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Bemis Company Reports 2012 Fourth Quarter and Full Year Results

  Bemis Company Reports 2012 Fourth Quarter and Full Year Results

Business Wire

NEENAH, Wis. -- January 31, 2013

Bemis Company, Inc. (NYSE:BMS) today reported 2012 full year diluted earnings
of $1.66 per share on net sales of $5.1 billion. Excluding the effect of
facility consolidation and acquisition related integration charges detailed in
the attached schedule, “Reconciliation of Non-GAAP Earnings Per Share”,
adjusted diluted earnings for 2012 would have been $2.15 per share. Excluding
the impact of currency, 2012 net sales was substantially unchanged from 2011
as lower unit sales volumes during 2012 were offset by improved sales mix and
the impact of acquisitions.

“We accomplished our key goals for 2012 and generated record earnings per
share,” said Henry Theisen, Bemis Company's President and Chief Executive
Officer. “We right-sized our operations and consolidated our production
facilities. Bemis delivered improved earnings and profit margins by reducing
costs while increasing sales of higher margin products. In addition, our World
Class Operations Management improved production efficiencies and expanded our
capacity for value added products while our facility consolidation program
reduced capacity in other areas. This allowed us to limit capital expenditures
to $136 million and achieve sustainable improvements in sales mix. Looking
ahead to 2013, our positive momentum and strong cash flow will put us in a
position to return more capital to shareholders while continuing to invest in
growth opportunities.”

HIGHLIGHTS OF THE FULL YEAR 2012:

  *Adjusted diluted earnings per share increased 8.0 percent to $2.15 from
    $1.99 in 2011.
  *Gross profit as a percent of net sales improved to 18.4 percent compared
    to 17.1 percent in 2011.
  *Bemis' facility consolidation program contributed savings of approximately
    $8 million in 2012.
  *Cash provided by operations totaled $421 million, reflecting continued
    emphasis on cost management.
  *Management set guidance for the first quarter and full year 2013:

       *First quarter adjusted diluted earnings per share in the range of
         $0.50 to $0.56
       *Total year adjusted diluted earnings per share in the range of $2.30
         to $2.45
       *Capital expenditures expected to be approximately $175 million
       *Cash flow from operations expected to exceed $430 million

FOURTH QUARTER 2012 CONSOLIDATED RESULTS

Bemis recorded diluted earnings of $0.38 per share for the fourth quarter
ended December 31, 2012 on net sales of $1.2 billion. Excluding the effect of
facility consolidation and other related charges detailed in the attached
schedule, “Reconciliation of Non-GAAP Earnings Per Share”, diluted earnings
per share would have been $0.52 for the fourth quarter of 2012, at the top end
of management's guidance range. Excluding the impact of currency, 2012 net
sales decreased modestly from 2011.

BUSINESS SEGMENT RESULTS

New Reportable Business Segments

On January 10, 2013, Bemis announced the realignment of its segment reporting.
As a result, Bemis now reports business segment information for three
reportable segments as follows: U.S. Packaging, Global Packaging, and Pressure
Sensitive Materials. The expansion from two to three reportable segments
reflects the separation of the Flexible Packaging business segment into U.S.
Packaging and Global Packaging business segments. The Pressure Sensitive
Materials business segment remains unchanged.

In connection with the implementation of an enterprise resource planning
system during 2012, Bemis recorded non-recurring adjustments primarily to cost
of goods sold during the fourth quarter in order to harmonize the application
of certain accounting practices and provide consistency among the business
segments. These adjustments made to individual locations across the segments
substantially offset one another.

U.S. Packaging

For the total year 2012, U.S. Packaging net sales of $3.0 billion represented
a decrease of 2.3 percent compared to 2011. Acquisitions increased net sales
by approximately 0.8 percent. U.S. Packaging segment operating profit for 2012
was $366.7 million, or 12.1 percent of net sales, compared to $315.0 million,
or 10.1 percent of net sales, for 2011. Facility consolidation program costs
negatively impacted results during each period. Excluding these costs, segment
adjusted operating profit for 2012 would have been $408.8 million, or 13.4
percent of net sales, compared to $341.3 million, or 11.0 percent of net
sales, in 2011. (See attached schedule: “Reconciliation of Non-GAAP Operating
Profit”)

Lower net sales in 2012 reflect generally lower unit sales volumes of
packaging for certain non-barrier packaging, partially offset by increased
unit sales volumes of barrier packaging for products such as refrigerated
foods where food safety is a requirement. The closure of six U.S. Packaging
facilities in conjunction with the facility consolidation program is reducing
capacity for certain non-barrier packaging, driving improved sales mix and
lower fixed costs. Substantially all of the savings generated from the
facility consolidation activities in 2012 benefited the U.S. Packaging
segment. Operating profit also benefited from a favorable adjustment totaling
$13.8 million in the fourth quarter related to the harmonization of certain
accounting practices in connection with the enterprise resource planning
system implementation mentioned above.

Global Packaging

For the total year 2012, Global Packaging net sales of $1.5 billion
represented a decrease of 5.7 percent compared to 2011. Acquisitions increased
net sales by approximately 2.4 percent, which was more than offset by a 9.7
percent decrease in net sales related to currency translation. Global
Packaging segment operating profit for 2012 was $59.9 million, or 3.9 percent
of net sales, compared to $112.6 million, or 6.9 percent of net sales, for
2011. Facility consolidation program and acquisition-related integration costs
negatively impacted results during each period. Excluding these costs, segment
adjusted operating profit for 2012 would have been $91.1 million, or 5.9
percent of net sales, compared to $121.9 million, or 7.4 percent of net sales,
in 2011. The net effect of currency translation decreased operating profit for
the fourth quarter and full year 2012 by $1.8 million and $10.9 million,
respectively.

Excluding the impact of acquisitions and currency translation, net sales
increased reflecting higher selling prices and improved sales mix, partially
offset by the impact of lower unit sales volumes. The decline in operating
profit as a percentage of net sales in 2012 reflects both the lower unit sales
volumes in 2012 and the impact of an unfavorable fourth quarter adjustment
totaling $16.4 million related to the harmonization of certain accounting
practices in connection with the enterprise resource planning system
implementation mentioned above. Three low margin facilities in the global
packaging business segment were closed during 2012 as part of the facility
consolidation program.

Pressure Sensitive Materials

For the total year 2012, net sales of Pressure Sensitive Materials was $555.6
million, a 3.3 percent decrease from net sales in 2011. Currency effects
decreased net sales by 3.1 percent. Pressure Sensitive Materials segment
operating profit for 2012 was $37.1 million, or 6.7 percent of net sales,
compared to $33.4 million, or 5.8 percent of net sales, for 2011. Facility
consolidation program costs negatively impacted results during 2011. Excluding
these costs, segment adjusted operating profit in 2011 would have been $36.1
million, or 6.3 percent of net sales. The net effect of currency translation
decreased operating profit in 2012 by $1.5 million. Fourth quarter accounting
practices harmonization adjustments increased operating profit by $0.5
million.

Higher unit sales volumes of label products partially offset lower unit
volumes for both graphic and technical products, resulting in a less favorable
sales mix during 2012. Operating profit improvement reflects the positive
impact of prudent cost management throughout the year.

2013 OUTLOOK

Commenting on the year ahead, Theisen stated, “We are aggressively managing
our business to improve earnings and returns. We expect recent sales mix
improvements to be sustainable as we continue to drive volume growth in
barrier packaging. In total, unit sales volumes in 2013 are expected to be
consistent with 2012. We are on pace to achieve the cost savings associated
with our 2012 facility consolidation program.”

Management expects adjusted diluted earnings per share for the first quarter
of 2013 to be in the range of $0.50 to $0.56. This excludes first quarter
charges associated with the facility consolidation program. While Bemis
expects all production consolidation efforts to be completed by the end of the
first quarter, accounting charges associated with closed facilities may
continue through at least the second quarter of 2013.

Adjusted diluted earnings per share for the full year 2013 are expected to be
in the range of $2.30 to $2.45 per share. The incremental savings of the
facility consolidation activities are expected to be approximately $37 million
in 2013. The annualized savings rate of $50 million is expected to be achieved
beginning in the second quarter of 2013.

Cash provided by operating activities for 2013 is expected to exceed $430
million, primarily reflecting the benefits of improved profitability.
Management expects capital expenditures to be approximately $175 million for
the full year 2013, which includes expansion of Bemis' capacity in China, the
addition of high barrier capacity in Latin America, and added capacity to
support increased customer demand for products from Bemis' barrier platform in
the United States.

CAPITAL STRUCTURE AND CASH FLOW

Net debt (defined as total debt less cash) to adjusted EBITDA (defined as
operating income plus depreciation and amortization) was 2.1 times at December
31, 2012, in line with management's long-term leverage target of approximately
2.0 times.

For the total year 2012, cash provided by operating activities was $421
million. For the total year 2012, Bemis used its cash flow from operations to
fund $104 million in common stock dividends; $19 million for an acquisition;
$136 million in capital expenditures; and $157 million in debt reduction.

EFFECTIVE INCOME TAX RATE

The effective tax rate for 2012 was 37.6 percent. During the fourth quarter,
Bemis made adjustments of valuation allowances based on the likely realization
of the future benefits related to specific net deferred tax assets. The
deferred tax assets relate primarily to accumulated operating losses incurred
by certain legal entities in foreign countries. Excluding these adjustments,
the effective tax rate for 2012 would have been 36.1 percent. Management
expects the effective income tax rate for 2013 to be approximately 36 percent.

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 from continuing
operations. 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 activities including employee-related costs,
lease termination payments, accelerated depreciation, and the write-down of
equipment. These measures also exclude 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 the United States of America (GAAP). It is provided solely to
assist in an investor's understanding of the impact of these items on the
comparability of the Company's on-going business operations.

FORWARD LOOKING STATEMENTS

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 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, a failure in our information technology infrastructure
or applications, foreign currency fluctuations, unexpected costs associated
with plant closings and disposal activities, 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 SEC filings including the
most recently filed Form 10-K for the year ended December 31, 2011.

INVESTOR CONFERENCE CALL

Bemis Company, Inc. will webcast an investor telephone conference regarding
its fourth quarter and full year 2012 financial results this morning 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
website 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.

ABOUT BEMIS COMPANY, INC.

Bemis Company, Inc. is a major supplier of packaging and pressure sensitive
materials used by leading food, consumer products, healthcare, and other
companies worldwide. Founded in 1858, Bemis Company is included in the S&P 500
index of stocks and reported 2012 net sales of $5.1 billion. Bemis has a
strong technical base in polymer chemistry, film extrusion, coating and
laminating, printing, and converting. Headquartered in Neenah, Wisconsin,
Bemis employs approximately 20,000 individuals worldwide. More information
about Bemis is available at our website, www.bemis.com.


BEMIS COMPANY,INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share amounts)
(unaudited)
                                               
                   Three Months Ended              Twelve Months Ended
                   December 31,                    December 31,
                   2012          2011            2012          2011
Net sales          $ 1,233.9       $ 1,270.2       $ 5,139.2       $ 5,322.7
Cost of products   997.8          1,051.5        4,191.7        4,412.5   
sold
Gross profit       236.1           218.7           947.5           910.2
Operating
expenses:
Selling, general
and                125.1           118.9           506.7           483.4
administrative
expenses
Research and       10.1            10.5            41.6            38.7
development
Facility
consolidation      19.3            38.4            68.7            38.4
and other costs
Other operating
(income)           (2.7      )     (3.8      )     (15.0     )     (17.7     )
expense, net
                                                                   
Operating income   84.3            54.7            345.5           367.4
                                                                   
Interest expense   16.1            22.0            70.9            76.8
Other
non-operating      (1.8      )     (1.7      )     (4.0      )     (1.6      )
(income)
expense, net
                                                                   
Income before      70.0            34.4            278.6           292.2
income taxes
                                                                   
Provision for      29.9           11.6           104.8          104.9     
income taxes
                                                                   
Net income         40.1            22.8            173.8           187.3
                                                                   
Less: Net income
attributable to    —              —              —              3.2       
noncontrolling
interests
                                                                   
Net income
attributable to    $ 40.1         $ 22.8         $ 173.8        $ 184.1   
Bemis Company,
Inc.
                                                                   
Basic earnings     $ 0.38         $ 0.22         $ 1.67         $ 1.73    
per share
                                                                   
Diluted earnings   $ 0.38         $ 0.22         $ 1.66         $ 1.73    
per share
                                                                   
Cash dividends     $ 0.25          $ 0.24          $ 1.00          $ 0.96
paid per share
                                                                   
Weighted average
shares
outstanding
(including
participating
securities):
Basic              104.2           104.4           104.3           106.2
Diluted            105.0           105.0           105.0           106.6
                                                                             

BEMIS COMPANY,INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(in millions)
(unaudited)
                                                              
                                                 December 31,     December 31,
                                                 2012             2011
ASSETS
                                                                  
Cash and cash equivalents                        $  114.1         $  109.8
Accounts receivable, net                         645.2            665.4
Inventories                                      661.9            646.0
Prepaid expenses and other current assets        103.8           127.8      
Total current assets                             1,525.0         1,549.0    
                                                                  
Property and equipment, net                      1,351.3         1,440.9    
                                                                  
Goodwill                                         1,034.3          1,048.4
Other intangible assets, net                     201.2            222.5
Deferred charges and other assets                73.9            59.6       
Total other long-term assets                     1,309.4         1,330.5    
                                                                  
TOTAL ASSETS                                     $  4,185.7      $  4,320.4 
                                                                  
LIABILITIES
                                                                  
Current portion of long-term debt                $  0.3           $  13.4
Short-term borrowings                            8.6              1.7
Accounts payable                                 382.1            415.8
Accrued salaries and wages                       107.9            95.8
Accrued income and other taxes                   34.3             23.9
Other current liabilities                        109.8           131.4      
Total current liabilities                        643.0            682.0
                                                                  
Long-term debt, less current portion             1,417.6          1,554.8
Deferred taxes                                   198.3            175.5
Other liabilities and deferred credits           285.9           326.0      
                                                                  
TOTAL LIABILITIES                                2,544.8         2,738.3    
                                                                  
EQUITY
                                                                  
Bemis Company, Inc. shareholders’ equity:
Common stock issued (127.2 and 126.9 shares)     12.7             12.7
Capital in excess of par value                   545.4            532.4
Retained earnings                                1,900.9          1,832.9
Accumulated other comprehensive loss             (112.9     )     (90.7      )
Common stock held in treasury (24.0 shares at    (705.2     )     (705.2     )
cost)
TOTAL EQUITY                                     1,640.9         1,582.1    
                                                                  
TOTAL LIABILITIES AND EQUITY                     $  4,185.7      $  4,320.4 
                                                                             

BEMIS COMPANY,INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
(unaudited)
                                                     
                                                       Twelve Months Ended
                                                       December 31,
                                                       2012        2011
Cash flows from operating activities
Net income                                             $ 173.8       $ 187.3
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization                          204.3         220.3
Excess tax benefit from share-based payment            (0.6    )     (1.4    )
arrangements
Share-based compensation                               17.6          16.3
Deferred income taxes                                  8.7           23.5
Income of unconsolidated affiliated company            (2.6    )     (2.5    )
Cash dividends received from unconsolidated            4.4           4.3
affiliated company
Loss on sale of property and equipment                 1.7           3.3
Net facility consolidation and other costs             34.8          35.0
Changes in working capital, excluding effect of        (22.7   )     (90.0   )
acquisitions
Net change in deferred charges and credits             1.9          24.8    
                                                                     
Net cash provided by operating activities              421.3        420.9   
                                                                     
Cash flows from investing activities
Additions to property and equipment                    (136.4  )     (135.2  )
Business acquisitions and adjustments, net of cash     (19.1   )     (152.8  )
acquired
Proceeds from sale of property and equipment           4.7          3.9     
                                                                     
Net cash used in investing activities                  (150.8  )     (284.1  )
                                                                     
Cash flows from financing activities
Proceeds from issuance of long-term debt               —             400.9
Repayment of long-term debt                            (321.7  )     (11.8   )
Net borrowing (repayment) of commercial paper          157.3         (114.7  )
Net borrowing of short-term debt                       7.6           1.9
Cash dividends paid to shareholders                    (104.3  )     (101.9  )
Common stock purchased for the treasury                —             (161.1  )
Purchase of subsidiary shares of noncontrolling        —             (89.7   )
interests
Excess tax benefit from share-based payment            0.6           1.4
arrangements
Stock incentive programs and related tax               (5.2    )     (5.0    )
withholdings
                                                                     
Net cash used in financing activities                  (265.7  )     (80.0   )
                                                                     
Effect of exchange rates on cash and cash              (0.5    )     (7.4    )
equivalents
                                                                     
Net increase in cash and cash equivalents              4.3           49.4
                                                                     
Cash and cash equivalents balance at beginning of      109.8        60.4    
year
                                                                     
Cash and cash equivalents balance at end of period     $ 114.1      $ 109.8 
                                                                             

BEMIS COMPANY, INC. AND SUBSIDIARIES
OPERATING PROFIT AND PRETAX PROFIT
(in millions)
(unaudited)
                                                   
                            Three Months Ended         Twelve Months Ended
                            December 31,               December 31,
                            2012        2011         2012        2011
U.S. Packaging
Operating profit before
facility consolidation      $ 121.4       $ 87.0       $ 408.8       $ 341.3
and other costs (1)
Facility consolidation      (10.6   )     (26.3  )     (42.1   )     (26.3   )
and other costs
Operating profit            110.8         60.7         366.7         315.0
                                                                     
Global Packaging
Operating profit before
facility consolidation      10.0          25.5         86.5          121.2
and other costs (1)
Facility consolidation      (8.7    )     (8.6   )     (26.6   )     (8.6    )
and other costs
Operating profit            1.3           16.9         59.9          112.6
                                                                     
Pressure Sensitive
Materials
Operating profit before
facility consolidation      8.8           6.5          37.1          36.1
and other costs (1)
Facility consolidation      —            (2.7   )     —            (2.7    )
and other costs
Operating profit            8.8           3.8          37.1          33.4
                                                                     
Segment operating profit    120.9         81.4         463.7         461.0
                                                                     
Corporate
General corporate
expenses before facility    (36.6   )     (25.9  )     (118.2  )     (92.8   )
consolidation and other
costs
Facility consolidation      —            (0.8   )     —            (0.8    )
and other costs
General corporate           (36.6   )     (26.7  )     (118.2  )     (93.6   )
expenses
                                                                     
Operating income            84.3          54.7         345.5         367.4
                                                                     
Interest expense            16.1          22.0         70.9          76.8
                                                                     
Other non-operating         (1.8    )     (1.7   )     (4.0    )     (1.6    )
(income) expense, net
                                                                     
Income before income        $ 70.0       $ 34.4      $ 278.6      $ 292.2 
taxes
                                                                             

      Operating profit before facility consolidation and other costs includes
      non-recurring adjustments associated with harmonizing certain accounting
(1)  practices. The benefit (detriment) for U.S. Packaging, Global Packaging,
      and Pressure Sensitive Materials for the three and twelve months ended
      December 31, 2012 was $13.8 million, ($16.4 million), and $0.5 million,
      respectively.
      

BEMIS COMPANY, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP OPERATING PROFIT
(in millions, except per share amounts)
(unaudited)
                                               
                       Three Months Ended          Twelve Months Ended
                       December 31,                December 31,
                       2012        2011          2012          2011
U.S. Packaging
Net sales              $ 711.5      $ 732.7      $ 3,040.1      $ 3,110.7 
                                                                   
Operating profit as    $ 110.8       $ 60.7        $ 366.7         $ 315.0
reported
                                                                   
Non-GAAP
adjustments:
Facility
consolidation and      10.6         26.3         42.1           26.3      
other costs (1)
                                                                   
Operating profit as    $ 121.4      $ 87.0       $ 408.8        $ 341.3   
adjusted
                                                                   
Operating profit as
a percentage of net
sales
As reported            15.6    %     8.3     %     12.1      %     10.1      %
As adjusted            17.1    %     11.9    %     13.4      %     11.0      %
                                                                   
Global Packaging
Net sales              $ 389.4      $ 401.0      $ 1,543.5      $ 1,637.2 
                                                                   
Operating profit as    $ 1.3         $ 16.9        $ 59.9          $ 112.6
reported
                                                                   
Non-GAAP
adjustments:
Facility
consolidation and      8.7           8.6           26.6            8.6
other costs (1)
Purchase accounting
for inventory and      —             —             —               0.5
order backlog (2)
Acquisition-related
integration costs      —             1.7           4.6             2.9
(3)
Pension curtailment    —            (2.7    )     —              (2.7      )
(4)
                                                                   
Operating profit as    $ 10.0       $ 24.5       $ 91.1         $ 121.9   
adjusted
                                                                   
Operating profit as
a percentage of net
sales
As reported            0.3     %     4.2     %     3.9       %     6.9       %
As adjusted            2.6     %     6.1     %     5.9       %     7.4       %
                                                                   
Pressure Sensitive
Materials
Net sales              $ 133.0      $ 136.5      $ 555.6        $ 574.8   
                                                                   
Operating profit as    $ 8.8         $ 3.8         $ 37.1          $ 33.4
reported
                                                                   
Non-GAAP
adjustments:
Facility
consolidation and      —            2.7          —              2.7       
other costs (1)
                                                                   
Operating profit as    $ 8.8        $ 6.5        $ 37.1         $ 36.1    
adjusted
                                                                   
Operating profit as
a percentage of net
sales
As reported            6.6     %     2.8     %     6.7       %     5.8       %
As adjusted            6.6     %     4.8     %     6.7       %     6.3       %

      Facility consolidation and other costs includes employee-related costs,
(1)  accelerated depreciation, write down of equipment and other costs
      related to the Company's facility consolidation program.
      Expenses related to the purchase accounting impact of the fair value
(2)   write-up of inventory and a charge for the fair value of the customer
      order backlog in the Mayor Packaging acquisition.
(3)   Acquisition related integration costs include earnout payments treated
      as compensation expense related to the Mayor Packaging acquisition.
(4)   Pension curtailment includes a gain associated with the Company's
      Mexican pension plan.
      

BEMIS COMPANY, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP EARNINGSPERSHARE
(unaudited)
                                                     
                               Three Months Ended        Twelve Months Ended
                               December 31,              December 31,
                               2012       2011         2012       2011
Diluted earnings per share,    $ 0.38       $ 0.22       $ 1.66       $ 1.73
as reported
                                                                      
Non-GAAP adjustments per
share, net of taxes:
Facility consolidation and     0.14         0.24         0.45         0.24
other costs (1)
Acquisition-related            —            0.02         0.04         0.03
integration costs (2)
Transaction related costs      —            —            —            0.02
(3)
Pension curtailment (4)        —           (0.03  )     —           (0.03  )
                                                                      
Diluted earnings per share,    $ 0.52      $ 0.45      $ 2.15      $ 1.99 
as adjusted
                                                                             

      Facility consolidation and other costs includes employee-related costs,
(1)  accelerated depreciation, write down of equipment and other costs
      related to the Company's facility consolidation program.
(2)   Acquisition related integration costs include earnout payments treated
      as compensation expense related to the Mayor Packaging acquisition.
      Transaction related costs are related to our acquisition of Mayor
(3)   Packaging. These costs consist of legal, accounting, and other
      professional fees.
(4)   Pension curtailment includes a gain associated with the Company's
      Mexican pension plan.

Contact:

Bemis Company, Inc.
Melanie E. R. Miller, 920-527-5045
Vice President, Investor Relations and Treasurer
 
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