Bemis Company Corrects First Table, First Column of Second Quarter Earnings.Business Editors CORRECTION CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. ...by 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
--(BUSINESS WIRE) In BW0069, (MN-BEMIS) Reports Second Quarter Earnings Results, First Table, First Column Contained Incorrect Incorrect means to not be correct and may also refer to:
An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of common stock should read $ .67 (sted $1.23), and Cash dividends paid should read $ .25 (sted $0.50). Corrected table follows.
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share amounts)
(unaudited)
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Three Months Ended Six Months Ended
June 30, June 30,
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2001 2000 2001 2000
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Net sales $581,569 537,332 $1,158,964 $1,049,948
Costs and expenses:
Cost of products sold 459,245 423,267 919,453 828,330
Selling, general and
administrative expenses 52,944 47,914 109,038 98,768
Research and development 2,704 2,448 5,188 5,024
Interest expense 8,244 6,383 18,925 12,106
Other costs (income), net 922 113 564 724
Minority interest in net
income 121 157 220 203
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Income before income taxes 57,389 57,050 105,576 104,793
Provision for income taxes 21,900 21,700 40,400 39,800
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Net income $35,489 $35,350 $65,176 $64,993
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Basic earnings per share
of common stock $ .67 $.67 $1.23 $1.22
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Diluted earnings per share
of common stock $ .67 $.66 $1.23 $1.21
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Cash dividends paid $ .25 $.24 $.50 $.48
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Weighted average common shares
and common stock equivalents
outstanding 52,922 53,617 52,940 53,652
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