Bemis Lowers Third Quarter and Total Year 2007 Earnings Per Share Guidance
Press release from the issuing company
NEENAH, WISCONSIN, October 3, 2007 - Bemis Company, Inc. announced today that, based upon preliminary performance results through September, it expects third quarter diluted earnings to be $0.37 to $0.40 per share. This is below its previous guidance range of $0.48 to $0.51 per share established in July. In addition, Bemis expects to further reduce its 2007 total year guidance by as much as 10 percent below its previous total year guidance. More specific guidance for the remainder of the year will be included in the 2007 third quarter earnings press release on October 30, 2007.
"Sale volumes substantially weakened during the third quarter," said Jeffrey Curler, Chairman and Chief Executive Officer of Bemis Company, Inc. "Preliminary results indicate that North American flexible packaging sales will be about 5.0 percent below our previous expectations, reflecting generally lower levels of consumer demand for our flexible packaging customers' products. These lower sales levels have severely impacted manufacturing cost absorption and operating profit. In addition, our European pressure sensitive materials sales softened in August and September, resulting in reduced operating profit levels in this business segment. At this point, we expect these weak business conditions to continue into the fourth quarter. Our business teams are implementing measures to immediately reduce costs and adjust staffing levels in order to improve profit levels during this challenging period."
Bemis will announce its third quarter 2007 results in a news release that will be available to the media and on the Bemis website on Tuesday, October 30, before the market opens. Bemis will webcast an investor telephone conference regarding its completed third quarter 2007 financial results on October 30, 2007 at 10 a.m., Eastern Time. Individuals may listen to the call on the Internet at http://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.
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