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Bemis Co Inc (BMS) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Bemis Co Inc

CIK: 11199 Ticker: BMS

EXHIBIT 99

 

PRESS RELEASE DATED February 1, 2011

 

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

and Treasurer

(920) 527-5045

 

Kristine Pavletich

Public Relations Specialist

(920)527-5159

 

FOR IMMEDIATE RELEASE

 

BEMIS COMPANY REPORTS 2010 FOURTH QUARTER AND YEAR END RESULTS

Bemis Achieves Record Annual GAAP Diluted Earnings Per Share of $1.83

and Record Annual Non-GAAP Diluted Earnings Per Share of $2.12.

 

NEENAH, WISCONSIN, February 1, 2011 — Bemis Company, Inc. (NYSE-BMS) today reported its 2010 fourth quarter and year end results:

 

Highlights of the full year 2010:

 

·                  Diluted earnings per share, as adjusted, increased by 14 percent to a record $2.12, in line with management’s guidance of $2.10 to $2.15.

·                  Record annual net sales of $4.84 billion reflected healthy total company organic sales growth of about 7 percent and acquisition related growth of about 31 percent.

·                  Integration of Food Americas, acquired on March 1, 2010, was successfully completed, including the required divestiture of certain assets that was completed in July of 2010.

·                  Cash flow from operations totaled $368.0 million.

·                  Capital expenditures for 2010 totaled $113.2 million, in line with management’s guidance of approximately $115 million.

 

Highlights of the fourth quarter 2010:

 

·                  Record fourth quarter net sales of $1.25 billion reflected total company organic sales growth of about 4 percent and acquisition related growth of about 34 percent.

·                  Adjusted diluted earnings per share for the quarter increased 9 percent to $0.49 per share.

·                  Cash flow from operations totaled $119.0 million.

·                  Capital expenditures for the fourth quarter totaled $48.5 million.

 

Commenting on the results, Henry Theisen, Bemis Company’s President and Chief Executive Officer, stated, “2010 was a great year of accomplishments for Bemis Company.  For the second consecutive year, we delivered double-digit growth in adjusted earnings per share.  We have also enjoyed increased sales of our unique, value-added flexible packaging film structures in each of the last two years, in line with our customers’ new product initiatives.  We successfully integrated the largest acquisition in our history, and reported strong cash flows from operations.  Our business teams are using our now larger technology platform to expand our customer relationships and commercialize new product opportunities.  We also continue to use increased production efficiencies and disciplined cost management to drive improvements in profitability, operating cash flow, and returns on invested capital.”

 

CONSOLIDATED RESULTS

 

Full Year 2010

 

For the full year 2010, net sales were $4.84 billion, an increase of 37.6 percent compared to net sales of $3.51 billion in 2009.  Management estimates that acquisitions contributed approximately 31 percent to net sales growth.  The remaining organic sales growth included a 1.8 percent increase from currency effects.

 

Diluted earnings per share for the full year 2010 were $1.83, an increase of 32.6 percent from $1.38 per share reported in 2009.  Diluted earnings per share from continuing operations, as adjusted, would have been $2.12 in 2010, an increase of 14.0 percent compared to $1.86 per share in 2009.  (See attached schedule: “Reconciliation of Non-GAAP Data.”)

 


The following information was filed by Bemis Co Inc (BMS) on Tuesday, February 1, 2011 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.

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Ticker: BMS
CIK: 11199
Form Type: 10-K Annual Report
Accession Number: 0001104659-11-011309
Submitted to the SEC: Tue Mar 01 2011 11:46:36 AM EST
Accepted by the SEC: Tue Mar 01 2011
Period: Friday, December 31, 2010
Industry: Converted Paper And Paperboard Prods No Contaners Boxes

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