EX-99.2 3 bms-20149030xexhibit992.htm EXHIBIT 99.2 BMS-2014.90.30-Exhibit 99.2
EXHIBIT 99.2
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(recast for discontinued operations)
(in millions, except per share amounts) 
(unaudited)


 
Three Months Ended
 
Nine Months Ended September 30, 2014
 
September 30, 2014
 
June 30, 2014
 
March 31, 2014
 
Net sales
$
1,098.2

 
$
1,097.6

 
$
1,095.0

 
$
3,290.8

Cost of products sold
877.5

 
878.6

 
884.1

 
2,640.2

Gross profit
220.7

 
219.0

 
210.9

 
650.6

 
 
 
 
 
 
 
 
Operating expenses:
 

 
 

 
 

 
 

Selling, general and administrative expenses
104.6

 
104.4

 
106.6

 
315.6

Research and development
11.2

 
11.1

 
11.1

 
33.4

Other operating income
(2.4
)
 
(3.1
)
 
(2.1
)
 
(7.6
)
 
 
 
 
 
 
 
 
Operating income
107.3

 
106.6

 
95.3

 
309.2

 
 
 
 
 
 
 
 
Interest expense
14.0

 
17.0

 
16.9

 
47.9

Other non-operating income
(1.2
)
 
(1.7
)
 
(12.7
)
 
(15.6
)
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
94.5

 
91.3

 
91.1

 
276.9

 
 
 
 
 
 
 
 
Provision for income taxes
33.0

 
30.6

 
31.4

 
95.0

 
 
 
 
 
 
 
 
Income from continuing operations
61.5

 
60.7

 
59.7

 
181.9

 
 
 
 
 
 
 
 
(Loss) income from discontinued operations, net of tax
(44.5
)
 
5.1

 
(10.5
)
 
(49.9
)
 
 
 
 
 
 
 
 
Net income
$
17.0

 
$
65.8

 
$
49.2

 
$
132.0

 
 
 
 
 
 
 
 
Weighted average shares outstanding (including participating securities):
 
 
 
 
 
 
 
Basic
99.9

 
100.4

 
101.5

 
100.6

Diluted
100.9

 
101.4

 
102.4

 
101.5

 
 
 
 
 
 
 
 
Basic earnings per share:
 
 
 
 
 
 
 
Income from continuing operations
$
0.62

 
$
0.61

 
$
0.58

 
$
1.81

(Loss) income from discontinued operations
(0.45
)
 
0.05

 
(0.10
)
 
(0.50
)
Net income
$
0.17

 
$
0.66

 
$
0.48

 
$
1.31

 
 
 
 
 
 
 
 
Diluted earnings per share:
 
 
 
 
 
 
 
Income from continuing operations
$
0.61

 
$
0.60

 
$
0.58

 
$
1.79

(Loss) income from discontinued operations
(0.44
)
 
0.05

 
(0.10
)
 
(0.49
)
Net income
$
0.17

 
$
0.65

 
$
0.48

 
$
1.30






EXHIBIT 99.2
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(recast for discontinued operations)
(in millions, except per share amounts) 
(unaudited)


 
Three Months Ended
 
Twelve Months Ended December 31, 2013
 
December 31, 2013
 
September 30, 2013
 
June 30, 2013
 
March 31, 2013
 
Net sales
$
1,085.3

 
$
1,121.5

 
$
1,155.3

 
$
1,114.5

 
$
4,476.6

Cost of products sold
877.9

 
897.3

 
928.7

 
897.3

 
3,601.2

Gross profit
207.4

 
224.2

 
226.6

 
217.2

 
875.4

 
 
 
 
 
 
 
 
 
 
Operating expenses:
 

 
 

 
 

 
 

 
 

Selling, general and administrative expenses
105.0

 
112.8

 
114.7

 
116.0

 
448.5

Research and development
10.4

 
10.7

 
9.9

 
9.5

 
40.5

Facility consolidation and other costs
(0.6
)
 
15.8

 
20.9

 
9.3

 
45.4

Other operating income
(1.6
)
 
(2.7
)
 
(3.1
)
 
(1.8
)
 
(9.2
)
 
 
 
 
 
 
 
 
 
 
Operating income
94.2

 
87.6

 
84.2

 
84.2

 
350.2

 
 
 
 
 
 
 
 
 
 
Interest expense
17.6

 
17.0

 
17.0

 
16.6

 
68.2

Other non-operating (income) loss
(1.4
)
 
(3.4
)
 
(7.1
)
 
4.2

 
(7.7
)
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
78.0

 
74.0

 
74.3

 
63.4

 
289.7

 
 
 
 
 
 
 
 
 
 
Provision for income taxes
27.7

 
25.1

 
25.2

 
19.2

 
97.2

 
 
 
 
 
 
 
 
 
 
Income from continuing operations
50.3

 
48.9

 
49.1

 
44.2

 
192.5

 
 
 
 
 
 
 
 
 
 
Income from discontinued operations, net of tax
5.9

 
5.1

 
4.0

 
5.1

 
20.1

 
 
 
 
 
 
 
 
 
 
Net income
$
56.2

 
$
54.0

 
$
53.1

 
$
49.3

 
$
212.6

 
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding (including participating securities):
 
 
 
 
 
 
 
 
 
Basic
102.8

 
103.0

 
103.0

 
103.3

 
103.0

Diluted
103.7

 
104.0

 
104.0

 
104.4

 
104.0

 
 
 
 
 
 
 
 
 
 
Basic earnings per share:
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
0.49

 
$
0.47

 
$
0.47

 
$
0.43

 
$
1.86

Income from discontinued operations
0.06

 
0.05

 
0.04

 
0.05

 
0.20

Net income
$
0.55

 
$
0.52

 
$
0.51

 
$
0.48

 
$
2.06

 
 
 
 
 
 
 
 
 
 
Diluted earnings per share:
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
0.49

 
$
0.47

 
$
0.47

 
$
0.42

 
$
1.85

Income from discontinued operations
0.05

 
0.05

 
0.04

 
0.05

 
0.19

Net income
$
0.54

 
$
0.52

 
$
0.51

 
$
0.47

 
$
2.04







EXHIBIT 99.2
BEMIS COMPANY, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP EARNINGS PER SHARE
(recast for discontinued operations)
(unaudited)


 
Three Months Ended
 
Nine Months Ended September 30, 2014
 
September 30, 2014
 
June 30, 2014
 
March 31, 2014
 
Continuing Operations
 
 
 
 
 
 
 
Diluted earnings per share, as reported
$
0.61

 
$
0.60

 
$
0.58

 
$
1.79

 
 
 
 
 
 
 
 
   Non-GAAP adjustments per share, net of taxes:
 
 
 
 
 
 
 
Gain on divestiture (1)
—

 
—

 
(0.06
)
 
(0.06
)
 
 
 
 
 
 
 
 
Diluted earnings per share, as adjusted
$
0.61

 
$
0.60

 
$
0.52

 
$
1.73

 
 
 
 
 
 
 
 
Discontinued Operations
 
 
 
 
 
 
 
Diluted (loss) earnings per share, as reported
$
(0.44
)
 
$
0.05

 
$
(0.10
)
 
$
(0.49
)
 
 
 
 
 
 
 
 
   Non-GAAP adjustments per share, net of taxes:
 
 
 
 
 
 
 
 Pressure Sensitive Materials plant closure costs (2)
—

 
—

 
0.16

 
0.16

 Non-cash impairment for net assets held for sale (3)
0.50

 
—

 
—

 
0.50

 
 
 
 
 
 
 
 
Diluted earnings per share, as adjusted
$
0.06

 
$
0.05

 
$
0.06

 
$
0.17

 
 
 
 
 
 
 
 
Bemis Company Inc.
 
 
 
 
 
 
 
Diluted earnings per share, as adjusted
$
0.67

 
$
0.65

 
$
0.58

 
$
1.90


(1)
Gain on divestitures relates to the sale of the Paper Packaging Division in 2014.
(2)
Includes employee-related costs (including a multiemployer plan settlement), accelerated depreciation, and other costs related to closing our plant in Stow, Ohio (a Pressure Sensitive Materials manufacturing facility).
(3)
Non-cash impairment for net assets held for sale is to write down the carrying value of the assets held for sale to estimated fair value less any costs to sell.





EXHIBIT 99.2
BEMIS COMPANY, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP EARNINGS PER SHARE
(recast for discontinued operations)
(unaudited)


 
Three Months Ended
 
Twelve Months Ended December 31, 2013
 
December 31, 2013
 
September 30, 2013
 
June 30, 2013
 
March 31, 2013
 
Continuing Operations
 
 
 
 
 
 
 
 
 
Diluted earnings per share, as reported
$
0.49

 
$
0.47

 
$
0.47

 
$
0.42

 
$
1.85

 
 
 
 
 
 
 
 
 
 
   Non-GAAP adjustments per share, net of taxes:
 
 
 
 
 
 
 
 
 
Facility consolidation and other costs (1)
—

 
0.10

 
0.13

 
0.06

 
0.29

Gain on divestiture (2)
—

 
—

 
(0.03
)
 
—

 
(0.03
)
Gain on sale of land and building (3)
—

 
(0.02
)
 
—

 
—

 
(0.02
)
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share, as adjusted
$
0.49

 
$
0.55

 
$
0.57

 
$
0.48

 
$
2.09

 
 
 
 
 
 
 
 
 
 
Discontinued Operations
 
 
 
 
 
 
 
 
 
Diluted earnings per share, as reported and adjusted
$
0.05

 
$
0.05

 
$
0.04

 
$
0.05

 
$
0.19

 
 
 
 
 
 
 
 
 
 
Bemis Company Inc.
 
 
 
 
 
 
 
 
 
Diluted earnings per share, as adjusted
$
0.54

 
$
0.60

 
$
0.61

 
$
0.53

 
$
2.28


(1)
Facility consolidation and other costs includes employee-related costs, accelerated depreciation, write down of equipment and other costs related to the Company's facility consolidation program.
(2)
Gain on divestitures relates to the sale of Clysar in 2013.
(3)
Gain on sale of land and building relates to final settlement associated with a property that was not part of our facility consolidation program.