Avery Dennison announces record quarter results; first quarter earnings per share up 44 percent.PASADENA, Calif.--(BUSINESS WIRE)--April 25, 1995--Avery Dennison Dennison is the name of several places in the United States of America:
o Earnings per share increased 44 percent to 65 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. from 45 cents per share for the same quarter last year. o Net income increased 37 percent to $34.5 million from $25.2 million in the same period last year. o Reported sales increased 16 percent to $773.2 million from $667.7 million. Excluding the impact of foreign currency translation, sales increased 13 percent. 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, said, "First quarter net income improved significantly due to stronger sales and continued cost control. All three business sectors reported double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. sales and income growth. Both domestic and 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. significantly increased sales and income with international operations reporting particularly strong results. "Avery-brand products for office and home continue to achieve strong acceptance in consumer and superstore su·per·store n. A very large retail store that stocks highly diversified merchandise, such as groceries, toys, and camera equipment, or a wide variety of mechandise in a specific product line, such as computers or sporting goods. retail outlets retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → . Strong demand for Fasson-brand pressure-sensitive film and paper materials, combined with outstanding customer service, continued to be key factors in our sales growth. "For the second quarter, we expect continued solid profit performance based on current economic indicators Economic indicators The key statistics of the economy that reveal the direction the economy is heading in; for example, the unemployment rate and the inflation rate. ." 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. , based in Pasadena, makes 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, 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, MARKS-A-LOT and HI-LITER markers, and FASSON self-adhesive materials for industrial markets. The company has 15,550 employees in 200 manufacturing facilities and sales offices in 27 countries. -0-
AVERY DENNISON
CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share amounts)
(Unaudited)
Three Months Ended
April 1, 1995 April 2, 1994
Net sales $ 773.2 $ 667.7 Cost of products sold 528.4 455.2 Gross profit 244.8 212.5 Marketing, general & administrative expense 180.0 161.0 Operating profit 64.8 51.5 Interest expense 10.0 11.5 Income before taxes 54.8 40.0 Taxes on income 20.3 14.8 Net income $ 34.5 $ 25.2 Net income per share of common stock $ 0.65 $ 0.45 Average shares outstanding 53.4 56.2 Shares outstanding at period end 53.3 56.2
AVERY DENNISON
CONDENSED CONSOLIDATED BALANCE SHEET
(in millions)
(Unaudited)
First Quarter Ended
ASSETS 1995 1994
Current assets:
Cash and cash equivalents $ 3.4 $ 1.1
Trade accounts receivable, net 431.6 377.1
Inventories, net 236.1 202.4
Other current assets 88.5 74.5
Total current assets 759.6 655.1
Property, plant and equipment, net 863.7 754.7
Intangibles resulting from
business acquisitions, net 128.8 128.4
Other assets 132.0 135.8
$ 1,884.1 $ 1,674.0
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term and current portion of long-term debt $ 84.8 $ 99.0 Accounts payable 178.6 145.0 Accrued liabilities 323.4 232.9 Total current liabilities 586.8 476.9
Long-term debt 395.2 320.8
Other long-term liabilities 139.8 144.8
Shareholders' equity:
Common stock 62.1 62.1
Capital in excess of par value 192.2 195.1
Retained earnings 773.3 710.5
Cumulative translation adjustment 42.4 (11.1)
Cost of unallocated ESOP shares (37.6) (52.7)
Minimum pension liability (5.0) (8.9)
Treasury stock at cost (265.1) (163.5)
Total shareholders' equity 762.3 731.5
$ 1,884.1 $ 1,674.0
AVERY DENNISON
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
(in millions)
(Unaudited)
First Quarter Ended
1995 1994
Operating Activities:
Net income $ 34.5 $ 25.2
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 26.1 21.0
Amortization 3.5 3.1
Deferred taxes 0.9 5.0
Changes in assets and
liabilities, net of the
effect of foreign currency
translation and business
divestitures (49.3) (48.5)
Net cash provided by operating
activities 15.7 5.8
Investing Activities:
Purchase of property, plant
and equipment (36.7) (19.2)
Proceeds from sale of assets
and business divestitures 0.2 2.9
Other (6.5) (5.2)
Net cash used in investing
activities (43.0) (21.5)
Financing Activities:
Net increase in long-term debt 47.3 10.4
Net increase in short-term debt 7.0 12.8
Dividends paid (14.4) (13.5)
Purchase of treasury stock (14.5) (1.9)
Other 2.0 3.2
Net cash provided by financing
activities 27.4 11.0
Effect of foreign currency
translation on cash balances 0.2 ---
Increase (decrease) in cash
and cash equivalents 0.3 (4.7)
Cash and cash equivalents,
beginning of period 3.1 5.8
Cash and cash equivalents,
end of period $ 3.4 $ 1.1
CONTACT: Avery Dennison, Pasadena 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 or Investor Relations Investor relations The process by which the corporation communicates with its investors. , Wayne H. Smith, 818/304-2001 |
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