-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R3obAVFsCMM83LmZx9Hk1ZPNCcPx7v9qSYJDCr+8VkIum0hUI/YcjE49Lp67P7bw 5DHft/JGSUEgNcs118JeMg== 0000912057-97-027624.txt : 19970814 0000912057-97-027624.hdr.sgml : 19970814 ACCESSION NUMBER: 0000912057-97-027624 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970813 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEMIS CO INC CENTRAL INDEX KEY: 0000011199 STANDARD INDUSTRIAL CLASSIFICATION: CONVERTED PAPER & PAPERBOARD PRODS (NO CONTAINERS/BOXES) [2670] IRS NUMBER: 430178130 STATE OF INCORPORATION: MO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05277 FILM NUMBER: 97659222 BUSINESS ADDRESS: STREET 1: 222 S 9TH ST STE 2300 CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4099 BUSINESS PHONE: 6123763000 MAIL ADDRESS: STREET 2: 222 S 9TH STREET SUITE 2300 CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4099 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934 For the Six Months Ended June 30, 1997 Commission File Number 1-5277 BEMIS COMPANY, INC. (Exact name of registrant as specified in its charter) Missouri 43-0178130 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 222 South 9th Street, Suite 2300 Minneapolis, Minnesota 55402-4099 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (612) 376-3000 Indicate by check mark whether the registrant has: (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. YES X NO ----- ----- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. 53,002,715 shares of Common Stock, $.10 par value on July 31, 1997 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS The financial statements (enclosed as Exhibit 19) are incorporated by reference in this Form 10-Q. In the opinion of management, the financial statements reflect all adjustments necessary to a fair statement of the results for the six months ended June 30, 1997. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS - SECOND QUARTER 1997 Net Sales for the second quarter of 1997 were $481.3 million compared to $411.9 million for the second quarter of 1996, an increase of 16.8 percent or $69.4 million. Net Income was $28.0 million for the second quarter of 1997 compared to $25.2 million for the same quarter in 1996, an increase of 11.0 percent. In the second quarter of 1997, the Company completed the sale of its remaining packaging machinery businesses to Barry-Wehmiller Group, Inc. and during the second quarter of 1996 the company completed the acquisition of the Perfecseal Division of Paper Manufacturers Company. Excluding non-comparable operating results of business acquisitions and dispositions from both 1997 and 1996, second quarter Net Sales showed an increase of $41.1 million or 10.4 percent and operating profit showed an increase of $4.7 million or 9.4 percent. In the second quarter, the flexible packaging business reported total sales growth of 21.5 percent with net sales excluding acquisitions and divestitures rising 12.6 percent. Within flexible packaging, the coated and laminated film business reported good sales gains across many of its major markets with particularly strong results in candy and confectionery packaging. The integration of the Paramount Packaging operations, acquired at the beginning of the year, progressed well during the second quarter. The polyethylene packaging group reported strong sales growth and improved profits. The paper packaging business reported slightly higher sales compared with the year earlier quarter and flat profit as it continued to be impacted by a weak pricing environment. The pressure sensitive materials business reported moderate sales growth but continued strong profit growth due to a favorable revenue mix and manufacturing efficiencies. The major new coating facility in Europe began to ship product to customers toward the end of the quarter and should provide incremental growth during the second half of the year. During the quarter, the Company sold the remainder of its packaging machinery businesses and the gain on that transaction was offset by charges related to a consolidation of the paper bag business announced in the quarter. - 2 - PART I - FINANCIAL INFORMATION Cost of Products Sold increased 20.0 percent compared to Net Sales increases of 16.8 percent. This unfavorable comparison results from increased manufacturing costs and significantly increased raw material prices compared to a year ago. Increased product research and development expenditures for the Company's pressure sensitive materials business account for the 16.5 percent increase in Research and Development Expense. Increasing debt levels, resulting from business unit acquisitions in 1996 and early 1997, principally account for the $1.4 million rise in Interest Expense compared to the second quarter of 1996. The increase in Minority Interest in Net Income reflects the improving performance of the pressure sensitive materials business. Income Tax expense increased $2.5 million or 16.4 percent reflecting a slightly higher effective tax rate. RESULTS OF OPERATIONS - SIX MONTHS ENDED JUNE 30, 1997 Net Sales for the six-month period of 1997 were $956.8 million compared to $797.5 million for the same period in 1996, an increase of 20.0 percent. Net Income was $47.9 million for 1997 compared to $46.9 million for the same six- month period in 1996, an increase of 2.0 percent. Excluding non-comparable operating results of business acquisitions and dispositions from the first half of 1997 and 1996, Net Sales showed an increase of $41.1 million or 10.4 percent and operating profit showed an increase of $4.7 million or 9.4 percent. Cost of Products Sold increased 22.7 percent compared to Net Sales increases of 20.0 percent generally reflecting a less favorable raw material price environment. Increasing debt levels, associated with business unit acquisitions net of dispositions together with an aggressive capital investment program account for the $3.0 million rise in Interest Expense compared to the first half of 1996. Other Income decreased $4.4 million largely due to the gain on the sale of Hayssen's Paper Packaging Machinery Division in January 1996. The increase in Minority Interest in Net Income results from the continued improvement in the Company's pressure sensitive materials business segment. - 3 - PART I - FINANCIAL INFORMATION FINANCIAL CONDITION A statement of cash flow for the six months ended June 30, 1997, is as follows: Millions -------- Cash flows from operating activities: ------------------------------------- Net income. . . . . . . . . . . . . . . . . . . . . . . . . $ 47.9 Non-cash items: Depreciation and amortization. . . . . . . . . . . . . . 41.2 Minority interest. . . . . . . . . . . . . . . . . . . . 2.5 Deferred income taxes, non-current portion . . . . . . . 1.4 Net increase in working capital items. . . . . . . . . . (23.1) Net change in deferred charges and credits . . . . . . . (7.7) Other. . . . . . . . . . . . . . . . . . . . . . . . . . (.1) ------ Net cash provided by operating activities . . . . . . . . . 62.1 ------ Cash flows from investing activities: ------------------------------------- Additions to property and equipment. . . . . . . . . . . (73.9) Business acquisition . . . . . . . . . . . . . . . . . . (6.9) Business divestiture . . . . . . . . . . . . . . . . . . 28.0 Proceeds from sale of property and equipment . . . . . . 1.5 ------ Net cash used in investing activities . . . . . . . . . . . (51.3) ------ Cash flows from financing activities: ------------------------------------- Change in long-term debt . . . . . . . . . . . . . . . . 21.3 Change in short-term debt. . . . . . . . . . . . . . . . 1.7 Cash dividends paid. . . . . . . . . . . . . . . . . . . (23.1) Common stock purchased for the treasury. . . . . . . . . (3.7) ------ Net cash provided by financing activities . . . . . . . . . (3.8) ------ Effect of exchange rates. . . . . . . . . . . . . . . . . . (0.6) ------ Net increase in cash. . . . . . . . . . . . . . . . . . . . $ 6.4 ------ ------ - 4 - PART II - OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (a) The Registrant's 1997 Annual Meeting of Shareholders was held on May 1, 1997. (c) (1) The shareholders voted for three director nominees for three-year terms. The vote was as follows: Name of Candidate Votes For Votes Withheld ----------------- --------- -------------- Robert A. Greenkorn 44,546,497 538,933 Robert F. Mlnarik 44,554,787 530,644 Winslow H. Buxton 44,549,822 535,609 There were no abstentions and no broker non-votes. (2) The shareholders voted to ratify the proposed amendments to the Company's Restated Articles of Incorporation which increased the authorized capital stock of the Company from 125,000,000 shares to 250,000,000 shares of which 248,000,000 would be Common Stock and 2,000,000 would be Series Preferred Stock. The vote was 33,516,742 for, 5,858,199 against and 2,180,715 abstentions. There were no broker non-votes. (3) The shareholders voted to ratify the proposed 1997 Executive Officer Performance Plan which is an annual bonus plan designed to provide certain designated executive officers of the Company with incentive compensation based upon achievement of pre-established performance goals and designed to comply with Section 162(m) of the Internal Revenue Code of 1986. The vote was 41,351,415 for, 2,062,910 against and 1,671,105 abstentions. There were no broker non-votes. (4) The shareholders voted to ratify the appointment of Price Waterhouse LLP as independent auditors for the 1997 fiscal year. The vote was 44,139,851 for, 786,722 against and 158,857 abstentions. There were no broker non-votes. - 5 - PART II - OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) The following documents are filed as part of this report: 3(a) Restated Articles of Incorporation of the Registrant, as amended. (1) 3(b) By-Laws of the Registrant, as amended. (2) 4(a) Rights Agreement, dated as of August 3, 1989, between the Registrant and Norwest Bank Minnesota, National Association. (3) 4(b) Form of Indenture dated as of June 15, 1995, between the Registrant and First Trust National Association, as Trustee. (4) 10(a) Bemis Company, Inc. 1987 Stock Option Plan. *(5) 10(b) Bemis Company, Inc. 1994 Stock Incentive Plan. *(6) 10(c) Bemis Company, Inc. 1984 Stock Award Plan .*(2) 10(d) Bemis Retirement Plan, as amended effective January 1, 1994.*(2) 10(e) Bemis Company, Inc. Supplemental Retirement Plan dated October 20, 1988.*(2) 10(f) Bemis Executive Incentive Plan dated April 1, 1990.*(2) 10(g) Bemis Company, Inc. Long Term Deferred Compensation Plan.*(2) 10(h) Bemis Company, Inc. 1997 Executive Officer Performance Plan. *(1) 10(i) Amended and Restated Credit Agreement among the Registrant, the Banks Listed therein and Morgan Guaranty Trust Company of New York, as Agent, originally dated as of August 1, 1986, Amended and Restated as of August 1, 1991, as amended by amendment No. 1 dated as of May 1, 1992, as amended by Amendment No. 2 dated December 1, 1992, as amended by Amendment No. 3 dated January 22, 1993, as amended by Amendment No. 4 dated March 15, 1994, as amended by Amendment No. 5 dated June 1, 1994; and as amended by Amendment No. 6 dated February 1, 1995. (2) 19 Reports Furnished to Security Holders. 27 Financial Data Schedule (EDGAR electronic filing only). - 6 - PART II - OTHER INFORMATION (b) There were no reports on Form 8-K filed during the second quarter ended June 30, 1997. --------------- *Management contract, compensatory plan or arrangement filed pursuant to Rule 601(b)(10)(iii)(A) of Regulation S-K under the Securities Exchange Act of 1934. (1) Incorporated by reference to the Registrant's Definitive Proxy Statement filed with the Securities and Exchange Commission on March 18, 1997 (File No. 1-5277) (2) Incorporated by reference to the Registrant's Annual Report on Form 10-K/A for the year ended December 31, 1994 (File No. 1-5277). (3) Incorporated by reference to the Registrant's Registration Statement on Form 8-A dated August 4, 1989 (File No. 0-1387). (4) Incorporated by reference to the Registrant's Current Report on Form 8-K dated June 30, 1995 (File No. 1-5277). (5) Incorporated by reference to the Registrant's Registration Statement on Form S-8 (File No. 33-50560). (6) Incorporated by reference to the Registrant's Registration Statement on Form S-8 (File No. 33-80666). - 7 - SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BEMIS COMPANY, INC. Date August 8, 1997 /s/ LeRoy F. Bazany ------------------------ ------------------------------------ LeRoy F. Bazany, Vice President and Controller Date August 8, 1997 /s/ Benjamin R. Field, III ------------------------ ------------------------------------ Benjamin R. Field, III, Senior Vice President, Chief Financial Officer and Treasurer - 8 - EXHIBIT INDEX EXHIBIT DESCRIPTION FORM OF FILING - ------- ----------- -------------- 3(a) Restated Articles of Incorporation of the Registrant, as amended. (1) 3(b) By-Laws of the Registrant, as amended. (2) 4(a) Rights Agreement, dated as of August 3, 1989, between the Registrant and Norwest Bank Minnesota, National Association. (3) 4(b) Form of Indenture dated as of June 15, 1995, between the Registrant and First Trust National Association, as Trustee. (4) 10(a) Bemis Company, Inc. 1987 Stock Option Plan. * (5) 10(b) Bemis Company, Inc. 1994 Stock Incentive Plan. * (6) 10(c) Bemis Company, Inc. 1984 Stock Award Plan. * (2) 10(d) Bemis Retirement Plan, as amended effective January 1, 1994. * (2) 10(e) Bemis Company, Inc. Supplemental Retirement Plan dated October 20, 1988. * (2) 10(f) Bemis Executive Incentive Plan dated April 1, 1990. * (2) 10(g) Bemis Company, Inc. Long Term Deferred Compensation Plan. * (2) 10(h) Bemis Company, Inc. 1997 Executive Officer Performance Plan. * (1) 10(i) Amended and Restated Credit Agreement among the Registrant, the Banks Listed therein and Morgan Guaranty Trust Company of New York as Agent, originally dated as of August 1, 1986, Amended and Restated as of August 1, 1991, as amended by Amendment No. 1 dated as of May 1, 1992, as amended by Amendment No. 2 dated December 1, 1992, as amended by Amendment No. 3 dated January 22, 1993, as amended by Amendment No. 4 dated March 15, 1994, as amended by Amendment No. 5 dated June 1, 1994; and as amended by Amendment No. 6 dated February 1, 1995. (2) 19 Reports Furnished to Security Holders. Filed Electronically 27 Financial Data Schedule (EDGAR electronic filing only). Filed Electronically --------------- * Management contract, compensatory plan or arrangement filed pursuant to Rule 601(b)(10)(iii)(A) of Regulation S-K under the Securities Exchange Act of 1934. (1) Incorporated by reference to the Registrant's Definitive Proxy Statement filed with the Securities and Exchange Commission on March 18, 1997 (File No. 1-5277). (2) Incorporated by reference to the Registrant's Annual Report on Form 10-K/A for the year ended December 31, 1994 (File No. 1-5277). (3) Incorporated by reference to the Registrant's Registration Statement on Form 8-A dated August 4, 1989 (File No. 0-1387). (4) Incorporated by reference to the Registrant's Current Report on Form 8-K dated June 30, 1995 (File No. 1-5277). (5) Incorporated by reference to the Registrant's Registration Statement on Form S-8 (File No. 33-50560). (6) Incorporated by reference to the Registrant's Registration Statement on Form S-8 (File No. 33-80666). - 9 - EX-19 2 EXHIBIT 19 EXHIBIT 19 - FINANCIAL STATEMENTS FURNISHED TO SECURITY HOLDERS BEMIS COMPANY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended Six Months Ended JUNE 30 JUNE 30 -------------------- -------------------- 1997 1996 1997 1996 -------- -------- -------- -------- Net sales. . . . . . . . . . . . . . . . . . . . $481,334 $411,945 $956,807 $797,456 Costs and expenses: Cost of products sold . . . . . . . . . . . . 379,113 315,961 759,171 618,682 Selling, general and administrative expenses . . . . . . . . . . . 47,310 48,376 101,698 93,517 Research and development. . . . . . . . . . . . 3,282 2,816 6,716 6,461 Interest expense. . . . . . . . . . . . . . . . 4,854 3,484 9,272 6,233 Other (income). . . . . . . . . . . . . . . . . (209) (257) (414) (4,795) Minority interest in net income . . . . . . . . 1,291 1,149 2,513 2,042 -------- -------- -------- -------- Income before income taxes . . . . . . . . . . 45,693 40,416 77,851 75,316 Taxes based on income - cash. . . . . . . . . 16,502 14,225 28,627 27,066 Taxes based on income - deferred. . . . . . . 1,198 975 1,373 1,334 -------- -------- -------- -------- Net income . . . . . . . . . . . . . . . . . . . $ 27,993 $ 25,216 $ 47,851 $ 46,916 -------- -------- -------- -------- -------- -------- -------- -------- Earnings per share of common stock . . . . . . . $ .52 $ .47 $ .89 $ .88 -------- -------- -------- -------- -------- -------- -------- -------- Cash dividends paid per share of common stock. . $ .20 $ .18 $ .40 $ .36 -------- -------- -------- -------- -------- -------- -------- -------- Average common shares and common stock equivalents outstanding . . . . . . . . . 53,914 53,337 53,926 53,270 -------- -------- -------- -------- -------- -------- -------- --------
EXHIBIT 19 - FINANCIAL STATEMENTS FURNISHED TO SECURITY HOLDERS BEMIS COMPANY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (IN THOUSANDS OF DOLLARS)
Jun 30 Dec 31 ASSETS 1997 1996 ------ ---------- ---------- Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,589 $ 10,223 Accounts receivable - net. . . . . . . . . . . . . . . . . . . . . . . . . . . . 243,475 216,740 Inventories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,589 200,397 Prepaid expenses and deferred charges. . . . . . . . . . . . . . . . . . . . . . 39,477 39,561 ---------- ---------- Total current assets. . . . . . . . . . . . . . . . . . . . . . . . . . . 500,130 466,921 ---------- ---------- Property and equipment, net. . . . . . . . . . . . . . . . . . . . . . . . . . . 634,648 583,491 Excess of cost of investments in subsidiaries over net assets acquired. . . . . . . . . . . . . . . . . . . . . 150,937 108,928 Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,289 9,455 ---------- ---------- Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164,226 118,383 ---------- ---------- TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,299,004 $1,168,795 ---------- ---------- ---------- ---------- LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Current portion of long-term debt. . . . . . . . . . . . . . . . . . . . . . . $ 4,996 $ 1,706 Short-term borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,178 3,006 Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179,331 164,638 Accrued salaries and wages . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,797 34,163 Accrued income and other taxes . . . . . . . . . . . . . . . . . . . . . . . . . 15,099 10,932 ---------- ---------- Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . 235,401 214,445 Long-term debt, less current portion . . . . . . . . . . . . . . . . . . . . . . 308,075 241,077 Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,306 56,661 Other liabilities and deferred credits . . . . . . . . . . . . . . . . . . . . . 58,776 57,726 ---------- ---------- Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 660,558 569,909 ---------- ---------- Minority interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,230 31,789 STOCKHOLDERS' EQUITY: Common stock (58,643,557 and 57,897,316 shares) . . . . . . . . . . . . . . . 5,864 5,790 Capital in excess of par value. . . . . . . . . . . . . . . . . . . . . . . . 174,562 149,481 Retained income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 587,677 561,049 Cumulative translation adjustment . . . . . . . . . . . . . . . . . . . . . . (1,346) 6,588 Common stock held in treasury (5,640,842 and 5,536,617 shares). . . . . . . . (159,541) (155,811) ---------- ---------- Total stockholders' equity. . . . . . . . . . . . . . . . . . . . . . . . 607,216 567,097 ---------- ---------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY . . . . . . . . . . . . . . . . . . . $1,299,004 $1,168,795 ---------- ---------- ---------- ----------
EXHIBIT 19 - FINANCIAL STATEMENTS FURNISHED TO SECURITY HOLDERS BEMIS COMPANY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (IN THOUSANDS OF DOLLARS)
Six Months Ended June 30 ------------------------- 1997 1996 ---------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES - ------------------------------------ Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 47,851 $ 46,916 NON-CASH ITEMS: Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . 41,249 34,514 Minority interest in net income . . . . . . . . . . . . . . . . . . . . . . . 2,513 2,042 Deferred income taxes, non-current portion. . . . . . . . . . . . . . . . . . 1,361 1,097 (Gain) loss on sale of property and equipment . . . . . . . . . . . . . . . . (118) 157 ---------- ---------- Cash provided by operations. . . . . . . . . . . . . . . . . . . . . . . . . . . 92,856 84,726 Change in working capital, net of effects of acquisitions and dispositions. . . . . . . . . . . . . . . . . . . . . . . . . (23,097) (30,958) Net change in deferred charges and credits . . . . . . . . . . . . . . . . . . . (7,714) 4,423 ---------- ---------- Net cash provided by operating activities. . . . . . . . . . . . . . . . . . . . 62,045 58,191 ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES - ------------------------------------ Additions to property and equipment. . . . . . . . . . . . . . . . . . . . . . . (73,893) (48,870) Business acquisition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,945) (63,393) Business divestiture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,984 12,752 Proceeds from sale of property and equipment . . . . . . . . . . . . . . . . . . 1,577 1,161 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (33) 16 ---------- ---------- Net cash used in investing activities. . . . . . . . . . . . . . . . . . . . . . (51,310) (98,334) ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES - ------------------------------------ Change in long-term debt excluding debt assumed in business acquisitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,290 68,725 Change in short-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,665 (906) Cash dividends paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,223) (18,938) Subsidiary dividends to minority stockholders. . . . . . . . . . . . . . . . . . (1,835) (1,841) Common stock purchased for the treasury. . . . . . . . . . . . . . . . . . . . . (3,730) 0 Stock incentive programs and related tax effects . . . . . . . . . . . . . . . . 51 115 ---------- ---------- Net cash (used) provided by financing activities . . . . . . . . . . . . . . . . (3,782) 47,155 ---------- ---------- Effect of exchange rates on cash . . . . . . . . . . . . . . . . . . . . . . . . (587) (1,998) ---------- ---------- Net increase in cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,366 $ 5,014 ---------- ---------- ---------- ----------
EXHIBIT 19 - FINANCIAL STATEMENTS FURNISHED TO SECURITY HOLDERS BEMIS COMPANY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position and results of operation. It is management's opinion, however, that all material adjustments (consisting of normal recurring accruals) have been made which are necessary for a fair financial statement presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year. For further information, refer to the consolidated financial statements and footnotes included in the Company's annual report on Form 10-K for the year ended December 31, 1996. TAXES BASED ON INCOME The Company's 1996 effective tax rate of 39% differs from the federal statutory rate of 35% primarily due to state and local income taxes. EX-27 3 EXHIBIT 27
5 This schedule contains summary financial information extracted from the June 30, 1997, Consolidated Statement of Income and Consolidated Balance Sheet and is qualified in its entirety by reference to such financial statements. 1,000 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 16,589 0 243,475 0 200,589 500,130 997,260 (362,612) 1,299,004 235,401 308,075 0 0 5,864 601,352 1,299,004 956,807 956,807 759,171 759,171 (414) 0 9,272 77,851 30,000 47,851 0 0 0 47,851 0.89 0.89
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