Bemis Updates Second Quarter Earnings Outlook.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--July 8, 2003 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 ) announced today that it expects second quarter 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 to be in a range of $0.68 to $0.73 compared to the Company's previous guidance of $0.83 to $0.86 per share. The Company's diluted earnings per share for the second quarter of 2002 was $0.82. Based upon preliminary results reported after the close of the quarter, 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 during the period was lower than expected in all flexible packaging product lines. "We are extremely disappointed by the volume trends this quarter," said Jeff Curler, President and Chief Executive Officer of Bemis Company. "Unit sales volumes in polyethylene and paper packaging were lower than expected, as customer order patterns appeared to adjust to increased pricing and sustained economic weakness. While high barrier 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 , excluding the impact of recent acquisitions, increased nicely during the second quarter, our customers have become more cautious in their new product introductions, a trend we expect to reverse once the general economy begins to strengthen. Combined with a competitive price environment, increased pension costs and unusually high legal fees, these volume trends contributed to lower margins during the second quarter." The Company incurred legal expenses of about $2 million during the quarter, related to the trial associated with the Department of Justice complaint filed to block the sale of its pressure sensitive materials business segment. Curler said Bemis is taking actions to position the company to improve its performance in the second half of 2003. "In light of the current environment, we are scrutinizing all of our businesses and identifying ways to decrease expenses," said Curler. With lower results for the first half of 2003, the Company expects to reduce total year earnings guidance when it announces its actual financial results for the second quarter on July 23rd. Bemis Company, Inc. will Webcast an investor telephone conference regarding its second quarter 2003 financial results on Wednesday, July 23, beginning at 10:00 a.m., Eastern Daylight Time. Individuals may listen to the call on the Internet 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 for the audio stream. Instructions for obtaining the required, free, downloadable software are available in a pre-event system test on the site. Bemis will announce its second quarter results in a news release that will be available to the media and on the Bemis website on Wednesday, July 23, before the market opens. 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 2002 net sales of $2.4 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, printing and converting. The Company's pressure sensitive materials business specializes in adhesive technologies. Based in Minneapolis, Minnesota, Bemis employs about 12,000 individuals in 56 manufacturing facilities in 10 countries around the world. More information about the company is available at our website, www.bemis.com. Statements in this release that are not historical, including statements relating to the expected future performance of the company, are considered "forward-looking" 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. Actual future results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors which 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, 2002. |
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