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Bemis Co Inc (BMS) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

Bemis Co Inc

CIK: 11199 Ticker: BMS
Exhibit 99
bemiserlogoa02a01a01a01a09.jpg
Bemis Company Reports Second Quarter Results and Revises Guidance

Neenah, Wisconsin, July 27, 2017 - Bemis Company, Inc. (NYSE:BMS) today reported financial results for its second quarter ended June 30, 2017. Refer to the reconciliation of Non-GAAP measures detailed in the attached schedule, including adjusted earnings per share, adjusted EBITDA, and net debt, referenced in this release.

SUMMARY OF THE QUARTER
 
 
Q2
 
Q2 YTD
($ in millions except per share amounts)
 
2017
 
2016
 
% change
 
2017
 
2016
 
% change
Earnings Per Share
 
$
0.30

 
$
0.53

 
(43.4
)%
 
$
0.85

 
$
1.12

 
(24.1
)%
Adjusted Earnings Per Share
 
$
0.48

 
$
0.67

 
(28.4
)%
 
$
1.06

 
$
1.27

 
(16.5
)%
Cash from Operations
 
$
106.0

 
$
100.4

 
5.6
 %
 
$
200.5

 
$
153.0

 
31.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the reconciliation of Non-GAAP measures detailed in the attached schedule, including adjusted earnings per share, referenced in this release.

“Total company profits were less than expected this quarter due to the impact of the challenging economic environment in Brazil. Sales volumes declined sharply in Brazil versus our run rates as consumers, retailers, and our customers reacted to the latest political instability. In our U.S. business, profits were in line with the expectations we shared last quarter,” said William F. Austen, Bemis Company’s President and Chief Executive Officer. “During June, we initiated a restructuring and cost savings plan to better position the Company in the current environment and for the long term. These efforts are progressing well to create a more agile, streamlined, and efficient business that continues to be successful over the long term.”

2017 RESTRUCTURING AND COST SAVINGS PLAN
Refer to the June 30, 2017 press release and the July 7, 2017 8-K for additional details of this plan.

During June, the Company announced initial details on its restructuring and cost savings plan to improve profitability primarily in its U.S. and Latin American businesses by reducing its manufacturing and administrative cost structure. This plan targets an annual savings run rate of $55 to $60 million, with savings starting in 2017 and fully realized during 2019. Estimated total costs to implement the plan are $100 to $120 million.


1

The following information was filed by Bemis Co Inc (BMS) on Thursday, July 27, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet (parenthetical)
Condensed Consolidated Statement Of Cash Flows
Condensed Consolidated Statement Of Equity
Condensed Consolidated Statement Of Equity (parenthetical)
Condensed Consolidated Statement Of Income
Condensed Statement Of Comprehensive Income
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (details)
Accumulated Other Comprehensive Income (loss) (tables)
Basis Of Presentation
Components Of Net Periodic Benefit Cost
Components Of Net Periodic Benefit Cost (details)
Components Of Net Periodic Benefit Cost (tables)
Derivative Instruments
Derivative Instruments (details 2)
Derivative Instruments (details)
Derivative Instruments (tables)
Earnings Per Share Computations
Earnings Per Share Computations (details)
Earnings Per Share Computations (tables)
Financial Assets And Financial Liabilities Measured At Fair Value
Financial Assets And Financial Liabilities Measured At Fair Value (details 2)
Financial Assets And Financial Liabilities Measured At Fair Value (details)
Financial Assets And Financial Liabilities Measured At Fair Value (tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (details 2)
Goodwill And Other Intangible Assets (details)
Goodwill And Other Intangible Assets (tables)
Inventories
Inventories (details)
Inventories (tables)
Legal Proceedings
Legal Proceedings (details)
New Accounting Guidance (details)
New Accounting Guidance (notes)
Restructuring (details)
Restructuring (notes)
Restructuring (tables)
Segments Of Business
Segments Of Business (details)
Segments Of Business (tables)

Material Contracts, Statements, Certifications & more

Bemis Co Inc provided additional information to their SEC Filing as exhibits

Ticker: BMS
CIK: 11199
Form Type: 10-Q Quarterly Report
Accession Number: 0000011199-17-000031
Submitted to the SEC: Fri Jul 28 2017 10:56:36 AM EST
Accepted by the SEC: Fri Jul 28 2017
Period: Friday, June 30, 2017
Industry: Converted Paper And Paperboard Prods No Contaners Boxes

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