[Page 20 of the Annual Report]
Five-Year Summary of Selected Financial Data
Not Covered by Report of Independant Public Accountants
Dollars in thousands (except per share data)
1995 1994 1993 1992 1991
Summary of Earnings (1)
Net sales $1,022,650 $811,330 $691,244 $637,416 $565,473
Net earnings from continuing
operations 53,550 47,228 40,992 35,662 28,219
Net earnings 53,550 47,228 40,992 35,662 20,619
Net earnings per common share
from continuing operations (2) 1.75 1.56 1.36 1.19 .96
Net earnings per common share (2) 1.75 1.56 1.36 1.19 .70
Dividends paid per common share (2) .37 .35 .31 .27 .25
Financial Summary
Working capital 187,956 101,422 106,171 102,214 98,323
Net plant and equipment 313,718 293,662 232,888 205,246 200,938
Total assets 678,809 577,763 457,433 410,182 397,464
Long-term debt 134,953 67,834 45,603 52,491 64,061
Interest expense 9,891 5,902 5,346 5,786 5,398
Shareholders' investment 387,112 331,587 292,428 258,237 226,967
Book value per share of
common stock (2) (3) 12.55 10.98 9.75 8.67 7.71
<FN>
(1) All years comprised 52 weeks except 1992 which comprised 53 weeks.
(2) Per share amounts have been adjusted for the three-for-two stock splits distributed in March 1996 and April 1993.
(3) Book values per share for common stock are based on shares outstanding at year-end, as adjusted for stock splits.
[Pages 21 through 23 of the Annual Report]
Management's Discussion and Analysis of Financial Position and Operations
Operational Highlights
Banta Corporation achieved record sales and earnings in 1995,
including a sales milestone by recording revenue of more than one billion
dollars for the first time. The strong sales gain of $211 million, an
increase of 26% from 1994 levels, to $1.023 billion was aided by:
- The October 1995 acquisition of B.G. Turnkey Services Limited, a
company serving the computer software and hardware industry primarily
in Europe, representing about one-quarter of the 1995 sales gain.
- Historical and significant increases in paper prices during 1995,
representing approximately one-half of the sales increase.
- Continued market penetration for most of our operating units.
- Utilization of the new press capacity installed during 1994 and 1995.
Along with record sales were record profits. Net earnings of $53.5
million represented an increase of 13.4% over 1994's record of $47.2
million. Earnings per share increased 12.2% to $1.75 per share.
During 1995, Banta advanced its goal of increasing the proportion of
its revenue from non-traditional print related activity. The acquisition
of B.G. Turnkey Services significantly increases Banta's assembly,
fulfillment and distribution services revenue. At the same time the
acquisition of these European operations increases Banta's global scope,
also a primary goal. Two smaller acquisitions improved Banta's ability to
provide online services via the Internet's World Wide Web and expanded its
coverage of the single-use health care products market.
Acquisitions have been and are expected to continue to play a
strategic and significant part in Banta's growth strategies. Management
currently expects acquisitions to provide about one-third of Banta's
future revenue gains. Banta's acquisitions reinforce its commitment to
provide growth opportunities for its business units. Banta's 1994
acquisitions, which accounted for 40% of that year's sales gain, were both
traditional print companies.
Significant increases in paper prices occurred during the fourth
quarter of 1994 and throughout 1995. Paper prices averaged more than one-
third higher in 1995 than in 1994. As is customary in the graphic arts
industry, sales prices to Banta's customers were increased to reflect the
higher paper costs. Most paper grades were on allocation during 1995,
however the solid relationships Banta maintains with major paper suppliers
allowed Banta to meet customer needs and accomodate the Corporation's
added production capacity. Due to the substantial increase in delivery
times, Banta's paper inventories increased by approximately one-third
during late 1994 and early 1995. These quantities were aggressively
reduced to more traditional levels at 1995 year-end. During the fourth
quarter of 1995 paper prices stabilized somewhat, and it is anticipated
that allocation restrictions may be reduced or eliminated in 1996 due to
the softening demand for paper.
During 1995, pricing remained competitive within the graphic arts
industry as customers were burdened by the significant paper price
increases, as well as postage rate increases, and they continued to look
for ways to reduce costs. Unit value-added sales prices continue to trend
lower, reflecting the competitive markets. Banta has, however, generally
been able to accommodate the lower pricing and still maintain its historic
margin levels for these services primarily due to productivity
improvements. Banta has aggressively invested in modern, technologically
advanced equipment which has led to productivity gains. Banta also
achieved gains through its Continuous Improvement programs and the efforts
of its conscientious, dedicated employees in providing superior responses
to customers' needs.
Banta's earnings from operations as a percentage of sales dropped
from 10.3% in 1994 to 9.6% in 1995. This reduction was primarily due to
the higher paper prices, which generate lower margins, and the increased
proportion of sales from assembly, packaging and distribution services,
which contain a higher material content and therefore lower margins. These
project management activities, however, require less capital investment
and therefore are expected to provide greater return on investment than
traditional print activities.
Banta continues to investigate and invest in alternative methods of
providing services that are expected to assist customers in distributing
their information in a broad spectrum of media, including traditional
print, digital print, CD-ROM and online. Banta also continues to make
strategically important investments in digital technologies, remaining at
the forefront of the graphic arts industry.
Net Sales
The Corporation classifies its sales as follows: commercial
(catalogs, direct marketing materials and single-use products); books
(educational, general, trade, data manuals and project management
services); magazines; and other (point-of-purchase, security products and
digital imaging services). Net sales for the market classifications, as a
percent of consolidated net sales, were as follows:
1995 1994 1993
Commercial 47% 46% 44%
Books 34 32 34
Magazines 11 12 12
Other 8 10 10
--- --- ---
100% 100% 100%
=== === ===
Percentage increases (decreases) in sales by market classification
for 1995 compared with 1994 were as follows: commercial - 29%; books -
34%; magazines - 18%; and other - (4)%.
Acquisitions completed during 1994 and 1995 represented
approximately 26% of the sales increase in the commercial market
classification. Paper price increases represented approximately 50% of the
commercial market sales increase. High utilization of the Corporation's
first new-generation, 48-page press, which was installed during the third
quarter of 1994, also contributed to the sales increase. The units which
comprise the Banta Direct Marketing Group experienced higher levels of
utilization in 1995 than they did in 1994, which also contributed to the
sales increase.
Book market sales increased in all categories. The acquisition of
B.G. Turnkey Services represented over 60% of the sales increase in this
market classification for 1995, which resulted in a large increase in
project management services sales. Paper price increases represented
approximately 30% of this market's sales increase. The remainder of the
sales gain came primarily from educational and trade books. Demand for
printed software documentation softened as digital documentation delivery
gained wider acceptance, a trend expected to continue.
During 1995, Banta continued to gain new titles and market share in
special-interest magazines. The 1995 sales increase resulted from
increased market penetration, higher paper prices and increased spending
for magazine advertising pages. The two plants serving this market each
added an eight-unit press during the second half of 1995, which provided
the capacity necessary to service the sales increase.
The sales decrease in the "other" classification resulted from lower
utilization in each of the plants included in the classification. Activity
levels at the Banta Digital Group facilities were impacted by the absence
of 1994's large volume of packaging work that resulted from the new
government labeling requirements. Sales volume was also affected by the
conversion of more projects from manual to electronic processes, which
reduced sales prices per unit.
Sales for 1994 increased 17% over 1993. All of the Corporation's
market classifications registered sales increases for 1994; commercial -
22%; books - 10%; magazines - 14%; and other - 16%.
The acquisition of Danbury Printing & Litho in 1994 accounted for
50% of the increase in the commercial market. Also contributing to the
increase were the production of several biennial business-to-business
catalog projects, press additions at three plants, and high levels of
production activity late in the year due to customers' desire to mail
product prior to the January 1, 1995, postage rate increase. The increase
in book market sales resulted from the acquisition of United Graphics
during the third quarter of 1994 and the increased sale of software
documentation and project management services, which were facilitated by
new fulfillment capabilities and capacity additions. The Corporation's
special-interest magazine facilities increased sales as a result of
greater market penetration and increased advertising pages. The increase
in the "other" classification resulted from higher prepress service sales,
which benefited from the government labeling requirements and new service
offerings.
Cost of Goods Sold
In 1995, cost of goods sold as a percent of sales was 78.9% compared
with 77.0% in 1994 and 76.8% in 1993. This overall margin decline in 1995
resulted from several factors. Since the sale of paper generally has lower
margins than manufacturing sales, the increase in paper sales reduced
average margins. Also contributing to the margin decline was the inclusion
of B.G. Turnkey Services in the fourth quarter. Its project management
services generally provide lower margins than Banta's traditional print
businesses because material content for these services represents a
significantly greater proportion of the total sales. The Corporation's use
of the LIFO inventory valuation method resulted in LIFO adjustments, which
increased (reduced) cost of goods sold by $4,014,000, $844,000 and
($272,000) in 1995, 1994 and 1993, respectively. The change in LIFO
valuation adjustment between 1995 and 1994, which is primarily due to the
significant paper price increases, represents about one-third of the cost
of goods sold percentage increase. Offsetting a portion of the increase in
the cost of goods sold percentage were increased margins for the direct
marketing materials operations of the commercial market due to increased
plant utilization. Depreciation expense increased $9.2 million in 1995
compared to 1994 as a result of the $64 million in capital expenditures in
1995 and the acquisitions completed in 1994 and 1995. In 1994,
depreciation increased $7.7 million compared to 1993. The increase in the
cost of sales percentage for 1994 compared to 1993 was primarily the
result of the increased LIFO valuation adjustments, as well as the cost of
new capacity added in 1994 and lower margins associated with operations
acquired in 1994.
Expenses
Selling and administrative expenses as a percentage of sales were
11.5%, 12.7% and 12.7% in 1995, 1994 and 1993, respectively. Selling and
administrative expenses increased $15.1 million (14.7%) in 1995 and $15.1
million (17.2%) in 1994. The 1995 increase includes $7.9 million of costs
(52% of the increase) related to the 1995 and 1994 acquisitions.
The remainder of the increase is due to costs required to support
the sales increases generated from the Corporation's other operations,
including sales commissions on the large revenue gains. Of the 1994
expense increase, $5.3 million (35%) was due to acquisitions, with the
remainder being costs necessary to support the additional 1994 sales
volume.
Earnings From Operations and Interest Expense
Earnings from operations as a percent of sales were 9.6%, 10.3%, and
10.5% in 1995, 1994 and 1993, respectively. Interest expense was $9.9
million, $5.9 million and $5.3 million in 1995, 1994 and 1993,
respectively. During 1995, the Corporation's average debt levels increased
due to acquisitions, capital expenditures and increased average investment
in working capital as a result of higher paper prices, higher inventory
levels due to the tight paper market and higher activity levels in
general. The increased debt levels caused the higher interest expense in
1995. The interest expense increase in 1994 compared to 1993 resulted from
higher average borrowing levels and rising interest rates.
Pretax earnings as a percent of sales were 8.7%, 9.7% and 9.9% in
1995, 1994 and 1993, respectively. Effective income tax rates were 39.9%,
40.0% and 40.3% in 1995, 1994 and 1993, respectively. The small reduction
in the effective tax rate in 1995 was due to lower tax rates on earnings
of the European operations. An additional slight reduction in the
effective tax rate is expected in 1996 as the European operations will be
included for a full year.
Liquidity and Capital Resources
Selected Dollars in thousands
Financial Data (except current ratio)
1995 1994 1993
Cash $ 27,130 $ 370 $ 8,230
Receivables 199,151 169,613 125,004
Inventories 70,750 67,797 52,447
Notes payable - 56,001 20,800
Accounts payable and
accrued liabilities 114,997 82,668 64,074
Working capital 187,956 101,422 106,171
Long-term debt 134,953 67,834 45,603
Shareholders' investment 387,112 331,587 292,428
Long-term debt to total
long-term debt and
shareholders' investment 25.8% 17.0% 13.5%
Current Ratio 2.53 1.69 2.16
During 1995, the Corporation issued $75 million of long-term debt at
interest rates ranging from 6.81% to 7.98%. The proceeds were used to
repay all of Banta's short-term debt and to finance acquisitions.
Management believes the Corporation's liquidity continues to be strong and
the degree of leverage allows the Corporation to finance, at attractive
borrowing rates, its capital expenditures, as well as any other investment
opportunities that may arise.
The $56 million reduction in short-term debt and the $27 million
increase in cash during 1995 were the primary reasons that the
Corporation's working capital increased $86 million. Due to the softening
paper market in late 1995 and an emphasis on working capital control,
Banta's year-end investment in operating working capital (excluding cash,
notes payable and current maturities of long-term debt) increased only $3
million in 1995.
The Corporation's capital investment program reflects its commitment
to maintain modern, efficient plants and to be able to utilize new
printing and digital imaging technologies. Preliminary plans for 1996 are
for capital commitments to exceed $70 million. Cash requirements should
exceed that amount as the unpaid balance of prior commitments exceeded $30
million at the end of 1995.
The Corporation generally raises short-term funds by selling
commercial paper and issuing unsecured bank notes. Such borrowings are
primarily supported by lines of credit from three banks totaling $65
million. The Corporation also has available uncommitted short-term
borrowing facilities under which it can borrow on an unsecured basis.
Average outstanding short-term borrowings during 1995 and 1994 were $19.4
million and $26.0 million, respectively.
In March 1995, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed
of." The Corporation intends to adopt this standard during the first
quarter of 1996. The adoption of this standard is not expected to have a
material effect on the Corporation's financial position or results of
operations.
[Page 24 of the Annual Report]
Consolidated Balance Sheets
December 30, 1995 and December 31, 1994
Dollars in thousands
Assets 1995 1994
Current Assets:
Cash and short-term investments, at cost which
approximates market $27,130 $370
Receivables, less reserves of $3,414,000 and
$3,984,000, respectively 199,151 169,613
Inventories 70,750 67,797
Prepaid expenses 4,324 2,584
Deferred income taxes 9,451 8,060
-------- --------
310,806 248,424
Plant and Equipment:
Land 6,295 6,035
Buildings and improvements 85,161 79,890
Machinery and equipment 501,251 437,810
--------- ---------
592,707 523,735
Less accumulated depreciation 278,989 230,073
--------- ---------
Plant and equipment, net 313,718 293,662
Other Assets 13,292 11,766
Cost in Excess of Net Assets
Of Businesses Acquired 40,993 23,911
--------- ---------
$ 678,809 $ 577,763
========= =========
Liabilities and Shareholders'
Investment
Current Liabilities:
Notes payable $ - $ 56,001
Accounts payable 68,365 44,960
Accrued salaries and wages 21,784 20,239
Other accrued liabilities 24,848 17,469
Current maturities of long-term debt 7,853 8,333
--------- --------
122,850 147,002
--------- --------
Non-current Liabilities:
Long-term debt 134,953 67,834
Deferred income taxes 20,785 19,218
Other non-current liabilities 13,109 12,122
--------- ---------
168,847 99,174
--------- ---------
Shareholders' Investment:
Common stock -
$.10 par value, authorized 75,000,000
shares; 20,559,614 and 20,126,026
shares issued outstanding in 1995 and
1994, respectively 2,056 2,013
Amount in excess of par value of stock 70,138 56,780
Cumulative translation adjustment (118) -
Retained earnings 315,036 272,794
-------- --------
387,112 331,587
-------- --------
$ 678,809 $ 577,763
======== ========
The accompanying notes to consolidated financial statements are an
integral part of these balance sheets.
[Page 25 of the Annual Report]
Consolidated Statements of Earnings
For the Periods Ended December 30, 1995 (1995), December 31, 1994 (1994)
and January 1, 1994 (1993)
Dollars in thousands
(except earnings per share)
1995 1994 1993
Net sales $1,022,650 $811,330 $691,244
Cost of goods sold 806,651 625,049 530,746
-------- ------- -------
Gross Earnings 215,999 186,281 160,498
Selling and administrative
expenses 118,068 102,923 87,812
------- ------- --------
Earnings from Operations 97,931 83,358 72,686
Interest expense (9,891) (5,902) (5,346)
Other income, net 1,010 1,272 1,352
------- ------- --------
Earnings Before Income Taxes 89,050 78,728 68,692
Provision for income taxes 35,500 31,500 27,700
------- ------- --------
Net Earnings $ 53,550 $ 47,228 $ 40,992
======= ======= ========
Net Earnings per Share
of Common Stock $ 1.75 $ 1.56 $ 1.36
======= ======= ========
The accompanying notes to consolidated financial statements are an
integral part of these statements.
[Page 26 of the Annual Report]
Consolidated Statements of Cash Flows
For the Periods Ended December 30, 1995 (1995), December 31, 1994 (1994)
and January 1, 1994(1993)
Dollars in thousands
1995 1994 1993
Cash Flow from Operating
Activities
Net earnings $ 53,550 $ 47,228 $ 40,992
Adjustments to reconcile net
earnings to net cash provided by
operating activities, net of
acquisitions
Depreciation and amortization 51,055 41,502 33,701
Deferred income taxes 2,313 459 479
Change in assets and liabilities,
net of effects of acquisitions:
(Increase) in receivables (8,966) (32,942) (18,423)
Decrease (increase) in
inventories 9,785 (12,759) (9,824)
Decrease (increase) in other
current assets 805 2,166 (267)
Increase in accounts payable
and accrued liabilities 5,908 11,048 4,710
(Increase) decrease in other
non-current assets (1,526) 1,715 (1,017)
Other, net 869 2,830 1,386
------- ------ ------
Cash provided by operating
activities 113,793 61,247 51,737
------- ------ -------
Cash Flow from Investing Activities
Capital expenditures (63,822) (87,048) (62,960)
Proceeds from sale of plant,
equipment and other assets 733 3,205 3,914
Cash used for acquisitions,
net of cash acquired (27,441) (29,831) -
------- ------- -------
Cash used for investing activities (90,530) (113,674) (59,046)
------- ------- -------
Cash Flow from Financing Activities
Notes payable (payments) proceeds,
net (56,001) 35,201 20,800
Proceeds from issuance of long-term
debt 75,000 25,000 -
Payments on long-term debt (8,361) (7,565) (11,765)
Proceeds and tax benefit from exercise
of stock options 4,167 2,357 2,506
Dividends paid and stock redemptions (11,308) (10,426) (9,307)
-------- ------- -------
Cash provided by financing
activities 3,497 44,567 2,234
-------- ------- -------
Net increase (decrease) in cash
and short-term investments 26,760 (7,860) (5,075)
Cash and short-term investments
at beginning of year 370 8,230 13,305
-------- ------- --------
Cash and short-term investments
at end of year $ 27,130 $ 370 $ 8,230
======== ======== ========
Cash payments for:
Interest, net of amount
capitalized $ 9,487 $ 5,788 $ 5,471
Income taxes 33,023 32,250 23,789
The accompanying notes to consolidated financial statements are an
integral part of these statements.
[Page 27 of the Annual Report]
Consolidated Statements of Shareholders' Investment
For the Periods Ended December 30, 1995 (1995), December 31, 1994(1994)
and January 1, 1994 (1993)
Dollars in thousands
Common Stock Amount in Cumulative
Shares Par Excess of Translation Retained
Outstanding Value Par Value Adjustment Earnings
Balance, January 2, 1993 13,240,027 $ 1,324 $ 51,948 $ - $ 204,965
Stock options exercised 136,635 14 2,492
Three-for-two stock split
effected in the form of
a 50% stock dividend 6,619,870 662 (4) (662)
Net earnings 40,992
Cash dividends ($.31
per share) (9,303)
---------- ------- -------- -------- --------
Balance, January 1, 1994 19,996,532 2,000 54,436 - 235,992
Stock options exercised 129,494 13 2,344
Net earnings 47,228
Cash dividends ($.35
per share) (10,426)
---------- ------- -------- -------- --------
Balance, December 31, 1994 20,126,026 2,013 56,780 - 272,794
Stock options exercised 196,823 19 4,148
Net earnings 53,550
Cash dividends ($.37 per share) (11,308)
Stock issued for acquisition 236,765 24 9,210
Foreign currency translation
adjustment (118)
---------- ------ ------ ------- --------
Balance, December 30, 1995 20,559,614 $ 2,056 $ 70,138 $ (118) $ 315,036
========== ====== ====== ======= ========
There are 300,000 shares of $10 par value preferred stock authorized, none
of which are issued.
The accompanying notes to consolidated financial statements are an
integral part of these statements.
[Pages 28 through 34 of the Annual Report]
Notes to Consolidated Financial Statements
For the Periods Ended December 30, 1995 (1995), December 31, 1994 (1994)
and January 1, 1994 (1993)
(1) SUMMARY OF ACCOUNTING POLICIES
Significant accounting policies followed by the Banta Corporation (the
"Corporation") in maintaining financial records and preparing financial
statements are:
Business - The Corporation operates in a single business segment -
printing services. Customers, which are primarily located throughout the
United States, are granted credit on an unsecured basis. No one customer
accounted for more than 10% of consolidated sales during 1995, 1994 or
1993.
Year-end - The Corporation's operating year ends on the Saturday closest
to December 31. The years 1995, 1994 and 1993 ended December 30, 1995,
December 31, 1994 and January 1, 1994, respectively, and comprised 52
weeks each.
Principles of Consolidation - The consolidated financial statements
include the accounts of the Corporation and its subsidiaries. All
significant intercompany accounts and transactions have been eliminated.
Earnings Per Share of Common Stock - Net earnings per share of common
stock is computed by dividing net earnings by the weighted average number
of common shares and common equivalent shares related to the assumed
exercise of stock options. Average common and common equivalent shares for
computation of earnings per share were 30,624,134, 30,365,840 and
30,219,567 in 1995, 1994 and 1993, respectively.
Recognition of Sales - In accordance with trade practices of the printing
industry, sales are recorded by the Corporation primarily upon completion
of manufacturing. Substantially all such sales are produced to customer
specifications, therefore, the Corporation has no material amounts of
finished goods inventory.
Foreign Currency Translation - Financial statements of foreign
subsidiaries are translated into United States dollars in accordance with
the provisions of Statement of Financial Accounting Standards No. 52.
Foreign currency translation gains and losses were insignificant in 1995.
Capitalized Interest - The Corporation capitalizes interest on major
building and equipment installations and depreciates the amount over the
lives of the related assets. The total interest incurred was $11,128,000
in 1995, $7,588,000 in 1994 and $6,547,000 in 1993 of which $1,237,000,
$1,686,000 and $1,201,000 was capitalized in 1995, 1994 and 1993,
respectively.
Cash and Short-term Investments - Short-term investments, with maturities
of less than 90 days at the date of purchase, are considered cash
equivalents for purposes of the accompanying consolidated balance sheets
and statements of cash flows.
Inventories - Approximately 36% and 49% of total inventories in 1995 and
1994, respectively, and the majority of the Corporation's inventories used
in its printing operations, are accounted for at cost, determined by a
last-in, first-out (LIFO) basis, which is not in excess of market. The
remaining inventories are stated at the lower of cost or market using the
first-in, first-out (FIFO) method.
Inventories include material, labor and manufacturing overhead. Inventory
amounts at year-end are as follows:
Dollars in thousands
1995 1994
Raw materials and supplies $ 44,815 $37,106
Work-in-process and finished goods 34,789 35,531
-------- -------
FIFO value (current cost) of
all inventories 79,604 72,637
Excess of current cost over carrying
value of LIFO inventories (8,854) (4,840)
-------- -------
Net inventories $ 70,750 $67,797
======== =======
During 1995, inventory quantities were reduced in certain printing
facilities. These reductions resulted in liquidations of LIFO inventory
layers carried at lower costs which prevailed in prior years. The effect
of these liquidations was to decrease cost of goods sold by $1,915,000.
Plant and Equipment - Plant and equipment (including major renewals and
betterments) are carried at cost and depreciated by ratable charges over
the estimated useful life of the assets. Substantially all depreciation
is computed using the straight-line method for financial reporting
purposes. Accelerated depreciation methods are used for tax purposes.
Leasehold improvements are generally amortized over the term of the leases
on a straight-line basis.
Income Taxes - Deferred tax liabilities and assets are determined based on
the difference between the financial statement and the tax basis of assets
and liabilities using enacted tax rates in effect for the year in which
the differences are expected to reverse.
Cost in Excess of Net Assets of Businesses Acquired - Cost in excess of
net assets of businesses acquired ("goodwill") is amortized and charged
against operations on a straight-line method over periods of 25 to 40
years. The realizability of goodwill is evaluated annually based upon the
undiscounted earnings of the businesses acquired compared with the
unamortized amount of goodwill. Accumulated amortization of goodwill was
$4,719,000 and $3,807,000 as of December 30, 1995, and December 31, 1994,
respectively.
Derivative Financial Instruments - The Corporation occasionally utilizes
interest rate swaps and foreign currency forward exchange contracts to
hedge specific interest rate and foreign currency exposures. These
derivative financial instruments are not used for trading purposes. The
Corporation was party to no material derivative financial instrument
contracts in 1995, 1994 and 1993.
Use of Estimates - The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reported periods. Actual results could differ from
those estimates.
Long-Lived Assets - In March 1995, the Financial Accounting Standards
Board issued Statement of Financial Accounting Standards No. 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to be Disposed of." The Corporation intends to adopt this standard
during the first quarter of 1996. The adoption of this standard is not
expected to have a material effect on the Corporation's financial position
or results of operations.
Stock-Based Compensation - In October 1995, the Financial Accounting
Standards Board issued Statement of Financial Accounting Standards No.
123, "Accounting for Stock-Based Compensation." The Corporation intends to
adopt this standard in 1996 by making the required footnote disclosures
only. Therefore, the adoption of this standard is not expected to have an
effect on the Corporation's financial position or results of operations.
(2) ACQUISITIONS
Acquisition of B.G. Turnkey Services Limited - In October 1995, the
Corporation acquired B.G. Turnkey Services Limited ("B.G. Turnkey"). B.G.
Turnkey, headquartered in Cork, Ireland, provides project management,
product assembly, fulfillment and product localization services to
computer software and hardware companies primarily from facilities
located in Ireland, Scotland and The Netherlands. B.G. Turnkey reported
sales for 1994 of approximately $160 million. The purchase price consisted
of 236,765 shares of the Corporation's common stock and approximately $21
million of the Corporation's debentures which were called and prepaid in
December 1995. The payment of these debentures is classified as cash used
for acquisitions in the Statement of Cash Flows. The Corporation also paid
$3.2 million to former shareholders of B.G. Turnkey in exchange for a
covenant not to compete. The purchase price plus the liabilities assumed
exceeded the fair value of the tangible assets and identified intangible
assets purchased by a preliminary estimate of $12.2 million. The final
adjustments to the purchase price are not expected to be significant. This
acquisition was accounted for as a purchase and accordingly, the
accompanying financial statements include B.G. Turnkey's results beginning
with the acquisition date.
Acquisition of United Graphics Inc. - In August 1994, the Corporation
acquired the outstanding shares of United Graphics Inc. ("UGI") for
approximately $9.5 million in cash and a $1.5 million note. The purchase
price plus the liabilities assumed exceeded the fair value of the tangible
and identified intangible assets purchased by $7.2 million. The
Corporation also paid $4 million to former shareholders of UGI in exchange
for covenants not to compete. UGI reported sales for its most recent
fiscal year prior to the acquisition of approximately $28 million. This
acquisition was accounted for as a purchase and accordingly, the
accompanying financial statements include UGI's results beginning with the
acquisition date.
Acquisition of Danbury Printing & Litho, Inc. - In March 1994, the
Corporation purchased substantially all of the assets of Danbury Printing
& Litho, Inc. ("Danbury"). The purchase price of $16.3 million in cash
plus the assumption of selected liabilities was equal to the fair value of
the assets acquired. Danbury reported sales of approximately $35 million
in 1993. This acquisition was accounted for as a purchase and
accordingly, the accompanying financial statements include Danbury's
results beginning with the acquisition date.
Other Acquisitions - During 1995, the Corporation purchased Applied
Technology Corporation, which serves the single-use health care market,
and New Frontiers Information Corporation, which provides customers with
online solutions for distributing catalogs and direct marketing materials
via the Internet's World Wide Web. The combined purchase price for these
two acquisitions was $9.0 million.
(3) NOTES PAYABLE
The Corporation generally obtains short-term financing through the
issuance of commercial paper and unsecured notes to banks. At December 30,
1995, the Corporation had no such borrowings outstanding. At December 31,
1994, the Corporation had outstanding commercial paper and unsecured notes
aggregating $44,351,000 and $11,650,000, respectively, at a weighted
average interest rate of 6.19%. The average outstanding borrowings during
1995 and 1994 were $19.4 million and $26.0 million, respectively. The
weighted-average interest rates on such borrowings during 1995 and 1994
were 6.12% and 4.89%, respectively.
At December 30, 1995, the Corporation had lines of credit available
totaling $68.2 million, none of which were in use. Of this total, $65.0
million represents a credit facility made available by three banks which
can be used to support both commercial paper and unsecured notes.
(4) LONG-TERM DEBT
Long-term debt, including amounts payable within one year, consists of the
following:
Dollars in thousands
1995 1994
6.81% Promissory Notes payable in annual
installments of $5 million from 2004 through
2010, interest payable semi-annually $ 35,000 $ -
7.62% Promissory Note payable in semi-annual
installments of $1,190,000 from 1999 through
2009, interest payable quarterly 25,000 25,000
7.98% Promissory Notes payable in semi-annual
installments of $1,190,000 from 2000 through
2010, interest payable quarterly 25,000 -
9.53% Promissory Note payable in annual
installments of $1,818,000 from 1996 through
2005, interest payable semi-annually 18,182 20,000
7.38% Promissory Notes payable in annual
installments of $1,364,000 from 2005 through
2015, interest payable quarterly 15,000 -
10.11% Promissory Note payable in annual
installments of $2,500,000 from 1996 through
1998 and $1,500,000 in 1999, interest payable
quarterly 9,000 11,000
8.58% Promissory Notes payable in 1996, interest
payable quarterly 2,175 4,312
Notes Payable and Capital Lease Obligations,
generally fixed rates of interest, 6.5% to 9.8%
due in installments through 2001 4,089 6,205
Industrial Revenue Bonds:
Floating rates of interest, approximating 80%
of the prime rate, due in installments
through 2015 6,900 7,050
Fixed rate of interest at 5.8% to 7.5% due in
installments through 2002 2,460 2,600
------- -------
142,806 76,167
Less current maturities 7,853 8,333
------- -------
Long-term debt $134,953 $ 67,834
======= =======
Maturities of long-term debt during the next five years are: 1996,
$7,853,000; 1997, $5,518,000; 1998, $5,987,000; 1999, $7,803,000; and
2000, $7,154,000. Industrial Revenue Bonds aggregating $2,660,000 are
secured by certain real estate and equipment.
The Promissory Note agreements contain various operating and financial
covenants. The more restrictive of these covenants require that working
capital be maintained at a minimum of $40,000,000, current assets be 150%
of current liabilities and consolidated tangible net worth be not less
than $125,000,000. Funded debt of up to 50% of the sum of consolidated net
worth and consolidated funded debt may be incurred without prior consent
of the noteholders. The Corporation may incur short-term debt of up to 25%
of consolidated net worth at any time and is required to be free of all
such obligations in excess of 12.5% of consolidated net worth for 60
consecutive days each year. The agreements also contain limitations on
leases and ratable security on certain types of liens.
One of the Promissory Note agreements contains covenants which restrict
the payment of dividends. As of December 30, 1995, $94,398,000 of
retained earnings was available for the payment of dividends under the
most restrictive of such covenants.
Based on the borrowing rates currently available to the Corporation for
loans with similar terms and average maturities, the fair value of long-
term debt as of December 30, 1995, including current maturities, was
$154,096,000.
(5) STOCK AND INCENTIVE PROGRAMS FOR MANAGEMENT EMPLOYEES
The Corporation has a Management Incentive Award Plan which provides for
the payment of cash awards or bonuses to officers and other key employees
with respect to any year in which the Corporation and its operating units
achieve specified objectives. Awards under the plan were $2,799,000 in
1995, $2,770,000 in 1994 and $2,710,000 in 1993.
The Corporation also has a Long-term Incentive Plan which provides for
payment of cash awards to key officers and executives of the Corporation
upon achievement of specified objectives over three-year performance
periods. Awards under the plan were $511,000 for the 1993 to 1995
performance period, $609,000 for the 1992 to 1994 performance period and
$530,000 for the 1991 to 1993 performance period.
At December 30, 1995, the Corporation had options outstanding or available
for grant under several stock option plans - the 1995 Equity Incentive
Plan, the 1991 Stock Option Plan and the 1987 Nonstatutory Stock Option
Plan. Options may no longer be granted under the 1987 plan. Under the
plans, options to purchase common stock are granted to officers and key
employees at prices not less than the fair market value of the common
stock on the date of grant. Options granted under the 1987 plan and the
1991 plan may be exercised up to five years after the date of grant.
Options granted under the 1995 plan may be exercised up to 10 years from
the date of the grant.
The plans permit participants to use option shares for the purpose of
offsetting income tax liabilities incurred upon the exercise of stock
options. The terms of the 1995 and 1991 Plans allow for grants of either
Incentive Stock Options or Nonstatutory Stock Options. The 1995 and 1991
Plans include provisions which authorize options to be granted to non-
employee Directors.
The following table summarizes activity under the stock option plans:
Options Price Range
Outstanding at January 2, 1993 1,512,682 $9 5/8 - $16 5/8
Granted 334,875 18 1/4 - 23 3/8
Exercised (269,020) 9 5/8 - 16 5/8
Canceled or expired (4,557) 9 5/8 - 11 3/8
---------
Outstanding at January 1, 1994 1,573,980 9 5/8 - 23 3/8
Granted 421,950 20 5/8 - 24 1/8
Exercised (280,331) 9 5/8 - 21 7/8
Canceled or expired (44,119) 11 3/8 - 23 3/8
---------
Outstanding at December 31, 1994 1,671,480 9 5/8 - 24 1/8
Granted 468,300 20 1/8 - 29 1/2
Exercised (419,313) 9 5/8 - 23 3/8
Canceled or expired (8,437) 20 5/8 - 23 3/8
---------
Outstanding at December 30, 1995 1,712,029 $11 1/8 - $29 1/2
=========
Of the options outstanding at December 30, 1995, 833,142 were exercisable
at prices ranging from $111/8 to $24 1/8. The balance of the options
become exercisable at various times through 1998 at prices ranging from
$20 5/8 to $29 1/2. At December 30, 1995, 1,333,464 shares of the
Corporation's common stock were reserved for future option grants.
During 1995, 1994 and 1993, 124,078, 86,090 and 64,068 shares,
respectively, were submitted to the Corporation in partial payment for
stock option exercises and to offset income tax liabilities. These shares
were canceled by the Corporation.
(6) CAPITAL STOCK
In January 1996, the Corporation's Board of Directors approved a three-
for-two stock split to be effected in the form of a 50% stock dividend,
which will be paid in March 1996. All common stock per share amounts and
common stock data, other than the actual shares outstanding, have been
restated in the consolidated financial statements and throughout the
Annual Report to reflect the stock split.
In April 1993, the Corporation distributed a three-for-two stock split
effected in the form of a 50% stock dividend, following the action of the
shareholders increasing the authorized shares of common stock from
30,000,000 shares to 75,000,000 shares. The par value of the additional
shares issued was capitalized by a transfer of $662,000 from retained
earnings to common stock.
The Corporation has been authorized by the Board of Directors to purchase
up to 1,500,000 shares of outstanding common stock in the open market. As
of December 30, 1995, no shares of the Corporation's stock had been
repurchased under this program.
Pursuant to the Corporation's Shareholder Rights Plan, one common stock
purchase right is included with each outstanding share of common stock. In
the event the rights become exercisable, each right will initially
entitle its holder to buy one-half of one share of the Corporation's
common stock at a price of $40 per share (equivalent to $20 per one-half
share), subject to adjustment. The rights will become exercisable if a
person or group acquires 20% or more of the Corporation's common stock or
announces a tender offer for 20% or more of the common stock. Upon the
occurrence of certain events, including a person, or group, acquiring 20%
or more of the Corporation's common stock, each right will entitle the
holder to purchase, at the right's then-current exercise price, common
stock of the Corporation or, depending on the circumstances, common stock
of the acquiring corporation having a market value of twice such exercise
price. The rights may be redeemed by the Corporation at a price of one
cent per right at any time prior to the rights becoming exercisable or
prior to their expiration in November 2001.
(7) OPERATING LEASES
The Corporation leases a variety of assets used in its operations
including manufacturing facilities, warehouses, office space, office
equipment, automobiles and trucks. Annual rentals amounted to $7,661,000,
$5,261,000 and $3,199,000 in 1995, 1994 and 1993, respectively. Minimum
rental commitments for the years 1996 through 2000 aggregate $8,010,000,
$7,202,000, $6,717,000, $4,753,000 and $4,331,000, respectively, and
$25,385,000 thereafter.
(8) EMPLOYEE BENEFIT PLANS
Pension Plans - The Corporation and its unions have several pension plans
covering substantially all employees. The plans are non-contributory and
benefits are based on an employee's years of service and earnings. The
Corporation makes contributions to the qualified plans each year, at least
equal to the minimum required contributions as defined by the Employee
Retirement Income Security Act (ERISA) of 1974. A Non-qualified
Supplemental Retirement Plan is not funded.
Total pension expense, including multiemployer and union sponsored plans
for 1995, 1994 and 1993 was $4,941,000, $5,204,000 and $4,370,000
respectively. Net periodic pension cost for the Corporation-sponsored
qualified and supplemental plans, was as follows:
Dollars in thousands
Qualified Plans Supplemental Plan
1995 1994 1993 1995 1994 1993
Service cost-benefits earned during the year $2,651 $3,039 $2,598 $131 $200 $119
Interest cost on projected benefit obligation 4,220 4,022 3,669 301 249 184
Actual return on plan assets, net of
unrecognized gains (losses) of $12,038,000,
($4,564,000) and $2,671,000 in 1995, 1994
and 1993, respectively (4,373) (3,773) (3,415) - - -
Net amortization (113) (427) (427) 97 107 54
------ ------ ------ ------ ----- -----
Net pension expense $ 2,385 $ 2,861 $2,425 $ 529 $ 556 $ 357
====== ====== ====== ====== ===== =====
Significant assumptions used in determining net pension
expense for the Corporation's plans are as follows:
Qualified Plans Supplemental Plan
1995 1994 1993 1995 1994 1993
Discount rate 8.5% 7.5% 8.0% 8.5% 7.5% 8.0%
Expected rate of increase in
compensation 5.0 5.0 5.0 5.0 5.0 5.0
Expected long-term rate of return
on plan assets 8.5 8.5 8.5 - - -
All of the Corporation's plans, except the Supplemental Plan, have assets
in excess of the accumulated benefit obligation. Plan assets include
commingled funds, marketable equity securities and corporate and
government debt securities. The following table presents a reconciliation
of the funded status of the plans using assumed discount rates of 7.25% and
8.5% for 1995 and 1994, respectively:
Dollars in thousands
Qualified Plans Supplemental Plan
1995 1994 1995 1994
Projected benefit
obligation:
Vested benefits $ 48,468 $ 38,565 $ 2,859 $ 2,505
Non-vested benefits 4,205 4,119 580 2
------ ------ ------ ------
Accumulated benefit
obligation 52,673 42,684 3,439 2,507
Effect of projected
future compensation
levels 14,097 8,910 1,707 842
------ ------ ------ -------
66,770 51,594 5,146 3,349
Plan assets at fair value 73,076 56,254 - -
------ ------ ------ -------
Plan assets (in excess of)
less than projected benefit
obligation (6,306) (4,660) 5,146 3,349
Unrecognized net gain (loss) 6,582 5,054 (2,437) (982)
Adjustment required to
recognize minimum liability - - 866 302
Unrecognized net asset
(obligation) being
amortized over 16 years 2,671 3,099 (136) (162)
------ ------ ------ -------
Accrued pension cost $ 2,947 $ 3,493 $ 3,439 $ 2,507
====== ====== ====== =======
Approximately 54% of the Corporation's non-salaried employees are covered
by multiemployer union sponsored, collectively bargained defined benefit
pension plans. Pension expense includes $2,027,000, $1,787,000 and
$1,588,000 in 1995, 1994 and 1993, respectively, attributable to the
multiemployer plans. These costs are determined in accordance with the
provisions of negotiated labor contacts.
Postretirement Health Care Costs - The Corporation and its subsidiaries
provide non-contractual limited health care benefits for certain retired
employees. The program provides for defined initial contributions by the
Corporation toward the cost of postretirement health care coverage. The
balance of the cost is borne by the retirees. The program provides that
increases in the Corporation's contribution toward coverage will not
exceed 4% per year.
Effective January 3, 1993, the Corporation adopted Statement of Financial
Accounting Standards No. 106, "Employers' Accounting for Postretirement
Benefits Other than Pensions." In connection with the adoption of this
statement, the Corporation elected to amortize the accumulated
postretirement benefit obligation (transition obligation), aggregating
$5,088,000 as of January 3, 1993, over a 20-year period.
The following table sets forth the plan's status at December 30, 1995, and
December 31, 1994:
Dollars in thousands
1995 1994
Accumulated postretirement benefit
obligation:
Retirees $ 2,512 $2,477
Other active plan participants 4,477 3,001
Fully eligible active plan participants 776 439
------- -----
7,765 5,917
Unrecognized transition obligation (4,328) (4,582)
Unrecognized net (loss) gain (614) 563
------- ------
Accrued postretirement benefit cost $ 2,823 $ 1,898
======= ======
The net periodic postretirement benefit cost for 1995, 1994 and 1993
included the following components:
Dollars in thousands
1995 1994 1993
Service cost - benefits attributed to
service during the year $ 423 $ 468 $ 385
Interest cost on accumulated
postretirement benefit obligation 476 456 400
Amortization of transition obligation 247 254 254
----- ----- ----
Net periodic postretirement
benefit cost $ 1,146 $ 1,178 $ 1,039
===== ===== =====
The discount rate used in determining the accumulated postretirement
benefit obligation was 7.25% and 8.50% at December 30, 1995, and December
31, 1994, respectively. Due to the terms of the Corporation's
postretirement health care program, assumed health care cost rate trends
do not affect the Corporation's costs.
Other Benefits - The Corporation has established an Incentive Savings Plan
(401K) for substantially all of its non-bargained employees. Employee
contributions are partially matched by the Corporation in accordance with
criteria set forth in the plan. Matching contributions charged to
earnings for 1995, 1994 and 1993 were $2,148,000, $1,467,000 and
$1,311,000, respectively.
(9) CONTINGENCIES
The Corporation is involved in various claims, including those related to
environmental matters, and lawsuits arising in the normal course of
business. In the opinion of management, the ultimate liability, if any,
for these claims and lawsuits beyond any reserves already provided, will
not have a material adverse effect on the consolidated statements of
earnings of the Corporation.
(10) INCOME TAXES
The provision for income taxes consists of the following:
Dollars in thousands
1995 1994 1993
Current
Federal $25,225 $24,603 $21,313
State 5,564 5,066 4,720
Foreign 276 - -
------ ------ ------
31,065 29,669 26,033
Tax impact of option exercises 2,122 1,372 1,188
Deferred 2,313 459 479
------ ------ ------
Provision for income taxes $35,500 $31,500 $27,700
====== ====== ======
Below is a reconciliation of the statutory federal income tax rate
and the effective income tax rate:
Dollars in thousands
1995 1994 1993
Statutory federal tax rate 35.0% 35.0% 35.0%
State and local income taxes,
less applicable federal tax benefit 4.3 4.4 4.5
Adjustment to deferred taxes resulting
from federal tax rate increase - - .3
Other, net .6 .6 .5
---- ---- ----
Effective income tax rate 39.9% 40.0% 40.3%
==== ==== ====
The components of the net deferred tax liability as of December 30, 1995,
and December 31, 1994, were as follows:
Dollars in thousands
1995 1994
Deferred tax liabilities:
Accelerated depreciation and capitalized
interest $ 28,466 $25,583
Other 184 1,711
------ ------
Total deferred tax liabilities 28,650 27,294
------ ------
Deferred tax assets:
Accrued liabilities (8,614) (9,024)
Accrued pension cost (2,226) (2,424)
Deferred compensation (2,234) (2,038)
Reserve for uncollectible accounts (1,285) (1,766)
Other (2,957) (884)
------- -------
Total deferred tax assets (17,316) (16,136)
------- -------
Net deferred tax liability $11,334 $11,158
======= =======
No United States deferred taxes have been provided on the undistributed
foreign subsidiary earnings which aggregated $1,304,000 at December 30,
1995, and are considered permanently invested.
The non-United States component of income before income taxes was
$1,580,000 in 1995.
The net deferred tax liability is classified in the December 30, 1995, and
December 31, 1994, balance sheets as follows:
Dollars in thousands
1995 1994
Non-current deferred income taxes $ 20,785 $ 19,218
Current deferred income taxes (9,451) (8,060)
------- -------
Net deferred tax liability $ 11,334 $ 11,158
======= =======
(11) FOREIGN OPERATIONS
Summarized data for the Corporation's European operations for 1995, which
consist entirely of the B.G. Turnkey operations, are as follows:
Dollars in thousands
1995
Net sales $54,638
Earnings from operations 1,654
Identifiable assets 66,147
There are no significant transactions between the Corporation's domestic
and European operations.
[Page 35 of the Annual Report]
Report of Independent Public Accountants
TO THE SHAREHOLDERS OF BANTA CORPORATION:
We have audited the accompanying consolidated balance sheets of Banta
Corporation (a Wisconsin corporation) and subsidiaries as of December 30,
1995 and December 31, 1994, and the related consolidated statements of
earnings, shareholders' investment and cash flows for each of the fiscal
years in the three-year period ended December 30, 1995. These financial
statements are the responsibility of the Corporation's management. Our
responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Banta Corporation and
subsidiaries as of December 30, 1995 and December 31, 1994, and the
results of their operations and their cash flows for each of the fiscal
years in the three-year priod ended December 30, 1995, in conformity with
generally accepted accounting principles.
Arthur Andersen LLP
Milwaukee, Wisconsin,
January 30, 1996.
Responsibility for Financial Statements
The Consolidated Financial Statements and other financial references
appearing in this Annual Report were prepared by management in conformity
with generally accepted accounting principles appropriate for the
circumstances. Where acceptable alternative accounting principles exist,
as described in Note 1 of the Notes to the Consolidated Financial
Statements, management uses its best judgment in selecting those
principles that reflect fairly the financial position and results of
operations of the Corporation. The accounting records and systems of
internal control are designed to reflect the transactions of the
Corporation in accordance with established policies and procedures.
Financial and operational reviews are undertaken by management to provide
assurance that the books and records properly reflect transactions
authorized by the Corporation.
The Consolidated Financial Statements appearing in this Annual Report have
been audited by Arthur Andersen LLP. Their audits were made in accordance
with generally accepted auditing standards and provide an independent
review of those management responsibilities that relate to the preparation
of this Annual Report.
The Audit Committee of the Board of Directors, comprised of directors who
are not officers or employees, reviews the financial and accounting
reports of the Corporation, including a review and discussion of the
principles and procedures used by management in preparation of the
financial statements. The independent auditors have full and free access
to the Audit Committee and meet with it to review the results of the audit
engagement, the preparation of the Annual Report and to discuss auditing
and financial reporting matters.
[Page 36 of the Annual Report]
Unaudited Quarterly Financial Information
The following table presents financial information by quarter for the
years 1995 and 1994.
Dollars in thousands (except per share data)
Quarter Ended Quarter Ended Quarter Ended Quarter Ended
March June September December
1995 1994 1995 1994 1995 1994 1995 1994
Net sales $232,954 $187,464 $235,346 $185,831 $249,267 $207,735 $305,083 $230,300
Gross earnings 46,689 41,064 53,105 46,066 55,743 47,595 57,462 51,536
Net earnings 11,002 9,565 12,758 11,957 15,474 13,310 14,321 12,396
Net earnings per
share of common stock .36 .32 .42 .39 .51 .44 .46 .41
Per share amounts have been adjusted for three-for-two stock split
distributed in March 1996.
Dividend Record and Market Prices
Per Share of Common Stock
First Second Third Fourth Entire
Quarter Quarter Quarter Quarter Year
1995 dividends paid $ .0925 $ .0925 $ .0925 $ .0925 $ .37
Price range:
High $ 22 1/2 $ 23 5/8 $ 28 3/4 $ 30 1/8 $ 30 1/8
Low 19 21 1/2 21 1/8 25 3/4 19
1994 dividends paid $ .0875 $ .0875 $ .0875 $ .0875 $ .35
Price range:
High $ 25 5/8 $ 24 3/8 $ 23 3/8 $ 22 5/8 $ 25 5/8
Low 22 21 1/8 20 3/4 18 18
Per share amounts have been adjusted for three-for-two stock split
distributed in March 1996.
Banta Corporation is included in the NASDAQ National Market List and the
symbol is BNTA. The stock prices listed above are the high and low
trades. As of January 31, 1996, the Corporation had 2,496 shareholders of
record.