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BEMIS EARNINGS PER SHARE DOWN 11 PERCENT FOR FOURTH QUARTER, UP 7 PERCENT FOR YEAR

 MINNEAPOLIS, Jan. 21 /PRNewswire/ -- Bemis Company (NYSE: BMS) today reported fourth quarter 1992 earnings of 31 cents per share, a decline of 11 percent from 35 cents per share in 1991. Net income was $16.3 million, down from $18.0 million in the same period a year ago. Net sales for the quarter were $301.7 million in 1992, up 4 percent from $290.9 million in 1991. In the fourth quarter, the company elected to adopt accounting changes related to Financial Accounting Standards 106 and 109 for postretirement benefits and income taxes. Taken together these actions reduced net income by $274,000.
 For the year, Bemis Company earnings per share were $1.10, up 7 percent from $1.03 in 1991. Bemis Company's 1992 unaudited net income was $57.0 million, up from $53.0 million in 1991. Net sales for 1992 were $1.18 billion, compared to $1.14 billion reported for 1991.
 John Roe, president and chief executive officer said, "Fourth quarter results were adversely affected by poor performance in our packaging machinery and gravure cylinder businesses, and currency dislocation and weak economic conditions in Europe. For the year, however, very positive results in our key coated and laminated film and pressure-sensitive materials product lines more than offset these negative factors and led to a 7 percent increase in earnings per share.
 Bemis Company is a major supplier of flexible packaging and specialty coated and graphics products. The company's common stock is traded on the New York Stock Exchange.
 BEMIS COMPANY
 (In thousands except per share amounts)
 (Unaudited)
 Three Months Ended 12 Months Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Net sales $301,745 $290,871 $1,181,336 $1,141,638
 Net income $16,251 $17,968 $57,012 $53,018
 Earnings per share $.31 $.35 $1.10 $1.03
 Average common shares
 and common stock
 equivalents outstanding
 (for computation of
 earnings per share)(000s) 51,859 51,574 51,840 51,530
 -0- 1/21/93
 /CONTACT: Lisa D. Locken, director of corporate communications, 612-376-3030 or Benjamin R. Field, chief financial officer, 612-376-3003, both of Bemis/
 (BMS)


CO: Bemis Company ST: Minnesota IN: SU: ERN

AL -- MN003 -- 7429 01/21/93 12:42 EST
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Publication:PR Newswire
Date:Jan 21, 1993
Words:376
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