BEMIS COMPANY REPORTS RECORD FOURTH QUARTER RESULTS.MINNEAPOLIS--(BUSINESS WIRE)--Jan. 23, 1997--Bemis Company, Inc. (NYSE-BMS) today reported record fourth quarter earnings of $0.57 per share, up 12% from $0.51 per share reported in the fourth quarter of 1995. Net income rose 11% to $30.1 compared with $27.2 million, and net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight rose 9% to $434.9 million from $399.2 million a year ago. For the full year, net income rose 16% to $98.5 million, or $1.85 per share, compared with $85.2 million, or $1.63 per share for 1995. The 1996 results exclude a net gain of $2.6 million, or $0.05 per share, on the sale of a portion of Bemis' packaging machinery business in the first quarter. Net sales for the year were $1,655.4 million, up 9 percent from $1,523.4 million in 1995. Bemis Bemis may refer to:
adj. Being between 10 and 99 percent: double-digit inflation. sales growth and significantly better earnings growth resulting from improved margins. Unit volume increases, new products, and improving plant efficiencies contributed to the excellent overall results in this business. In flexible packaging, our coated and laminated laminated /lam·i·nat·ed/ (-nat?ed) having, composed of, or arranged in layers or laminae. laminated made up of laminae or thin layers. business experienced strong sales growth in several key markets and improved profitability. The Perfecseal acquisition was closed in the second quarter and contributed substantial new revenue in the medical packaging market. Its reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. was completed in the fourth quarter which should lead to greatly improved profitability in the future. The polyethylene polyethylene (pŏl'ēĕth`əlēn), widely used plastic. It is a polymer of ethylene, CH2=CH2, having the formula (-CH2-CH2-)n packaging business reported modest sales growth in the quarter, and profitability was adversely affected by raw material price fluctuations. Its Banner Same as banner ad. 1. banner - The title page added to printouts by most print spoolers. Typically includes user or account ID information in very large character-graphics capitals. Packaging unit, however, delivered very strong revenue growth in the quarter. The paper packaging business had essentially flat sales and somewhat weaker profits in the quarter due to a soft pricing environment, and the packaging machinery business continued to be adversely affected by cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. weakness. Commenting on the results, John H. Roe, Chairman and Chief Executive Officer said "We are pleased with the performance of the Company in the fourth quarter and for the full year. Both our flexible packaging and pressure sensitive materials businesses turned in excellent results and are in strong positions entering 1997. We are focused on further strengthening relationships with our large customers and supporting them as they grow internationally. We are actively pursuing new market opportunities where our technical expertise offers competitive advantages. Our aggressive capital expenditure programs are continuing to provide improved efficiencies and expanded product capabilities. We believe these investments will pay major dividends for Bemis over the next several years. The acquisition of Paramount Paramount (pâr`əmount'), city (1990 pop. 47,669), Los Angeles co., S Calif.; inc. 1957. Originally a dairy region, it has become highly industrialized since the 1950s. Packaging, which we announced in the fourth quarter of 1996 and closed early this year, significantly strengthens our position in the disposable disposable Nursing adjective Referring to that which is discarded or disposed of noun An item used in health care-related Pt contact which is discarded after use–eg masks, gloves, gowns, needles, paper products, syringes, wipes. See Biohazardous waste. diaper bag and confectionery confectionery, delicacies or sweetmeats that have sugar as a principal ingredient, combined with coloring matter and flavoring and often with fruit or nuts. In the United States it is usually called candy, in Great Britain, sweets or boiled sweets. markets. We will continue to seek strategic acquisitions to supplement our internal growth." Bemis Company Bemis Company, Inc. is an American manufacturer of flexible packaging products and pressure-sensitive materials, which are distributed worldwide. Bemis is part of the S&P 500 index. References
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in thousands of dollars except per share amounts)
(unaudited)
Three Months Ended Twelve Months Ended
December 31 December 31
1996 1995 1996 1995
Net sales $ 434,886 $ 399,153 $1,655,431 $1,523,390
Costs and expenses:
Cost of products sold 324,409 300,342 1,273,570 1,183,514
Selling, general, and
administrative expenses 53,586 47,758 192,819 177,971
Research and development 3,422 3,642 13,655 13,603
Interest expense 3,459 3,112 13,397 11,549
Other (income) costs, net (479) (79) (5,497) (3,138)
Minority interest in
net income 1,557 819 4,706 3,781
Income before income taxes 48,932 43,559 162,781 136,110
Taxes based on income -
cash 12,960 13,837 54,276 45,916
Taxes based on income -
deferred 5,840 2,563 7,424 4,984
Net income $ 30,132 $ 27,159 $ 101,081 $ 85,210
Earnings per share of
common stock $ 0.57 $ 0.51 $ 1.90 $ 1.63
Cash dividends paid
per share of common stock $ 0.18 $ 0.16 $ 0.72 $ 0.64
Average common shares
and common stock equivalents
outstanding 53,184 53,300 53,252 52,311
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands of dollars)
(unaudited)
Dec. 31, Dec. 31,
ASSETS 1996 1995
Cash $10,223 $22,032
Accounts receivable - net 216,740 201,725
Inventories 200,397 178,085
Prepaid expenses and deferred charges 39,561 40,432
Total current assets 466,921 442,274
Property and equipment, net 583,491 534,551
Excess of cost of investments in
subsidiaries over net assets
acquired 108,928 42,437
Other assets 9,455 11,333
Total 118,383 53,770
TOTAL ASSETS $1,168,795 $1,030,595
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt $1,706 $3,405
Short-term borrowings 3,006 1,080
Accounts payable 164,638 163,692
Accrued salaries and wages 34,163 29,128
Accrued income and other taxes 10,932 21,910
Total current liabilities 214,445 219,215
Long-term debt, less current portion 241,077 166,435
Deferred taxes 56,661 49,758
Other liabilities and deferred credits 57,726 53,943
Total liabilities 569,909 489,351
Minority interest 31,789 28,436
Stockholders' equity:
Common stock (57,897,316 and
57,811,966 shares ) 5,790 5,781
Capital in excess of par value 149,481 147,119
Retained income 561,049 496,252
Cumulative translation adjustment 6,588 10,505
Treasury common stock (5,536,617
and 5,244,617 shares) (155,811) (146,849)
Total stockholders' equity 567,097 512,808
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $1,168,795 $1,030,595
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands of dollars)
(unaudited)
Twelve Months Ended
December 31
1996 1995
Cash flows from operating activities
Net income $101,081 $85,210
Non-cash items:
Depreciation and amortization 66,192 57,954
Minority interest in net income 4,706 3,781
Deferred income taxes, non-current portion 7,035 8,746
Loss (gain) on sale of property and equipment 245 (211)
Cash provided by operations 179,259 155,480
Changes in working capital,
net of effects of acquisitions
and dispositions (50,222) (2,077)
Net change in deferred charges and credits 7,175 (2,466)
Other 0 (1,158)
Net cash provided by operating activities 136,212 149,779
Cash flows from investing activities
Additions to property and equipment (111,950) (93,615)
Business acquisition (74,114) (552)
Business divestiture 12,752
Proceeds from sale of property and equipment 1,960 2,135
Change in long-term receivables 37 3
Net cash used in investing activities (171,315) (92,029)
Cash flows from financing activities
Change in long-term debt 74,642 (10,587)
Change in short-term debt 227 (1,339)
Cash dividends paid (37,830) (33,175)
Subsidiary dividends to minority stockholders (1,841)
Common stock purchased for the treasury (8,962) (8,395)
Stock incentive programs and related tax effects 312 3,449
Net cash provided (used) by financing activities 26,548 (50,047)
Effect of exchange rates on cash (3,254) 1,603
Net (decrease) increase in cash ($11,809) $9,306
CONTACT: Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. F. Kleiber, Director of Investor Relations Investor relations The process by which the corporation communicates with its investors. 612/376-3030 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion