Printer Friendly

BEMIS THIRD QUARTER EARNINGS PER SHARE AFFECTED BY RESTRUCTURING CHARGE

 MINNEAPOLIS, Oct. 19 /PRNewswire/ -- Bemis Company (NYSE: BMS) today reported third quarter earnings per share of 2 cents compared to 28 cents in third quarter a year ago. These results reflect a previously announced restructuring charge of 25 cents per share, as well as an additional charge of 2 cents per share relating to changes in the tax law which were retroactive to the beginning of the year. Before these charges, earnings per share were 29 cents, up slightly from the third quarter a year ago. Income for the third quarter was $1 million, compared to $14.5 million in the previous year. Net sales for the three month period were $299.5 million, up 2 percent from $292.6 million in 1992.
 Nine-month net income was $27.2 million or 53 cents per share, compared to $40.8 million or 79 cents per share in 1992. Net sales for the nine months were $895.4 million, compared to $879.6 million in 1992.
 The restructuring includes the closedown of the company's nylon resin production facility, the redeployment of assets in its packaging machinery business, and the consolidation of two smaller paper packaging plants into larger facilities.
 John H. Roe, president and CEO, said, "Our good results in U.S. operations were largely offset by continued weak results in Europe. The restructuring program is proceeding well and should enhance results in 1994. With strong ongoing capital investment and new product development programs, we are well positioned to expand our key businesses."
 Bemis Company is a major supplier of flexible packaging and specialty coated graphics products. Bemis common stock is traded on the New York Stock Exchange under the symbol BMS.
 BEMIS COMPANY, INC.
 Unaudited results
 Three months ended Nine months ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Net sales $299,541,000 $292,579,000 $895,420,000 $879,591,000
 Net income 975,000 14,523,000 27,237,000 40,761,000
 Earnings per
 share $.02 $.28 $.53 .$79
 Average common
 shares and
 common stock
 equivalents
 outstanding (for
 computation of
 earnings per
 share) 51,759,000 51,917,000 51,755,000 51,833,000
 -0- 10/19/93
 /CONTACT: Lisa D. Locken, director of corporate communications, 612-376-3030; or Benjamin R. Field, chief financial officer, 612-376-3003; both of Bemis Company/
 (BMS)


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

CP-DB -- MN015 -- 3936 10/19/93 11:41 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 19, 1993
Words:406
Previous Article:CF INCOME PARTNERS L.P. REPORTS 1993 THIRD QUARTER AND NINE MONTHS RESULTS
Next Article:LUND INTERNATIONAL HOLDINGS ANNOUNCES EXPLANATION OF EARNINGS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters