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Bemis Co Inc (BMS) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Bemis Co Inc

CIK: 11199 Ticker: BMS

EXHIBIT 99

 

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 2011 FOURTH QUARTER AND FULL YEAR RESULTS

 

NEENAH, WISCONSIN, January 25, 2012

— Bemis Company, Inc. (NYSE-BMS) today reported quarterly diluted earnings of $0.19 per share for the fourth quarter ended December 31, 2011.  Diluted earnings per share would have been $0.45 for the fourth quarter of 2011, excluding the effect of facility consolidation and acquisition related integration charges detailed in the attached schedule, “Reconciliation of Non-GAAP Data.”

 

Highlights of the full year 2011:

 

·                  Cash flow from operations was $416.6 million, an increase of 13.2 percent from 2010.

·                  Acquisitions of barrier packaging manufacturing companies in China and North America position Bemis to expand its geographic and market application reach.

·                  Bemis initiated a facility consolidation program to generate over $100 million in savings over the next three years.

·                  Facility consolidation related activities resulted in a charge of $0.24 per share during the fourth quarter of 2011, representing employee related charges and other fixed asset related costs.

·                  2011 adjusted diluted earnings per share were $1.99, reflecting the negative impact of higher raw material costs and lower unit sales volumes during 2011. (See attached schedule: “Reconciliation of Non-GAAP Data.”)

 

“We faced a challenging environment in 2011, as dramatic resin price increases and softening customer demand impacted our performance throughout the year,” said Henry Theisen, Bemis Company’s President and Chief Executive Officer.  “As we enter 2012, we are making changes to our manufacturing footprint in order to meaningfully reduce expenses and create positive profit momentum going forward.”

 

CONSOLIDATED RESULTS

 

Full Year 2011

 

For the full year 2011, net sales were $5.32 billion, an increase of 10.1 percent compared to net sales of $4.84 billion in 2010.  Acquisitions contributed approximately 4.8 percent to net sales growth.  The impact of currency translation was insignificant. The remaining organic sales growth primarily reflects selling price increases partially offset by lower unit sales volume.

 

Diluted earnings per share from continuing operations for the full year 2011 were $1.70, a decrease of 7.1 percent from $1.83 per share reported in 2010.  Diluted earnings per share from continuing operations, as adjusted, would have been $1.99 in 2011, a decrease of 6.1 percent compared to $2.12 per share in 2010.  (See attached schedule: “Reconciliation of Non-GAAP Data.”)

 

Fourth Quarter 2011

 

Net sales of $1.27 billion for the fourth quarter of 2011 represented a 1.7 percent increase from $1.25 billion for the same period of 2010.  Acquisitions increased net sales by approximately 1.8 percent.  The impact of currency translation was insignificant.

 

Quarterly diluted earnings per share from continuing operations were $0.19 for the fourth quarter ended December 31, 2011.  Diluted earnings per share, as adjusted for charges primarily associated with the facility consolidation program, would have been $0.45 for the fourth quarter of 2011 compared to $0.49 per share for the fourth quarter of 2010.  (See attached schedule: “Reconciliation of Non-GAAP Data.”)

 

FACILITY CONSOLIDATION

 

During the fourth quarter of 2011, Bemis initiated a facility consolidation program to improve efficiencies and reduce fixed costs.  As a part of this program, both administrative and production workforce levels were reduced during the fourth quarter.  Bemis has

 


The following information was filed by Bemis Co Inc (BMS) on Wednesday, January 25, 2012 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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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheet
Consolidated Balance Sheet (parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Equity
Consolidated Statement Of Equity (parenthetical)
Consolidated Statement Of Income
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (details)
Accumulated Other Comprehensive Income (loss) (tables)
Acquisitions
Acquisitions (details 2)
Acquisitions (details 3)
Acquisitions (details 4)
Acquisitions (details)
Acquisitions (tables)
Business Description
Business Description (details 2)
Business Description (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Derivative Instruments
Derivative Instruments (details 2)
Derivative Instruments (details)
Derivative Instruments (tables)
Discontinued Operations
Discontinued Operations (details)
Discontinued Operations (tables)
Earnings Per Share Computations
Earnings Per Share Computations (details)
Earnings Per Share Computations (tables)
Facility Consolidation And Other Costs
Facility Consolidation And Other Costs (details)
Facility Consolidation And Other Costs (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)
Income Taxes
Income Taxes (details 2)
Income Taxes (details)
Income Taxes (tables)
Leases
Leases (details)
Leases (tables)
Long-term Debt
Long-term Debt (details)
Long-term Debt (tables)
Multiemployer Defined Benefit Pension Plans
Multiemployer Defined Benefit Pension Plans (details)
Multiemployer Defined Benefit Pension Plans (tables)
New Accounting Guidance
Noncontrolling Interests
Noncontrolling Interests (details)
Noncontrolling Interests (tables)
Pension Plans
Pension Plans (details 2)
Pension Plans (details 3)
Pension Plans (details 4)
Pension Plans (details 5)
Pension Plans (details 6)
Pension Plans (details)
Pension Plans (tables)
Postretirement Benefits Other Than Pensions
Postretirement Benefits Other Than Pensions (details)
Postretirement Benefits Other Than Pensions (tables)
Quarterly Financial Information - Unaudited
Quarterly Financial Information - Unaudited (details)
Quarterly Financial Information - Unaudited (tables)
Schedule Ii - Valuation And Qualifying Accounts And Reserves
Schedule Ii - Valuation And Qualifying Accounts And Reserves (details)
Segments Of Business
Segments Of Business (details)
Segments Of Business (tables)
Significant Accounting Policies
Significant Accounting Policies (details 2)
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Stock Incentive Plans
Stock Incentive Plans (details 2)
Stock Incentive Plans (details)
Stock Incentive Plans (tables)
Ticker: BMS
CIK: 11199
Form Type: 10-K Annual Report
Accession Number: 0001104659-12-014367
Submitted to the SEC: Wed Feb 29 2012 10:52:16 AM EST
Accepted by the SEC: Wed Feb 29 2012
Period: Saturday, December 31, 2011
Industry: Converted Paper And Paperboard Prods No Contaners Boxes

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