Bemis Company Announces Record First Quarter Sales and Earnings.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--April 24, 2000 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
tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. earnings of $0.55 per share, up 53% from $0.36 per share in the first quarter of 1999. Last year's results included approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. eight 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. of largely one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. costs from the Company's Brazilian flexible packaging joint venture. 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 in the first quarter of 2000 rose 11% to a record $500.7 million. The strong performance was paced by good results in the Flexible Packaging business, which reported a 15% increase in sales and 34% growth in operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. excluding the Brazilian operations. The Pressure Sensitive Materials business reported a 5% increase in operating profit on sales growth of 1%. Commenting on the results, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. John H. Roe said "The Company had an outstanding first quarter as the investments we have been making in our major businesses continued to pay off. We saw excellent demand for our multi-layer high barrier plastic films for both new and existing applications. This is a result of the advanced technology we offer as well as having the manufacturing capacity in place to meet the demands of our customers. Our polyethylene polyethylene (pŏl'ēĕth`əlēn), widely used plastic. It is a polymer of ethylene, CH2=CH2, having the formula (-CH2-CH2-)n packaging group also saw good demand across its product line, and its plants operated very efficiently. I am pleased with the progress our pressure sensitive materials and paper products operations reported in the first quarter. They both delivered improved results over a year ago and continued to make significant progress towards sustaining higher levels of performance going forward. In addition, the flexible packaging joint venture we have in Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. , while still operating at a small loss in the first quarter, improved significantly compared with a year earlier. We are focused on improving returns on the capital invested in the business and these improved in the first quarter. We will continue to invest for growth through both selected capital expenditures as well as strategic acquisitions as the year progresses." Bemis Company is a major supplier of flexible packaging and pressure sensitive materials used by leading food, consumer products, manufacturing, and other companies worldwide. Statements in this release which are not historical are considered "forward looking" and are subject to certain risks and uncertainties which are detailed in the Company's regular SEC filings.
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in thousands of dollars except per share amounts)
(unaudited)
Three Months Ended
March 31
-------------------------
2000 1999(a)
-------------------------
Net sales $500,748 $450,607
Costs and expenses:
Cost of products sold 393,195 354,149
Selling, general and
administrative expenses 50,854 50,849
Research and development 2,576 2,503
Interest expense 5,723 5,144
Other costs (income), net 611 6,171
Minority interest in net income 46 953
-------------------------
Income before income taxes 47,743 30,838
Provision for income taxes 18,100 12,100
-------------------------
Net income $29,643 $18,738
=========================
Basic earnings per share
of common stock $.55 $.36
=========================
Diluted earnings per share
of common stock $.55 $.36
=========================
Cash dividends paid $.24 $.23
=========================
Average common shares and common
stock equivalents outstanding 53,687 52,568
=========================
(a)Periods prior to April 1, 1999, have been restated to reflect the
second quarter 1999 change in method of accounting for inventory to
the first-in, first-out (FIFO) method from the last-in first-out
(LIFO) method previously used for the majority of domestic inventory.
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(unaudited, in thousands of dollars)
Mar. 31, Dec. 31,
ASSETS 2000 1999
------ -------------------------
Cash $20,512 $18,187
Accounts receivable - net 260,660 257,260
Inventories 288,048 274,597
Prepaid expenses and
deferred charges 35,491 33,537
-------------------------
Total current assets 604,711 583,581
-------------------------
Property and equipment, net 776,692 776,241
Excess of cost of investments
in subsidiaries over net
assets acquired 169,047 150,496
Other assets 22,354 21,825
-------------------------
Total 191,401 172,321
-------------------------
TOTAL ASSETS $1,572,804 $1,532,143
=========================
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current portion of long-term debt $1,032 $1,049
Short-term borrowings 4,392 5,741
Accounts payable 201,423 189,749
Accrued salaries and wages 31,186 39,861
Accrued income and other taxes 32,145 16,868
-------------------------
Total current liabilities 270,178 253,268
Long-term debt, less current portion 395,225 372,267
Deferred taxes 90,074 89,635
Other liabilities and deferred
credits 45,779 51,580
-------------------------
Total liabilities 801,256 766,750
-------------------------
Minority interest 1,164 39,498
Stockholders' equity:
Common stock (60,835,132
and 59,098,203 shares ) 6,084 5,910
Capital in excess of par value 236,833 181,957
Retained income 791,784 775,011
Other comprehensive income (loss) (32,913) (30,644)
Treasury common stock (7,735,188
and 6,909,488 shares) (231,404) (206,339)
-------------------------
Total stockholders' equity 770,384 725,895
-------------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $1,572,804 $1,532,143
=========================
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited, in thousands of dollars)
Three Months Ended
March 31,
-------------------------
2000 1999(a)
-------------------------
Cash flows from operating activities
------------------------------------
Net income $29,643 $18,738
Non-cash items:
---------------
Depreciation and amortization 26,402 25,613
Minority interest in net income 46 953
Deferred income taxes,
non-current portion 655 904
Losses of unconsolidated
affiliated companies 623 6,314
Gain on sale of property
and equipment (11) (13)
-------------------------
Cash provided by operations 57,358 52,509
Changes in working capital,
net of effects of acquisitions
and dispositions (1,616) (18,683)
Net change in deferred charges
and credits (5,854) 1,998
-------------------------
Net cash provided by operating
activities 49,888 35,824
-------------------------
Cash flows from investing activities
------------------------------------
Additions to property and equipment (27,814) (29,833)
Business acquisitions (3,355) (1,424)
Proceeds from sale of property
and equipment 195 139
Other 1 (3)
-------------------------
Net cash used in investing
activities (30,973) (31,121)
-------------------------
Cash flows from financing activities
------------------------------------
Change in long-term debt
excluding debt assumed in
business acquisition 22,946 11,009
Change in short-term debt (1,140) (608)
Cash dividends paid (12,870) (12,032)
Common stock purchased for
the treasury (25,065)
Stock incentive programs and
related tax effects 294 53
-------------------------
Net cash used by financing
activities (15,835) (1,578)
-------------------------
Effect of exchange rates on cash (755) (1,005)
-------------------------
Net increase in cash $2,325 $2,120
=========================
(a)Periods prior to April 1, 1999, have been restated to reflect the
second quarter 1999 change in method of accounting for inventory to
the first-in, first-out (FIFO) method from the last-in first-out
(LIFO) method previously used for the majority of domestic inventory.
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion