EXHIBIT 19

FINANCIAL STATEMENTS - UNAUDITED

BEMIS COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

(in thousands, except per share amounts)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2003		2002			2003		2002
Net sales	$	661,983	$	601,019		$	1,970,707	$	1,738,470
Costs and expenses:
Cost of products sold	530,329		468,740			1,571,620		1,345,927
Selling, general, and administrative expenses	62,892		54,478			193,211		170,001
Research and development	5,202		4,772			16,304		13,088
Interest expense	3,181		3,827			9,842		11,673
Other costs (income), net	3,580		(955		)	1,876		(59		)
Minority interest in net income	287		309			675		706
Income before income taxes	56,512		69,848			177,179		197,134
Provision for income taxes	21,800		26,500			68,200		74,900
Net income	$	34,712	$	43,348		$	108,979	$	122,234
Basic earnings per share of common stock	$	.65	$	.82		$	2.05	$	2.31
Diluted earnings per share of common stock	$	.64	$	.81		$	2.02	$	2.28
Cash dividends paid per share of common stock	$	.28	$	.26		$	.84	$	.78
Weighted-average common shares outstanding	53,113		52,942			53,081		52,933
Weighted-averaged common shares and common stock equivalents outstanding	53,898		53,749			53,845		53,708

See accompanying notes to consolidated financial statements.

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BEMIS COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(dollars in thousands)

	September 30, 2003			December 31, 2002
ASSETS
Cash.	$	86,605		$	56,401
Accounts receivable, net	319,793			321,790
Inventories, net	324,308			308,344
Prepaid expenses	37,349			35,120
Total current assets	768,055			721,655
Property and equipment, net	899,498			909,953
Goodwill	451,854			448,009
Other intangible assets, net	71,612			76,176
Deferred charges and other assets	64,379			100,857
Total	587,845			625,042
TOTAL ASSETS	$	2,255,398		$	2,256,650
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of long-term debt	$	1,027		$	3,516
Short-term borrowings	5,778			1,714
Accounts payable	237,333			230,468
Accrued salaries and wages	72,709			71,610
Accrued income and other taxes	15,629			18,545
Total current liabilities	332,476			325,853
Long-term debt, less current portion	648,763			718,277
Deferred taxes	124,447			106,050
Deferred credits and other liabilities	81,951			143,056
Total liabilities	1,187,637			1,293,236
Minority interest	5,246			4,440
Stockholders’ equity:
Common stock issued and outstanding (61,513,910 and 61,344,887 shares)	6,151			6,134
Capital in excess of par value	254,672			248,206
Retained income	1,116,858			1,052,475
Other comprehensive income (loss)	(64,822		)	(97,497		)
Common stock held in treasury at cost (8,401,149 and 8,401,149 shares)	(250,344		)	(250,344		)
Total stockholders’ equity	1,062,515			958,974
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,255,398		$	2,256,650

See accompanying notes to consolidated financial statements.

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BEMIS COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(in thousands)

	Nine Months Ended September 30,
	2003			2002
Cash flows from operating activities
Net income	$	108,979		$	122,234
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	97,728			88,678
Minority interest in net income	675			706
Stock award compensation	8,180			11,366
Deferred income taxes	17,404			7,748
Loss (income) of unconsolidated affiliated companies	(1,824		)	539
Loss (gain) on sale of property and equipment	180			948
Restructuring related activities	7,188
Changes in working capital, net of effects of acquisitions	5,547			(14,821		)
Net change in deferred charges and credits	(31,505		)	(12,275		)
Net cash provided by operating activities	212,552			205,123
Cash flows from investing activities
Additions to property and equipment	(76,137		)	(59,959		)
Business acquisition adjustments, net of cash acquired	(1,185		)	(141,860		)
Proceeds from sales of property and equipment	298			547
Net cash used by investing activities	(77,024		)	(201,272		)
Cash flows from financing activities
Change in long-term debt	(66,790		)	64,143
Change in short-term debt	1,372			(3,667		)
Cash dividends paid to stockholders	(44,596		)	(41,272		)
Common stock recovered from business acquisition adjustment				(27		)
Stock incentive programs	213
Net cash (used) provided by financing activities	(109,801		)	19,177
Effect of exchange rates on cash	4,477			1,341
Net increase in cash	30,204			24,369
Cash balance at beginning of year	56,401			35,101
Cash balance at end of period	$	86,605		$	59,470

See accompanying notes to consolidated financial statements.

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BEMIS COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

(dollars in thousands, except share and per share amounts)

	Common Stock		Capital In Excess Of Par Value		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Common Stock Held In Treasury			Total Stockholders’ Equity
Balance at December 31, 2000	$	6,097	$	237,100	$	854,506		$	(49,855	)	$	(249,091	)	$	798,757
Net income					140,325									140,325
Translation adjustment								(6,634		)				(6,634		)
Pension liability adjustment, net of $108 tax benefit								(170		)				(170		)
Total comprehensive income														133,521
Cash dividends paid on common stock $1.00 per share					(52,812		)							(52,812		)
Stock incentive programs and related tax effects	30		7,878											7,908
Purchase of 30,000 shares of common stock											(1,226		)	(1,226		)
Balance at December 31, 2001	6,127		244,978		942,019			(56,659		)	(250,317		)	886,148
Net income					165,515									165,515
Translation adjustment								7,015						7,015
Pension liability adjustment, net of $29,313 tax benefit								(47,853		)				(47,853		)
Total comprehensive income														124,677
Cash dividends paid on common stock $1.04 per share					(55,059		)							(55,059		)
Stock incentive programs and related tax effects	7		3,228											3,235
Common stock transaction, 761 shares related to an escrow settlement of a previous subsidiary acquisition											(27		)	(27		)
Balance at December 31, 2002	6,134		248,206		1,052,475			(97,497		)	(250,344		)	958,974
Net income for the first nine months of 2003					108,979									108,979
Translation adjustment for the first nine months of 2003								32,675						32,675
Total comprehensive income*														141,654
Cash dividends paid on common stock, $.84 per share					(44,596		)							(44,596		)
Stock incentive programs and related tax effects	17		6,466											6,483
Balance at September 30, 2003	$	6,151	$	254,672	$	1,116,858		$	(64,822	)	$	(250,344	)	$	1,062,515

*Total comprehensive income for the third quarter of 2003 and 2002 was $26,810 and $39,652 respectively, and was $121,628 for the first nine months of 2002.

See accompanying notes to consolidated financial statements.

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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 accounting principles generally accepted in the United States of America 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.

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, 2002.

Note 2 - Accounting for Stock-Based Compensation

In December 2002, the Financial Accounting Standards Board issued SFAS No. 148, “Accounting for Stock-Based Compensation—Transition and Disclosure, an amendment of FASB Statement No. 123.”  The Company is choosing to continue with its current practice of applying the recognition and measurement principles of APB No. 25, “Accounting for Stock Issued to Employees.”  The Company has adopted the disclosure requirements of SFAS No. 148 in its discussion of stock based employee compensation but the alternative transition options made available by the standard are not being implemented.

The intrinsic value method is used to account for stock-based compensation plans.  If compensation expense had been determined based on the fair value method with the pro forma compensation expense reflected over the vesting period, net income and income per share would have been adjusted to the pro forma amounts indicated below:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share amounts)	2003			2002			2003			2002
Net income - as reported	$	34,712		$	43,348		$	108,979		$	122,234
Add:  Stock-based compensation expense included in net income, net of related tax effects	1,232			2,216			5,034			7,045
Deduct:  Total stock-based compensation expense determined under fair value, net of related tax effects	(1,599		)	(2,493		)	(6,140		)	(7,876		)
Net income - pro forma	$	34,345		$	43,071		$	107,873		$	121,403
Basic earnings per share - as reported	$	0.65		$	0.82		$	2.05		$	2.31
Basic earnings per share - pro forma	$	0.65		$	0.81		$	2.03		$	2.29
Diluted earnings per share - as reported	$	0.64		$	0.81		$	2.02		$	2.28
Diluted earnings per share - pro forma	$	0.64		$	0.80		$	2.00		$	2.26

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Note 3 – Goodwill and Other Intangible Assets

Changes in the carrying amount of goodwill attributable to each reportable operating segment follows:

(in thousands)	Flexible Packaging Segment		Pressure Sensitive Materials Segment		Total
Reported balance at December 31, 2002	$	397,301	$	50,708	$	448,009
Currency translation and other adjustments	3,845				3,845
Reported goodwill balance at September 30, 2003	$	401,146	$	50,708	$	451,854

The components of amortized intangible assets follow:

	September 30, 2003					December 31, 2002
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Intangible Assets
Contract based	$	15,323	$	(4,248	)	$	15,323	$	(3,233	)
Technology based	52,328		(7,373		)	52,034		(5,285		)
Marketing related	8,359		(1,001		)	9,075		(292		)
Customer based	9,752		(1,528		)	9,367		(813		)
Reported balance	$	85,762	$	(14,150	)	$	85,799	$	(9,623	)

Amortization expense for intangible assets during the first nine months of 2003 was $4.5 million.  Estimated amortization expense for the remainder of 2003 is $1.4 million; for 2004, 2005, and 2006 is $5.7 million each year; and $5.6 million for 2007 and 2008 each.

Note 4 – Restructuring of Operations

In July 2003, the Company committed to a plan to close three flexible packaging plants:  Murphysboro, Illinois; Union City, California; and Prattville, Alabama.  The closure of these plants, together with related support staff and capacity reductions within the flexible packaging business segment, will reduce fixed costs and improve capacity utilization elsewhere in the Company.

During the third quarter 2003, manufacturing activity at the three plants was concluded with customer order fullfillment absorbed by other facilities within the flexible packaging segment.  Actual costs incurred for employee severance, accelerated depreciation, equipment relocation, and other related restructuring costs totaled $10.8 million, of which $5.3 million is included in cost of products sold and $5.5 million is included in other costs (income).  The $5.3 million in cost of products sold primarily relates to accelerated depreciation while the $5.5 million in other costs (income) primarily relates to employee severance and related costs.  Of the total charge, $3.6 million was paid in cash with $7.2 million in non-cash charges.  Exit costs are expected to continue throughout the next two quarters as clean-up and disposal of these three excess facilities occurs.  Current estimates of future flexible packaging restructuring and related charges range from $0.02 to $0.04 per diluted share for the fourth quarter and from $0.01 to $0.02 in 2004.

An analysis of restructuring accrual activity follows:

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(in thousands)	Employee Costs			Accelerated Depreciation			Other			Total			Cash		Non-cash
Third Quarter 2003 Activity
Total expense accrued Flexible Packaging	$	4,858		$	5,097		$	861		$	10,816		$	3,628	$	7,188
Charges to accrual account Flexible Packaging	(2,957		)	(5,097		)	(861		)	(8,915		)
Reserve balance at September 30, 2003	$	(1,901	)	$	(0	)	$	(0	)	$	(1,901	)

Note 5– 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 September 30,						Nine Months Ended September 30,
Business Segments (in millions)	2003			2002			2003			2002
Net Sales by Reportable Segment:
Flexible Packaging	$	532.7		$	478.1		$	1,579.8		$	1,369.7
Pressure Sensitive Materials	129.5			123.7			391.6			370.2
Intersegment Sales:
Flexible Packaging	(0.1		)	(0.6		)	(0.6		)	(1.2		)
Pressure Sensitive Materials	(0.1		)	(0.2		)	(0.1		)	(0.2		)
Net Sales to Unaffiliated Customers	$	662.0		$	601.0		$	1,970.7		$	1,738.5
Operating Profit and Pretax Profit:
Flexible Packaging	$	62.6		$	76.1		$	199.2		$	217.1
Pressure Sensitive Materials	4.0			4.9			12.5			17.2
Total operating profit	66.6			81.0			211.7			234.3
General corporate expenses	(6.7		)	(7.1		)	(24.0		)	(24.8		)
Interest expense	(3.1		)	(3.8		)	(9.8		)	(11.7		)
Minority interest in net income	(0.3		)	(0.3		)	(0.7		)	(0.7		)
Income before income taxes	$	56.5		$	69.8		$	177.2		$	197.1
Identifiable Assets:
Flexible Packaging							$	1,795.8		$	1,677.0
Pressure Sensitive Materials							377.5			359.5
Total identifiable assets							2,173.3			2,036.5
Corporate assets							82.1			124.7
Total							$	2,255.4		$	2,161.2

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Note 6 – Taxes Based On Income

The Company’s 2003 effective tax rate of 38.5% differs from the federal statutory rate of 35.0% primarily due to state and local income taxes.

Note 7 – 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)	September 30, 2003			December 31, 2002
Raw materials and supplies	$	109,061		$	101,003
Work in process and finished goods	227,672			220,841
Total inventories, gross	336,733			321,844
Less inventory reserves	(12,425		)	(13,500		)
Total inventories, net	$	324,308		$	308,344

Note 8 - Subsequent Events

In October 2003, the Company committed to a plan to close two pressure sensitive materials plants,  North Las Vegas, Nevada and Brampton, Ontario, Canada.  The closure of these plants, together with related support reductions or relocations elsewhere within the pressure sensitive materials business segment, will reduce fixed costs and improve capacity utilization elsewhere in this business segment.  Preliminary estimates of restructuring and related charges associated with the plant closing activities, including severance, relocation, and accelerated depreciation, range from $0.05 to $0.07 per diluted share in the fourth quarter of 2003, and $0.02 to $0.04 per diluted share in the first half of 2004.

Note 9 – Legal Proceedings

In a Form 8-K filed with the Securities and Exchange Commission on August 15, 2003, the Company disclosed that it had received a subpoena from the U.S. Department of Justice in connection with the Department’s criminal investigation into competitive practices in the labelstock industry.  This issue was first disclosed in a Form 8-K filed with the Securities and Exchange Commission on April 23, 2003, and further discussed in the Company’s Form 10-Q filed for the quarter ended June 30, 2003.  The Company is in the process of responding to the subpoena and will continue to cooperate fully with the requests of the Department of Justice.

In its Form 10-Q filed for the quarter ended June 30, 2003, the Company disclosed that it had been named, in addition to its wholly-owned subsidiary, Morgan Adhesives Company, as a defendant in six civil lawsuits.  Each lawsuit purports to represent a nationwide class of labelstock purchasers, and each alleges a conspiracy to fix prices within the self-adhesive labelstock industry.  Two additional lawsuit, Pamco Printed Tape & Label Co., Inc. v. Avery Dennison Corp., et al., C.A. No. 03 C 6439 and Pohle NV Center, etc., v. Avery Dennison Corp., et al., CV 2003-020794, named the Company and Morgan Adhesives Company as defendants and was filed in the United States District Court for the Northern District of Illinois, on September 11, 2003, and Superior Court, Maricopa County, AZ, on October 30, 2003, respectively.

All opportunity for discovery or substantive motion practice has been postponed in the first six cases (and is expected by the Company to be postponed in the new cases) until the Judicial Panel on MultiDistrict Litigation decides whether the cases should be consolidated, and where they should proceed.  A hearing was held before the Panel on October 9, 2003, to consider the coordination or consolidation of

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the seven lawsuits and the determination of the venue for the consolidated action.  No decision regarding the hearing has been given by the Panel, although it is expected that the cases will be consolidated in a single district of the Panel’s choosing.

The Company intends to vigorously defend these lawsuits.  Given the preliminary nature of the Department of Justice investigation and related civil lawsuits, however, the Company is unable to predict the outcome of the lawsuits and what effect, if any, the resolution of these matters may have on the Company’s financial position or results of operations.  The Company is currently not otherwise subject to any pending litigation other than routine litigation arising in the ordinary course of business, none of which is expected to have a material adverse effect on the business, results of operations, financial condition, or liquidity of the Company.

Note 10 – Earnings Per Share Computations

	Three Months Ended September 30,				Nine Months Ended September 30,
	2003		2002		2003		2002
Income available to common stockholders (numerator)	$	34,712,000	$	43,348,000	$	108,979,000	$	122,234,000
Weighted-average common shares outstanding (denominator)	53,112,761		52,941,693		53,081,023		52,933,439
Basic earnings per share of common stock	$	0.65	$	0.82	$	2.05	$	2.31
Dilutive effects of stock option and stock awards, net of windfall tax benefits	785,493		807,128		764,035		774,992
Weighted-average common shares and common stock equivalents outstanding (denominator)	53,898,254		53,748,821		53,845,058		53,708,431
Diluted earnings per share of common stock	$	0.64	$	0.81	$	2.02	$	2.28

Certain options outstanding at September 30, 2003 and 2002, (354,535 shares and 1,247 shares, respectively) were not included in the computation of diluted earnings per share because they would not have had a dilutive effect as the exercise price exceeded the average market price.

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