Bemis Company Reports 2005 Results; Net Sales Exceed $3 Billion Milestone; Company Announces Plans for 2006 Facilities Consolidation.MINNEAPOLIS Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. & NEENAH Neenah (nē`nə), city (1990 pop. 23,219), Winnebago co., E Wis., on Lake Winnebago at the mouth of the Fox River; settled c.1835 on the site of a Winnebago village, inc. as a city 1873. , Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. . -- 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
See: New York Stock Exchange :BMS BMS abbr. Bachelor of Marine Science ) today reported record 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 for the fiscal year ended December December: see month. 31, 2005, totaling $3.5 billion, an increase of 22.6 percent compared to 2004 net sales of $2.8 billion. Acquisitions accounted for a 16.5 percent increase in net sales. Earnings per share for the full year 2005 were $1.51, a 9.6 percent decrease from $1.67 reported in 2004. Excluding the effect of the 2005 and 2004 special items described further below, diluted earnings per share diluted earnings per share 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 for the year ended December 31, 2005, would have decreased by 5.7 percent. "In addition to achieving record net sales of $3.5 billion, Bemis Bemis may refer to:
popular name for Southern states in U.S. and for song. [Am. Hist.: EB, III: 587] See : Southern States Toga S.A., the leading packaging company in South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . The transition was smooth and the acquisition was accretive by the second quarter of 2005. We invested heavily in much needed expansion of our high growth operations. Looking at 2006, our balance sheet remains strong, our capacity continues to transition to align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. with our markets, and we have stepped up our cost management efforts to improve profitability." CONSOLIDATED con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: RESULTS Quarter Ended December 31, 2005 Quarterly diluted earnings per share were $0.42 for the fourth quarter ended December 31, 2005. Results for the fourth quarter of 2005 include the impact of additional tax expense of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.06 per share related to the repatriation Repatriation The process of converting a foreign currency into the currency of one's own country. Notes: If you are American, converting British Pounds back to U.S. dollars is an example of repatriation. of international subsidiary earnings under the Jobs Creation Act of 2005, partially offset by a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact of $0.03 per share related to finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. of the Dixie Toga purchase accounting valuations and related depreciation and amortization. Currency translation reduced earnings per share by less than $0.01 per share during the fourth quarter of 2005. Earnings per share for the fourth quarter of 2004 were $0.44 and included a gain of approximately $0.03 per share from the sale of certain flexible packaging assets during the quarter, partially offset by restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and related charges of less than $0.01 per share. Bemis achieved record fourth quarter net sales of $892.0 million in 2005 compared to $725.6 million in the fourth quarter of 2004, a 22.9 percent increase that includes a reduction related to currency translation of about 2.1 percent. Acquisitions represented an 17.8 percent increase in net sales compared to the fourth quarter of last year. The remaining increase in net sales is driven by increased selling prices in both business segments. Year Ended December 31, 2005 For the full year 2005, Bemis reported diluted di·lute 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 $1.51 per share. This result includes approximately $0.06 per share of tax charges related to the international earnings repatriation. Earnings per share results for the full year 2004 totaled $1.67, including a gain of $0.03 per share on the sale of certain flexible packaging assets that more than offset restructuring and related charges during the year of a little more than $0.01 per share. This year's net sales of $3.5 billion increased 22.6 percent over net sales in 2004 of $2.8 billion. Acquisitions represented a 16.5 percent increase in net sales compared to 2004. The impact of currency translation was insignificant to net sales growth in 2005. Price increases in both business segments contributed positively to the growth of net sales for the total year 2005. BUSINESS SEGMENTS Flexible Packaging Flexible packaging, representing about 82 percent of total company net sales in 2005, delivered net sales of $720.1 million in the fourth quarter of 2005. This is an increase of 25.3 percent from $574.8 million in the fourth quarter of 2004. Acquisitions increased net sales by 22.5 percent in 2005. The balance of the increase in net sales reflects an increase in price and mix, partially offset by a 1.2 percent reduction from currency translation and a 1.9 percent decrease in unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. volume. The fourth quarter of 2005 reflects a decrease in volume from the very strong levels of 2004, driven by price increases during 2005 that reduced unit sales volume in markets such as 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. , frozen foods, bakery, pet products and industrial film. 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. for the fourth quarter was $93.1 million, an increase of 14.3 percent from the fourth quarter of 2004. As a percentage of net sales, operating profit decreased to 12.9 percent from 14.2 percent a year ago. Current quarter operating profit included a $5.4 million favorable impact related to depreciation and amortization resulting from the finalization of purchase accounting valuations for the Dixie Toga acquisition. Currency translation was insignificant to operating profit for the fourth quarter of 2005. For the total year, net sales of flexible packaging increased 27.0 percent to $2.9 billion. Acquisitions accounted for 20.8 percent net sales growth. The remaining 6 percent increase in sales is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to price and mix changes since total unit sales volume is unchanged from 2004 levels. Operating profit increased to $332.7 million, or 11.7 percent of net sales, compared to $308.3 million, or 13.7 percent of net sales in 2004. Operating profit in the fourth quarter of 2004 included a gain of $5.6 million from the sale of certain graphic assets. The impact of currency translation was insignificant to sales growth and operating profit for 2005. Commenting on the results of the flexible packaging business segment, Curler said, "Profitability in our flexible packaging business segment was dampened throughout 2005 by a challenging raw material environment. Higher raw material costs and concerns about hurricane hurricane, tropical cyclone in which winds attain speeds greater than 74 mi (119 km) per hr. Wind speeds reach over 190 mi (289 km) per hr in some hurricanes. related shortages substantially increased the cost of production and disrupted dis·rupt tr.v. dis·rupt·ed, dis·rupt·ing, dis·rupts 1. To throw into confusion or disorder: Protesters disrupted the candidate's speech. 2. customer order patterns during the year. Unit sales volume increases in markets for meat and cheese, medical devices, dry foods, gardening products and overwrap for beverages were completely offset by decreases in markets for confectionery, bakery, frozen food and pet products. During 2005, we invested in new capacity in high growth product areas and improved our order management procedures to better manage our existing capacity. In 2006, we will reduce costs by closing less efficient capacity in certain areas, and we will continue to invest in the high growth product areas." Pressure Sensitive Materials Fourth quarter net sales from the pressure sensitive materials business segment were $171.9 million, a 14.0 percent increase from the fourth quarter of 2004. During the fourth quarter, the year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. of the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. subsidiary in this business segment changed from November November: see month. 30 to December 31. This resulted in a 13-month reporting period in 2005 for this subsidiary, however the impact on earnings per share is negligible  This article or section is written like a personal reflection or and may require .Please [ improve this article] by rewriting this article or section in an . because December is a very slow month for the operation. Excluding the impact of this change in year-end for its foreign subsidiary, net sales for the fourth quarter of 2005 increased by 2.6 percent. Currency translation reduced net sales for the quarter by about 5.0 percent. Pressure sensitive materials reported operating profit of $14.7 million or 8.6 percent of net sales for the quarter, including $0.5 million of restructuring and related gains and $0.5 million of profit from the inclusion of an extra month of European subsidiary results. This is compared to operating profit during the fourth quarter of 2004 of $11.1 million, or 7.3 percent of net sales, which included $0.8 million of restructuring and related charges. Excluding the impact of restructuring and related gains and charges and the extra month of subsidiary results, operating profit as a percent of net sales would have been 8.8 percent and 7.9 percent for the quarters ended December 31, 2005 and 2004, respectively. Currency translation reduced operating profit during the fourth quarter of 2005 by about $0.8 million. For the total year, net sales of pressure sensitive materials were $618.1 million, a 5.7 percent increase from the net sales of 2004. Excluding the impact of the additional month of sales of the European subsidiary, net sales in 2005 increased 2.7 percent. Currency translation was insignificant to the increase in net sales for the year. Operating profit was $41.3 million, or 6.7 percent of net sales in 2005. This compares to operating profit of $33.9 million, or 5.8 percent of net sales in 2004, which included restructuring and related charges of $3.1 million. Excluding the impact of restructuring and related charges from each year and the extra month of subsidiary results in 2005, operating profit as a percent of net sales would have been 6.5 percent in 2005 and 6.3 percent in 2004. "I am very pleased with the continued improvement recorded in our pressure sensitive materials segment," said Curler. "Our focus on cost management and innovation is being reflected in our improved profitability and growth prospects. Going forward, we expect this business segment to continue to deliver improved operating results as we concentrate our marketing efforts on higher margin graphic and technical products." Selling, General and Administrative Expenses Selling, general and administrative expenses for the fourth quarter of 2005 were $80.4 million, or 9.0 percent of net sales, compared to $73.5 million, or 10.1 percent of net sales for the fourth quarter of the prior year. For the year ended December 31, 2005, selling, general and administrative expenses totaled $330.9 million, or 9.5 percent of net sales, compared to $285.0 million, or 10.1 percent of net sales for 2004. The lower ratio of expenses to net sales reflects a lower ratio of selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. to net sales associated with our Dixie Toga operation and the impact of higher selling prices on consolidated net sales. Other Costs (Income), net For the fourth quarter of 2005, the decrease in net other income of $9.3 million from the fourth quarter of 2004 primarily reflects the 2004 gain on sale of the graphics assets of $5.6 million and $2.7 million in equity income for the fourth quarter of 2004 from the Company's Brazilian joint venture, Itap Bemis Ltda. For the total year 2004, $20.2 million of net other income primarily includes the gain on the sale of the graphics business and $11.7 million of equity income in Itap Bemis Ltda. With the purchase of our joint venture partner, Dixie Toga in January January: see month. 2005, Itap Bemis Ltda. is now accounted for on a consolidated basis and the related results for the fourth quarter and full year 2005 are included in flexible packaging operating profit. Capital Structure Total debt to total capitalization Total capitalization The total long-term debt and all types of equity of a company that constitutes its capital structure. total capitalization See capitalization. was 35.8 percent at the end of 2005 compared to 26.7 percent at the end of 2004. During 2005, Bemis used cash flow and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay to fund the $250.0 million acquisition in South America, repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. 1.9 million shares of common stock totaling $49.5 million, support $187.0 million of capital expenditures and make tax-deductible Tax-deductible The effect of creating a tax deduction, such as charitable contributions and mortgage interest. , voluntary pension contributions totaling $35.0 million. Cash flow provided by operating activities was $277.0 million in 2005, a modest increase from $271.5 million in 2004. 2006 Earnings Outlook During the fourth quarter of 2005, the industry incurred another series of resin resin, any of a class of amorphous solids or semisolids. Resins are found in nature and are chiefly of vegetable origin. They are typically light yellow to dark brown in color; tasteless; odorless or faintly aromatic; translucent or transparent; brittle, fracturing price increases from our suppliers. At Bemis, these increased costs are expected to flow through to cost of sales in the first quarter of 2006 and have a dampening effect on early first quarter results. Price increases have been implemented on noncontract business and as permitted within contract business. Additionally, the first quarter is historically the slowest quarter of the year for the company. Based on these factors, Bemis expects diluted earnings per share to be in the $0.33 to $0.36 range for the first quarter of 2006. For the full year 2006, management expects diluted earnings per share in the $1.65 to $1.75 range. These estimates are exclusive of any restructuring and related charges resulting from facilities consolidation efforts described below. 2006 Capital Expenditures and Facilities Consolidation Capital expenditures for 2006 are estimated to be $175 to $185 million, slightly above the expected charge for depreciation and amortization of about $165 million for the year. Bemis noted that this level of 2006 capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. reflects the completion of several major capacity expansion projects started in 2005. In addition, recent capacity additions now offer Bemis the opportunity to consider consolidating certain facilities to improve overall production efficiency and cost structure. Restructuring and related charges resulting from the planned facility consolidation efforts are estimated to be approximately $40 million, about $24 million of which is expected to be in cash. This consolidation is expected to result in annual cash savings of about $17 million. While charges will be incurred over the next six quarters, about $25 million is expected to be charged to earnings during the first half of 2006. "This consolidation effort is a natural continuation continuation - continuation passing style of our effort to step-up step-up A scheduled increase in the exercise or conversion price at which a warrant, an option, or a convertible security may be used to acquire shares of common stock. the efficiency of our operations," explained Curler. "As we make improvements and increase production capacity in certain plants, we will shift production to these lower cost facilities. In this competitive environment, prudent facilities management The management of a user's computer installation by an outside organization. All operations including systems, programming and the datacenter can be performed by the facilities management organization on the user's premises. reduces fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). , improves production efficiency and drives higher profitability." Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Statements in this release that are not historical, including statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the expected use of cash flow, capital expenditures, restructuring estimates and future performance of the company, are considered "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " and are presented pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. Such content is subject to certain risks and uncertainties, which may cause actual future results and trends to differ materially from historical results or those projected in any such forward-looking statements. Factors that could cause actual results to differ from those expected include, but are not limited to, general economic conditions caused by inflation; fluctuations in interest rates; currency fluctuations; raw material costs, availability, and terms; price changes for raw materials and our ability to pass these price changes on to our customers; political risks; competitive conditions; consumer buying trends; and changes in governmental regulations. These and other factors are detailed in the Company's regular SEC filings including the most recently filed Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2004. Bemis Company, Inc. will webcast an investor telephone conference regarding its fourth quarter 2005 financial results this morning at 10 a.m., Eastern Time. Individuals may listen to the call on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.bemis.com under "Investor Relations Investor relations The process by which the corporation communicates with its investors. ". However, they are urged to check the website ahead of time to ensure their computers are configured con·fig·ure tr.v. con·fig·ured, con·fig·ur·ing, con·fig·ures To design, arrange, set up, or shape with a view to specific applications or uses: for the audio stream. Instructions for obtaining the required, free, downloadable software are available in a pre-event system test on the site. Some of the information presented above reflects adjustments to "As reported" results to exclude certain amounts related to the company's restructuring initiatives and other non-recurring gains or charges. This adjusted information should not be construed as an alternative to the reported results determined in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with accounting principles generally accepted in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, . It is provided solely to assist in an investor's understanding of the impact of the company's restructuring initiative and non-recurring gains on the comparability of the company's operations. Refer to the attached reconciliation for further information. Bemis Company is a major supplier of flexible packaging and pressure sensitive materials used by leading food, consumer products, manufacturing, and other companies worldwide. Founded in 1858, the Company reported 2005 sales of $3.5 billion. The Company's flexible packaging business has a strong technical base in polymer chemistry Polymer chemistry or macromolecular chemistry is a multidisciplinary science that deals with the chemical synthesis and chemical properties of polymers or macromolecules. , film extrusion, coating and laminating lam·i·nate v. lam·i·nat·ed, lam·i·nat·ing, lam·i·nates v.tr. 1. To beat or compress into a thin plate or sheet. 2. To divide into thin layers. 3. , printing and converting. The Company's pressure sensitive materials business specializes in 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. technologies. Bemis employs about 15,700 individuals in 61 manufacturing facilities in 11 countries around the world. More information about the company is available at our website, www.bemis.com.
BEMIS COMPANY, INC. AND SUBSIDIARIES
------------------------------------
CONSOLIDATED STATEMENT OF INCOME
--------------------------------
(in thousands, except per share amounts)
(unaudited)
---------------------------------------------------------------------
Three Months Ended Twelve Months Ended
Dec 31, Dec 31,
--------------------------------------------
2005 2004 2005 2004
--------------------------------------------
Net sales $892,048 $725,571 $3,473,950 $2,834,394
Costs and expenses:
Cost of products sold 712,329 575,087 2,798,326 2,238,694
Selling, general and
administrative expenses 80,369 73,478 330,881 284,991
Research and development 5,761 5,014 23,528 21,138
Interest expense 10,567 4,917 38,737 15,503
Other costs (income),
net (1,019) (10,298) 112 (20,088)
Minority interest in net
income 1,840 131 5,937 489
--------------------------------------------
Income before income taxes 82,201 77,242 276,429 293,667
Provision for income taxes 37,300 29,900 113,900 113,700
--------------------------------------------
Net income $ 44,901 $ 47,342 $ 162,529 $ 179,967
============================================
Basic earnings per share
of common stock $ .43 $ .44 $ 1.53 $ 1.68
============================================
Diluted earnings per share
of common stock $ .42 $ .44 $ 1.51 $ 1.67
============================================
Cash dividends paid $ .18 $ .16 $ .72 $ .64
============================================
Weighted average common
shares outstanding 105,301 106,943 106,433 106,891
============================================
Weighted average common
shares and common stock
equivalents outstanding 106,707 108,223 107,819 107,942
======================================================================
BEMIS COMPANY, INC. AND SUBSIDIARIES
------------------------------------
CONSOLIDATED BALANCE SHEET
--------------------------
(dollars in thousands)
(unaudited)
----------------------------------------------------------------------
Dec 31, Dec 31,
ASSETS 2005 2004
------ ------------------------
Cash $ 91,125 $ 93,898
Accounts receivable, net 436,035 356,944
Inventories, net 420,950 387,414
Prepaid expenses 39,700 35,511
------------------------
Total current assets 987,810 873,767
------------------------
Property and equipment, net 1,143,539 938,574
Goodwill 581,419 442,181
Other intangible assets, net 105,580 65,396
Deferred charges and other assets 146,252 166,825
------------------------
Total 833,251 674,402
------------------------
TOTAL ASSETS $2,964,600 $2,486,743
========================
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current portion of long-term debt $ 3,907 $ 912
Short-term borrowings 50,107 4,830
Accounts payable 327,569 277,989
Accrued salaries and wages 79,056 68,269
Accrued income and other taxes 13,681 23,143
------------------------
Total current liabilities 474,320 375,143
Long-term debt, less current portion 790,107 533,886
Deferred taxes 167,421 173,872
Deferred credits and other liabilities 157,311 93,003
------------------------
Total liabilities 1,589,159 1,175,904
------------------------
Minority interest 27,692 2,973
Stockholders' equity:
Common stock issued (115,978,746 and
115,750,189 shares) 11,598 11,575
Capital in excess of par value 267,274 263,266
Retained income 1,337,590 1,251,695
Other comprehensive income (loss) 31,100 31,674
Treasury common stock (10,672,771 and
8,803,061 shares) (299,813) (250,344)
------------------------
Total stockholders' equity 1,347,749 1,307,866
------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,964,600 $2,486,743
======================================================================
BEMIS COMPANY, INC. AND SUBSIDIARIES
------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
------------------------------------
(in thousands)
(unaudited)
--------------------------------------------------------------------
Twelve Months Ended
Dec 31,
----------------------
2005 2004
----------------------
Cash flows from operating activities
------------------------------------
Net income $ 162,529 $ 179,967
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 151,661 130,846
Minority interest in net income 5,937 489
Stock award compensation 14,199 11,908
Deferred income taxes 2,668 25,332
Income of unconsolidated affiliated company (847) (8,807)
Gain on sales of property and equipment (667) (4,667)
Restructuring related activities (1,768) (2,408)
Proceeds from cash flow hedge 6,079
Changes in working capital, net of effects of
acquisitions (23,524) (15,307)
Net change in deferred charges and credits (39,312) (45,808)
----------------------
Net cash provided by operating activities 276,955 271,545
----------------------
Cash flows from investing activities
------------------------------------
Additions to property and equipment (186,965) (134,511)
Business acquisitions and adjustments, net of
cash acquired (237,992) (30,733)
Proceeds from sales of property and equipment 1,900 13,239
Proceeds from sale of restructuring related
assets 2,985 8,191
Increased investment in unconsolidated
affiliated company (7,065)
---------------------
Net cash used in investing activities (420,072) (150,879)
----------------------
Cash flows from financing activities
------------------------------------
Change in long-term debt 245,391 (41,896)
Change in short-term debt 32,859 (1,185)
Cash dividends paid to stockholders (76,634) (68,423)
Common stock purchased for the treasury (49,469)
Stock incentive programs 1,366 411
----------------------
Net cash provided (used) by financing activities 153,513 (111,093)
----------------------
Effect of exchange rates on cash (13,169) 7,849
----------------------
Net increase (decrease) in cash (2,773) 17,422
Cash balance at beginning of year 93,898 76,476
----------------------
Cash balance at end of period $ 91,125 $ 93,898
======================================================================
BEMIS COMPANY, INC. AND SUBSIDIARIES
------------------------------------
RECONCILIATION OF NON-GAAP DATA
-------------------------------
(in millions, except per share amounts)
(unaudited)
----------------------------------------------------------------------
Reconciliation of GAAP to Non- Three Months Twelve Months
GAAP Operating Profit and Ended Ended
Operating Profit as a December 31, December 31,
Percentage of Net Sales --------------------------------------
by Segment 2005 2004 2005 2004
----------------------------------------------------------------------
Flexible Packaging
Net Sales $ 720.1 $ 574.8 $2,855.8 $2,249.6
Operating Profit as reported $ 93.1 $ 81.5 $ 332.7 $ 308.3
Non-GAAP adjustments:
Restructuring and related
charges (income) $ 0.1 $ 0.1 $ 0.6 $ (0.7)
(Gain) on sale of certain
manufacturing assets $ (5.6) $ (5.6)
Purchase accounting
finalization $ (5.4)
--------------------------------------
Operating Profit as adjusted $ 87.8 $ 76.0 $ 333.3 $ 302.0
======================================
Operating Profit as a
percentage of Net Sales
As Reported 12.9% 14.2% 11.7% 13.7%
As Adjusted 12.2% 13.2% 11.7% 13.4%
Pressure Sensitive Materials
Net Sales $ 171.9 $ 150.8 $ 618.1 $ 584.8
Year-end change; thirteenth
month $ (17.2) $ (17.2)
--------------------------------------
Net sales as adjusted $ 154.7 $ 150.8 $ 600.9 $ 584.8
======================================
Operating Profit as reported $ 14.7 $ 11.1 $ 41.3 $ 33.9
Non-GAAP adjustments:
Restructuring and related
charges (income) $ (0.5) $ 0.8 $ (1.5) $ 3.1
Year-end change; thirteenth
month $ (0.5) $ (0.5)
--------------------------------------
Operating Profit as adjusted $ 13.7 $ 11.9 $ 39.3 $ 37.0
======================================
Operating Profit as a
percentage of Net Sales
As Reported 8.6% 7.3% 6.7% 5.8%
As Adjusted 8.8% 7.9% 6.5% 6.3%
Reconciliation of GAAP to Non-
GAAP Earnings per Share
Diluted earnings per share as
reported $ 0.421 $ 0.437 $ 1.507 $ 1.667
Non-GAAP adjustments per
share, net of taxes:
Restructuring and related
charges (income) $(0.002) $ 0.006 $ (0.005) $ 0.014
(Gain) on sale of certain
manufacturing assets $(0.032) $ (0.032)
Purchase accounting
finalization $(0.028)
Year-end change; thirteenth
month $(0.003) $ (0.003)
Additional income tax on
repatriated earnings $ 0.056 $ 0.056
Diluted earnings per share as
adjusted $ 0.444 $ 0.411 $ 1.555 $ 1.649
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