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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bemis Company, Inc. | NYSE:BMS | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.25 | 0.00 | 01:00:00 |
Missouri
|
|
43-0178130
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
|
|
|
One Neenah Center
|
|
|
4th Floor, P.O. Box 669
|
|
|
Neenah, Wisconsin
|
|
54957-0669
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
x
|
|
Accelerated filer
o
|
|
|
|
Non-accelerated filer
o
|
|
Smaller reporting company
o
|
(Do not check if a smaller reporting company)
|
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2014
|
|
2013
|
||||
Net sales
|
$
|
1,237.8
|
|
|
$
|
1,255.0
|
|
Cost of products sold
|
1,023.2
|
|
|
1,013.2
|
|
||
Gross profit
|
214.6
|
|
|
241.8
|
|
||
|
|
|
|
||||
Operating expenses:
|
|
|
|
|
|
||
Selling, general and administrative expenses
|
122.7
|
|
|
130.6
|
|
||
Research and development
|
13.1
|
|
|
11.3
|
|
||
Facility consolidation and other costs
|
—
|
|
|
9.3
|
|
||
Other operating income
|
(0.4
|
)
|
|
(1.5
|
)
|
||
|
|
|
|
||||
Operating income
|
79.2
|
|
|
92.1
|
|
||
|
|
|
|
||||
Interest expense
|
16.9
|
|
|
16.6
|
|
||
Other non-operating (income) expense
|
(12.6
|
)
|
|
4.1
|
|
||
|
|
|
|
||||
Income before income taxes
|
74.9
|
|
|
71.4
|
|
||
|
|
|
|
||||
Provision for income taxes
|
25.7
|
|
|
22.1
|
|
||
|
|
|
|
||||
Net income
|
$
|
49.2
|
|
|
$
|
49.3
|
|
|
|
|
|
||||
Basic earnings per share
|
$
|
0.48
|
|
|
$
|
0.48
|
|
|
|
|
|
||||
Diluted earnings per share
|
$
|
0.48
|
|
|
$
|
0.47
|
|
|
|
|
|
||||
Cash dividends paid per share
|
$
|
0.27
|
|
|
$
|
0.26
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2014
|
|
2013
|
||||
Net income
|
|
$
|
49.2
|
|
|
$
|
49.3
|
|
Other comprehensive income:
|
|
|
|
|
||||
Translation adjustments
|
|
10.0
|
|
|
8.4
|
|
||
Pension and other postretirement liability adjustments, net of tax (a)
|
|
1.3
|
|
|
4.2
|
|
||
Other comprehensive income
|
|
11.3
|
|
|
12.6
|
|
||
Total comprehensive income
|
|
$
|
60.5
|
|
|
$
|
61.9
|
|
|
|
|
|
|
||||
(a) - Tax expense amounts related to pension and other postretirement liability adjustments
|
|
$
|
(0.7
|
)
|
|
$
|
(2.6
|
)
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
ASSETS
|
|
|
|
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
$
|
152.2
|
|
|
$
|
141.7
|
|
Accounts receivable, net
|
654.1
|
|
|
615.4
|
|
||
Inventories
|
665.9
|
|
|
648.5
|
|
||
Prepaid expenses and other current assets
|
110.5
|
|
|
98.9
|
|
||
Total current assets
|
1,582.7
|
|
|
1,504.5
|
|
||
Property and equipment, net
|
1,242.7
|
|
|
1,284.3
|
|
||
Goodwill
|
1,046.3
|
|
|
1,052.2
|
|
||
Other intangible assets, net
|
187.0
|
|
|
190.6
|
|
||
Deferred charges and other assets
|
89.5
|
|
|
78.6
|
|
||
Total other long-term assets
|
1,322.8
|
|
|
1,321.4
|
|
||
|
|
|
|
||||
TOTAL ASSETS
|
$
|
4,148.2
|
|
|
$
|
4,110.2
|
|
|
|
|
|
||||
LIABILITIES
|
|
|
|
|
|
||
|
|
|
|
||||
Current portion of long-term debt
|
$
|
0.1
|
|
|
$
|
0.2
|
|
Short-term borrowings
|
18.4
|
|
|
14.7
|
|
||
Accounts payable
|
395.0
|
|
|
362.8
|
|
||
Accrued salaries and wages
|
84.3
|
|
|
99.6
|
|
||
Accrued income and other taxes
|
56.7
|
|
|
32.3
|
|
||
Other current liabilities
|
90.5
|
|
|
92.3
|
|
||
Total current liabilities
|
645.0
|
|
|
601.9
|
|
||
|
|
|
|
||||
Long-term debt, less current portion
|
1,441.5
|
|
|
1,421.4
|
|
||
Deferred taxes
|
258.5
|
|
|
269.8
|
|
||
Other liabilities and deferred credits
|
126.2
|
|
|
132.3
|
|
||
Total liabilities
|
2,471.2
|
|
|
2,425.4
|
|
||
|
|
|
|
||||
EQUITY
|
|
|
|
|
|
||
|
|
|
|
||||
Bemis Company, Inc. shareholders’ equity:
|
|
|
|
|
|
||
Common stock issued (128.0 and 127.9 shares, respectively)
|
12.8
|
|
|
12.8
|
|
||
Capital in excess of par value
|
550.5
|
|
|
548.1
|
|
||
Retained earnings
|
2,026.8
|
|
|
2,005.1
|
|
||
Accumulated other comprehensive loss
|
(87.4
|
)
|
|
(98.7
|
)
|
||
Common stock held in treasury (27.1 and 26.0 shares at cost, respectively)
|
(825.7
|
)
|
|
(782.5
|
)
|
||
Total equity
|
1,677.0
|
|
|
1,684.8
|
|
||
|
|
|
|
||||
TOTAL LIABILITIES AND EQUITY
|
$
|
4,148.2
|
|
|
$
|
4,110.2
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2014
|
|
2013
|
||||
Cash flows from operating activities
|
|
|
|
|
|
||
Net income
|
$
|
49.2
|
|
|
$
|
49.3
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
47.6
|
|
|
49.2
|
|
||
Excess tax benefit from share-based payment arrangements
|
(0.4
|
)
|
|
—
|
|
||
Share-based compensation
|
3.5
|
|
|
4.5
|
|
||
Deferred income taxes
|
(12.5
|
)
|
|
5.8
|
|
||
Income of unconsolidated affiliated company
|
(0.4
|
)
|
|
(0.6
|
)
|
||
Loss on sale of property and equipment
|
—
|
|
|
0.2
|
|
||
Net facility consolidation and other costs
|
—
|
|
|
(1.7
|
)
|
||
Gain on divestiture
|
(9.4
|
)
|
|
—
|
|
||
Changes in working capital, excluding effect of acquisitions, divestitures and currency
|
(56.8
|
)
|
|
(100.7
|
)
|
||
Changes in other assets and liabilities
|
(8.3
|
)
|
|
2.4
|
|
||
|
|
|
|
||||
Net cash provided by operating activities
|
12.5
|
|
|
8.4
|
|
||
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
|
|
||
Additions to property and equipment
|
(33.5
|
)
|
|
(27.2
|
)
|
||
Business acquisitions and adjustments, net of cash acquired
|
—
|
|
|
0.2
|
|
||
Proceeds from sale of property and equipment
|
2.5
|
|
|
0.3
|
|
||
Proceeds from divestiture
|
79.8
|
|
|
—
|
|
||
|
|
|
|
||||
Net cash provided by (used in) investing activities
|
48.8
|
|
|
(26.7
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
|
|
||
Net borrowing of commercial paper
|
13.3
|
|
|
129.2
|
|
||
Net borrowing of short-term debt
|
5.1
|
|
|
0.1
|
|
||
Cash dividends paid to shareholders
|
(27.5
|
)
|
|
(27.2
|
)
|
||
Common stock purchased for the treasury
|
(43.2
|
)
|
|
(35.6
|
)
|
||
Excess tax benefit from share-based payment arrangements
|
0.4
|
|
|
—
|
|
||
Stock incentive programs and related tax withholdings
|
(1.5
|
)
|
|
(12.7
|
)
|
||
|
|
|
|
||||
Net cash (used in) provided by financing activities
|
(53.4
|
)
|
|
53.8
|
|
||
|
|
|
|
||||
Effect of exchange rates on cash and cash equivalents
|
2.6
|
|
|
3.1
|
|
||
|
|
|
|
||||
Net increase in cash and cash equivalents
|
10.5
|
|
|
38.6
|
|
||
|
|
|
|
||||
Cash and cash equivalents balance at beginning of year
|
141.7
|
|
|
114.1
|
|
||
|
|
|
|
||||
Cash and cash equivalents balance at end of period
|
$
|
152.2
|
|
|
$
|
152.7
|
|
|
Common
Stock
|
|
Capital In
Excess of
Par Value
|
|
Retained
Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Common
Stock Held
In Treasury
|
|
Total
|
||||||||||||
Balance at December 31, 2012
|
$
|
12.7
|
|
|
$
|
545.4
|
|
|
$
|
1,900.9
|
|
|
$
|
(112.9
|
)
|
|
$
|
(705.2
|
)
|
|
$
|
1,640.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
|
|
|
|
|
|
49.3
|
|
|
|
|
|
|
|
|
49.3
|
|
||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
12.6
|
|
|
|
|
|
12.6
|
|
||||||
Cash dividends declared on common stock
|
|
|
|
|
|
|
(26.9
|
)
|
|
|
|
|
|
|
|
(26.9
|
)
|
||||||
Stock incentive programs and related tax withholdings (0.6 shares)
|
0.1
|
|
|
(12.8
|
)
|
|
|
|
|
|
|
|
|
|
|
(12.7
|
)
|
||||||
Tax shortfall expense from share-based payment arrangements
|
|
|
|
(0.9
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.9
|
)
|
||||||
Share-based compensation
|
|
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
4.5
|
|
||||||
Purchase of 1.0 shares of common stock for the treasury
|
|
|
|
|
|
|
|
|
(35.6
|
)
|
|
(35.6
|
)
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at March 31, 2013
|
$
|
12.8
|
|
|
$
|
536.2
|
|
|
$
|
1,923.3
|
|
|
$
|
(100.3
|
)
|
|
$
|
(740.8
|
)
|
|
$
|
1,631.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at December 31, 2013
|
$
|
12.8
|
|
|
$
|
548.1
|
|
|
$
|
2,005.1
|
|
|
$
|
(98.7
|
)
|
|
$
|
(782.5
|
)
|
|
$
|
1,684.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
|
|
|
|
|
|
49.2
|
|
|
|
|
|
|
|
|
49.2
|
|
||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
11.3
|
|
|
|
|
|
11.3
|
|
||||||
Cash dividends declared on common stock
|
|
|
|
|
|
|
(27.5
|
)
|
|
|
|
|
|
|
|
(27.5
|
)
|
||||||
Stock incentive programs and related tax withholdings (0.1 shares)
|
|
|
(1.5
|
)
|
|
|
|
|
|
|
|
|
|
|
(1.5
|
)
|
|||||||
Excess tax benefit from share-based payment arrangements
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
0.4
|
|
||||||
Share-based compensation
|
|
|
|
3.5
|
|
|
|
|
|
|
|
|
|
|
|
3.5
|
|
||||||
Purchase of 1.1 shares of common stock for the treasury
|
|
|
|
|
|
|
|
|
(43.2
|
)
|
|
(43.2
|
)
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at March 31, 2014
|
$
|
12.8
|
|
|
$
|
550.5
|
|
|
$
|
2,026.8
|
|
|
$
|
(87.4
|
)
|
|
$
|
(825.7
|
)
|
|
$
|
1,677.0
|
|
|
|
Fair Value As of
|
|
Fair Value As of
|
||||
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
(in millions)
|
|
(Level 2)
|
|
(Level 2)
|
||||
Interest rate swaps — net liability position
|
|
$
|
13.5
|
|
|
$
|
20.2
|
|
|
|
|
|
Fair Value (Level 2) as of
|
||||||
(in millions)
|
|
Balance Sheet Location
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
Liability Derivatives
|
|
|
|
|
|
|
||||
Interest rate swaps — designated as hedge
|
|
Other liabilities and deferred credits
|
|
$
|
13.5
|
|
|
$
|
20.2
|
|
|
|
|
|
Amount of Gain (Loss) Recognized in Income on Derivatives
|
||||||
|
|
|
|
Three Months Ended March 31,
|
||||||
(in millions)
|
|
Location of Gain (Loss) Recognized in Income on Derivatives
|
|
2014
|
|
2013
|
||||
Designated as hedges
|
|
|
|
|
|
|
||||
Interest rate swaps
|
|
Interest expense
|
|
$
|
2.1
|
|
|
$
|
2.0
|
|
Not designated as hedges
|
|
|
|
|
|
|
||||
Forward exchange contracts
|
|
Other operating income
|
|
(0.3
|
)
|
|
—
|
|
||
Total
|
|
|
|
$
|
1.8
|
|
|
$
|
2.0
|
|
(in millions)
|
|
March 31,
2014 |
|
December 31,
2013 |
||||
Raw materials and supplies
|
|
$
|
217.7
|
|
|
$
|
215.6
|
|
Work in process and finished goods
|
|
448.2
|
|
|
432.9
|
|
||
Total inventories
|
|
$
|
665.9
|
|
|
$
|
648.5
|
|
(in millions)
|
|
U.S. Packaging Segment
|
|
Global Packaging Segment
|
|
Pressure Sensitive Materials Segment
|
|
Total
|
||||||||
Reported balance at December 31, 2013
|
|
$
|
632.3
|
|
|
$
|
367.3
|
|
|
$
|
52.6
|
|
|
$
|
1,052.2
|
|
Reclassification
|
|
12.8
|
|
|
(12.8
|
)
|
|
—
|
|
|
—
|
|
||||
Divestiture
|
|
(10.1
|
)
|
|
—
|
|
|
—
|
|
|
(10.1
|
)
|
||||
Currency translation
|
|
(0.4
|
)
|
|
4.6
|
|
|
—
|
|
|
4.2
|
|
||||
Reported balance at March 31, 2014
|
|
$
|
634.6
|
|
|
$
|
359.1
|
|
|
$
|
52.6
|
|
|
$
|
1,046.3
|
|
|
|
March 31, 2014
|
|
December 31, 2013
|
||||||||||||
(in millions)
|
|
Gross Carrying
|
|
Accumulated
|
|
Gross Carrying
|
|
Accumulated
|
||||||||
Intangible Assets
|
|
Amount
|
|
Amortization
|
|
Amount
|
|
Amortization
|
||||||||
Contract based
|
|
$
|
25.7
|
|
|
$
|
(14.3
|
)
|
|
$
|
26.2
|
|
|
$
|
(14.4
|
)
|
Technology based
|
|
82.6
|
|
|
(42.1
|
)
|
|
82.6
|
|
|
(40.9
|
)
|
||||
Marketing related
|
|
23.5
|
|
|
(14.5
|
)
|
|
23.0
|
|
|
(14.2
|
)
|
||||
Customer based
|
|
200.6
|
|
|
(74.5
|
)
|
|
200.1
|
|
|
(71.8
|
)
|
||||
Reported balance
|
|
$
|
332.4
|
|
|
$
|
(145.4
|
)
|
|
$
|
331.9
|
|
|
$
|
(141.3
|
)
|
|
|
Three Months Ended March 31,
|
||||||
(in millions)
|
|
2014
|
|
2013
|
||||
Service cost - benefits earned during the period
|
|
$
|
1.9
|
|
|
$
|
3.5
|
|
Interest cost on projected benefit obligation
|
|
8.6
|
|
|
8.1
|
|
||
Expected return on plan assets
|
|
(12.0
|
)
|
|
(12.0
|
)
|
||
Settlement loss
|
|
0.4
|
|
|
—
|
|
||
Curtailment loss
|
|
0.9
|
|
|
—
|
|
||
Amortization:
|
|
|
|
|
||||
Unrecognized transition obligation
|
|
0.1
|
|
|
0.1
|
|
||
Prior service cost
|
|
0.4
|
|
|
0.4
|
|
||
Actuarial net loss
|
|
2.8
|
|
|
6.6
|
|
||
Net periodic benefit cost
|
|
$
|
3.1
|
|
|
$
|
6.7
|
|
(in millions)
|
|
Foreign Currency Translation
|
|
Pension And Other Postretirement Liability Adjustment
|
|
Accumulated Other Comprehensive Loss
|
||||||
December 31, 2012
|
|
$
|
80.5
|
|
|
$
|
(193.4
|
)
|
|
$
|
(112.9
|
)
|
Other comprehensive income before reclassifications
|
|
8.4
|
|
|
—
|
|
|
8.4
|
|
|||
Amounts reclassified from accumulated other comprehensive loss
|
|
—
|
|
|
4.2
|
|
|
4.2
|
|
|||
Net current period other comprehensive income
|
|
8.4
|
|
|
4.2
|
|
|
12.6
|
|
|||
March 31, 2013
|
|
$
|
88.9
|
|
|
$
|
(189.2
|
)
|
|
$
|
(100.3
|
)
|
|
|
|
|
|
|
|
||||||
December 31, 2013
|
|
$
|
(8.0
|
)
|
|
$
|
(90.7
|
)
|
|
$
|
(98.7
|
)
|
Other comprehensive income before reclassifications
|
|
10.0
|
|
|
—
|
|
|
10.0
|
|
|||
Amounts reclassified from accumulated other comprehensive loss
|
|
—
|
|
|
1.3
|
|
|
1.3
|
|
|||
Net current period other comprehensive income
|
|
10.0
|
|
|
1.3
|
|
|
11.3
|
|
|||
March 31, 2014
|
|
$
|
2.0
|
|
|
$
|
(89.4
|
)
|
|
$
|
(87.4
|
)
|
|
|
Three Months Ended March 31,
|
||||||||
(in millions, except per share amounts)
|
|
2014
|
|
2013
|
||||||
Numerator
|
|
|
|
|
|
|
||||
Net income attributable to Bemis Company, Inc.
|
|
$
|
49.2
|
|
|
$
|
49.3
|
|
||
Income allocated to participating securities
|
|
—
|
|
|
—
|
|
||||
Net income available to common shareholders (1)
|
|
$
|
49.2
|
|
|
$
|
49.3
|
|
||
|
|
|
|
|
||||||
Denominator
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding — basic
|
|
101.5
|
|
|
103.2
|
|
||||
Dilutive shares
|
|
0.9
|
|
|
1.1
|
|
||||
Weighted average common and common equivalent shares outstanding — diluted
|
|
102.4
|
|
|
104.3
|
|
||||
|
|
|
|
|
||||||
Per common share income
|
|
|
|
|
|
|
||||
Basic
|
|
$
|
0.48
|
|
|
$
|
0.48
|
|
||
Diluted
|
|
$
|
0.48
|
|
|
$
|
0.47
|
|
||
|
|
|
|
|
|
|||||
(1
|
)
|
Basic weighted average common shares outstanding
|
|
101.5
|
|
|
103.2
|
|
||
|
Basic weighted average common shares outstanding and participating securities
|
|
101.5
|
|
|
103.3
|
|
|||
|
Percentage allocated to common shareholders
|
|
100.0
|
%
|
|
99.9
|
%
|
|
|
Three Months Ended March 31,
|
||||||
Business Segments (in millions)
|
|
2014
|
|
2013
|
||||
Sales including intersegment sales:
|
|
|
|
|
|
|||
U.S. Packaging
|
|
$
|
745.6
|
|
|
$
|
753.0
|
|
Global Packaging
|
|
361.7
|
|
|
374.3
|
|
||
Pressure Sensitive Materials
|
|
143.1
|
|
|
140.8
|
|
||
|
|
|
|
|
||||
Intersegment sales:
|
|
|
|
|
||||
U.S. Packaging
|
|
(7.4
|
)
|
|
(7.0
|
)
|
||
Global Packaging
|
|
(4.9
|
)
|
|
(5.8
|
)
|
||
Pressure Sensitive Materials
|
|
(0.3
|
)
|
|
(0.3
|
)
|
||
Total net sales
|
|
$
|
1,237.8
|
|
|
$
|
1,255.0
|
|
|
|
|
|
|
||||
U.S. Packaging
|
|
|
|
|
|
|||
Operating profit before facility consolidation and other costs
|
|
$
|
91.8
|
|
|
$
|
95.4
|
|
Facility consolidation and other costs
|
|
—
|
|
|
(9.4
|
)
|
||
Operating profit
|
|
91.8
|
|
|
86.0
|
|
||
|
|
|
|
|
||||
Global Packaging
|
|
|
|
|
||||
Operating profit before facility consolidation and other costs
|
|
24.1
|
|
|
25.8
|
|
||
Facility consolidation and other costs
|
|
—
|
|
|
0.1
|
|
||
Operating profit
|
|
24.1
|
|
|
25.9
|
|
||
|
|
|
|
|
||||
Pressure Sensitive Materials
|
|
|
|
|
||||
Operating (loss) profit
|
|
(14.5
|
)
|
|
7.7
|
|
||
|
|
|
|
|
||||
Corporate
|
|
|
|
|
||||
General corporate expenses
|
|
(22.2
|
)
|
|
(27.5
|
)
|
||
|
|
|
|
|
||||
Operating income
|
|
79.2
|
|
|
92.1
|
|
||
|
|
|
|
|
||||
Interest expense
|
|
16.9
|
|
|
16.6
|
|
||
Other non-operating (income) expense
|
|
(12.6
|
)
|
|
4.1
|
|
||
|
|
|
|
|
||||
Income before income taxes
|
|
$
|
74.9
|
|
|
$
|
71.4
|
|
Business Segments (in millions)
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
Total assets:
|
|
|
|
|
|
|
||
U.S. Packaging
|
|
$
|
2,017.0
|
|
|
$
|
2,016.8
|
|
Global Packaging
|
|
1,502.9
|
|
|
1,463.5
|
|
||
Pressure Sensitive Materials
|
|
334.6
|
|
|
319.8
|
|
||
Total identifiable assets (1)
|
|
3,854.5
|
|
|
3,800.1
|
|
||
Corporate assets (2)
|
|
293.7
|
|
|
310.1
|
|
||
Total
|
|
$
|
4,148.2
|
|
|
$
|
4,110.2
|
|
Three month review of results
|
|
Three Months Ended March 31,
|
||||||||||||
(in millions, except per share amounts)
|
|
2014
|
|
2013
|
||||||||||
Net sales
|
|
$
|
1,237.8
|
|
|
100.0
|
%
|
|
$
|
1,255.0
|
|
|
100.0
|
%
|
Cost of products sold
|
|
1,023.2
|
|
|
82.7
|
|
|
1,013.2
|
|
|
80.7
|
|
||
Gross profit
|
|
214.6
|
|
|
17.3
|
|
|
241.8
|
|
|
19.3
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Selling, general, and administrative expenses
|
|
122.7
|
|
|
9.9
|
|
|
130.6
|
|
|
10.4
|
|
||
Research and development
|
|
13.1
|
|
|
1.1
|
|
|
11.3
|
|
|
0.9
|
|
||
Facility consolidation and other costs
|
|
—
|
|
|
—
|
|
|
9.3
|
|
|
0.7
|
|
||
Other operating income
|
|
(0.4
|
)
|
|
—
|
|
|
(1.5
|
)
|
|
(0.1
|
)
|
||
Operating income
|
|
79.2
|
|
|
6.4
|
|
|
92.1
|
|
|
7.3
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
|
16.9
|
|
|
1.4
|
|
|
16.6
|
|
|
1.3
|
|
||
Other non-operating (income) expense
|
|
(12.6
|
)
|
|
(1.0
|
)
|
|
4.1
|
|
|
0.3
|
|
||
Income before income taxes
|
|
74.9
|
|
|
6.1
|
|
|
71.4
|
|
|
5.7
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Provision for income taxes
|
|
25.7
|
|
|
2.1
|
|
|
22.1
|
|
|
1.8
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
49.2
|
|
|
4.0
|
%
|
|
$
|
49.3
|
|
|
3.9
|
%
|
|
|
|
|
|
|
|
|
|
||||||
Effective income tax rate
|
|
|
|
|
34.3
|
%
|
|
|
|
|
31.0
|
%
|
||
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share
|
|
$
|
0.48
|
|
|
|
|
|
$
|
0.47
|
|
|
|
|
(in millions, except per share amounts)
|
|
2014
|
|
2013
|
||||
Net sales
|
|
$
|
1,237.8
|
|
|
$
|
1,255.0
|
|
Net income
|
|
49.2
|
|
|
49.3
|
|
||
Diluted earnings per share
|
|
0.48
|
|
|
0.47
|
|
(dollars in millions)
|
|
2014
|
|
2013
|
||||
Net sales
|
|
$
|
738.2
|
|
|
$
|
746.0
|
|
Operating profit (See Note 12 to the Condensed Consolidated Financial Statements)
|
|
91.8
|
|
|
86.0
|
|
||
Operating profit as a percentage of net sales
|
|
12.4
|
%
|
|
11.5
|
%
|
(dollars in millions)
|
|
2014
|
|
2013
|
||||
Net sales
|
|
$
|
356.8
|
|
|
$
|
368.5
|
|
Operating profit (See Note 12 to the Condensed Consolidated Financial Statements)
|
|
24.1
|
|
|
25.9
|
|
||
Operating profit as a percentage of net sales
|
|
6.8
|
%
|
|
7.0
|
%
|
(dollars in millions)
|
|
2014
|
|
2013
|
||||
Net sales
|
|
$
|
142.8
|
|
|
$
|
140.5
|
|
Operating (loss) profit (See Note 12 to the Condensed Consolidated Financial Statements)
|
|
(14.5
|
)
|
|
7.7
|
|
||
Operating (loss) profit as a percentage of net sales
|
|
(10.2
|
)%
|
|
5.5
|
%
|
(dollars in millions)
|
|
2014
|
|
2013
|
||||
Gross profit
|
|
$
|
214.6
|
|
|
$
|
241.8
|
|
Gross profit as a percentage of net sales
|
|
17.3
|
%
|
|
19.3
|
%
|
(dollars in millions)
|
|
2014
|
|
2013
|
||||
Selling, general and administrative expenses (SG&A)
|
|
$
|
122.7
|
|
|
$
|
130.6
|
|
SG&A as a percentage of net sales
|
|
9.9
|
%
|
|
10.4
|
%
|
(dollars in millions)
|
|
2014
|
|
2013
|
||||
Research and development (R&D)
|
|
$
|
13.1
|
|
|
$
|
11.3
|
|
R&D as a percentage of net sales
|
|
1.1
|
%
|
|
0.9
|
%
|
(in millions)
|
|
2014
|
|
2013
|
||||
Other non-operating (income) expense
|
|
$
|
(12.6
|
)
|
|
$
|
4.1
|
|
(dollars in millions)
|
|
2014
|
|
2013
|
||||
Income taxes
|
|
$
|
25.7
|
|
|
$
|
22.1
|
|
Effective tax rate
|
|
34.3
|
%
|
|
31.0
|
%
|
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
|||||
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
|
|||||
January 1-31, 2014
|
|
100,000
|
|
|
$
|
40.70
|
|
|
100,000
|
|
|
2,387,783
|
|
February 1-28, 2014
|
|
600,000
|
|
|
38.98
|
|
|
600,000
|
|
|
1,787,783
|
|
|
March 1-31, 2014
|
|
400,000
|
|
|
39.26
|
|
|
400,000
|
|
|
1,387,783
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total
|
|
|
|
$
|
39.24
|
|
|
1,100,000
|
|
|
1,387,783
|
|
|
|
BEMIS COMPANY, INC.
|
|
|
|
|
|
Date
|
May 2, 2014
|
|
/s/ Jerry S. Krempa
|
|
|
Jerry S. Krempa, Vice President and Controller
|
Exhibit
|
|
Description
|
|
Form of Filing
|
3(a)
|
|
Restated Articles of Incorporation of the Registrant, as amended. (1)
|
|
Incorporated by Reference
|
3(b)
|
|
By-Laws of the Registrant, as amended through November 26, 2012. (2)
|
|
Incorporated by Reference
|
4(a)
|
|
Form of Indenture dated as of June 15, 1995, between the Registrant and U.S. Bank Trust National Association (formerly known as First Trust National Association), as Trustee. Copies of constituent instruments defining rights of holders of long-term debt of the Company and Subsidiaries, other than the Indenture specified herein, are not filed herewith, pursuant to Instruction (b)(4)(iii)(A) to Item 601 of Regulation S-K, because the total amount of securities Authorized under any such instrument does not exceed 10% of the total assets of the Company and Subsidiaries on a consolidated basis. The registrant hereby agrees that it will, upon request by the SEC, furnish to the SEC a copy of each such instrument. (3)
|
|
Incorporated by Reference
|
31.1
|
|
Rule 13a-14(a)/15d-14(a) Certification of CEO.
|
|
Filed Electronically
|
31.2
|
|
Rule 13a-14(a)/15d-14(a) Certification of Vice President and Controller (principal financial officer).
|
|
Filed Electronically
|
32
|
|
Section 1350 Certification of CEO and Vice President and Controller (principal financial officer).
|
|
Filed Electronically
|
101
|
|
Interactive data files.
|
|
Filed Electronically
|
(1)
|
Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2004 (File No. 1-5277).
|
(2)
|
Incorporated by reference to the Registrant’s Form 8-K dated November 26, 2012 (File No. 1-5277).
|
(3)
|
Incorporated by reference to the Registrant’s Current Report on Form 8-K dated June 30, 1995 (File No. 1-5277).
|
1 Year Bemis Chart |
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