ENP Newswire -
Release date- 25072014 -
'I am very pleased with our strong operating performance during the second quarter,' said
BUSINESS SEGMENT RESULTS
The remaining 0.5 percent decrease in net sales primarily reflects lower volumes in less differentiated product categories.
Excluding facility consolidation costs in 2013, segment adjusted operating profit would have been
Increased unit sales of healthcare packaging were partially offset by the impact of generally lower consumption levels in
The net effect of currency translation decreased operating profit during the second quarter of 2014 by
Pressure Sensitive Materials
Pressure Sensitive Materials net sales totaled
Pressure Sensitive Materials operating profit for the second quarter was
CAPITAL STRUCTURE AND CASH FLOW
Net debt to adjusted EBITDA was 2.2 times at
Cash flow from operations for the quarter of
Management expects adjusted diluted earnings per share for the third quarter of 2014 to be in the range of
Management raised the lower end of total year 2014 earnings guidance from the range of
Management expects cash flow from operations for 2014 to be approximately
Management expects its total year 2014 capital expenditures to be approximately
PRESENTATION OF NON-GAAP INFORMATION
This press release refers to non-GAAP financial measures: adjusted operating profit, adjusted operating profit as a percentage of net sales, net debt to adjusted EBITDA, and adjusted diluted earnings per share. These non-GAAP financial measures adjust for factors that are unusual or unpredictable. These measures exclude the impact of certain amounts related to facility consolidation and plant closure activities including employee-related costs, equipment relocation costs, lease termination payments, accelerated depreciation, and the write-down of equipment.
These measures also exclude gains on sales of property and divestitures and certain acquisition-related expenses including transaction expenses, due diligence expenses, professional and legal fees, purchase accounting adjustments for inventory and order backlog, integration expenses, the cash portion of any acquisition earn-out payments recorded as compensation expenses, and changes in fair value of deferred acquisition payments.
This adjusted information should not be construed as an alternative to results determined in accordance with accounting principles generally accepted in
Statements in this release that are not historical, including statements relating to the expected future performance of the Company, are considered 'forward-looking' and are presented pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995.
Such content is subject to certain risks and uncertainties, including but not limited to general economic conditions, future changes in cost or availability of raw materials, our ability to adjust selling prices, consumer buying patterns, changes in customer order patterns, the results of competitive bid processes, costs associated with the pursuit of business combinations or divestitures, plant closures, a failure in our information technology infrastructure or applications, the funded status of our defined benefit plans, foreign currency fluctuations, unexpected costs associated with production relocation, changes in working capital requirements, changes in government regulations, and the availability and related cost of financing from banks and capital markets.
Actual future results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors which are detailed in the Company's regular
Bemis has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing, and converting. Headquartered in
More information about Bemis is available at our website, www.bemis.com
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