CAPITAL STRUCTURE AND CASH FLOWNet debt (defined as total debt less cash) to adjusted EBITDA (defined as, for the last twelve month period, adjusted operating income plus depreciation and amortization) was 2.3 times at March 31, 2012 and December 31, 2011. Cash flow from operations for the first quarter of 2012 of $48.8 million supported capital expenditures of $23.7 million and common stock dividends of $26.1 million. Management intends to direct excess cash flow toward debt reduction in 2012 in order to reduce the ratio of net debt to adjusted EBITDA toward a target of approximately 2.0 times.
Bemis Company Reports 2012 First Quarter Results
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