BEMIS COMPANY, INC.
One Neenah Center, 4th Floor
P.O. Box 669
Neenah, Wisconsin 54957-0669
For additional information please contact:
Melanie E. R. Miller
Vice President, Investor Relations
FOR IMMEDIATE RELEASE
BEMIS COMPANY REPORTS 2012 FOURTH QUARTER AND FULL YEAR RESULTS
NEENAH, WISCONSIN, January 31, 2013 - Bemis Company, Inc. (NYSE-BMS) today reported 2012 full year diluted earnings of $1.66 per share on net sales of $5.1 billion. Excluding the effect of facility consolidation and acquisition related integration charges detailed in the attached schedule, “Reconciliation of Non-GAAP Earnings Per Share”, adjusted diluted earnings for 2012 would have been $2.15 per share. Excluding the impact of currency, 2012 net sales was substantially unchanged from 2011 as lower unit sales volumes during 2012 were offset by improved sales mix and the impact of acquisitions.
“We accomplished our key goals for 2012 and generated record earnings per share,” said Henry Theisen, Bemis Company's President and Chief Executive Officer. “We right-sized our operations and consolidated our production facilities. Bemis delivered improved earnings and profit margins by reducing costs while increasing sales of higher margin products. In addition, our World Class Operations Management improved production efficiencies and expanded our capacity for value added products while our facility consolidation program reduced capacity in other areas. This allowed us to limit capital expenditures to $136 million and achieve sustainable improvements in sales mix. Looking ahead to 2013, our positive momentum and strong cash flow will put us in a position to return more capital to shareholders while continuing to invest in growth opportunities.”
HIGHLIGHTS OF THE FULL YEAR 2012:
Adjusted diluted earnings per share increased 8.0 percent to $2.15 from $1.99 in 2011.
Gross profit as a percent of net sales improved to 18.4 percent compared to 17.1 percent in 2011.
Bemis' facility consolidation program contributed savings of approximately $8 million in 2012.
Cash provided by operations totaled $421 million, reflecting continued emphasis on cost management.
The following information was filed by Bemis Co Inc (BMS) on Thursday, January 31, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.