Attached files
| file | filename |
|---|---|
| 8-K - 8-K - BEMIS CO INC | bms-20140930xform8xk.htm |
| EX-99.1 - EXHIBIT 99.1 - BEMIS CO INC | bms-20140930xexhibit991.htm |
EXHIBIT 99.2
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(recast for discontinued operations)
(in millions, except per share amounts)
(unaudited)
Three Months Ended | Nine Months Ended September 30, 2014 | ||||||||||||||
September 30, 2014 | June 30, 2014 | March 31, 2014 | |||||||||||||
Net sales | $ | 1,098.2 | $ | 1,097.6 | $ | 1,095.0 | $ | 3,290.8 | |||||||
Cost of products sold | 877.5 | 878.6 | 884.1 | 2,640.2 | |||||||||||
Gross profit | 220.7 | 219.0 | 210.9 | 650.6 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative expenses | 104.6 | 104.4 | 106.6 | 315.6 | |||||||||||
Research and development | 11.2 | 11.1 | 11.1 | 33.4 | |||||||||||
Other operating income | (2.4 | ) | (3.1 | ) | (2.1 | ) | (7.6 | ) | |||||||
Operating income | 107.3 | 106.6 | 95.3 | 309.2 | |||||||||||
Interest expense | 14.0 | 17.0 | 16.9 | 47.9 | |||||||||||
Other non-operating income | (1.2 | ) | (1.7 | ) | (12.7 | ) | (15.6 | ) | |||||||
Income from continuing operations before income taxes | 94.5 | 91.3 | 91.1 | 276.9 | |||||||||||
Provision for income taxes | 33.0 | 30.6 | 31.4 | 95.0 | |||||||||||
Income from continuing operations | 61.5 | 60.7 | 59.7 | 181.9 | |||||||||||
(Loss) income from discontinued operations, net of tax | (44.5 | ) | 5.1 | (10.5 | ) | (49.9 | ) | ||||||||
Net income | $ | 17.0 | $ | 65.8 | $ | 49.2 | $ | 132.0 | |||||||
Weighted average shares outstanding (including participating securities): | |||||||||||||||
Basic | 99.9 | 100.4 | 101.5 | 100.6 | |||||||||||
Diluted | 100.9 | 101.4 | 102.4 | 101.5 | |||||||||||
Basic earnings per share: | |||||||||||||||
Income from continuing operations | $ | 0.62 | $ | 0.61 | $ | 0.58 | $ | 1.81 | |||||||
(Loss) income from discontinued operations | (0.45 | ) | 0.05 | (0.10 | ) | (0.50 | ) | ||||||||
Net income | $ | 0.17 | $ | 0.66 | $ | 0.48 | $ | 1.31 | |||||||
Diluted earnings per share: | |||||||||||||||
Income from continuing operations | $ | 0.61 | $ | 0.60 | $ | 0.58 | $ | 1.79 | |||||||
(Loss) income from discontinued operations | (0.44 | ) | 0.05 | (0.10 | ) | (0.49 | ) | ||||||||
Net income | $ | 0.17 | $ | 0.65 | $ | 0.48 | $ | 1.30 | |||||||
EXHIBIT 99.2
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(recast for discontinued operations)
(in millions, except per share amounts)
(unaudited)
Three Months Ended | Twelve Months Ended December 31, 2013 | ||||||||||||||||||
December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||||||||
Net sales | $ | 1,085.3 | $ | 1,121.5 | $ | 1,155.3 | $ | 1,114.5 | $ | 4,476.6 | |||||||||
Cost of products sold | 877.9 | 897.3 | 928.7 | 897.3 | 3,601.2 | ||||||||||||||
Gross profit | 207.4 | 224.2 | 226.6 | 217.2 | 875.4 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Selling, general and administrative expenses | 105.0 | 112.8 | 114.7 | 116.0 | 448.5 | ||||||||||||||
Research and development | 10.4 | 10.7 | 9.9 | 9.5 | 40.5 | ||||||||||||||
Facility consolidation and other costs | (0.6 | ) | 15.8 | 20.9 | 9.3 | 45.4 | |||||||||||||
Other operating income | (1.6 | ) | (2.7 | ) | (3.1 | ) | (1.8 | ) | (9.2 | ) | |||||||||
Operating income | 94.2 | 87.6 | 84.2 | 84.2 | 350.2 | ||||||||||||||
Interest expense | 17.6 | 17.0 | 17.0 | 16.6 | 68.2 | ||||||||||||||
Other non-operating (income) loss | (1.4 | ) | (3.4 | ) | (7.1 | ) | 4.2 | (7.7 | ) | ||||||||||
Income from continuing operations before income taxes | 78.0 | 74.0 | 74.3 | 63.4 | 289.7 | ||||||||||||||
Provision for income taxes | 27.7 | 25.1 | 25.2 | 19.2 | 97.2 | ||||||||||||||
Income from continuing operations | 50.3 | 48.9 | 49.1 | 44.2 | 192.5 | ||||||||||||||
Income from discontinued operations, net of tax | 5.9 | 5.1 | 4.0 | 5.1 | 20.1 | ||||||||||||||
Net income | $ | 56.2 | $ | 54.0 | $ | 53.1 | $ | 49.3 | $ | 212.6 | |||||||||
Weighted average shares outstanding (including participating securities): | |||||||||||||||||||
Basic | 102.8 | 103.0 | 103.0 | 103.3 | 103.0 | ||||||||||||||
Diluted | 103.7 | 104.0 | 104.0 | 104.4 | 104.0 | ||||||||||||||
Basic earnings per share: | |||||||||||||||||||
Income from continuing operations | $ | 0.49 | $ | 0.47 | $ | 0.47 | $ | 0.43 | $ | 1.86 | |||||||||
Income from discontinued operations | 0.06 | 0.05 | 0.04 | 0.05 | 0.20 | ||||||||||||||
Net income | $ | 0.55 | $ | 0.52 | $ | 0.51 | $ | 0.48 | $ | 2.06 | |||||||||
Diluted earnings per share: | |||||||||||||||||||
Income from continuing operations | $ | 0.49 | $ | 0.47 | $ | 0.47 | $ | 0.42 | $ | 1.85 | |||||||||
Income from discontinued operations | 0.05 | 0.05 | 0.04 | 0.05 | 0.19 | ||||||||||||||
Net income | $ | 0.54 | $ | 0.52 | $ | 0.51 | $ | 0.47 | $ | 2.04 | |||||||||
EXHIBIT 99.2
BEMIS COMPANY, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP EARNINGS PER SHARE
(recast for discontinued operations)
(unaudited)
Three Months Ended | Nine Months Ended September 30, 2014 | ||||||||||||||
September 30, 2014 | June 30, 2014 | March 31, 2014 | |||||||||||||
Continuing Operations | |||||||||||||||
Diluted earnings per share, as reported | $ | 0.61 | $ | 0.60 | $ | 0.58 | $ | 1.79 | |||||||
Non-GAAP adjustments per share, net of taxes: | |||||||||||||||
Gain on divestiture (1) | — | — | (0.06 | ) | (0.06 | ) | |||||||||
Diluted earnings per share, as adjusted | $ | 0.61 | $ | 0.60 | $ | 0.52 | $ | 1.73 | |||||||
Discontinued Operations | |||||||||||||||
Diluted (loss) earnings per share, as reported | $ | (0.44 | ) | $ | 0.05 | $ | (0.10 | ) | $ | (0.49 | ) | ||||
Non-GAAP adjustments per share, net of taxes: | |||||||||||||||
Pressure Sensitive Materials plant closure costs (2) | — | — | 0.16 | 0.16 | |||||||||||
Non-cash impairment for net assets held for sale (3) | 0.50 | — | — | 0.50 | |||||||||||
Diluted earnings per share, as adjusted | $ | 0.06 | $ | 0.05 | $ | 0.06 | $ | 0.17 | |||||||
Bemis Company Inc. | |||||||||||||||
Diluted earnings per share, as adjusted | $ | 0.67 | $ | 0.65 | $ | 0.58 | $ | 1.90 | |||||||
(1) | Gain on divestitures relates to the sale of the Paper Packaging Division in 2014. |
(2) | Includes employee-related costs (including a multiemployer plan settlement), accelerated depreciation, and other costs related to closing our plant in Stow, Ohio (a Pressure Sensitive Materials manufacturing facility). |
(3) | Non-cash impairment for net assets held for sale is to write down the carrying value of the assets held for sale to estimated fair value less any costs to sell. |
EXHIBIT 99.2
BEMIS COMPANY, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP EARNINGS PER SHARE
(recast for discontinued operations)
(unaudited)
Three Months Ended | Twelve Months Ended December 31, 2013 | ||||||||||||||||||
December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||||||||
Continuing Operations | |||||||||||||||||||
Diluted earnings per share, as reported | $ | 0.49 | $ | 0.47 | $ | 0.47 | $ | 0.42 | $ | 1.85 | |||||||||
Non-GAAP adjustments per share, net of taxes: | |||||||||||||||||||
Facility consolidation and other costs (1) | — | 0.10 | 0.13 | 0.06 | 0.29 | ||||||||||||||
Gain on divestiture (2) | — | — | (0.03 | ) | — | (0.03 | ) | ||||||||||||
Gain on sale of land and building (3) | — | (0.02 | ) | — | — | (0.02 | ) | ||||||||||||
Diluted earnings per share, as adjusted | $ | 0.49 | $ | 0.55 | $ | 0.57 | $ | 0.48 | $ | 2.09 | |||||||||
Discontinued Operations | |||||||||||||||||||
Diluted earnings per share, as reported and adjusted | $ | 0.05 | $ | 0.05 | $ | 0.04 | $ | 0.05 | $ | 0.19 | |||||||||
Bemis Company Inc. | |||||||||||||||||||
Diluted earnings per share, as adjusted | $ | 0.54 | $ | 0.60 | $ | 0.61 | $ | 0.53 | $ | 2.28 | |||||||||
(1) | Facility consolidation and other costs includes employee-related costs, accelerated depreciation, write down of equipment and other costs related to the Company's facility consolidation program. |
(2) | Gain on divestitures relates to the sale of Clysar in 2013. |
(3) | Gain on sale of land and building relates to final settlement associated with a property that was not part of our facility consolidation program. |