This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

2 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,619.51 +23.16 0.13%
S&P 500 2,063.12 +5.48 0.27%
NASDAQ 4,986.8670 +28.3990 0.57%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs