EXHIBIT 19 - FINANCIAL STATEMENTS - UNAUDITED

BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share amounts)

		Three Months Ended June 30,				Six Months Ended June 30,
		2001		2000		2001		2000
Net sales		$	581,569	$	537,332	$	1,158,964	$	1,049,948
Costs and expenses:
	Cost of products sold	459,245		423,267		919,453		828,330
	Selling, general and administrative expenses	52,944		47,914		109,038		98,768
	Research and development	2,704		2,448		5,188		5,024
	Interest expense	8,244		6,383		18,925		12,106
	Other costs, net	922		113		564		724
	Minority interest in net income	121		157		220		203
Income before income taxes		57,389		57,050		105,576		104,793
	Provision for income taxes	21,900		21,700		40,400		39,800
Net income		$	35,489	$	35,350	$	65,176	$	64,993
Basic earnings per share of common stock		$	.67	$	.67	$	1.23	$	1.22
Diluted earnings per share of common stock		$	.67	$	.66	$	1.23	$	1.21
Cash dividends paid per share of common stock		$	.25	$	.24	$	.50	$	.48
Weighted-average common shares outstanding		52,812		53,139		52,807		53,307
Weighted-average common shares and common stock equivalents outstanding		52,922		53,617		52,940		53,652

See accompanying notes to consolidated financial statements.

BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(dollars in thousands)

			June 30, 2001			December 31, 2000
ASSETS
Cash			$	34,892		$	28,910
Accounts receivable - net			293,165			301,974
Inventories			284,427			274,323
Prepaid expenses and deferred charges			30,990			34,752
		Total current assets	643,474			639,959
Property and equipment, net			830,214			825,754
Goodwill			290,139			297,898
Intangible assets, deferred charges, and other assets			122,515			125,032
		Total	412,654			422,930
TOTAL ASSETS			$	1,886,342		$	1,888,643
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt			$	178,191		$	227,459
Short-term borrowings			3,766			7,353
Accounts payable			205,693			207,115
Accrued salaries and wages			36,589			43,661
Accrued income and other taxes			20,376			9,509
		Total current liabilities	444,615			495,097
Long-term debt, less current portion			439,133			437,952
Deferred taxes			108,535			103,621
Other liabilities and deferred credits			59,090			51,646
		Total liabilities	1,051,373			1,088,316
Minority interest			1,833			1,570
Stockholders' equity:
	Common stock issued and outstanding (61,195,954 and 60,972,802 shares)		6,119			6,097
	Capital in excess of par value		242,335			237,100
	Retained earnings		893,277			854,506
	Other comprehensive loss		(59,504		)	(49,855		)
	Common stock held in treasury at cost (8,370,388 and 8,370,388 shares)		(249,091		)	(249,091		)
		Total stockholders' equity	833,136			798,757
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$	1,886,342		$	1,888,643

See accompanying notes to consolidated financial statements.

BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)

		Six Months Ended  June 30,
		2001		2000
Cash flows from operating activities
Net income		$65,176		$	64,993
Non-cash items:
	Depreciation and amortization	63,332		52,601
	Minority interest in net income	220		203
	Deferred income taxes, non-current portion	5,000		1,587
	Losses of unconsolidated affiliated companies	1,961		989
	Tax benefits related to stock incentive programs	1,400		841
	Loss (gain) on sale of property and equipment	320		(15		)
Changes in working capital, net of effects of acquisitions and dispositions		7,335		(34,865		)
Net change in deferred charges and credits		(819	)	(3,401		)
Net cash provided by operating activities		143,925		82,933
Cash flows from investing activities
Additions to property and equipment		(60,341	)	(51,890		)
Business acquisitions		(605	)	(3,277		)
Proceeds from sale of property and equipment		414		247
Other				10
Net cash used in investing activities		(60,532	)	(54,910		)
Cash flows from financing activities
Change in long-term debt excluding debt assumed in business acquisition		1,513		37,530
Change in short-term debt		(52,501	)	(1,707		)
Cash dividends paid		(26,405	)	(25,624		)
Common stock purchased for the treasury				(25,065		)
Stock incentive programs		(1,400	)	(841		)
Net cash used by financing activities		(78,793	)	(15,707		)
Effect of exchange rates on cash		1,382		(1,791		)
Net increase in cash		5,982		10,525
Cash balance at beginning of year		28,910		18,187
Cash balance at end of period		$34,892		$28,712

See accompanying notes to consolidated financial statements.

BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

(dollars in thousands, except per share amounts)	Common Stock		Capital In Excess Of Par Value		Retained Earnings			Accumulated Other Income (Loss)			Common Stock Held In Treasury			Total Stockholders' Equity
Balance at December 31, 1998	$	5,906	$	181,908	$	708,362		$	(6,116	)	$	(202,206	)	$	687,854
Net income for 1999					114,775									114,775
Translation adjustment for 1999								(24,353		)				(24,353		)
Pension liability adjustment, net of $(536) tax benefit								(175		)				(175		)
Total comprehensive income														90,247
Cash dividends paid on common stock $.92 per share					(48,126		)							(48,126		)
Stock incentive programs and related tax effects	4		49											53
Purchase of 122,599 shares of common stock											(4,133		)	(4,133		)
Balance at December 31, 1999	5,910		181,957		775,011			(30,644		)	(206,339		)	725,895
Net income for 2000					130,602									130,602
Translation adjustment for 2000								(19,178		)				(19,178		)
Pension liability adjustment, net of $(642) tax benefit								(33		)				(33		)
Total comprehensive income														111,391
Cash dividends paid on common stock $.96 per share					(51,107		)							(51,107		)
1,730,952 shares of common stock issued in
acquisition of minority interest	173		54,676											54,849
Stock incentive programs and related tax effects	14		467											481
Purchase of 1,460,900 shares of common stock											(42,752		)	(42,752		)
Balance at December 31, 2000	6,097		237,100		854,506			(49,855		)	(249,091		)	798,757
Net income for first six months of 2001					65,176									65,176
Translation adjustment for the first six months of 2001								(9,649		)				(9,649		)
Total comprehensive income*														55,527
Cash dividends paid on common stock, $.50 per share					(26,405		)							(26,405		)
Stock incentive programs and related tax effects	22		5,235											5,257
Balance at June 30, 2001	$	6,119	$	242,335	$	893,277		$	(59,504	)	$	(249,091	)	$	833,136

*Total comprehensive income for the second quarters of 2001 and 2000 was $25,702 and $30,477, respectively, and was $57,851 for the first six months of 2000.

See accompanying notes to consolidated financial statements.

BEMIS COMPANY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Basis of Presentation

             The accompanying unaudited consolidated financial statements have been prepared by Bemis Company, Inc. (the Company) 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 operations.  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.

             During 2000, the Financial Accounting Standards Board (FASB) through its Emerging Issues Task Force (EITF) reached a consensus that amounts billed for shipping and handling should be included in revenue and costs incurred by the seller for shipping and handling should be classified as cost of products sold.  Accordingly, net sales and cost of products sold have been restated.  Previously, the Company had recorded both revenue and costs of shipping and handling in net sales.

             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, 2000.

Note 2.  New Accounting Pronouncements

             In July 2001, the FASB issued Statement of Financial Accounting Standards (SFAS) No. 141, “Business Combinations” and SFAS No. 142 “Goodwill and Other Intangible Assets”.  SFAS No. 141 requires that the purchase method be used for business combinations initiated after June 30, 2001.  SFAS No. 142 requires that goodwill no longer be amortized to earnings, but instead be reviewed for impairment.  SFAS 141 is effective for all business combinations initiated after June 30, 2001, and for all business combinations accounted for by the purchase method for which the date of acquisitions is after June 30, 2001.  The provisions of SFAS 142 will be effective for fiscal years beginning after December 15, 2001.  The Company is reviewing these standards and has not yet determined the impact of this standard on its consolidated financial statements.

             Effective January 1, 2001, the Company adopted SFAS No. 133, “Accounting for Derivative Instruments and Hedging Activities,” as amended by SFAS No. 138.  This new accounting standard requires that all derivative instruments be recorded on the balance sheet at fair value and establishes criteria for designation and effectiveness of hedging relationships.  The effect of adopting this standard was not material to the Company’s consolidated financial statements.  Upon adoption, the Company recorded the immaterial impact as interest expense.

             The Company enters into forward foreign currency exchange contracts to offset movements in certain foreign currency denominated receivables and payables. Forward foreign currency exchange contracts generally have maturities of less than nine months and relate primarily to major Western European currencies.  Counterparties to the forward foreign currency exchange contracts are major financial institutions.  Credit loss from counterparty nonperformance is not anticipated.

             The Company has elected to not use hedge accounting for their current derivative instruments and, therefore, the gains or losses on the derivative instruments are recognized currently in earnings.  The income statement impact for the quarter ended June 30, 2001, is immaterial.

Note 3  - Segments of Business

             The Company’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 Company 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 Company’s business activities reported by its two business segments follows:

			Three Months Ended June 30,						Six Months Ended June 30,
Business Segments  (in millions)			2001			2000			2001			2000
Net Sales to Unaffiliated Customers:
	Flexible Packaging		$	457.6		$	402.2		$	908.6		$795.0
	Pressure Sensitive Materials		124.0			135.2			250.5			255.8
Intersegment Sales:
	Flexible Packaging					(0.1		)	(0.1		)	(0.8		)
	Pressure Sensitive Materials											(0.1		)
		Total	$	581.6		$	537.3		$	1,159.0		$1,049.9
Operating Profit and Pretax Profit:
	Flexible Packaging		$	72.1		$	55.2		$	134.1		$104.5
	Pressure Sensitive Materials		0.1			14.1			4.4			25.5
		Total operating profit	72.2			69.3			138.5			130.0
	General corporate expenses		(6.5		)	(5.6		)	(13.8		)	(12.9		)
	Interest expense		(8.2		)	(6.4		)	(18.9		)	(12.1		)
	Minority interest in net income		(0.1		)	(0.2		)	(0.2		)	(0.2		)
		Income before income taxes	$	57.4		$	57.1		$	105.6		$	104.8
Identifiable Assets:
	Flexible Packaging								$	1,479.0		$	1,215.3
	Pressure Sensitive Materials								348.8			328.6
		Total identifiable assets							1,827.8			1,543.9
	Corporate assets								58.5			44.8
		Total							$	1,886.3		$	1,588.7

Note 4 - Taxes Based On Income

             The Company's 2001 effective tax rate of 38% differs from the federal statutory rate of 35% primarily due to state and local income taxes.

Note 5 - Inventories

             The Company’s inventories are valued at the lower of cost, determined by the first-in, first-out (FIFO) method, or market.  Inventories are summarized as follows:

(in thousands)	June 30, 2001		December 31, 2000
Raw materials and supplies	$	82,582	$	84,867
Work in process and finished goods	201,845		189,456
Total inventories	$	$284,427	$274,323

Note 6 - Earnings Per Share Computations

	Three Months Ended June 30,				Six Months Ended June 30,
	2001		2000		2001		2000
Income available to common stockholders (numerator)	$	35,489,000	$	35,350,000	$	65,176,000	$	64,993,000
Weighted-average common shares outstanding (denominator)	52,811,698		53,139,293		52,807,492		53,307,062
Basic earnings per share of common stock	$	0.67	$	0.67	$	1.23	$	1.22
Dilutive effects of stock option and stock awards, net of windfall tax benefits	110,216		477,669		132,856		344,681
Weighted-average common shares and common stock equivalents outstanding (denominator)	52,921,914		53,616,962		52,940,348		53,651,743
Diluted earnings per share of common stock	$	0.67	$	0.66	$	1.23	$	1.21

             Certain options outstanding at June 30, 2001 and 2000, (150,000 shares and 393,346 shares, respectively) were not included in the computation of diluted earnings per share because they would not have had a dilutive effect.