Banta Corporation
Condensed Consolidated Income Statement
($000's omitted, except per share data)
3 Months Ended June 6 Months Ended June
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2003 2002 2003 2002
---- ---- ---- ----
Net Sales $ 336,731 $ 332,263 $ 673,161 $ 666,230
Cost of Sales 262,596 258,643 528,055 523,718
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Gross Profit 74,135 73,620 145,106 142,512
SG&A Expense 50,358 48,892 100,333 97,307
Restructuring Charge 5,553 - 6,469 -
Litigation Settlement 4,602 - 4,602 -
--------- --------- --------- ---------
Earnings from Operations 13,622 24,728 33,702 45,205
Other Income (Expense)
Interest Expense (2,005) (2,943) (4,626) (6,053)
Other, net (31) 155 756 94
--------- --------- --------- ---------
Earnings before Income Taxes 11,586 21,940 29,832 39,246
Provision for Income Taxes 4,330 8,560 11,330 15,378
--------- --------- --------- ---------
Net Income $ 7,256 $ 13,380 $ 18,502 $ 23,868
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Basic Earnings per Share $ 0.29 $ 0.53 $ 0.73 $ 0.95
Diluted Earnings per Share $ 0.28 $ 0.52 $ 0.72 $ 0.93
Average Shares Outstanding:
Basic 25,423 25,247 25,337 25,141
Diluted 25,647 25,652 25,537 25,512
Composite Tax Rate 37.4% 39.0% 38.0% 39.2%
SEGMENT INFORMATION
3 Months Ended June 6 Months Ended June
------------------- -------------------
Net Sales 2003 2002 2003 2002
- --------- ---- ---- ---- ----
Printing and digital imaging $ 231,240 $ 236,578 $ 463,601 $ 472,555
Supply-chain management 80,011 69,424 161,546 142,627
Healthcare 25,480 26,261 48,014 51,048
--------- --------- --------- ---------
$ 336,731 $ 332,263 $ 673,161 $ 666,230
========= ========= ========= =========
Earnings from Operations
- ------------------------
Printing and digital imaging $ 9,624 $ 20,847 $ 22,910 $ 39,513
Supply-chain management 5,413 5,721 14,434 10,426
Healthcare 3,726 2,530 6,388 5,115
--------- --------- --------- ---------
Segment earnings from operations 18,763 29,098 43,732 55,054
Unallocated corporate expenses (5,141) (4,370) (10,030) (9,849)
Interest expense (2,005) (2,943) (4,626) (6,053)
Other expense (31) 155 756 94
--------- --------- --------- ---------
Earnings before income taxes $ 11,586 $ 21,940 $ 29,832 $ 39,246
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Depreciation/Amortization $ 14,810 $ 18,404 $ 31,274 $ 37,081
Capital Expenditures $ 16,838 $ 8,365 $ 31,776 $ 14,891
Banta Corporation
Condensed Consolidated Income Statement
($000's omitted, except per share data)
6 Months Ended June
-------------------
ASSETS 2003 2002
---- ----
Cash and short-term investments $ 195,007 $ 131,543
Receivables 192,808 181,920
Inventories 61,574 72,384
Other current assets 24,798 21,666
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Total current assets 474,187 407,513
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Plant and equipment, net 279,214 305,224
Other assets 70,772 89,464
Total Assets $ 824,173 $ 802,201
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LIABILITIES AND SHAREHOLDERS' INVESTMENT
Accounts Payable $ 114,734 $ 96,410
Other accrued liabilities 56,054 63,511
Current maturities of long-term debt 19,408 20,402
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Total current liabilities 190,196 180,323
--------- ---------
Long-term debt 97,388 115,898
Deferred income taxes 16,032 21,436
Other noncurrent liabilities 45,938 41,775
Shareholders' investment 474,619 442,769
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Total Liabilities and Shareholders' Investment $ 824,173 $ 802,201
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