTS 2010 FOURTH QUARTER AND YEAR END RESULTS
Bemis Achieves Record Annual GAAP Diluted Earnings Per Share of $1.83
and Record Annual Non-GAAP Diluted Earnings Per Share of $2.12.
NEENAH, WISCONSIN, February 1, 2011 - Bemis Company, Inc. (NYSE-BMS) today
reported its 2010 fourth quarter and year end results:
Highlights of the full year 2010:
* Diluted earnings per share, as adjusted, increased by 14 percent to a record
$2.12, in line with management's guidance of $2.10 to $2.15.
* Record annual net sales of $4.84 billion reflected healthy total company
organic sales growth of about 7 percent and acquisition related growth of
about 31 percent.
* Integration of Food Americas, acquired on March 1, 2010, was successfully
completed, including the required divestiture of certain assets that was
completed in July of 2010.
* Cash flow from operations totaled $368.0 million.
* Capital expenditures for 2010 totaled $113.2 million, in line with
management's guidance of approximately $115 million.
Highlights of the fourth quarter 2010:
* Record fourth quarter net sales of $1.25 billion reflected total company
organic sales growth of about 4 percent and acquisition related growth of
about 34 percent.
* Adjusted diluted earnings per share for the quarter increased 9 percent to
$0.49 per share.
* Cash flow from operations totaled $119.0 million.
* Capital expenditures for the fourth quarter totaled $48.5 million.
Commenting on the results, Henry Theisen, Bemis Company's President and Chief
Executive Officer, stated, "2010 was a great year of accomplishments for Bemis
Company. For the second consecutive year, we delivered double-digit growth in
adjusted earnings per share. We have also enjoyed increased sales of our
unique, value-added flexible packaging film structures in each of the last two
years, in line with our customers' new product initiatives. We successfully
integrated the largest acquisition in our history, and reported strong cash
flows from operations. Our business teams are using our now larger technology
platform to expand our customer relationships and commercialize new product
opportunities. We also continue to use increased production efficiencies and
disciplined cost management to drive improvements in profitability, operating
cash flow, and returns on invested capital."
CONSOLIDATED RESULTS
Full Year 2010
For the full year 2010, net sales were $4.84 billion, an increase of 37.6
percent compared to net sales of $3.51 billion in 2009. Management estimates
that acquisitions contributed approximately 31 percent to net sales growth. The
remaining organic sales growth included a 1.8 percent increase from currency
effects.
Diluted earnings per share for the full year 2010 were $1.83, an increase of
32.6 percent from $1.38 per share reported in 2009. Diluted earnings per share
from continuing operations, as adjusted, would have been $2.12 in 2010, an
increase of 14.0 percent compared to $1.86 per share in 2009. (See attached
schedule: "Reconciliation of Non-GAAP Data.")
Fourth Quarter 2010
Net sales of $1.25 billion for the fourth quarter of 2010 represented a 37.8
percent increase from $905.9 million for the same period of 2009. Management
estimates that acquisitions increased net sales by approximately 34 percent.
The impact of currency translation was insignificant to the remaining organic
sales growth for the fourth quarter.
Quarterly diluted earnings per share were $0.48 for the fourth quarter ended
December 31, 2010, compared to $0.23 per share for the fourth quarter of 2009.
Diluted earnings per share, as adjusted, would have been $0.49 for the fourth
quarter of 2010 compared to $0.45 per share for the fourth quarter of 2009.
(See attached schedule: "Reconciliation of Non-GAAP Data.")
FLEXIBLE PACKAGING BUSINESS SEGMENT
Full Year 2010
For the total year 2010, flexible packaging net sales of $4.27 billion
represented a 43.2 percent increase compared to 2009. Acquisitions increased
net sales by an estimated 36.4 percent, and currency effects accounted for a
sales increase of 2.4 percent. The remaining 4.4 percent increase in net sales
was driven by higher sales across many market categories.
Operating profit increased to $474.9 million, or 11.1 percent of net sales, in
2010, compared to $385.3 million, or 12.9 percent of net sales, in 2009.
Excluding the effect of special charges, operating profit would have been $494.9
million, or 11.6 percent of net sales, for 2010, compared to $388.8, or 13.0
percent of net sales, for 2009. (See attached schedule: "Reconciliation of Non-
GAAP Data.") The net effect of currency translation increased operating profit
in 2010 by $6.5 million compared to 2009. The decrease in operating profit as a
percentage of net sales in 2010 reflects the impact of generally lower operating
margins from the acquired business, partially offset by increased sales of
value-added products. Operating margins in 2009 also benefited from decreasing
input costs during the first half of that year.
Fourth Quarter 2010
Our flexible packaging business segment net sales increased 44.3 percent to
$1.11 billion for the fourth quarter of 2010 compared to the same period of
2009. Bemis estimates that acquisitions increased net sales by an estimated
39.7 percent during the quarter. The effect of currency was not significant to
the net sales of the fourth quarter. The remaining 4.6 percent growth in net
sales reflects increased sales of value-added packaging in market categories
that include meat and cheese, dry foods, and specialty foods.
Flexible packaging operating profit for the fourth quarter of 2010 was $120.6
million, or 10.8 percent of net sales, compared to $85.6 million, or 11.1
percent of net sales, for the same period of 2009. Excluding the effect of
special charges, flexible packaging operating profit, as adjusted, would have
been $120.8 million, or 10.9 percent of net sales, compared to $90.7 million, or
11.8 percent of net sales, for the same period of 2009. (See attached schedule:
"Reconciliation of Non-GAAP Data.") The effect of currency translation was not
significant to the results of the quarter. The decrease in operating profit as
a percentage of net sales reflects the generally lower operating margins of the
Food Americas operations acquired in March 2010, partially offset by increased
sales of value-added product.
Commenting on the results of the segment, Theisen said, "Our flexible packaging
segment reported solid organic sales growth in 2010, driven by unit volume
increases and sales mix improvements in a number of market categories. Our
integration teams have worked diligently to facilitate a seamless transition of
the Food Americas business into our operations with minimal disruption to
customers, employees, and manufacturing processes. With the integration largely
completed, we expect to benefit from continuous improvement activities across
all facilities as we move forward. Our technical teams are integrating the
proprietary processes and material science expertise of our now larger
organization and expect to accelerate new product development going forward.
All of these enhancements will promote improved customer service, product
innovation, and operating performance in the years to come."
PRESSURE SENSITIVE MATERIALS BUSINESS SEGMENT
Full Year 2010
For the total year 2010, net sales of pressure sensitive materials were $562.6
million, a 5.9 percent increase from net sales in 2009. Currency effects
accounted for a net sales decline of 1.6 percent. Operating profit was $33.0
million or 5.9 percent of net sales in 2010. This compares to operating profit
of $13.6 million or 2.6 percent of net sales in 2009. The net effect of
currency translation decreased operating profit in 2009 by $0.7 million. Higher
net sales and operating profit in 2010 reflect substantially improved unit sales
volumes in 2010, combined with disciplined cost management.
Fourth Quarter 2010
Pressure sensitive materials net sales increased 1.2 percent to $137.0 million
for the fourth quarter of 2010 compared to the same period of 2009. Currency
effects reduced net sales by 2.5 percent compared to the fourth quarter of
2009. Pressure sensitive materials operating profit for the fourth quarter of
2010 was $7.2 million, or 5.3 percent of net sales, compared to operating profit
of $7.1 million, or 5.2 percent of net sales, for the same period of 2009.
Currency translation reduced operating profit in the fourth quarter of 2010 by
$0.3 million compared to the same quarter of 2009.
OTHER OPERATING (INCOME) EXPENSE, NET
For the total year 2010, other operating income and expense included $15.9
million of fiscal incentive income compared to $16.6 million for the year ended
December 31, 2009. Fiscal government 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, 2010
also included $15.6 million of special charges including acquisition related
expenses, compared to $44.8 million of such charges in 2009.
For the fourth quarter of 2010, other operating income and expense included $4.5
million of fiscal incentive income, an increase of $0.3 million compared to the
fourth quarter of 2009. Other operating income and expense during the fourth
quarter of 2010 also included $0.9 million of Food Americas integration costs,
compared to $15.1 million of fees associated with the Food Americas acquisition
during the fourth quarter of 2009.
CASH FLOW
Full Year 2010
For the total year 2010, cash provided by operating activities was $368.0
million compared to $475.8 million for 2009. The decrease in cash flow from
operations for the total year is largely driven by an increase in working
capital during 2010. For the total year 2010, Bemis used its strong cash flow
from operations to fund $101.9 million in common stock dividends; $113.2 million
of capital expenditures; $45.8 million of share repurchases; and to reduce the
debt which funded the 2010 Food Americas acquisition.
Fourth Quarter 2010
Cash provided by operating activities was $119.0 million for the fourth quarter
of 2010, an increase of $39.0 million compared to the fourth quarter of 2009.
In addition to funding dividends, capital expenditures, and debt reduction
during the quarter, Bemis repurchased about 531,000 shares of common stock for a
total cost of $16.5 million.
2011 EARNINGS OUTLOOK
Management expects diluted earnings per share for the first quarter of 2011 to
be in the range of $0.50 to $0.55. For the full year 2011, management expects
diluted earnings per share to be in a range of $2.33 to $2.48 per share.
Guidance for 2011 includes an increase in pension expense of approximately $10
million and an effective income tax rate of 36.5 percent. In addition, while
management continues to pursue a tender offer for the outstanding preferred
shares of Bemis' Brazilian subsidiary, the purchase of those shares is not
reflected in the guidance. In 2011, management expects capital expenditures to
be approximately $150 million and depreciation and amortization expense to be
approximately $215 million.
"We expect to continue to deliver double-digit earnings per share growth in
2011," noted Theisen. "This is in spite of the modest pressure on 2011
operating margins that we expect from higher pension expense and increasing raw
material costs. We are excited about the sales and margin growth opportunities
that we anticipate in the coming year, and we will continue to focus our talent
and capital resources in those important growth areas."
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, 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, 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, 2009.
INVESTOR CONFERENCE CALL
Bemis Company, Inc. will webcast an investor telephone conference regarding its
fourth quarter and full year 2010 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 $4.84 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 nearly 20,000 individuals worldwide. More
information about the Company is available at our website,www.bemis.com.
Click Here for PDF Version of BMS Q410 Release and Financials.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, |
| +----------+--------+----------+----------+
| | 2010 | 2009 | 2010 | 2009 |
| +----------+--------+----------+----------+
| | | | | |
| | | | | |
|Net sales |$1,248,757|$905,884|$4,835,042|$3,514,586|
| | | | | |
| | | | | |
| | | | | |
|Costs and | | | | |
|expenses: | | | | |
| | | | | |
|Cost of products sold | 1,017,630| 728,237| 3,945,498| 2,814,412|
| | | | | |
|Selling, general, and administrative| | | | |
|expenses | 121,670| 97,639| 455,440| 370,926|
| | | | | |
|Research and development | 9,492| 5,930| 34,338| 24,342|
| | | | | |
|Other operating (income) expense, | | | | |
|net | (4,315)| 9,795| (1,064)| 24,683|
| | | | | |
|Interest expense | 18,466| 16,773| 73,488| 42,052|
| | | | | |
|Other non-operating (income) | | | | |
|expense, net | 742| 4,281| 58| (2,139)|
| +----------+--------+----------+----------+
| | | | | |
| | | | | |
|Income from continuing operations | | | | |
|before income taxes | 85,072| 43,229| 327,284| 240,310|
| | | | | |
| | | | | |
| | | | | |
|Provision for income taxes | 30,400| 16,200| 117,600| 87,800|
| +----------+--------+----------+----------+
| | | | | |
| | | | | |
|Income from continuing operations | 54,672| 27,029| 209,684| 152,510|
| | | | | |
| | | | | |
| | | | | |
|Income from discontinued operations,| | | | |
|net of tax | | | 1,782| |
| +----------+--------+----------+----------+
| | | | | |
| | | | | |
|Net income | 54,672| 27,029| 211,466| 152,510|
| | | | | |
| | | | | |
| | | | | |
|Less: Net income attributable to | | | | |
|noncontrolling interests | 1,402| 879| 6,355| 5,289|
| +----------+--------+----------+----------+
| | | | | |
| | | | | |
|Net income attributable to Bemis | | | | |
|Company, Inc. | $53,270| $26,150| $205,111| $147,221|
| | | | | |
| | | | | |
| | | | | |
|Amounts attributable to Bemis | | | | |
|Company, Inc. : | | | | |
| | | | | |
|Income from continuing operations, | | | | |
|net of tax | $53,270| $26,150| $203,329| $147,221|
| | | | | |
|Income from discontinued operations,| | | | |
|net of tax | | | 1,782| |
| +----------+--------+----------+----------+
|Net income attributable to Bemis | | | | |
|Company, Inc. | $53,270| $26,150| $205,111| $147,221|
| | | | | |
| | | | | |
| | | | | |
|Basic earnings per share: | | | | |
| | | | | |
|Income from continuing operations | $0.48| $0.23| $1.83| $1.38|
| | | | | |
|Income from discontinued operations | | | 0.02| |
| +----------+--------+----------+----------+
|Net income attributable to Bemis | | | | |
|Company, Inc. | $0.48| $0.23| $1.85| $1.38|
| | | | | |
| | | | | |
| | | | | |
|Diluted earnings per share: | | | | |
| | | | | |
|Income from continuing operations | $0.48| $0.23| $1.83| $1.38|
| | | | | |
|Income from discontinued operations | | | 0.02| |
| +----------+--------+----------+----------+
|Net income attributable to Bemis | | | | |
|Company, Inc. | $0.48| $0.23| $1.85| $1.38|
| | | | | |
| | | | | |
| | | | | |
|Cash dividends paid per share | $0.230| $0.225| $0.920| $0.900|
+------------------------------------+ | | | |
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(dollars in thousands)
(unaudited)
+-------------------------------------------------+------------+------------+
| |December 31,|December 31,|
| | | |
| ASSETS | 2010 | 2009 |
| +------------+------------+
| | | |
| | | |
|Cash and cash equivalents | $60,404| $1,065,687|
| | | |
|Accounts receivable, net | 637,738| 467,988|
| | | |
|Inventories, | | |
|net | 673,863| 399,067|
| | | |
|Prepaid expenses and other current assets | 94,914| 72,606|
| +------------+------------+
|Total current assets | 1,466,919| 2,005,348|
| +------------+------------+
| | | |
| | | |
|Property and equipment, net | 1,540,753| 1,157,193|
| +------------+------------+
| | | |
| | | |
|Goodwill | 1,013,697| 646,852|
| | | |
|Other intangible assets, net | 200,116| 85,299|
| | | |
|Deferred charges and other assets | 64,346| 34,013|
| +------------+------------+
|Total other long-term assets | 1,278,159| 766,164|
| +------------+------------+
| | | |
| | | |
|TOTAL ASSETS | $4,285,831| $3,928,705|
| | | |
| | | |
| | | |
| LIABILITIES | | |
| | | |
| | | |
| | | |
|Current portion of long-term debt | $2,941| $22,527|
| | | |
|Short-term borrowings | 6| 8,795|
| | | |
|Accounts | | |
|payable | 548,042| 380,017|
| | | |
|Accrued salaries and wages | 103,024| 89,988|
| | | |
|Accrued income and other taxes | 21,246| 23,528|
| +------------+------------+
|Total current liabilities | 675,259| 524,855|
| | | |
| | | |
| | | |
|Long-term debt, less current portion | 1,283,525| 1,227,514|
| | | |
|Deferred taxes | 158,289| 134,676|
| | | |
|Other liabilities and deferred credits | 241,326| 189,977|
| +------------+------------+
| | | |
| | | |
|TOTAL LIABILITIES | 2,358,399| 2,077,022|
| +------------+------------+
| | | |
| | | |
| EQUITY | | |
| | | |
| | | |
| | | |
|Bemis Company, Inc. shareholders' equity: | | |
| | | |
| Common stock issued (126,627,875 and | | |
|125,646,511 shares) | 12,663| 12,565|
| | | |
|Capital in excess of par value | 568,035| 567,247|
| | | |
|Retained | | |
|earnings | 1,751,908| 1,649,804|
| | | |
|Accumulated other comprehensive income | 91,117| 72,457|
| | | |
|Common stock held in treasury, 18,953,971 and | | |
|17,422,771 shares at cost | (544,100)| (498,341)|
| +------------+------------+
|Total Bemis Company, Inc. shareholders' equity | 1,879,623| 1,803,732|
| +------------+------------+
|Noncontrolling interests | 47,809| 47,951|
| +------------+------------+
|TOTAL EQUITY | 1,927,432| 1,851,683|
| +------------+------------+
| | | |
| | | |
|TOTAL LIABILITIES AND EQUITY | $4,285,831| $3,928,705|
+-------------------------------------------------+ | |
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
(unaudited)
+----------------------------------------------------+----------------------+
| | Twelve Months Ended |
| | |
| | December 31, |
| +-----------+----------+
| | 2010 | 2009 |
| +-----------+----------+
|Cash flows from operating activities | | |
| | | |
|Net | | |
|income | $211,466| $152,510|
| | | |
|Adjustments to reconcile net income to net cash | | |
| | | |
|provided by operating activities: | | |
| | | |
|Depreciation and amortization | 209,667| 159,274|
| | | |
|Excess tax benefit from share-based payment | | |
|arrangements | (3,921)| (509)|
| | | |
|Share-based compensation | 18,395| 19,020|
| | | |
|Deferred income taxes | 8,092| 4,956|
| | | |
|Income of unconsolidated affiliated company | (2,121)| (2,163)|
| | | |
|(Gain) loss on sales of property and equipment | 721| (1,149)|
| | | |
|Changes in working capital, excluding effect of | | |
|acquisitions | (97,788)| 145,819|
| | | |
|Net change in deferred charges and credits | 23,471| (1,945)|
| +-----------+----------+
| | | |
| | | |
|Net cash provided by operating activities | 367,982| 475,813|
| +-----------+----------+
| | | |
| | | |
|Cash flows from investing activities | | |
| | | |
|Additions to property and equipment | (113,208)| (89,154)|
| | | |
|Business acquisitions and adjustments, net of cash | | |
|acquired |(1,195,546)| (30,343)|
| | | |
|Proceeds from sales of property and equipment | 2,287| 10,921|
| | | |
|Net proceeds from sale of discontinued operations | 75,192| |
| +-----------+----------+
| | | |
| | | |
|Net cash used in investing activities |(1,231,275)| (108,576)|
| +-----------+----------+
| | | |
| | | |
|Cash flows from financing activities | | |
| | | |
|Proceeds from issuance of long-term debt | 17,868| 823,088|
| | | |
|Repayment of long-term debt | (51,601)| (24,154)|
| | | |
|Net borrowing (repayment) of commercial paper | 63,619| (240,295)|
| | | |
|Net borrowing (repayment) of short-term debt | (8,797)| (10,894)|
| | | |
|Cash dividends paid to shareholders | (101,884)| (96,595)|
| | | |
|Common stock issued | | 202,809|
| | | |
|Common stock purchased for the treasury | (45,759)| |
| | | |
|Excess tax benefit from share-based payment | | |
|arrangements | 3,921| 509|
| | | |
|Stock incentive programs and related withholdings | (14,881)| (3,186)|
| +-----------+----------+
| | | |
| | | |
|Net cash provided by (used in) financing activities | (137,514)| 651,282|
| +-----------+----------+
| | | |
| | | |
|Effect of exchange rates on cash and cash | | |
|equivalents | (4,476)| 3,714|
| +-----------+----------+
| | | |
| | | |
|Net increase (decrease) in cash and cash equivalents|(1,005,283)| 1,022,233|
| | | |
| | | |
| | | |
|Cash and cash equivalents balance at beginning of | | |
|year | 1,065,687| 43,454|
| +-----------+----------+
| | | |
| | | |
|Cash and cash equivalents balance at end of period | $60,404|$1,065,687|
+----------------------------------------------------+ | |
BEMIS COMPANY, INC. AND SUBSIDIARIES
OPERATING PROFIT AND PRETAX PROFIT
(in millions)
(unaudited)
+-------------------------------------------+----------------+-----------------+
| | Three Months | Twelve Months |
| | Ended | Ended |
| | | |
| | December 31, | December 31, |
| +------+---------+-------+---------+
| | 2010 | 2009 | 2010 | 2009 |
| +------+---------+-------+---------+
| | | | | |
| | | | | |
| | | | | |
| | | | | |
|Flexible Packaging operating profit |$120.6| $85.6| $474.9| $385.3|
| | | | | |
| | | | | |
| | | | | |
|Pressure Sensitive Materials operating | | | | |
|profit | 7.2| 7.1| 33.0| 13.6|
| | | | | |
| | | | | |
| | | | | |
|General corporate expenses |(24.2)| (32.7)|(107.1)| (116.5)|
| | | | | |
| | | | | |
| | | | | |
|Interest | | | | |
|expense |(18.5)| (16.8)| (73.5)| (42.1)|
| | | | | |
| | | | | |
| +------+---------+-------+---------+
|Income from continuing operations before | | | | |
|income taxes | $85.1| $43.2| $327.3| $240.3|
| | | | | |
| |
+------------------------------------------------------------------------------+
BEMIS COMPANY, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP DATA
(in millions, except per share amounts)
(unaudited)
+-------------------------------------------+----------------+-----------------+
| | Three Months | Twelve Months |
| | Ended | Ended |
| | | |
| | December 31, | December 31, |
| +--------+-------+--------+--------+
| | 2010 | 2009 | 2010 | 2009 |
+-------------------------------------------+--------+-------+--------+--------+
| Reconciliation of GAAP to Non-GAAP | | | | |
| Operating Profit | | | | |
| | | | | |
|and Operating Profit as a Percentage of Net| | | | |
| Sales by Segment | | | | |
+-------------------------------------------+ | | | |
| | | | | |
| | | | | |
|Flexible Packaging | | | | |
| | | | | |
| Net Sales |$1,111.8| $770.5|$4,272.4|$2,983.4|
| +--------+-------+--------+--------+
| | | | | |
| | | | | |
| Operating Profit as reported | 120.6| 85.6| 474.9| 385.3|
| | | | | |
| | | | | |
| | | | | |
| Non-GAAP adjustments: | | | | |
| | | | | |
|Purchase accounting for inventory and order| | | | |
|backlog (1) | | | 15.4| |
| | | | | |
|Acquisition related integration costs (2) | 0.2| | 4.6| |
| | | | | |
|Severance costs for reductions in workforce| | | | 1.4|
| | | | | |
|Gain on sale of land and building | | | | (3.0)|
| | | | | |
|Administrative sales tax assessment | | 5.1| | 5.1|
| | | | | |
| | | | | |
| +--------+-------+--------+--------+
| Operating Profit as adjusted | $120.8| $90.7| $494.9| $388.8|
| | | | | |
| | | | | |
| | | | | |
| Operating Profit as a percentage of Net | | | | |
|Sales | | | | |
| | | | | |
| As | | | | |
|Reported | 10.8%| 11.1%| 11.1%| 12.9%|
| | | | | |
| As | | | | |
|Adjusted | 10.9%| 11.8%| 11.6%| 13.0%|
| | | | | |
| | | | | |
+-------------------------------------------+--------+-------+--------+--------+
| | | | | |
| | | | | |
|Pressure Sensitive Materials | | | | |
| | | | | |
| Net Sales | $137.0| $135.4| $562.6| $531.2|
| +--------+-------+--------+--------+
| | | | | |
| | | | | |
| Operating Profit as reported | 7.2| 7.1| 33.0| 13.6|
| | | | | |
| | | | | |
| | | | | |
| Non-GAAP adjustments: | | | | |
| | | | | |
| Severance costs for reductions in | | | | |
|workforce | | | | 2.6|
| | | | | |
| | | | | |
| +--------+-------+--------+--------+
| Operating Profit as adjusted | $7.2| $7.1| $33.0| $16.2|
| | | | | |
| | | | | |
| | | | | |
| Operating Profit as a percentage of Net | | | | |
|Sales | | | | |
| | | | | |
| As | | | | |
|Reported | 5.3%| 5.2%| 5.9%| 2.6%|
| | | | | |
| As | | | | |
|Adjusted | 5.3%| 5.2%| 5.9%| 3.0%|
| | | | | |
| | | | | |
+-------------------------------------------+--------+-------+--------+--------+
| Reconciliation of GAAP to Non-GAAP | | | | |
| | | | | |
| Earnings per Share | | | | |
+-------------------------------------------+ | | | |
| | | | | |
| | | | | |
| Diluted earnings per share from | | | | |
|continuing operations, as reported | $0.48| $0.23| $1.83| $1.38|
| | | | | |
| | | | | |
| | | | | |
| Non-GAAP adjustments per share, net of | | | | |
|taxes: | | | | |
| | | | | |
| Purchase accounting for inventory and | | | | |
|order backlog (1) | | | 0.09| |
| | | | | |
| Acquisition related integration costs | | | | |
|(2) | 0.01| | 0.05| |
| | | | | |
| Transaction related costs (3) | | 0.09| 0.09| 0.20|
| | | | | |
| Financing impact of the Alcan Packaging| | | | |
|Food | | | | |
| | | | | |
| Americas acquisition (4) | | 0.10| 0.06| 0.19|
| | | | | |
| Bridge financing fees (5) | | | | 0.06|
| | | | | |
| Severance costs for reductions in | | | | |
|workforce | | | | 0.02|
| | | | | |
| Gain on sale of land and building | | | | (0.02)|
| | | | | |
| Administrative sales tax assessment | | 0.03| | 0.03|
| | | | | |
| | | | | |
| +--------+-------+--------+--------+
| Diluted earnings per share from | | | | |
|continuing operations, as adjusted | $0.49| $0.45| $2.12| $1.86|
| | | | | |
| | | | | |
+-------------------------------------------+--------+-------+--------+--------+
(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 acquisition.
(2) Acquisition related integration costs include severance costs for workforce
reductions and equipment relocation costs.
(3) Transaction related costs are related primarily to our acquisition of Alcan
Food Packaging Americas.
(4) 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.
(5) Fees incurred to secure an $800 million bridge financing commitment for the
Alcan Packaging Food Americas acquisition. The bridge financing commitment was
terminated upon the issuance of the $800 million of public debt discussed in
Note 4 above.
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
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