-----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, Mpw8jbvyc7/oXWk6c8pqb94S35PM9S7z1nSXEP4uhlPujxhF35fJa0bXXxK7A399 9TCjprMOZNYXLWJbZ/05pQ== 0001047469-99-033440.txt : 19990824 0001047469-99-033440.hdr.sgml : 19990824 ACCESSION NUMBER: 0001047469-99-033440 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990823 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/A SEC ACT: SEC FILE NUMBER: 001-05277 FILM NUMBER: 99698015 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/A 1 10-Q/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q/A QUARTERLY REPORT UNDER SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934 For the Six Months Ended June 30, 1999 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. 52,310,115 shares of Common Stock, $.10 par value on August 9, 1999 Item 1 of the Company's quarterly report on Form 10-Q for the Six Months Ended June 30, 1999, is hereby amended and restated to read as follows: ITEM 1. FINANCIAL STATEMENTS The financial statements, enclosed as Exhibit 19, are incorporated by reference in this Form 10-Q/A. This amended quarterly Form 10-Q/A is required to correct errors made during the process of converting that Exhibit into electronic format. Specifically, cost of products sold and interest expense amounts for the comparative 1998 six month period were converted incorrectly. The correct amount for Cost of Products Sold is $732,279 for the six-month period ending June 30, 1998. In the original filing a digit was dropped, so the amount appeared as $32,279. The correct amount for Interest Expense is $10,867 for the six-month period ending June 30, 1998. In the original filing a transposition error occured, so that the amount appeared as $10,687. All totals, including Net Income, were correctly reported. In addition to the above, the Company's June 30, 1999, Form 10-Q is also amended to correct an error in the date of the signatures appearing on page 9, which were presented as August 9, 1998. The correct date is August 9, 1999. Actual reports furnished to security holders were correct in all respects and did not contain the errors listed above. 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, 1999. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) The following documents are filed as part of this amended report: 19 Reports Furnished to Security Holders. 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 23, 1999 /s/ Gene C. Wulf -------------------------------- ---------------------------------- Gene C. Wulf, Vice President and Controller Date August 23, 1999 /s/ Benjamin R. Field, III -------------------------------- ----------------------------------- Benjamin R. Field, III, Senior Vice President, Chief Financial Officer and Treasurer EXHIBIT INDEX
EXHIBIT DESCRIPTION FORM OF FILING - ------- ----------- -------------- 19 Reports Furnished to Security Holders. Filed Electronically
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 ------------------------------ ----------------------------- 1999 1998 1999 1998 --------- --------- --------- --------- Net sales ................................... $ 481,259 $ 470,595 $ 931,866 $ 922,086 Costs and expenses: Cost of products sold .................... 372,956 369,449 727,105 732,279 Selling, general and administrative expenses ................ 48,049 46,370 98,898 92,998 Research and development ................. 3,653 3,113 6,156 6,021 Interest expense ......................... 5,198 5,627 10,342 10,867 Other costs (income) ..................... (864) (189) 5,307 (942) Minority interest in net income .......... 976 1,086 1,929 2,014 --------- -------- -------- -------- Income before income taxes ................ 51,291 45,139 82,129 78,849 Provision for income taxes ............. 19,700 17,500 31,800 30,500 --------- -------- -------- -------- Net income .................................. $ 31,591 $ 27,639 $ 50,329 $ 48,349 --------- -------- -------- -------- --------- -------- -------- -------- Basic earnings per share of common stock .... $ .60 $ .52 $ .96 $ .91 --------- -------- -------- -------- --------- -------- -------- -------- Diluted earnings per share of common stock .. $ .60 $ .51 $ .96 $ .90 --------- -------- -------- -------- --------- -------- -------- -------- Cash dividends paid per share of common stock $ .23 $ .22 $ .46 $ .44 --------- -------- -------- -------- --------- -------- -------- -------- Average common shares and common stock equivalents outstanding ............ 52,616 53,710 52,592 53,684 --------- -------- -------- -------- --------- -------- -------- --------
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 1999 1998 ------ ----------- ----------- Cash ......................................................................... $ 19,494 $ 23,738 Accounts receivable - net .................................................... 258,905 246,676 Inventories .................................................................. 267,329 241,585 Prepaid expenses and deferred charges ........................................ 34,846 34,912 ----------- ----------- Total current assets.................................................. 580,574 546,911 ----------- ----------- Property and equipment, net .................................................. 744,282 740,101 Excess of cost of investments in subsidiaries over net assets acquired ..................................... 154,740 160,819 Other assets ................................................................. 19,636 34,195 ----------- ----------- Total .............................................................. 174,376 195,014 ----------- ----------- TOTAL ASSETS.................................................................. $ 1,499,232 $ 1,482,026 ----------- ----------- ----------- ----------- LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------- Current portion of long-term debt ............................................ $ 2,749 $ 2,946 Short-term borrowings ........................................................ 3,449 3,553 Accounts payable ............................................................. 195,554 193,088 Accrued salaries and wages ................................................... 28,719 31,629 Accrued income and other taxes ............................................... 22,873 14,397 ----------- ----------- Total current liabilities........................................... 253,344 245,613 Long-term debt, less current portion ......................................... 369,166 371,363 Deferred taxes ............................................................... 85,389 84,679 Other liabilities and deferred credits ....................................... 59,389 54,655 ----------- ----------- Total liabilities................................................... 767,288 756,310 ----------- ----------- Minority interest ............................................................ 37,582 37,862 STOCKHOLDERS' EQUITY: Common stock (59,098,203 and 59,056,047 shares) .......................... 5,910 5,906 Capital in excess of par value ........................................... 181,957 181,908 Retained income .......................................................... 734,628 708,362 Other comprehensive income (loss) ........................................ (25,884) (6,116) Common stock held in treasury (6,788,088 and 6,786,889 shares) ........... (202,249) (202,206) ----------- ----------- Total stockholders' equity.................................................. 694,362 687,854 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ................................... $ 1,499,232 $ 1,482,026 ----------- ----------- ----------- -----------
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 ----------------------------- 1999 1998 --------- --------- CASH FLOWS FROM OPERATING ACTIVITIES Net income ....................................... $ 50,329 $ 48,349 NON-CASH ITEMS: Depreciation and amortization ................ 50,561 45,725 Minority interest in net income .............. 1,929 2,014 Deferred income taxes, non-current portion ... 1,097 (728) Undistributed earnings of affiliated companies 5,729 (509) (Gain) loss on sale of property and equipment 125 (17) --------- --------- Cash provided by operations ...................... 109,770 94,834 Change in working capital, net of effects of acquisitions and dispositions ................. (32,400) (882) Net change in deferred charges and credits ....... 4,732 (2,446) --------- --------- Net cash provided by operating activities ........ 82,102 91,506 --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES Additions to property and equipment .............. (58,349) (74,828) Business acquisitions ............................ (1,424) (46,319) Proceeds from sale of property and equipment ..... 974 1,419 Other ............................................ 16 2 --------- --------- Net cash used in investing activities ............ (58,783) (119,726) --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES Change in long-term debt excluding debt assumed in business acquisitions ......................... (2,070) 47,454 Change in short-term debt ........................ 169 (329) Cash dividends paid .............................. (24,063) 23,486) Subsidiary dividends to minority stockholders .... (1,835) Common stock purchased for the treasury .......... (43) Stock incentive programs and related tax effects . 53 7,388 --------- --------- Net cash (used) provided by financing activities . (25,954) 29,192 --------- --------- Effect of exchange rates on cash ................. (1,609) (38) --------- --------- Net (decrease) increase in cash .................. ($ 4,244) $ 934 --------- --------- --------- ---------
EXHIBIT 19 - FINANCIAL STATEMENTS FURNISHED TO SECURITY HOLDERS BEMIS COMPANY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
Capital In Other Common Total Common Excess Of Retained Comprehensive Stock Held Stockholder's (IN THOUSANDS OF DOLLARS) Stock Par Value Income Income (Loss) In Treasury Equity - ---------------------------------------------------------------------------------------------------------------------------------- Balance at December 31, 1995, as previously reported $5,781 $147,119 $498,167 $8,590 ($146,849) $512,808 Cumulative effect on prior years of change in accounting for inventory from the LIFO to FIFO method 31,553 31,553 ---------------------------------------------------------------------- Balance at January 1, 1996, as restated $5,781 $147,119 $529,720 $8,590 ($146,849) $544,361 ---------------------------------------------------------------------- Net income for 1996, as previously reported 101,081 101,081 1996 net income adjustment for LIFO to FIFO change 1,956 1,956 Translation adjustment for 1996 (3,917) (3,917) Pension liability adjustment, net of $948 tax benefit 1,546 1,546 -------- Total comprehensive income 100,666 -------- Cash dividends paid on common stock, $. 72 per share (37,830) (37,830) Stock incentive programs and related tax effects 2 310 312 Common stock transactions related to an acquisition of a subsidiary company 7 2,052 2,059 Purchase of 292,000 shares of common stock (8,962) (8,962) ---------------------------------------------------------------------- Balance at December 31, 1996, as restated $5,790 $149,481 $594,927 $6,219 ($155,811) $600,606 ---------------------------------------------------------------------- Net income for 1997, as previously reported 107,584 107,584 1997 net income adjustment for LIFO to FIFO change (6,160) (6,160) Translation adjustment for 1997 (11,109) (11,109) Pension liability adjustment, net of $842 tax benefit (1,373) (1,373) -------- Total comprehensive income 88,942 -------- Cash dividends paid on common stock, $.80 per share (42,418) (42,418) Stock incentive programs and related tax effects 4 47 51 Common stock transactions related to an acquisition of a subsidiary company 70 25,034 25,104 Purchase of 139,429 shares of common stock (5,051) (5,051) ---------------------------------------------------------------------- Balance at December 31, 1997, as restated $5,864 $174,562 $653,933 ($6,263) ($160,862) $667,234 ---------------------------------------------------------------------- Net income for 1998, as previously reported 111,432 111,432 1998 net income adjustment for LIFO to FIFO change (10,302) (10,302) Translation adjustment for 1998 (72) (72) Pension liability adjustment, net of $102 tax benefit 219 219 -------- Total comprehensive income 101,277 -------- Cash dividends paid on common stock, $.88 per share (46,701) (46,701) Stock incentive programs and related tax effects 42 7,346 7,388 Purchase of 1,110,843 shares of common stock (41,344) (41,344) ---------------------------------------------------------------------- Balance at December 31, 1998, as restated $5,906 $181,908 $708,362 ($6,116) ($202,206) $687,854 ---------------------------------------------------------------------- Net income for first six months of 1999 50,329 50,329 Translation adjustment for first six months of 1999 (19,768) (19,768) -------- Total comprehensive income 30,561 -------- Cash dividends paid on common stock, $.46 per share (24,063) (24,063) Stock incentive programs and related tax effects 4 49 53 Purchase of 1,199 shares of common stock (43) (43) ---------------------------------------------------------------------- Balance at June 30, 1999 $5,910 $181,957 $734,628 ($25,884) ($202,249) $694,362 ---------------------------------------------------------------------- ----------------------------------------------------------------------
EXHIBIT 19 - FINANCIAL STATEMENTS FURNISHED TO SECURITY HOLDERS BEMIS COMPANY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. INVENTORY ACCOUNTING CHANGE Inventories are valued at the lower of cost, using the first-in, first-out (FIFO) method, or market. During the second quarter of 1999, the Company changed its method of determining the cost of inventories from the last-in, first-out (LIFO) method to the FIFO valuation method. Management believes the change from LIFO to FIFO inventory valuation method benefits the Company by providing the best matching of the applicable raw material cost of a unit of product to the product's selling price and, therefore, presents a clearer picture of operating results. The accounting change has been applied to prior years by retroactively restating the financial statements, which are available by reference to the Company's mid-August 1999, Form 8-K filing with the United States Securities and Exchange Commission. All financial statements and data included in this June 30, 1999, Form 10-Q filing, reflect the impact of this accounting principle change. NOTE 2. 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, 1998. NOTE 3. TAXES BASED ON INCOME The Company's 1999 effective tax rate of 39% differs from the federal statutory rate of 35% primarily due to state and local income taxes. NOTE 4. SEGMENTS OF BUSINESS The Registrant's business activities are organized around its two principal business segments, Flexible Packaging and Pressure Sensitive Materials. Both internal and external reporting conform to this organizational structure with no significant differences in accounting policies applied. The Registrant evaluates the performance of its segments and allocates resources to them based on operating profit which is defined as profit before general corporate expense, interest expense, income taxes, and minority interest. A summary of the Registrant's business activities reported by its two business segments follows:
FOR SIX MONTHS ENDED ------------------------------------ JUNE 30, ------------------------------------ BUSINESS SEGMENTS (IN MILLIONS OF DOLLARS) 1999 1998 - ------------------------------------------------------------------------------------------- Net Sales to Unaffiliated Customers: Flexible Packaging $ 693.8 $ 681.0 Pressure Sensitive Materials 238.2 241.1 Intersegment Sales: Flexible Packaging (0.1) (0.1) Pressure Sensitive Materials (0.0) (0.1) ---------- ---------- Total $ 931.9 $ 922.1 ---------- ---------- ---------- ---------- Operating Profit and Pretax Profit: Flexible Packaging $ 81.6 $ 74.0 Pressure Sensitive Materials 22.4 26.6 ---------- ---------- Total operating profit 104.0 100.6 General corporate expenses (9.7) (8.9) Interest expense (10.3) (10.9) Minority interest in net income (1.9) (2.0) ---------- ---------- Income before income taxes $ 82.1 $ 78.8 ---------- ---------- ---------- ---------- Identifiable Assets: Flexible Packaging $ 1,159.2 $ 1,128.0 Pressure Sensitive Materials 295.4 291.4 ---------- ---------- Total identifiable assets 1,454.6 1,419.4 Corporate assets 44.6 50.8 ---------- ---------- Total $ 1,499.2 $ 1,470.2 ---------- ---------- ---------- ----------
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