Avery Dennison achieves record third quarter and nine months results; third quarter earnings per share up 34 percent.PASADENA, Calif.--(BUSINESS WIRE)--Oct. 24, 1995--Avery Dennison Dennison is the name of several places in the United States of America:
o Earnings per share increased 34 percent to $.67 per share from 50 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. in the same quarter last year. o Net income increased to a record high of $35.8 million, a 29 percent increase over $27.8 million last year. o Sales increased for the eighth consecutive quarter to a record $783.5 million, up 7 percent from $733.7 million last year. Record results for the nine months were also reported: o Earnings per share increased 37 percent to an all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal high of $1.99 per share from $1.45 per share in the same period last year. o Net income increased 31 percent to a record high of $106 million from $80.9 million. o Sales increased 10 percent to a record $2.34 billion from $2.12 billion last year. "New products from our materials and office products sectors and continuing benefits from lower operating costs operating costs npl → gastos mpl operacionales in our office products and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. operations fueled the record growth in third quarter sales and net income," said Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by D. Miller, chairman and chief executive officer. "Sales from international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. continued strong. "Our commitment to focus and invest in our high economic value and profitable businesses has resulted in improved financial performance and greater value for our shareholders," Miller said. "As to the balance of the year, we expect our fourth quarter profit performance will contribute nicely to a record 1995," Miller added. Avery Dennison Avery Dennison Corporation (NYSE: AVY) produces pressure-sensitive materials (such as self-adhesive labels), office products, and various paper products. R. Stanton Avery founded Avery in 1935. Avery Dennison Corporation was created in 1990 by merger of Avery and Dennison. is a worldwide leader in manufacturing self- self- pref. 1. Oneself; itself: self-control. 2. Automatic; automatically: self-loading. adhesive adhesive, substance capable of sticking to surfaces of other substances and bonding them to one another. The term adhesive cement is sometimes used in place of adhesive, especially when referring to a synthetic adhesive. materials, tapes and labels, office products, tags, retail systems and specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. . Consumer brands include AVERY A·ver·y , Oswald 1877-1955. American bacteriologist noted for establishing (1944) that DNA is responsible for the transmission of heritable characteristics. office labels, indexes, binders and software, and FASSON self-adhesive self-ad·he·sive adj. Having a surface coated with an adhesive and not needing any substance, such as glue or paste, applied to form a bond: self-adhesive wallpaper; self-adhesive labels. materials for industrial markets. A Fortune 500 company based in Pasadena, Avery Dennison has 15,800 employees in 200 manufacturing facilities and sales offices in 29 countries. -0-
Avery Dennison
Consolidated Statement of Income
(in millions, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, 1995 Oct 1, 1994 Sept. 30, 1995 Oct 1, 1994
Net sales $ 783.5 $ 733.7 $ 2,337.2 $ 2,120.0 Cost of products sold 548.5 501.1 1,618.4 1,447.2
Gross profit 235.0 232.6 718.8 672.8
Marketing, general & administrative expense 167.1 179.3 519.4 511.8
Operating profit 67.9 53.3 199.4 161.0
Interest expense 12.0 9.7 33.7 33.1
Income before taxes 55.9 43.6 165.7 127.9
Taxes on income 20.1 15.8 59.7 47.0
Net income $ 35.8 $ 27.8 $ 106.0 $ 80.9
Net income per share
of common stock $ 0.67 $ 0.50 $ 1.99 $ 1.45
Average shares outstanding 53.2 55.4 53.3 55.9 Shares outstanding at period end 53.1 55.3 53.1 55.3 -0-
Avery Dennison
Condensed Consolidated Balance Sheet
(In millions)
(Unaudited)
ASSETS Sept. 30, 1995 Oct. 1, 1994
Current assets:
Cash and cash equivalents $ 3.9 $ 3.4
Trade accounts receivable, net 434.8 419.7
Inventories, net 235.8 211.8
Other current assets 88.9 76.6
Total current assets 763.4 711.5
Property, plant and equipment, net 887.8 807.4
Intangibles resulting from
business acquisitions, net 124.9 129.4
Other assets 124.6 133.3
$ 1,900.7 $ 1,781.6
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current
portion of long-term debt $ 70.4 $ 63.2
Accounts payable 160.0 146.1
Accrued liabilities 318.8 302.7
Total current liabilities 549.2 512.0
Long-term debt 437.7 364.5
Other long-term liabilities 130.7 147.4
Shareholders' equity:
Common stock 62.1 62.1
Capital in excess of par value 191.0 192.0
Retained earnings 816.0 739.5
Cumulative translation adjustment 28.3 19.8
Cost of unallocated ESOP shares (37.6) (52.7)
Minimum pension liability (5.0) (8.9)
Treasury stock at cost (271.7) (194.1)
Total shareholders' equity 783.1 757.7
$ 1,900.7 $ 1,781.6
-0-
Avery Dennison
Condensed Consolidated Statement of Cash Flow
(In millions)
(Unaudited)
Nine Months Ended
Sept. 30, 1995 Oct. 1, 1994
Operating Activities:
Net income $ 106.0 $ 80.9
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 69.5 64.3
Amortization 9.3 10.6
Deferred taxes 0.1 (1.5)
Changes in assets and liabilities,
net of the effect of foreign currency
translation and business divestitures (75.6) (12.7)
Net cash provided by operating activities 109.3 141.6
Investing Activities: Purchase of property, plant and equipment (120.8) (100.6) Proceeds from sale of assets and business divestitures 1.2 11.8 Other (10.8) (8.6) Net cash used in investing activities (130.4) (97.4) Financing Activities: Net increase in long-term debt 90.3 52.6 Net decrease in short-term debt (4.2) (26.6) Dividends paid (43.1) (40.2) Purchase of treasury stock (23.6) (43.6) Other 2.4 11.0 Net cash provided by (used in) financing activities 21.8 (46.8) Effect of foreign currency translation on cash balances 0.1 0.2 Increase (decrease) in cash and cash equivalents 0.8 (2.4) Cash and cash equivalents, beginning of period 3.1 5.8 Cash and cash equivalents, end of period $ 3.9 $ 3.4 CONTACT: Media Relations: Diane DIANE Diversified Information and Assistance Network (Tennessee Valley Authority) DIANE Direct Information Access Network for Europe DIANE Digital Integrated Attack and Navigation Equipment B. Dixon Dixon, city (1990 pop. 15,144), seat of Lee co., N Ill., on the Rock River; founded 1830, inc. 1857. Corn and soybeans are grown, cattle are raised, and there is light manufacturing. , 818/304-2118 dixon@averydennison.com or Investor Relations Investor relations The process by which the corporation communicates with its investors. : Wayne Wayne, city (1990 pop. 19,899), Wayne co., SE Mich., a suburb of Detroit, on the Lower Rouge River; inc. as a village 1869, and with surrounding areas as a city 1960. It has automobile and aircraft industries and other varied manufactures. H. Smith, 818/304-2001 investorcom@averydennison.com |
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