Neenah, Wisconsin, USA, 15 July 2009 -- Bemis Company, Inc. (NYSE-BMS) today announced that management expects its diluted earnings per share for the second quarter to be approximately USD 0.47. These results include a USD 0.03 per share charge related to the effect of expensing acquisition related costs in accordance with FAS 141(R). Management's original guidance for the second quarter was USD 0.35 to USD 0.43 per share, and this guidance did not include any FAS 141(R) charges. Results for the second quarter of 2009 benefited from lower raw material costs related to second quarter shipments, and the positive effect of cost management initiatives implemented during the fourth quarter of 2008 and the first quarter of 2009.
Updated 2009 Earnings Outlook
Consistent with management's practice, guidance does not reflect the effect 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 acquisition. Based on the strong results for the first half of 2009 and management's consistent expectations for the remainder of the year, management has revised its guidance upward for the full year 2009 to a range of USD 1.68 to USD 1.75 per share. This increases and narrows the range of guidance from management's previous guidance for 2009 of USD 1.50 to USD 1.70 per share.
Revised Schedule for Second Quarter Earnings Release and Conference Call
Bemis will provide further details on results of operations when it announces its second quarter results in a news release that will be available on 17 July 2009, before the market opens. This is a change from the previously scheduled time of the second quarter call. Bemis will webcast an investor telephone conference regarding its second quarter 2009 financial results on 17 July 2009, 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 Web site 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.
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 USD 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 www.bemis.com.