0001104659-12-028697.txt : 20120426 0001104659-12-028697.hdr.sgml : 20120426 20120426085603 ACCESSION NUMBER: 0001104659-12-028697 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120426 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120426 DATE AS OF CHANGE: 20120426 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: 12781535 BUSINESS ADDRESS: STREET 1: ONE NEENAH CENTER, 4TH FLOOR STREET 2: P.O. BOX 669 CITY: NEENAH STATE: WI ZIP: 54957-0669 BUSINESS PHONE: (920) 727-4100 MAIL ADDRESS: STREET 1: ONE NEENAH CENTER, 4TH FLOOR STREET 2: P.O. BOX 669 CITY: NEENAH STATE: WI ZIP: 54957-0669 8-K 1 a12-10580_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 26, 2012

(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 26, 2012, Bemis Company, Inc. issued a press release containing its financial results for the first quarter ended March 31, 2012, a copy of which is furnished as Exhibit 99 to this report.  Earnings guidance for the balance of 2012 for Bemis Company, Inc. is included with this press release and will be available during the regular earnings release conference call scheduled for Thursday, April 26, 2012, at 10:00 a.m. (ET). 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

 

·        Net debt to adjusted EBITDA

 

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 as not related 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, income, or other 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 26, 2012, Bemis Company, Inc. press release for the first quarter ended March 31, 2012, 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/ Scott B. Ullem

 

By

/s/ Jerry S. Krempa

Scott B. Ullem, Vice President

 

Jerry S. Krempa, Vice President

and Chief Financial Officer

 

and Controller

 

 

 

Date

April 26, 2012

 

Date

April 26, 2012

 

3


EX-99 2 a12-10580_1ex99.htm EX-99

EXHIBIT 99

 

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

 

Kristine Pavletich

Public Relations Specialist

(920)527-5159

 

FOR IMMEDIATE RELEASE

 

BEMIS COMPANY REPORTS 2012 FIRST QUARTER RESULTS

 

NEENAH, WISCONSIN, April 26, 2012 — Bemis Company, Inc. (NYSE:BMS) today reported quarterly diluted earnings of $0.42 per share for the first quarter ended March 31, 2012.  Diluted earnings per share would have been $0.49 for the first quarter of 2012, excluding the effect of facility consolidation and acquisition-related integration charges detailed in the attached schedule, “Reconciliation of Non-GAAP Data.”

 

Highlights of the first quarter 2012:

 

·                  Net sales totaled $1.3 billion.

·                  Gross margin as a percentage of net sales increased to 17.7 percent, the highest quarterly rate since 2010.

·                  Adjusted diluted earnings was $0.49 per share, an increase of 4.3 percent from the first quarter of 2011 and at the upper end of management’s guidance of $0.43 to $0.49 per share.

·                  Facility consolidation charges totaled $8.3 million.

·                  Cash flow generated from operating activities totaled $48.8 million compared to a use of cash during the first quarter of 2011.

·                  Bemis’ quarterly dividend increased by 4.2 percent, from $0.24 per share to $0.25 per share.

·                  Management established earnings guidance for the second quarter of 2012 in the range of $0.51 to $0.57 per share, and confirmed total year 2012 earnings guidance in the range of $2.05 to $2.20 per share.

 

“I am pleased to report that operating performance is improving, cash flow is healthy, and our facility consolidation activities are progressing as planned,” said Henry Theisen, Bemis Company’s President and Chief Executive Officer.  “Unit sales volumes continue to be soft, reflecting weaker consumer demand in light of current economic conditions.  Our full year guidance assumes volume growth during the second half of 2012.”

 

CONSOLIDATED RESULTS

 

Total Bemis net sales for the first quarter of 2012 was $1.3 billion, a 1.5 percent decrease from the same period of 2011, reflecting the impact of lower unit volume in the flexible packaging business segment.  Acquisitions completed during the second half of 2011 increased first quarter net sales by an estimated 1.6 percent.  The impact of currency translation reduced net sales by 1.6 percent.

 

Diluted earnings per share for the first quarter of 2012 was $0.42 compared to $0.47 per share reported in the same quarter of 2011.  Excluding the effect of acquisition-related integration costs and facility consolidation costs, as detailed in the attached schedule, “Reconciliation of Non-GAAP Data,” diluted earnings per share, as adjusted, would have been $0.49 for the first quarter of 2012.

 

FACILITY CONSOLIDATION

 

During the fourth quarter of 2011, Bemis initiated a facility consolidation program to improve efficiencies and reduce fixed costs.  As a part of this program, Bemis announced the planned closure of five facilities and the intent to move most of the production from these facilities to other Bemis operations.  These facility consolidation activities are expected to save approximately $40 million in annualized costs beginning in 2013.

 

Highlights of the facility consolidation program:

 

·                  Total facility consolidation program cost is expected to be $83 million

 

·                  $38.4 million expensed in 2011 ($26.3 million of employee costs; $12.1 million of fixed asset-related expenses)

·                  $8.3 million expensed in the first quarter of 2012 ($1.2 million of employee costs; $7.1 million of fixed asset-related expenses)

 



 

·                  Most of the remaining charges are expected to occur during 2012

 

·                  Total cash paid for the program is expected to be approximately $52 million

 

·                  $3.3 million paid in the fourth quarter of 2011

·                  $8.0 million paid in the first quarter of 2012

·                  $24 million expected to be paid during the remainder of 2012

·                  Remaining cash expenditures are expected to be paid in 2013

 

FLEXIBLE PACKAGING BUSINESS SEGMENT

 

Net sales for Bemis’ flexible packaging business segment decreased 1.7 percent to $1.2 billion compared to the first quarter of 2011.  The impact of currency translation reduced net sales by 1.5 percent compared to the previous year.  Bemis estimates that acquisitions completed during the second half of 2011 increased net sales by 1.8 percent.  The remaining reduction in sales principally represents the negative impact of lower unit sales volumes.  Segment operating profit for the first quarter of 2012 was $107.9 million, or 9.3 percent of net sales, compared to $116.3 million, or 9.9 percent of net sales, for the same period of 2011.  During the first quarter of 2012, acquisition-related integration costs and facility consolidation costs negatively impacted results.  Segment operating profit, as adjusted, for the first quarter of 2012 would have been $117.9 million, or 10.2 percent of net sales.  (See attached schedule: “Reconciliation of Non-GAAP Data.”)  The effect of currency translation decreased operating profit in the first quarter of 2012 by $1.3 million compared to the same quarter of 2011.  Performance for the quarter reflects the benefits of cost reductions partially offset by the negative impact of lower unit sales volumes.

 

Commenting on the flexible packaging segment results, Theisen said, “Performance in this segment reflects the positive impact of a manageable raw material cost environment and diligent cost management during the first quarter.  While we benefit from our exposure to a diverse range of packaging applications, some of which continue to demonstrate volume growth, overall unit sales volume has declined.  These volume levels are consistent with the experience of our customers and reflect the negative impact of weak economic conditions and inflation on consumer demand.  Raw material costs increased during the first quarter, which will put some pressure on second quarter results. We have been modifying customer pricing agreement terms to accelerate our ability to adjust selling prices on a more timely basis in 2012 and reduce the impact of raw material cost changes.  We expect volume to continue to be weak through the first half of this year and to strengthen during the second half of 2012.”

 

PRESSURE SENSITIVE MATERIALS BUSINESS SEGMENT

 

Pressure sensitive materials net sales for the first quarter of 2012 were $145.3 million compared to $145.0 million in the first quarter of 2011.  The increase in net sales reflects the impact of increased sales of higher value products, partially offset by a negative impact from currency translation of 2.1 percent.  For the first quarter of 2012, operating profit was $9.7 million, or 6.7 percent of net sales, compared to operating profit for the first quarter of 2011 of $9.9 million, or 6.8 percent of net sales.  The impact of currency translation was insignificant to quarterly operating profit.

 

OTHER OPERATING (INCOME) EXPENSE, NET

 

For the first quarter of 2012, other operating income and expense included $5.2 million of fiscal incentive income, compared to $5.5 million for the first quarter of 2011.  Fiscal incentives are associated with net sales and manufacturing activities in certain South American operations and are included in flexible packaging segment operating profit.

 

CAPITAL STRUCTURE AND CASH FLOW

 

Net debt (defined as total debt less cash) to adjusted EBITDA (defined as, for the last twelve month period, adjusted operating income plus depreciation and amortization) was 2.3 times at March 31, 2012 and December 31, 2011.  Cash flow from operations for the first quarter of 2012 of $48.8 million supported capital expenditures of $23.7 million and common stock dividends of $26.1 million.  Management intends to direct excess cash flow toward debt reduction in 2012 in order to reduce the ratio of net debt to adjusted EBITDA toward a target of approximately 2.0 times.

 

2012 EARNINGS OUTLOOK

 

Commenting on the outlook for the rest of the year, Theisen said, “This year, we are focused on initiatives that we expect to improve our operating performance and returns on invested capital. While we generally experience seasonally stronger volumes during the second quarter of the year, we expect unit sales volumes during the first half of 2012 to continue to be sluggish compared to 2011.  Our full year guidance anticipates improved volumes during the second half of the year as our customers’ initiatives gain momentum.”

 

Management expects adjusted diluted earnings per share for the second quarter of 2012 to be in the range of $0.51 to $0.57.  Management expects adjusted diluted earnings per share for the full year 2012 to be in the range of $2.05 to $2.20 per share.  Capital expenditures are expected to be approximately $175 million for the full year 2012.

 

PRESENTATION OF NON-GAAP INFORMATION

 

This press release refers to non-GAAP financial measures: adjusted operating profit, adjusted operating profit as a percentage of net sales, net debt to adjusted EBITDA, and adjusted diluted earnings per share.  These non-GAAP financial measures adjust for factors that are unusual or unpredictable.  These measures exclude the impact of certain amounts related to facility consolidation activities including employee-related costs, lease termination payments, accelerated depreciation, and the write-down of equipment.  These measures also exclude acquisition-related expenses including transaction expenses, due diligence expenses, professional and legal fees, purchase accounting adjustments for inventory and order backlog, integration expenses, the cash portion of any acquisition earn-out payments recorded as compensation expenses, changes in fair value of deferred acquisition payments, and goodwill and intangible asset impairment charges.  This adjusted information should not be construed as an alternative to 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 on-going business operations.

 

FORWARD LOOKING STATEMENTS

 

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, our ability to adjust selling prices, consumer buying patterns, changes in customer order patterns, the results of competitive bid processes, unexpected costs associated with plant closures, a failure in our information technology infrastructure or applications, foreign currency fluctuations, changes in working capital requirements, changes in government regulations, 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, 2011.

 

INVESTOR CONFERENCE CALL

 

Bemis Company, Inc. will webcast an investor telephone conference regarding its first quarter 2012 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.

 

ABOUT BEMIS COMPANY, INC.

 

Bemis Company, Inc. is a major supplier of flexible packaging and pressure sensitive materials used by leading food, consumer products, healthcare, and other companies worldwide.  Founded in 1858, the Company is included in the S&P 500 index of stocks and reported 2011 net sales of $5.3 billion.  The Company’s flexible packaging business has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing, and converting.  Headquartered in Neenah, Wisconsin, Bemis employs approximately 20,000 individuals worldwide.  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,

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Net sales

 

$

1,304,822

 

$

1,324,428

 

Cost of products sold

 

1,073,847

 

1,094,575

 

 

 

 

 

 

 

Gross Profit

 

230,975

 

229,853

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Selling, general, and administrative expenses

 

129,246

 

126,175

 

Research and development

 

10,903

 

7,587

 

Facility consolidation and other costs

 

8,348

 

 

Other operating (income) expense, net

 

(6,035

)

(7,061

)

 

 

 

 

 

 

Operating Income

 

88,513

 

103,152

 

 

 

 

 

 

 

Interest expense

 

20,456

 

18,336

 

Other non-operating (income) expense, net

 

187

 

1,720

 

 

 

 

 

 

 

Income before income taxes

 

67,870

 

83,096

 

 

 

 

 

 

 

Provision for income taxes

 

23,900

 

30,300

 

 

 

 

 

 

 

Net income

 

43,970

 

52,796

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interests

 

 

1,586

 

 

 

 

 

 

 

Net income attributable to Bemis Company, Inc.

 

$

43,970

 

$

51,210

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.42

 

$

0.47

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.42

 

$

0.47

 

 

 

 

 

 

 

Cash dividends paid per share

 

$

0.25

 

$

0.24

 

 

 

 

 

 

 

Weighted average shares outstanding (includes participating securities):

 

 

 

 

 

Basic

 

104,352

 

108,753

 

Diluted

 

104,982

 

109,106

 

 



 

BEMIS COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(dollars in thousands)

(unaudited)

 

 

 

March 31,

 

December 31,

 

 

 

2012

 

2011

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

112,985

 

$

109,796

 

Accounts receivable, net

 

702,107

 

665,402

 

Inventories

 

681,271

 

646,058

 

Prepaid expenses and other current assets

 

134,722

 

127,755

 

Total current assets

 

1,631,085

 

1,549,011

 

 

 

 

 

 

 

Property and equipment, net

 

1,422,673

 

1,440,889

 

 

 

 

 

 

 

Goodwill

 

1,055,641

 

1,048,469

 

Other intangible assets, net

 

219,373

 

222,475

 

Deferred charges and other assets

 

62,345

 

59,600

 

Total other long-term assets

 

1,337,359

 

1,330,544

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

4,391,117

 

$

4,320,444

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

13,052

 

$

13,411

 

Short-term borrowings

 

2,733

 

1,740

 

Accounts payable

 

429,134

 

415,786

 

Accrued salaries and wages

 

98,124

 

95,774

 

Accrued income and other taxes

 

26,629

 

23,854

 

Other current liabilities

 

118,483

 

131,400

 

Total current liabilities

 

688,155

 

681,965

 

 

 

 

 

 

 

Long-term debt, less current portion

 

1,552,168

 

1,554,750

 

Deferred taxes

 

181,790

 

175,585

 

Other liabilities and deferred credits

 

324,058

 

326,041

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

2,746,171

 

2,738,341

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

Bemis Company, Inc. shareholders’ equity:

 

 

 

 

 

Common stock issued (127,045,576 and 126,937,817 shares)

 

12,705

 

12,694

 

Capital in excess of par value

 

535,496

 

532,441

 

Retained earnings

 

1,850,371

 

1,832,893

 

Accumulated other comprehensive income

 

(48,445

)

(90,744

)

Common stock held in treasury, 23,953,971 shares at cost

 

(705,181

)

(705,181

)

TOTAL EQUITY

 

1,644,946

 

1,582,103

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

 

$

4,391,117

 

$

4,320,444

 

 



 

BEMIS COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2012

 

2011

 

Cash flows from operating activities

 

 

 

 

 

Net income

 

$

43,970

 

$

52,796

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

 

 

Depreciation and amortization

 

54,978

 

55,593

 

Excess tax (benefit) expense from share-based payment arrangements

 

203

 

(431

)

Share-based compensation

 

4,885

 

4,680

 

Deferred income taxes

 

2,371

 

6,416

 

Income of unconsolidated affiliated company

 

(644

)

(823

)

Loss (gain) on sale of property and equipment

 

(333

)

780

 

Net facility consolidation and other activities

 

350

 

 

Changes in working capital, excluding effect of acquisitions

 

(62,414

)

(132,516

)

Net change in deferred charges and credits

 

5,454

 

4,232

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

48,820

 

(9,273

)

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Additions to property and equipment

 

(23,677

)

(26,956

)

Business acquisitions and adjustments, net of cash acquired

 

 

(15,826

)

Proceeds from sale of property and equipment

 

1,298

 

658

 

 

 

 

 

 

 

Net cash used in investing activities

 

(22,379

)

(42,124

)

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

Repayment of long-term debt

 

(1,124

)

(91

)

Net borrowing (repayment) of commercial paper

 

4,500

 

133,300

 

Net borrowing (repayment) of short-term debt

 

993

 

89

 

Cash dividends paid to shareholders

 

(26,086

)

(26,104

)

Common stock purchased for the treasury

 

 

(54,345

)

Purchase of subsidiary shares of noncontrolling interests

 

 

(380

)

Excess tax benefit (expense) from share-based payment arrangements

 

(203

)

431

 

Stock incentive programs and related withholdings

 

(1,616

)

(3,457

)

 

 

 

 

 

 

Net cash (used in) provided by financing activities

 

(23,536

)

49,443

 

 

 

 

 

 

 

Effect of exchange rates on cash and cash equivalents

 

284

 

(2,385

)

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

3,189

 

(4,339

)

 

 

 

 

 

 

Cash and cash equivalents balance at beginning of year

 

109,796

 

60,404

 

 

 

 

 

 

 

Cash and cash equivalents balance at end of period

 

$

112,985

 

$

56,065

 

 



 

BEMIS COMPANY, INC. AND SUBSIDIARIES

OPERATING PROFIT AND PRETAX PROFIT

(in millions)

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Flexible Packaging operating profit

 

$

116.2

 

$

116.3

 

Flexible Packaging facility consolidation and other costs

 

(8.3

)

 

Net Flexible Packaging operating profit

 

107.9

 

116.3

 

 

 

 

 

 

 

Pressure Sensitive Materials operating profit

 

9.7

 

9.9

 

 

 

 

 

 

 

Segment operating profit

 

117.6

 

126.2

 

 

 

 

 

 

 

General corporate expenses

 

(29.1

)

(23.0

)

 

 

 

 

 

 

Operating income

 

88.5

 

103.2

 

 

 

 

 

 

 

Interest expense

 

20.5

 

18.3

 

 

 

 

 

 

 

Other non-operating (income) expense, net

 

0.1

 

1.8

 

 

 

 

 

 

 

Income before income taxes

 

$

67.9

 

$

83.1

 

 



 

BEMIS COMPANY, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP DATA

(in millions, except per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2012

 

2011

 

Reconciliation of GAAP to Non-GAAP Operating Profit
and Operating Profit as a Percentage of Net Sales by Segment

 

 

 

 

 

 

 

 

 

 

 

Flexible Packaging

 

 

 

 

 

Net Sales

 

$

1,159.5

 

$

1,179.4

 

 

 

 

 

 

 

Operating Profit as reported

 

107.9

 

116.3

 

 

 

 

 

 

 

Non-GAAP adjustments:

 

 

 

 

 

Acquisition related integration costs (1)

 

1.7

 

 

Facility consolidation and other costs (2)

 

8.3

 

 

 

 

 

 

 

 

Operating Profit as adjusted

 

$

117.9

 

$

116.3

 

 

 

 

 

 

 

Operating Profit as a percentage of Net Sales

 

 

 

 

 

As Reported

 

9.3

%

9.9

%

As Adjusted

 

10.2

%

9.9

%

 

 

 

 

 

 

Pressure Sensitive Materials

 

 

 

 

 

Net Sales

 

$

145.3

 

$

145.0

 

 

 

 

 

 

 

Operating Profit as reported

 

$

9.7

 

$

9.9

 

 

 

 

 

 

 

Operating Profit as a percentage of Net Sales as reported

 

6.7

%

6.8

%

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP
Earnings per Share

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share, as reported

 

$

0.42

 

$

0.47

 

 

 

 

 

 

 

Non-GAAP adjustments per share, net of taxes:

 

 

 

 

 

Acquisition related integration costs (1)

 

0.02

 

 

Facility consolidation and other costs (2)

 

0.05

 

 

 

 

 

 

 

 

Diluted earnings per share, as adjusted

 

$

0.49

 

$

0.47

 

 


(1)

Acquisition related integration costs include earnout payments treated as compensation expense related to the Mayor Packaging acquisition.

(2)

Facility consolidation and other costs includes employee related costs, accelerated depreciation, and write down of equipment related to the company’s facility consolidation program.