Asian Stocks rise as earnings, Japan jobless data, stoke growth optimism.Bank of Japan keeps benchmark rate at 0.1%, stops buying corporate debt.Dollar falls for fourth month against Euro, US growth aids risk demand.Japan central bank forecasts 3 years of deflation as it ends emergency credit steps.[More...]

Bemis Company, Inc. (BMS) reported third quarter earnings of 48 cents per share, above the Zacks Consensus Estimate of 39 cents and year-ago EPS of 43 cents. Earnings growth in the quarter was primarily driven by strong operating performance in the Flexible Packaging business, helped by improved sales mix and successful cost controls by the [...]

(BMS) Bemis Company Posts Higher Profits

Value Expectations teaches professional investors how to make more informed investment decision evaluating stocks on the basis of corporate performance, valuation, management quality, earnings quality, and other proprietary variables. These variables inevitably help identify companies that are potential long-term investments while avoiding potential torpedoes. However, during the financial crisis, leverage and a week balance sheet played a significant part when investors evaluated a holding. To help our institutional clients navigate the environment The Applied Finance Group (AFG) developed the risk analysis template specifically to model the healthiness of a company’s balance sheet. In addition to the risk analysis template we also developed a template that calculated an Altman Z-Score developed to identify companies that are most likely to go bankrupt. As professional[More...]

{loadposition comment2} Avery Dennison Corp. (AVY), a maker of pressure-sensitive materials, office and consumer products, reported Thursday a 57% slide in its second-quarter profit, with net sales declining 20%, reflecting challenging conditions in the retail sector. Non-GAAP earnings per share topped analysts' estimate by a wide margin, while net sales came in below the Street consensus. The company also lowered its quarterly dividend. {loadposition link_supportresistance}   {loadposition livevideopromo}       {loadposition homeaccordion2}   {loadposition contentad}       Avery Dennison's net income for the second quarter was $39.8 million or $0.38 per share, compared with net income of $92.4 million or $0.93 per share last year.   Non-GAAP net income declined to $59.3 million or $0.56 per share from $102.1 million or $1.03 per share in the year-ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.   Among others in the sector, Bemis Co. Inc. (BMS), a maker of flexible packaging products and pressure sensitive materials, has reported an increase in its second-quarter profit, reflecting decreased costs and expenses, despite an 11.6% decline in revenues. Net income attributable to the company increased to $48.52 million or $0.47 per share, from $46.41 million or $0.45 per share, in the previous year. Net sales were $866.38 million, compared with $979.96 million last year.   On July 24, Fortune Brands Inc. (FO) reported a 27% decline in its profit for the second quarter, hurt by double-digit sales declines in its home and golf products businesses due to continued lower construction and consumer spending amid the recession. The Deerfield, Illinois-based maker of Jim Beam bourbon, Titleist golf equipment and Moen faucets, reported net income attributable to the company of $99.8 million or $0.66 per share, down from $136 million or $0.88 per share, in the year-ago quarter. Net sales were $1.74 billion, down 16.9% from $2.10 billion in the previous year.   Avery Dennison's net sales for the second quarter were $1.46 billion, down 20% from $1.83 billion in the same quarter last year. Five analysts had a consensus revenue estimate of $1.54 billion for the quarter. Organic sales decline was 14%.   In the preceding first quarter, Pasadena, California-based Avery Dennison had reported a net loss of $46.2 million or $0.46 per share, on net sales of $1.43 billion.   Commenting on the second-quarter results, Dean Scarborough, president and chief executive officer of Avery Dennison, stated, "The decline in sales and profits in the second quarter reflects the continuation of a very challenging macroeconomic environment, particularly in the retail sector."   Business segment wise, Pressure-sensitive Materials, or PSM, reported a 19% decline in sales to $793.6 million from $979.9 million last year. Retail Information Services, or RIS, sales fell 24% to $331.5 million from $438.2 million in the same quarter last year. Office and Consumer Products, or OCP, sales were $216.9 million, down 15% from $255.4 million a year earlier. Other specialty converting businesses generated sales of $113.4 million, down 27% from $155.4 million in the second quarter of 2008.   For the six-month period, Avery Dennison reported a net loss of $859.1 million or $8.41 per share, compared with a net income of $160.8 million or $1.62 per share in the previous year. Non-GAAP earnings declined to $70.7 million or $0.69 per share, from $181 million or $1.83 per share in the prior-year period. Net sales were $2.88 billion, down from $3.47 billion in the prior-year period.   Avery Dennison began a restructuring program in the fourth quarter to reduce costs across all business segments. The company has expanded its actions to reduce fixed costs, now targeting more than $160 million in annualized savings by mid-2010. The company estimates that it will incur approximately $130 million of total restructuring charges associated with these actions, with the majority to be incurred in 2009. The company also sees approximately $40 million of carryover savings from the previously implemented actions.   The company also announced a reduction in its quarterly dividend to $0.20 per share from $0.41 per share. The dividend is payable on September 16 to shareholders of record at the close of business on September 2.   "The Board is committed to paying a dividend, and its decision to reduce the dividend was not taken lightly. However, the possibility of continued poor market conditions beyond 2009, along with increased pension funding requirements, compels us to take precautionary action," Scarborough stated.   Avery Dennison also said that the size of the dividend reduction reflects a combination of the company's near-term debt reduction target, as well as its target to pay a cash dividend of 40% to 50% of normalized earnings over time.   "When our outlook improves, we expect to raise the dividend in line with this target," Scarborough added.   AVY is trading at $27.48, down $2.33, on a volume of 2.23 million shares.   {loadposition link_nowtime}   Free trading ideas and analysis are always found at LearningMarkets.com. {loadposition followus}

 

<font> <font>   Friday, July 17, 2009 8:00:03 AM ET </font> </font>

<font> Bemis Company, Inc. ( BMS ) today reported quarterly diluted earnings of $0.47 per share for the second quarter ended June 30, 2009, compared with $0.45 per share for the same quarter of 2008. Results for the current quarter were negatively impacted by a $0.03 per share charge primarily related to acquisition related costs. Excluding the effect of this charge mentioned above, which is set forth in the attached schedule, "Reconciliation of Non-GAAP Data," diluted earnings per share would have been $0.50 for the second quarter of 2009 compared to $0.45 per share for the second quarter of 2008. </font>

<font> Net sales were $866.4 million for the second quarter of 2009, an 11.6 percent decrease from $980.0 million for the same period of 2008. Currency effects reduced net sales by 6.7 percent compared to the second quarter of 2008. The remaining 4.9 percent decrease in net sales reflects lower unit volume partially offset by a favorable price and mix impact compared to the second quarter of 2008. </font>

<font> "Bemis continues to enjoy strong operating performance in this challenging economic environment," said Henry Theisen, Bemis Company’s President and Chief Executive Officer. "Our cost management initiatives have successfully reduced operating costs and generated savings that benefit the bottom line and cash flow. Our disciplined business model provided margin benefit throughout the second quarter in light of lower raw material costs. While the soft global economy is reflected in our order volume from certain end markets, the majority of our packaging is sold into the food and beverage markets which tend to benefit from consumer trends toward eating at home. As global economies improve, we expect to benefit from increased production volumes and continue to benefit from the improvements in our manufacturing operations." </font>

<font> BUSINESS SEGMENTS </font>

<font> Flexible Packaging </font>

<font> Bemis’ flexible packaging business segment, which represented about 85 percent of total Company net sales this quarter, reported net sales of $733.5 million in the second quarter. This represents a 9.9 percent decrease compared to net sales of $813.9 million for the second quarter of 2008. Currency effects reduced net sales by 6.6 percent. The remaining 3.3 percent decrease in net sales was driven principally by lower unit volumes. Segment operating profit for the second quarter of 2009 was $102.1 million, or 13.9 percent of net sales. Segment operating profit for the second quarter of 2008 was $88.9 million, or 10.9 percent of net sales. The net effect of currency translation and foreign exchange gains decreased operating profit in the second quarter of 2009 by $5.0 million compared to the same quarter of 2008. Higher operating profit reflects the impact of both lower raw material costs in 2009 and the benefit of cost improvement programs. </font>

<font> Commenting on the flexible packaging segment results, Theisen said, "We have successfully managed our flexible packaging business through this cycle of raw material cost escalation and reduction, capturing the short term benefits as costs declined during 2009 after realizing the short term negative impact as costs increased during 2008. The improvements that we have made in our flexible packaging business through our World Class Manufacturing program initiatives and other cost management efforts are beginning to appear in the form of higher operating profit now that margin pressures from raw material cost increases have reversed. I am pleased to report that our European flexible packaging operations continue to deliver record operating profits in 2009, reflecting improved cost management, manufacturing efficiencies, and a higher mix of proprietary product sales. While the benefit of the lower raw material costs will be reduced in the second half of the year, we expect our operating performance to continue to reflect the improvements in our manufacturing operations." </font>

<font> Pressure Sensitive Materials </font>

<font> Net sales from the pressure sensitive materials business segment for the second quarter of 2009 were $132.9 million, a 20.0 percent decrease from net sales of $166.1 million in the second quarter of 2008. Currency effects reduced net sales by 7.1 percent compared to the second quarter of 2008. This segment reported an operating profit for the second quarter of 2009 of $2.9 million, or 2.2 percent of net sales, compared to the second quarter of 2008 when segment operating profit was $9.1 million, or 5.5 percent of net sales. Lower volume in each of the product lines in this business segment substantially reduced net sales and operating profit for the second quarter. The net effect of currency translation and foreign exchange transactions was insignificant to the results of the quarter. </font>

<font> "Performance in our pressure sensitive materials business reflects the current weak global economic conditions," said Theisen. "Our European business has been particularly impacted by slower graphic product sales for advertising applications. Aggressive cost management initiatives implemented earlier this year have successfully reduced operating costs in the face of double digit volume declines in this more cyclical business segment. Our pressure sensitive products are sold to a broad array of customers, many of whom participate in housing, automotive and advertising markets where demand has been very weak in 2009. We expect operating margins to be restored once global economic conditions improve." </font>

<font> Other Costs (Income), Net </font>

<font> For the second quarter of 2009, other costs and income included $4.7 million of financial income, a decrease of $4.1 million compared to $8.8 million for the second quarter of 2008. This decrease reflects interest income from lower cash balances invested outside of the United States during 2009. Specifically, cash balances in our Brazilian operations have been applied to debt repayment and used to fund the Huhtamaki rigid packaging acquisition in Brazil this quarter. Other costs and income also included $4.7 million of acquisition related professional fees for the second quarter of 2009. </font>

<font> Capital Structure </font>

<font> Total debt to total capitalization was 26.3 percent at June 30, 2009, compared to 31.5 percent at December 31, 2008. Total debt as of June 30, 2009 was $592.1 million, a decrease of $94.5 million from the balance of $686.6 million at December 31, 2008. Strong cash flow from operations of $267.2 million for the first six months of 2009 was primarily driven by concerted efforts to reduce working capital. </font>

<font> Liquidity </font>

<font> As of June 30, 2009, Bemis had available from its banks a $425.0 million revolving credit facility. This credit facility is used principally as back-up for the Company’s commercial paper program. As of June 30, 2009, there was $257.6 million of debt outstanding supported by this credit facility, leaving $167.4 million of available credit. Cash flows from operating activities are expected to continue to provide sufficient liquidity to meet future cash obligations. In addition to debt repayment, cash flow during the second quarter of 2009 supported $23.1 million of capital expenditures, $23.2 million of common stock dividend payments, a $30.0 million tax-deductible, voluntary pension contribution, and a $43.0 million acquisition in the growing, South American packaging market. </font>

<font> Huhtamaki Acquisition </font>

<font> On June 3, 2009, Bemis announced that it acquired the South American rigid packaging operations of Huhtamaki Oyj, a global manufacturer of consumer and specialty packaging. This rigid packaging business, which includes three facilities in Brazil and one facility in Argentina, recorded annual net sales of approximately $86 million in 2008, primarily to dairy and food service markets. The purchase price of $43.0 million was paid with a combination of $32.3 million cash on hand, $1.9 million of debt assumed, and a $8.8 million note payable to the seller. As of June 30, 2009, $1.5 million remained outstanding on the note payable which is due May 31, 2010. We expect this acquisition to be modestly accretive to earnings per share in 2009. </font>

<font> Pending Acquisition of Alcan Packaging Food Americas </font>

<font> On July 5, 2009, Bemis announced that it had signed a definitive agreement to acquire the Food Americas operations of Alcan Packaging, a business unit of international mining group Rio Tinto plc (LON: RIO; ASX: RIO), for $1.2 billion. Management intends to fund the purchase price with a combination of $1.0 billion in debt and $200 million in equity. Pursuant to the agreement, Bemis will acquire 23 Food Americas flexible packaging facilities in the U.S., Canada, Mexico, Brazil, Argentina, and New Zealand. These facilities produce flexible packaging for the food and beverage industries. The transaction is expected to be accretive to diluted GAAP earnings per share (EPS) beginning in 2010. The transaction is expected to close by the end of 2009, subject to customary closing conditions and regulatory review. </font>

<font> 2009 Earnings Outlook </font>

<font> Consistent with management’s practice, guidance does not reflect the impact of charges incurred and yet to be incurred in 2009 related to severance, acquisition related costs, and interest expense or shares issued in connection with the proposed acquisition of the Alcan Packaging Food Americas business. Management’s guidance also excludes any operating results of the proposed Food Americas acquisition. Management expects third quarter 2009 diluted earnings per share to be in a range of $0.38 to $0.43 per share. Guidance for the full year 2009 was revised upward in our July 15, 2009 guidance update to $1.68 to $1.75 per share. Management continues to expect capital expenditures to be in the $100 million to $110 million range for 2009. </font>

<font> Commenting on the outlook for the year, Theisen said, "We are very pleased with the performance of our business for the first half of the year and have adjusted our total year guidance accordingly. As we look ahead, the economic environment remains challenging, but we are well positioned to meet our goals. We look forward to the close of the Alcan Packaging Food Americas transaction and realizing the potential benefits for our shareholders and employees." </font>

<font> Presentation of Non-GAAP Information </font>

<font> Some of the information presented in this press release reflects adjustments to "As reported" results to exclude certain amounts related to the Company’s workforce reductions and the impact of acquisition related costs. This adjusted information should not be construed as an alternative to the reported results determined in accordance with accounting principles generally accepted in the United States of America (GAAP). It is provided solely to assist in an investor’s understanding of the impact of these items on the comparability of the Company’s operations. A reconciliation of the GAAP amounts to the Non-GAAP amounts is included with this press release. </font>

<font> New Accounting Pronouncement </font>

<font> FASB Staff Position No. EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities (FSP EITF 03-6-1) </font>

<font> The calculation of basic and diluted earnings per share for 2008 has been modified to reflect FASB Staff Position No. EITF 03-6-1, effective January 1, 2009. The 2008 earnings per share for the quarter and the six month period have been recast to reflect the impact of this new accounting guidance to present them on a comparable basis with 2009 results. The impact of this modification is a $0.01 per share decrease in diluted earnings per share for the second quarter of 2008 and a $0.02 per share decrease in diluted earnings per share for the six month period ending June 30, 2008. </font>

<font> Forward Looking Statements </font>

<font> Unless otherwise expressly stated, Bemis’ quarterly and full-year guidance does not reflect the impact of charges incurred and yet to be incurred for severance, acquisition related efforts, or restructuring programs. </font>

<font> Statements in this release that are not historical, including statements relating to the expected future performance of the Company, are considered "forward-looking" and are presented pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such content is subject to certain risks and uncertainties, including but not limited to future changes in cost or availability of raw materials, consumer buying patterns under certain economic conditions, changes in customer order patterns, the results of competitive bid processes, costs associated with the pursuit of business combinations, unexpected costs associated with completing the acquisition, a failure in our information technology infrastructure or applications, changes in our labor relations, foreign currency fluctuations, changes in working capital requirements, and the availability and related cost of financing from banks and capital markets. Actual future results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors which are detailed in the Company’s regular SEC filings including the most recently filed Form 10-K for the year ended December 31, 2008. </font>

<font> Investor Conference Call </font>

<font> Bemis Company, Inc. will webcast an investor telephone conference regarding its second quarter 2009 financial results this morning at 10 a.m., Eastern Time. Individuals may listen to the call on the Internet at www.bemis.com under "Investor Relations." Listeners are urged to check the website ahead of time to ensure their computers are configured for the audio stream. Instructions for obtaining the required, free, downloadable software are available in a pre-event system test on the site. </font>

<font> About Bemis Company </font>

<font> Bemis Company is a major supplier of flexible packaging and pressure sensitive materials used by leading food, consumer products, manufacturing, and other companies worldwide. Founded in 1858, the Company reported 2008 net sales of $3.8 billion. The Company’s flexible packaging business has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing, and converting. The Company’s pressure sensitive materials business specializes in adhesive technologies. Headquartered in Neenah, Wisconsin, Bemis employs about 15,800 individuals in 61 manufacturing facilities in 11 countries around the world. More information about the Company is available at our website, www.bemis.com. More information about the pending acquisition of Alcan Packaging Food Americas is also available on our website in our July 5, 2009 press release. </font>

    <font> BEMIS COMPANY, INC. AND 
 SUBSIDIARIES 
 CONSOLIDATED STATEMENT OF INCOME 
 (in thousands, except per share amounts) 
 (unaudited) 
                                                            Three Months Ended            Six Months Ended 
                                                            June 30,                      June 30, 
                                                            2009           2008           2009          2008 
 Net sales                                                  $  866,379     $  979,959     $  1,709,772  $  1,927,241 
 Costs and expenses: 
 Cost of products sold                                         688,000        807,422        1,367,361     1,591,735 
 Selling, general, and administrative expenses                 88,718         88,235         177,473       176,979 
 Research and development                                      6,533          6,937          12,575        12,765 
 Interest expense                                              5,861          11,105         11,884        20,134 
 Other costs (income), net                                     (1,230  )      (9,141  )      3,334         (18,246   ) 
 Income before income taxes                                    78,497         75,401         137,145       143,874 
 Provision for income taxes                                    28,800         27,500         50,100        52,300 
 Net income                                                    49,697         47,901         87,045        91,574 
 Less: Net income attributable to noncontrolling interests     1,176          1,488          1,814         2,828 
 Net income attributable to Bemis Company, Inc.             $  48,521      $  46,413      $  85,231     $  88,746 
 Basic earnings per share                                   $  0.47        $  0.45        $  0.83       $  0.86 
 Diluted earnings per share                                 $  0.47        $  0.45        $  0.82       $  0.86 
 Cash dividends paid per share                              $  0.225       $  0.220       $  0.450      $  0.440 
  </font>    

    <font> BEMIS COMPANY, INC. AND 
 SUBSIDIARIES 
 CONSOLIDATED BALANCE SHEET 
 (dollars in thousands) 
 (unaudited) 
                                                                     June 30,         December 31, 
 ASSETS                                                              2009             2008 
 Cash and cash equivalents                                           $  80,062        $    43,454 
 Accounts receivable, net                                               453,918            426,888 
 Inventories, net                                                       413,535            435,667 
 Prepaid expenses                                                       70,026             76,649 
 Total current assets                                                   1,017,541          982,658 
 Property and equipment, net                                            1,174,724          1,135,482 
 Goodwill                                                               625,863            595,466 
 Other intangible assets, net                                           84,097             80,773 
 Deferred charges and other assets                                      29,243             27,935 
 Total other long-term assets                                           739,203            704,174 
 TOTAL ASSETS                                                        $  2,931,468     $    2,822,314 
 LIABILITIES 
 Current portion of long-term debt                                   $  31,293        $    18,651 
 Short-term borrowings                                                  1,632              7,954 
 Accounts payable                                                       348,629            323,142 
 Accrued salaries and wages                                             80,561             63,227 
 Accrued income and other taxes                                         25,805             8,807 
 Total current liabilities                                              487,920            421,781 
 Long-term debt, less current portion                                   559,166            659,984 
 Deferred taxes                                                         122,899            111,832 
 Other liabilities and deferred credits                                 228,141            246,174 
 TOTAL LIABILITIES                                                      1,398,126          1,439,771 
 EQUITY 
 Bemis Company, Inc. stockholders’ equity: 
 Common stock issued (117,356,131 and 117,130,962 shares)               11,736             11,713 
 Capital in excess of par value                                         354,645            345,982 
 Retained earnings                                                      1,637,947          1,599,178 
 Accumulated other comprehensive loss                                   (15,895   )        (112,001  ) 
 Common stock held in treasury, 17,422,771 and 17,422,771 shares at     (498,341  )        (498,341  ) 
 cost 
 Total Bemis Company, Inc. stockholders’ equity                         1,490,092          1,346,531 
 Noncontrolling interests                                               43,250             36,012 
 TOTAL EQUITY                                                           1,533,342          1,382,543 
 TOTAL LIABILITIES AND EQUITY                                        $  2,931,468     $    2,822,314 
  </font>    

    <font> BEMIS COMPANY, INC. AND 
 SUBSIDIARIES 
 CONSOLIDATED STATEMENT OF CASH 
 FLOWS 
 (in thousands) 
 (unaudited) 
                                                              Six Months Ended 
                                                              June 30, 
                                                              2009            2008 
 Cash flows from operating 
 activities 
 Net income                                                   $  87,045       $  91,574 
 Adjustments to reconcile net income to net cash provided by 
 operating activities: 
 Depreciation and amortization                                   78,140          83,752 
 Excess tax benefit from share-based payment arrangements        (36      )      (52     ) 
 Share-based compensation                                        9,574           8,806 
 Deferred income taxes                                           8,095           1,362 
 Income of unconsolidated affiliated company                     (641     )      (885    ) 
 (Gain) loss on sales of property and equipment                  273             905 
 Changes in working capital, net of effects of acquisitions      97,108          (73,094 ) 
 Net change in deferred charges and credits                      (12,309  )      15,575 
 Net cash provided by operating activities                       267,249         127,943 
 Cash flows from investing 
 activities 
 Additions to property and equipment                             (45,320  )      (58,615 ) 
 Business acquisitions and adjustments, net of cash acquired     (30,694  ) 
 Proceeds from sales of property and equipment                   421             1,222 
 Net cash used in investing activities                           (75,593  )      (57,393 ) 
 Cash flows from financing 
 activities 
 Proceeds from issuance of long-term debt                        1,393           15,773 
 Repayment of long-term debt                                     (3,170   )      (17,726 ) 
 Net borrowing (repayment) of commercial paper                   (83,295  )      43,750 
 Net borrowing (repayment) of short-term debt                    (26,493  )      (26,633 ) 
 Cash dividends paid to stockholders                             (46,459  )      (45,369 ) 
 Common stock purchased for the treasury                                         (26,771 ) 
 Excess tax benefit from share-based payment arrangements        36              52 
 Stock incentive programs and related withholdings               (2,609   )      (1,364  ) 
 Net cash used by financing activities                           (160,597 )      (58,288 ) 
 Effect of exchange rates on cash and cash equivalents           5,549           11,342 
 Net increase in cash and cash equivalents                       36,608          23,604 
 Cash and cash equivalents balance at beginning of year          43,454          147,409 
 Cash and cash equivalents balance at end of period           $  80,062       $  171,013 
  </font>    

    <font> BEMIS COMPANY, INC. AND 
 SUBSIDIARIES 
 OPERATING PROFIT AND PRETAX 
 PROFIT 
 (in millions) 
 (unaudited) 
                                                          Three Months Ended        Six Months Ended 
                                                          June 30,                  June 30, 
                                                          2009         2008         2009         2008 
 Flexible Packaging operating profit                      $  102.1     $  88.9      $  193.4     $  167.5 
 Pressure Sensitive Materials operating profit               2.9          9.1          1.1          20.9 
 General corporate expenses                                  (20.6 )      (11.5 )      (45.5 )      (24.4 ) 
 Interest expense                                            (5.9  )      (11.1 )      (11.9 )      (20.1 ) 
 Income before income taxes and noncontrolling interests  $  78.5      $  75.4      $  137.1     $  143.9 
  </font>    

    <font> BEMIS COMPANY, INC. AND 
 SUBSIDIARIES 
 RECONCILIATION OF NON-GAAP DATA 
 (in millions, except per share amounts) 
 (unaudited) 
                                                Three Months Ended        Six Months Ended 
                                                June 30,                  June 30, 
                                                2009         2008         2009           2008 
 Reconciliation of GAAP to Non-GAAP 
 Operating Profit and Operating Profit as a 
 Percentage of Net Sales by Segment 
 Flexible Packaging 
 Net Sales                                      $  733.5     $  813.9     $  1,448.7     $  1,595.5 
 Operating Profit as reported                   $  102.1     $  88.9      $  193.4       $  167.5 
 Non-GAAP adjustments: 
 Severance costs for reductions in workforce       0.3                       1.4 
 Operating Profit as adjusted                   $  102.4     $  88.9      $  194.8       $  167.5 
 Operating Profit as a percentage of Net Sales 
 As Reported                                       13.9  %      10.9  %      13.3    %      10.5    % 
 As Adjusted                                       14.0  %      10.9  %      13.4    %      10.5    % 
 Pressure Sensitive Materials 
 Net Sales                                      $  132.9     $  166.1     $  261.1       $  331.7 
 Operating Profit as reported                   $  2.9       $  9.1       $  1.1         $  20.9 
 Non-GAAP adjustments: 
 Severance costs for reductions in workforce                                 2.6 
 Operating Profit as adjusted                   $  2.9       $  9.1       $  3.7         $  20.9 
 Operating Profit as a percentage of Net Sales 
 As Reported                                       2.2   %      5.5   %      0.4     %      6.3     % 
 As Adjusted                                       2.2   %      5.5   %      1.4     %      6.3     % 
 Reconciliation of GAAP to Non-GAAP 
 Earnings per Share 
 Diluted earnings per share as reported         $  0.469     $  0.449     $  0.825       $  0.857 
 Non-GAAP adjustments per share, net of taxes: 
 Severance costs for reductions in workforce       0.002                     0.025 
 FAS 141(R) acquisition related expenses           0.029                     0.084 
 Diluted earnings per share as adjusted         $  0.500     $  0.449     $  0.934       $  0.857 
  </font>    

<font> SOURCE: Bemis Company, Inc. </font>

  <font>   Bemis Company, Inc.  
 Melanie E. R. Miller, 920-527-5045  
 Vice President, Investor Relations and Treasurer  
 Kristine Pavletich, 920-527-5159  
 Public Relations Specialist   
  </font>