-----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, Poa9l9p5btXQETseuH51V2YLWhDypLPCYqxZp0S1V+O4DnJyo6Xn5sugdbxgArfT ZIr4+gKOeqZJe5oMz8wXMQ== 0001104659-09-026553.txt : 20090428 0001104659-09-026553.hdr.sgml : 20090428 20090428091051 ACCESSION NUMBER: 0001104659-09-026553 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090428 DATE AS OF CHANGE: 20090428 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05277 FILM NUMBER: 09774196 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 8-K 1 a09-11828_18k.htm 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report  -  April 28, 2009

(Date of earliest event reported)

 

BEMIS COMPANY, INC.

(Exact name of Registrant as specified in its charter)

 

Commission File Number 1-5277

 

Missouri

43-0178130

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

 

One Neenah Center, 4th Floor, P.O. Box 669, Neenah, Wisconsin  54957-0669

(Address of principal executive offices)

 

Registrant’s telephone number, including area code:   (920) 727-4100

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

 

On April 28, 2009, Bemis Company, Inc. issued a press release containing its financial results for the first quarter ended March 31, 2009, a copy of which is furnished as Exhibit 99 to this report.  Earnings guidance for the balance of 2009 for Bemis Company is included with this press release and will be available during the regular earnings release conference call scheduled for Tuesday, April 28, 2009, at 10:00 a.m. (EDT). Individuals may listen to the call on the Internet at www.bemis.com under “Investor Relations.”  Listeners are urged to check the website ahead of time to ensure their computers are configured for the audio stream.  Instructions for obtaining the required, free, downloadable software are available in a pre-event system test on the site.

 

Use of Non-GAAP Financial Measures

 

The press release furnished as an exhibit to this report contains certain non-GAAP financial measures, including:

 

·                  Segment operating profit as adjusted

 

·                  Segment operating profit as adjusted as a percentage of net sales

 

·                  Diluted earnings per share as adjusted

 

Each of these measures excludes from the most directly comparable GAAP measures the impact of certain items.  Management believes these adjusted measures are useful to investors because they assist an investor’s understanding of the impact of these items on the comparability of the Company’s operations from year-to-year.  Excluding the impact of these items also enables investors to compare our underlying operational results and trends before other charges and income items that are considered by management to be non-recurring and do not relate to the Company’s core operations.  Management uses these adjusted measures to monitor and evaluate operating performance and also for internal planning purposes.  These measures are subject to certain limitations because they do not reflect all charges or income items that were actually recognized by the Company in accordance with GAAP.  As a result, investors should consider these non-GAAP measures in addition to, and not as a substitute for, or superior to, financial performance measures presented in accordance with GAAP.  In addition, these adjusted measures may not be calculated in the same manner as adjusted measures presented by other companies.

 

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS

 

(d).                              The April 28, 2009, Bemis Company, Inc. press release for the first quarter ended March 31, 2009, is furnished as Exhibit 99 to this report.

 

2



 

SIGNATURES

 

Pursuant to the requirements of Section 13 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.

 

 

 

 

By

/s/ Gene C. Wulf

 

By

/s/ Stanley A. Jaffy

 

Gene C. Wulf, Senior Vice President and Chief Financial Officer

 

 

Stanley A. Jaffy, Vice President and Controller

 

 

 

 

Date April 28, 2009

Date April 28, 2009

 

3


EX-99 2 a09-11828_1ex99.htm EX-99

EXHIBIT 99

 

PRESS RELEASE  DATED April 28, 2009

 

BEMIS COMPANY, INC.

One Neenah Center, 4th Floor

P.O. Box 669

Neenah, Wisconsin  54957-0669

 

For additional information please contact:

Melanie E. R. Miller

Vice President, Investor Relations

and Treasurer

(920) 527-5045

 

FOR IMMEDIATE RELEASE

 

BEMIS COMPANY REPORTS 2009 FIRST QUARTER RESULTS

 

NEENAH, WISCONSIN, April 28, 2009 — Bemis Company, Inc. (NYSE-BMS) today reported quarterly diluted earnings of $0.36 per share for the first quarter ended March 31, 2009, compared with $0.41 per share for the same quarter of 2008.  Results for the current quarter were negatively impacted by severance charges associated with workforce reductions and the implementation of Statement of Financial Accounting Standards No. 141 (revised 2007), Business Combinations (FAS 141(R)).  Excluding the effect of the items mentioned above, which are set forth in the attached schedule, “Reconciliation of Non-GAAP Data”, diluted earnings per share would have been $0.43 for the first quarter of 2009 compared to $0.41 per share for the first quarter of 2008.

 

Net sales were $843.4 million for the first quarter of 2009, an 11.0 percent decrease from $947.3 million for the same period of 2008.  Currency effects reduced net sales by 8.3 percent compared to the first quarter of 2008.  The remaining 2.7 percent decrease in net sales reflects lower unit volume partially offset by a favorable price and mix impact compared to the first quarter of 2008.

 

“I am pleased to report strong first quarter performance results in such a challenging market environment,” said Henry Theisen, Bemis Company’s President and Chief Executive Officer.  “Our manufacturing agility along with our disciplined cost management strategies have served us well in this global recession.  We are controlling expenses, working capital, and manufacturing waste while maintaining our focus on customer service and quality.  Our business teams are facing an environment of broad economic and market uncertainty in 2009, and we are meeting each challenge with a strategy that we expect to deliver long-term value to Bemis Company.”

 

New Accounting Pronouncements

 

FASB Staff Position No. EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities (FSP EITF 03-6-1)

 

The calculation of basic and diluted earnings per share for both of the years presented has been modified to reflect FASB Staff Position No. EITF 03-6-1, effective January 1, 2009.  This FASB Staff Position further interprets and clarifies the computation of shares outstanding for share-based awards.  The impact of this modification is a $0.01 per share decrease in basic and diluted earnings per share for each of the periods presented.  The 2008 earnings per share have been recast to reflect the impact of this new accounting guidance.

 

Statement of Financial Accounting Standard No. 141 (revised 2007), Business Combinations (FAS 141(R))

 

First quarter 2009 diluted earnings per share included a $0.06 per share charge from the implementation of FAS 141(R).  Effective on a prospective basis for Bemis’ fiscal years beginning January 1, 2009, this new accounting standard requires that acquisition costs associated with a possible business combination must be expensed when incurred.  These costs are principally accounting, legal, and other professional fees associated with Bemis’ due diligence on a portion of the packaging business belonging to Rio Tinto plc.  These confidential efforts are ongoing and are consistent with Bemis’ historical acquisition strategy of focusing on core competencies while retaining an investment grade profile.  No further details will be made available at this time.

 

Statement of Financial Accounting Standard No. 160, Noncontrolling Interest in Consolidated Financial Statements (FAS 160), an amendment to ARB No. 51

 

The presentation of minority interest has been repositioned in accordance with FAS 160.  In the income statement, minority interest is presented on an after-tax basis, following a subtotal entitled “Net income before noncontrolling interests”.  In the balance sheet, minority interest is now referred to as “Noncontrolling interest” and is now presented as a component of “Total stockholders’ equity”.

 

BUSINESS SEGMENTS

 

Flexible Packaging

 

Bemis’ flexible packaging business segment, which represented about 85 percent of total Company net sales this quarter, reported net sales of $715.2 million in the first quarter.  This represents an 8.5 percent decrease compared to net sales of $781.6 million for the first quarter of 2008.  Currency effects reduced net sales by 8.7 percent.  Segment operating profit for the first quarter of 2009 was $91.4 million, or 12.8 percent of net sales.  Results for the quarter were negatively impacted by severance charges associated

 



 

with workforce reduction events intended to adjust workforce levels to better match market demands for certain product lines.  Excluding the impact of these severance costs, segment operating profit for the first quarter of 2009 would have been $92.5 million, or 12.9 percent of net sales.  (See attached schedule: “Reconciliation of Non-GAAP Data”.)  Segment operating profit for the first quarter of 2008 was $78.6 million, or 10.1 percent of net sales.  The net effect of currency translation and foreign exchange losses decreased operating profit in the first quarter of 2009 by $7.1 million compared to the same quarter of 2008.  Higher operating profit reflects the impact of both lower raw material costs in 2009 and the benefit of cost improvement programs.

 

Commenting on the flexible packaging segment results, Theisen said, “I am pleased to report that our flexible packaging business recorded record first quarter operating profit.  Our flexible packaging business segment is benefiting from a temporary raw material cost advantage which is expected to moderate during the second quarter as customer contract mechanisms adjust to reflect current raw material costs.  In addition, our aggressive efforts to manage production costs will continue to benefit Bemis going forward.  While we have experienced a slower business environment across many of our flexible packaging markets, we are pleased to report continued growth in the areas of our business where we have been investing, including packaging for processed meat and cheese, dairy and liquids, and medical devices.  Our South American operations are achieving healthy sales growth, partially offsetting the negative impact of local currency fluctuations.  Our European operations continue to improve.  Globally, our operations are prudently managing costs to accommodate inconsistent market demand.  Overall, this has been a strong quarter for our flexible packaging operations in the face of unusual market challenges.”

 

Pressure Sensitive Materials

 

Net sales from the pressure sensitive materials business segment for the first quarter of 2009 were $128.2 million compared to $165.7 million in the first quarter of 2008.  Currency effects reduced net sales by 6.5 percent compared to the first quarter of 2008.  This segment reported an operating loss for the first quarter of 2009 of $1.9 million, compared to the first quarter of 2008 when segment operating profit was $11.9 million, or 7.2 percent of net sales.  Lower volume in each of the product lines in this business segment substantially reduced operating profit for the first quarter.  Results for the first quarter of 2009 were also negatively impacted by severance charges associated with workforce reduction events intended to adjust workforce levels to better match current market demands.  Excluding the impact of these severance costs, segment operating profit for the first quarter of 2009 would have been $0.7 million, or 0.5 percent of net sales.  (See attached schedule: “Reconciliation of Non-GAAP Data”.)  The net effect of currency translation and foreign exchange losses decreased operating profit in the first quarter of 2009 by $0.4 million compared to the same quarter of 2008.

 

“Consistent with our forecast at the beginning of this year, performance in our pressure sensitive materials business is reflecting the weakness in global economic conditions,” said Theisen.  “Our customers in this segment operate in the advertising, automotive, housing, and consumer product markets, all of which have experienced a dramatic decline in product demand in this economic environment.  Our focus for 2009 is to manage costs aggressively to restore profitability as soon as possible and to meet production needs.”

 

Other Costs (Income), Net

 

For the first quarter of 2009, other costs and income included $4.7 million of financial income, a decrease of $3.0 million compared to $7.7 million for the first quarter of 2008.  This decrease reflects lower interest income from cash balances invested outside of the United States in 2009.  Other costs and income also included $9.1 million of professional fees associated with a possible business combination.  These costs are expensed in accordance with FAS 141(R) referred to above.

 

Capital Structure

 

Total debt to total capitalization was 29.1 percent at March 31, 2009, compared to 31.5 percent at December 31, 2008.  Total stockholders’ equity as of December 31, 2008, has been recast in accordance with FAS 160 as noted above.  Total debt as of March 31, 2009 was $617.4 million, a decrease of $69.2 million from the balance of $686.6 million at December 31, 2008.  Strong cash flow from operations of $148.3 million for the first quarter of 2009 benefited from our concerted efforts to reduce working capital by a total of $52.8 million.

 

Liquidity

 

As of March 31, 2009, Bemis had available from its banks a total of $625.0 million of revolving credit facilities.  These credit facilities are used principally as back-up for the Company’s commercial paper program.  As of March 31, 2009, there was $282.8 million of debt outstanding supported by these credit facilities, leaving $342.2 million of available credit.  Of this amount, credit facilities accounting for $200.0 million in available credit expire on April 28, 2009 and will not be renewed.  Bemis continues to maintain the $425 million credit facility that expires in 2013.  Cash flows from operating activities are expected to continue to provide sufficient liquidity to meet future cash obligations.

 

Dividend Increase

 

During the first quarter, the board of directors approved a 2.3 percent increase in the quarterly dividend, from $0.22 per share to $0.225 per share.

 

2009 Earnings Outlook

 

Quarterly and annual guidance excludes the impact of FAS 141(R) and severance charges incurred and yet to be incurred in 2009.  Management expects second quarter 2009 diluted earnings per share to be in a range of $0.35 to $0.43 per share.  Guidance for the full year 2009 remains unchanged at $1.50 to $1.70 per share.  Management continues to expect capital expenditures to be in the $100 million to $110 million range for 2009.

 

Commenting on the outlook for the year, Theisen noted that the market conditions remain difficult to predict.  “While the results of the first quarter are encouraging, we continue to face challenging business conditions in both business segments.  The range of

 



 

our quarterly and full year guidance reflects the uncertainty that exists in the current market environment.  Our business teams continue to focus on maximizing performance results for 2009 and future periods,” he said.

 

Presentation of Non-GAAP Information

 

Some of the information presented in this press release reflects adjustments to “As reported” results to exclude certain amounts related to the Company’s workforce reductions and the implementation of FAS 141(R).  This adjusted information should not be construed as an alternative to the reported results determined in accordance with accounting principles generally accepted in the United States of America (GAAP).  It is provided solely to assist in an investor’s understanding of the impact of these items on the comparability of the Company’s operations.  A reconciliation of the GAAP amounts to the Non-GAAP amounts is included with this press release.

 

Forward Looking Statements

 

Effective on a prospective basis for Bemis’ fiscal years beginning 2009, Statement of Financial Accounting No. 141 (revised 2007), Business Combinations (FAS 141(R)), establishes new accounting principles governing accounting for business combinations, including changes in the accounting treatment of acquisition related costs.  Unless otherwise expressly stated, Bemis’ quarterly and full-year guidance does not and will not include any estimated impact of such costs to be incurred in the future.  These costs are not estimable due to the uncertainty regarding the duration and extent of efforts necessary in the future.

 

Statements in this release that are not historical, including statements relating to the expected future performance of the Company, are considered “forward-looking” and are presented pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995.  Such content is subject to certain risks and uncertainties, including but not limited to future changes in cost or availability of raw materials, consumer buying patterns under certain economic conditions, changes in customer order patterns, the results of competitive bid processes, costs associated with the pursuit of business combinations (pursuant to FAS No. 141(R)), a failure in our information technology infrastructure or applications, foreign currency fluctuations, changes in working capital requirements, changes in government regulatory requirements, and the availability and related cost of financing from banks and capital markets.  Actual future results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors which are detailed in the Company’s regular SEC filings including the most recently filed Form 10-K for the year ended December 31, 2008.

 

About The Company

 

Bemis Company, Inc. will webcast an investor telephone conference regarding its first quarter 2009 financial results this morning at 10 a.m., Eastern Time.  Individuals may listen to the call on the Internet at www.bemis.com under “Investor Relations”.  Listeners are urged to check the website ahead of time to ensure their computers are configured for the audio stream.  Instructions for obtaining the required, free, downloadable software are available in a pre-event system test on the site.

 

Bemis Company is a major supplier of flexible packaging and pressure sensitive materials used by leading food, consumer products, manufacturing, and other companies worldwide.  Founded in 1858, the Company reported 2008 net sales of $3.8 billion.  The Company’s flexible packaging business has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing and converting. The Company’s pressure sensitive materials business specializes in adhesive technologies.  Headquartered in Neenah, Wisconsin, Bemis employs about 15,200 individuals in 57 manufacturing facilities in 11 countries around the world.  More information about the Company is available at our website, www.bemis.com.

 



 

BEMIS COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

(in thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2009

 

2008

 

 

 

 

 

 

 

Net sales

 

$

843,393

 

$

947,282

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

Cost of products sold

 

679,361

 

784,313

 

Selling, general and administrative expenses

 

88,755

 

88,744

 

Research and development

 

6,042

 

5,828

 

Interest expense

 

6,023

 

9,029

 

Other costs (income), net

 

4,564

 

(9,105

)

 

 

 

 

 

 

Income before income taxes and noncontrolling interests

 

58,648

 

68,473

 

 

 

 

 

 

 

Provision for income taxes

 

21,300

 

24,800

 

 

 

 

 

 

 

Net income before noncontrolling interests

 

37,348

 

43,673

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interests

 

638

 

1,340

 

 

 

 

 

 

 

Net income attributable to Bemis Company, Inc.

 

$

36,710

 

$

42,333

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.36

 

$

0.41

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.36

 

$

0.41

 

 

 

 

 

 

 

Cash dividends paid

 

$

0.225

 

$

0.220

 

 

 

 

 

 

 

Weighted average basic shares outstanding

 

103,190

 

103,509

 

 

 

 

 

 

 

Weighted average diluted shares outstanding

 

103,299

 

103,756

 

 



 

BEMIS COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(dollars in thousands)

(unaudited)

 

 

 

March 31,

 

December 31,

 

 

 

2009

 

2008

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

73,196

 

$

43,454

 

Accounts receivable, net

 

417,499

 

426,888

 

Inventories, net

 

403,169

 

435,667

 

Prepaid expenses

 

67,741

 

76,649

 

Total current assets

 

961,605

 

982,658

 

 

 

 

 

 

 

Property and equipment, net

 

1,114,473

 

1,135,482

 

 

 

 

 

 

 

Goodwill

 

596,804

 

595,466

 

Other intangible assets, net

 

78,684

 

80,773

 

Deferred charges and other assets

 

25,211

 

27,935

 

Total

 

700,699

 

704,174

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

2,776,777

 

$

2,822,314

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

31,443

 

$

18,651

 

Short-term borrowings

 

1,200

 

7,954

 

Accounts payable

 

311,823

 

323,142

 

Accrued salaries and wages

 

63,785

 

63,227

 

Accrued income and other taxes

 

25,707

 

8,807

 

Total current liabilities

 

433,958

 

421,781

 

 

 

 

 

 

 

Long-term debt, less current portion

 

584,749

 

659,984

 

Deferred taxes

 

115,206

 

111,832

 

Deferred credits and other liabilities

 

252,901

 

246,174

 

Total long-term liabilities

 

952,856

 

1,017,990

 

 

 

 

 

 

 

Total liabilities

 

1,386,814

 

1,439,771

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

Bemis Company, Inc. stockholders’ equity:

 

 

 

 

 

Common stock issued (117,294,335 and 117,130,962 shares)

 

11,729

 

11,713

 

Capital in excess of par value

 

349,136

 

345,982

 

Retained income

 

1,612,660

 

1,599,178

 

Other comprehensive income (loss)

 

(122,029

)

(112,001

)

Treasury common stock (17,422,771 and 17,422,771 shares)

 

(498,341

)

(498,341

)

Total Bemis Company, Inc. stockholders’ equity

 

1,353,155

 

1,346,531

 

Noncontrolling interests

 

36,808

 

36,012

 

Total stockholders’ equity

 

1,389,963

 

1,382,543

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

2,776,777

 

$

2,822,314

 

 



 

BEMIS COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2009

 

2008

 

Cash flows from operating activities

 

 

 

 

 

Net income

 

$

36,710

 

$

42,333

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

38,365

 

41,838

 

Noncontrolling interests in net income

 

638

 

1,340

 

Excess tax benefit from share-based payment arrangements

 

(24

)

(56

)

Stock award compensation

 

4,860

 

4,677

 

Deferred income taxes

 

2,544

 

(346

)

Income of unconsolidated affiliated company

 

(439

)

(509

)

Loss (gain) on sales of property and equipment

 

210

 

777

 

Changes in working capital, net of effects of acquisitions

 

52,758

 

(41,559

)

Net change in deferred charges and credits

 

12,685

 

7,098

 

 

 

 

 

 

 

Net cash provided by operating activities

 

148,307

 

55,593

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Additions to property and equipment

 

(22,243

)

(28,393

)

Proceeds from sales of property and equipment

 

265

 

290

 

 

 

 

 

 

 

Net cash used in investing activities

 

(21,978

)

(28,103

)

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

Proceeds from issuance of long-term debt

 

159

 

11,540

 

Repayment of long-term debt

 

(2,254

)

(20,438

)

Net borrowing (repayment) of commercial paper

 

(58,545

)

47,750

 

Net borrowing (repayment) of short-term debt

 

(8,791

)

(9,367

)

Cash dividends paid to stockholders

 

(23,226

)

(22,714

)

Common stock purchased for the treasury

 

 

 

(26,771

)

Excess tax benefit from share-based payment arrangements

 

24

 

56

 

Stock incentive programs and related withholdings

 

(2,185

)

(1,364

)

 

 

 

 

 

 

Net cash used in financing activities

 

(94,818

)

(21,308

)

 

 

 

 

 

 

Effect of exchange rates on cash and cash equivalents

 

(1,769

)

3,605

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

29,742

 

9,787

 

 

 

 

 

 

 

Cash and cash equivalents balance at beginning of year

 

43,454

 

147,409

 

 

 

 

 

 

 

Cash and cash equivalents balance at end of period

 

$

73,196

 

$

157,196

 

 



 

BEMIS COMPANY, INC. AND SUBSIDIARIES

OPERATING PROFIT AND PRETAX PROFIT

(in millions)

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2009

 

2008

 

 

 

 

 

 

 

Flexible Packaging operating profit

 

$

91.4

 

$

78.6

 

 

 

 

 

 

 

Pressure Sensitive Materials operating profit

 

(1.9

)

11.9

 

 

 

 

 

 

 

General corporate expenses

 

(24.9

)

(13.0

)

 

 

 

 

 

 

Interest expense

 

(6.0

)

(9.0

)

 

 

 

 

 

 

Income before income taxes and noncontrolling interests

 

$

58.6

 

$

68.5

 

 



 

BEMIS COMPANY, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP DATA

(in millions, except per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2009

 

2008

 

Reconciliation of GAAP to Non-GAAP

 

 

 

 

 

Operating Profit and Operating Profit as a

 

 

 

 

 

Percentage of Net Sales by Segment

 

 

 

 

 

 

 

 

 

 

 

Flexible Packaging

 

 

 

 

 

Net Sales

 

$

715.2

 

$

781.6

 

 

 

 

 

 

 

Operating Profit as reported

 

$

91.4

 

$

78.6

 

 

 

 

 

 

 

Non-GAAP adjustments:

 

 

 

 

 

Severance costs for reductions in workforce

 

$

1.1

 

 

 

 

 

 

 

 

 

Operating Profit as adjusted

 

$

92.5

 

$

78.6

 

 

 

 

 

 

 

Operating Profit as a percentage of Net Sales

 

 

 

 

 

As Reported

 

12.8

%

10.1

%

As Adjusted

 

12.9

%

10.1

%

 

 

 

 

 

 

Pressure Sensitive Materials

 

 

 

 

 

Net Sales

 

$

128.2

 

$

165.7

 

 

 

 

 

 

 

Operating Profit as reported

 

$

(1.9

)

$

11.9

 

 

 

 

 

 

 

Non-GAAP adjustments:

 

 

 

 

 

Severance costs for reductions in workforce

 

$

2.6

 

 

 

 

 

 

 

 

 

Operating Profit as adjusted

 

$

0.7

 

$

11.9

 

 

 

 

 

 

 

Operating Profit as a percentage of Net Sales

 

 

 

 

 

As Reported

 

-1.5

%

7.2

%

As Adjusted

 

0.5

%

7.2

%

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP

 

 

 

 

 

Earnings per Share

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share as reported

 

$

0.355

 

$

0.408

 

 

 

 

 

 

 

Non-GAAP adjustments per share, net of taxes:

 

 

 

 

 

Severance costs for reductions in workforce

 

0.023

 

 

 

FAS 141(R) acquisition related expenses

 

0.055

 

 

 

 

 

 

 

 

 

Diluted earnings per share as adjusted

 

$

0.433

 

$

0.408

 

 


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