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Bemis Company Reports 2012 Second Quarter Results

Diluted earnings per share for the second quarter of 2012 was $0.40 compared to $0.51 per share in the same quarter of 2011. Excluding the effect of acquisition-related integration costs and facility consolidation costs, as detailed in the attached schedule, “Reconciliation of Non-GAAP Data,” diluted earnings per share, as adjusted, would have been $0.54 for the second quarter of 2012.

FACILITY CONSOLIDATION

During the second quarter of 2012, Bemis continued to implement its previously announced facility consolidation program. In addition, Bemis expanded the program to include four additional locations, including three facilities outside of the United States. The objective of Bemis’ facility consolidation program is to improve efficiencies and reduce fixed costs. This facility consolidation program is expected to save approximately $50 million in annualized costs beginning in 2013.

Highlights of the facility consolidation program:

  • Total estimated program cost is expanded to $141 million
    • $38.4 million expensed in 2011 ($26.3 million of employee costs; $12.1 million of fixed asset-related expenses)
    • $8.3 million expensed in the first quarter of 2012 ($1.2 million of employee costs; $7.1 million of fixed asset-related expenses)
    • $19.7 million expensed in the second quarter of 2012 ($14.0 million of employee costs; $5.7 million of fixed asset-related expenses)
    • Most of the remaining charges are expected to occur during the second half of 2012, with about $20 million expected to move into early 2013.
  • Total expected cash paid for the program has been revised to approximately $96 million
    • $3.3 million paid in 2011
    • $8.0 million paid in the first quarter of 2012
    • $4.5 million paid in the second quarter of 2012
    • $51 million expected to be paid during the remainder of 2012
    • Remaining cash expenditures are expected to be paid in 2013

FLEXIBLE PACKAGING BUSINESS SEGMENT

Net sales of Bemis’ flexible packaging business segment was $1.2 billion, a 3.9 percent decrease from the same period of 2011. The impact of currency translation reduced net sales by 4.8 percent compared to the previous year, primarily reflecting the weaker Brazilian currency. Bemis estimates that acquisitions completed during the second half of 2011 increased 2012 net sales by 1.7 percent. The remaining modest reduction in sales represents the negative impact of lower unit sales volumes offset by higher selling prices and improved sales mix.

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