EXHIBIT 19 - FINANCIAL STATEMENTS FURNISHED TO SECURITY HOLDERS
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended Nine Months Ended
September 30 September 30
------------------ -----------------
1996 1995 1996 1995
---- ---- ---- ----
Net sales.................... $423,089 $372,506 $1,220,545 $1,124,237
Costs and expenses:
Cost of products sold...... 330,479 292,830 949,161 883,172
Selling, general and
administrative expenses.. 45,716 41,648 139,233 130,213
Research and development... 3,772 3,853 10,233 9,961
Interest expense........... 3,705 2,670 9,938 8,437
Other income............... (223) (2,256) (5,018) (3,059)
Minority interest in
net income.............. 1,107 830 3,149 2,962
------- ------- --------- --------
Income before income taxes... 38,533 32,931 113,849 92,551
Taxes based on
income - cash....... 14,250 12,087 41,316 32,079
Taxes based on
income - deferred... 250 13 1,584 2,421
------- -------- --------- ---------
Net income................... $ 24,033 $ 20,831 $ 70,949 $ 58,051
======= ======== ========= =========
Earnings per share of
common stock............... $.45 $.40 $1.33 $1.12
==== ==== ===== =====
Cash dividends paid.......... $.18 $.16 $.54 $.48
==== ==== ===== =====
Average common shares and
common stock equivalents
outstanding................ 53,288 52,040 53,276 51,978
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EXHIBIT 19 - FINANCIAL STATEMENTS FURNISHED TO SECURITY HOLDERS
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(IN THOUSANDS OF DOLLARS)
Sep 30 Dec 31
ASSETS 1996 1995
---- ----
Cash.......................................... $ 21,535 $ 22,032
Accounts receivable - net..................... 215,216 201,725
Inventories................................... 179,170 178,085
Prepaid expenses and deferred charges......... 44,573 40,432
---------- ----------
Total current assets..................... 460,494 442,274
---------- ----------
Property and equipment, net................... 564,130 534,551
Excess of cost of investments in
subsidiaries over net assets acquired...... 94,330 42,437
Other assets.................................. 11,367 11,333
---------- ----------
Total.................................... 105,697 53,770
---------- ----------
TOTAL ASSETS.................................. $1,130,321 $1,030,595
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt............. $ 1,706 $ 3,405
Short-term borrowings......................... 3,188 1,080
Accounts payable.............................. 153,112 163,692
Accrued salaries and wages.................... 31,449 29,128
Accrued income and other taxes................ 17,836 21,910
---------- ----------
Total current liabilities................ 207,291 219,215
Long-term debt, less current portion.......... 234,890 166,435
Deferred taxes................................ 51,396 49,758
Other liabilities and deferred credits........ 59,240 53,943
---------- ----------
Total liabilities........................ 552,817 489,351
---------- ----------
Minority interest............................. 30,652 28,436
STOCKHOLDERS' EQUITY:
Common stock (57,897,316 and
57,811,966 shares)....................... 5,790 5,781
Capital in excess of par value............ 149,284 147,119
Retained income........................... 538,796 496,252
Cumulative translation adjustment......... 8,793 10,505
Common stock held in treasury
(5,536,627 and 5,244,617 shares)......... (155,811) (146,849)
---------- ----------
Total stockholders' equity............... 546,852 512,808
---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY.... $1,130,321 $1,030,595
========== ==========
EXHIBIT 19 - FINANCIAL STATEMENTS FURNISHED TO SECURITY HOLDERS
BEMIS COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(IN THOUSANDS OF DOLLARS)
Nine Months Ended
September 30
-----------------
1996 1995
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES
Net income............................................. $ 70,949 $ 58,051
NON-CASH ITEMS:
Depreciation and amortization...................... 51,464 44,311
Minority interest.................................. 3,149 2,962
Deferred income taxes, non-current portion......... 1,584 2,457
Loss (gain) on sale of property and equipment...... 51 (214)
--------- --------
Cash provided by operations............................ 127,197 107,567
Net change in receivables, inventories,
prepaid expenses and payables........................ (36,186) 3,499
Net change in deferred charges and credits............. 5,307 607
Other.................................................. 0 314
--------- --------
Net cash provided by operating activities.............. 96,318 111,987
--------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment ................... (76,459) (69,035)
Business acquisition................................... (62,914)
Business divestiture................................... 12,752
Proceeds from sale of property and equipment........... 1,535 1,984
Change in long-term receivables........................ 12 (14)
--------- --------
Net cash used in investing activities.................. (125,074) (67,065)
--------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Change in long-term debt............................... 68,455 (13,642)
Change in short-term debt ............................. 409 (668)
Cash dividends paid.................................... (28,405) (24,716)
Subsidiary dividends to minority stockholders.......... (1,841)
Common stock purchased for the treasury................ (8,962)
Stock incentive programs............................... 115 3,449
--------- --------
Net cash (used) provided by financing activities....... 29,771 (35,577)
--------- --------
Effect of exchange rates on cash....................... (1,512) 1,078
--------- --------
Net decrease in cash................................... $ (497) $ 10,423
========= ========
EXHIBIT 19 - FINANCIAL STATEMENTS FURNISHED TO SECURITY HOLDERS
BEMIS COMPANY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all the information and
footnotes necessary for a comprehensive presentation of financial position and
results of operation.
It is management's opinion, however, that all material adjustments
(consisting of normal recurring accruals) have been made which are necessary for
a fair financial statement presentation. The results for the interim period are
not necessarily indicative of the results to be expected for the year.
For further information, refer to the consolidated financial statements and
footnotes included in the Company's annual report on Form 10-K for the year
ended December 31, 1995.
TAXES BASED ON INCOME
The Company's 1996 effective tax rate of 38% differs from the federal
statutory rate of 35% primarily due to state and local income taxes.