Bemis Reports 1Q09 Results
April 28, 2009
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NEENAH, Wis.—Bemis Company, Inc. reported quarterly diluted earnings of $0.36 per share for the first quarter ended March 31, 2009, compared with $0.41 per share for the same quarter of 2008. Results for the current quarter were negatively impacted by severance charges associated with workforce reductions and the implementation of Statement of Financial Accounting Standards No. 141 (revised 2007), Business Combinations (FAS 141(R)). Excluding the effect of the items mentioned above, which are set forth in the schedule, “Reconciliation of Non-GAAP Data”, diluted earnings per share would have been $0.43 for the first quarter of 2009 compared to $0.41 per share for the first quarter of 2008.
Net sales were $843.4 million for the first quarter of 2009, an 11.0 percent decrease from $947.3 million for the same period of 2008. Currency effects reduced net sales by 8.3 percent compared to the first quarter of 2008. The remaining 2.7 percent decrease in net sales reflects lower unit volume partially offset by a favorable price and mix impact compared to the first quarter of 2008.
“I am pleased to report strong first quarter performance results in such a challenging market environment,” said Henry Theisen, Bemis Company’s President and Chief Executive Officer. “Our manufacturing agility along with our disciplined cost management strategies have served us well in this global recession. We are controlling expenses, working capital, and manufacturing waste while maintaining our focus on customer service and quality. Our business teams are facing an environment of broad economic and market uncertainty in 2009, and we are meeting each challenge with a strategy that we expect to deliver long-term value to Bemis Company.”
Net sales were $843.4 million for the first quarter of 2009, an 11.0 percent decrease from $947.3 million for the same period of 2008. Currency effects reduced net sales by 8.3 percent compared to the first quarter of 2008. The remaining 2.7 percent decrease in net sales reflects lower unit volume partially offset by a favorable price and mix impact compared to the first quarter of 2008.
“I am pleased to report strong first quarter performance results in such a challenging market environment,” said Henry Theisen, Bemis Company’s President and Chief Executive Officer. “Our manufacturing agility along with our disciplined cost management strategies have served us well in this global recession. We are controlling expenses, working capital, and manufacturing waste while maintaining our focus on customer service and quality. Our business teams are facing an environment of broad economic and market uncertainty in 2009, and we are meeting each challenge with a strategy that we expect to deliver long-term value to Bemis Company.”
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