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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OF
THE SECURITIES EXCHANGE ACT OF 1934
For The Fiscal Year Ended December 31, 1993
Commission File Number 0-1387
BEMIS COMPANY, INC.
(Exact name of registrant as specified in its charter)
Missouri 43-0178130
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
222 South 9th Street, Suite 2300, Minneapolis, Minnesota 55402-4099
(Address of principal executive offices)
Registrant's telephone number, including area code (612) 376-3000
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
Common stock New York Stock Exchange
Par Value $.10 Per Share
(51,201,326 shares outstanding
as of December 31, 1993)
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark whether the registrant has filed all reports
required to be filed by Section 13 of the Securities Exchange Act of
1934 during the preceding 12 months and has been subject to such filing
requirements for the past 90 days.
YES X NO
---- ----
Aggregate market value of the voting
stock held by non-affiliates of the registrant:
51,211,326 shares @ $22.00 per share as of March 14, 1994 - $1,126,649,000
DOCUMENTS INCORPORATED BY REFERENCE
-----------------------------------
1993 Annual Report to Shareholders - Part I and Part II
Proxy Statement - Annual Meeting of Stockholders -
May 5, 1994 - Part I and Part III
ITEM 1 - BUSINESS
Bemis Company, Inc., a Missouri corporation, continues a business formed
in 1858. The Registrant was incorporated in 1885 as Bemis Bro. Bag Company with
the name changed to Bemis Company, Inc. in 1965.
The Registrant is a principal manufacturer of flexible packaging products
and specialty coated and graphics products. Information about the Registrant's
operations in different business segments appearing on pages 38 and 39 of the
the accompanying 1993 Annual Report to Shareholders is incorporated by reference
in this Form 10-K Annual Report.
As of December 31, 1993, the Registrant had approximately 7,600 employees,
of which an estimated 5,100 were classified as production employees. Most of
the production employees are covered by collective bargaining contracts
involving six different international unions and 22 individual contracts with
terms ranging from three to five years. During 1993, six contracts covering
approximately 800 employees at six different locations in the United States were
successfully negotiated. During 1994, seven labor agreements are scheduled to
expire.
Working capital elements throughout the year fluctuate in relation to the
level of business. Customer and vendor payment terms are generally net 30 days;
exceptions to these terms are not material. Inventory levels reflect a
reasonable balance between raw material pricing and availability, and our
commitment to promptly fill customer orders.
Backlogs are not a significant factor in the industries in which the
Registrant operates; most orders placed with the Registrant are for delivery
within 90 days or less.
The Registrant owns patents, licenses, trademarks, and trade names on its
products. The loss of any or all patents, licenses, trademarks, or trade names
would not have a materially adverse effect on the Registrant's results as a
whole or either of its segments. The business of each of the segments is not
seasonal to any
- 2 -
significant extent. A summary of the Registrant's business activities reported
by its two business segments follows:
FLEXIBLE PACKAGING PRODUCTS - The Registrant and its subsidiaries manufacture a
broad range of industrial and consumer packaging comprised of coated and
laminated films, polyethylene packaging, packaging machinery, multiwall and
consumer-size paper packaging and specialty containers.
Coated and laminated film packaging includes extruding, coating, laminating,
metallizing, printing and converting to perishable and frozen food packaging,
and products such as stretch film and carton sealing tape. Coated and laminated
films accounted for 32%, 32% and 31%, of consolidated net sales for the years
1993, 1992 and 1991, respectively.
Polyethylene packaging products include extruded products, printed roll stock
and pre-formed bags. Polyethylene products accounted for 16%, 10% and 9% of
consolidated net sales for the years 1993, 1992 and 1991, respectively.
Packaging machinery includes the manufacture of packaging systems for an
extensive list of consumer and industrial products ranging from toilet tissue,
candy and frozen vegetables to fertilizer, insulation materials, detergent and
pharmaceutical products. Packaging machinery accounted for 9%, 9% and 9% of
consolidated net sales for the years 1993, 1992 and 1991, respectively.
Multiwall and consumer-size paper bags are produced for a wide range of
industrial and consumer packaging products such as seed, feed, flour, cement and
chemicals, and small consumer-size packages for such products as sugar, flour,
rice and petfood. Sales of this product line accounted for 17%, 16% and 17% of
consolidated net sales for the years 1993, 1992 and 1991, respectively.
- 3 -
SPECIALTY COATED AND GRAPHICS PRODUCTS - The Registrant manufactures pressure-
sensitive materials which includes a full line of industrial adhesive products
for mounting and bonding, quality roll label and sheet print stocks for numerous
applications including packaging labels, and a line of highly specialized
laminates for graphics and photography. Pressure-sensitive materials accounted
for 24%, 27% and 25% of consolidated net sales for the years 1993, 1992 and
1991, respectively. This product segment also includes the manufacture of
pressure-sensitive label applicating equipment, rotogravure cylinders and film
services.
MARKETING, DISTRIBUTION AND COMPETITION
While the Registrant's sales are made through a variety of distribution
methods, more than 70% of each segment's sales are made by the Registrant's
sales force. Sales offices and plants are located throughout the United States,
Canada, Great Britain, Europe and Scandinavia to provide prompt and economical
service to more than 30,000 customers. The highly technical sales force is
supported by product development engineers, design technicians and a customer
service organization.
No single customer accounts for 10% or more of the Registrant's total
sales of either of its two business segments. Furthermore, the loss of one or a
few major customers would not have a material adverse effect on their operating
results.
The major markets in which the Registrant sells its products are highly
competitive. Areas of competition include price, innovation, quality and
service. This competition is significant as to both the size and number of
competing firms.
Major competitors in the Flexible Packaging Products segment include
American National Can, Printpack, James River, Cryovac, Huntsman Chemical, AEP
Industries, Stone Container and Union Camp. In the Specialty Coated and
Graphics Products segment major competitors include Avery-Dennison, Flexcon,
Minnesota Mining and Manufacturing, Jackstadt (Germany) and Haarla (Finland).
- 4 -
The Registrant considers itself to be a significant factor in the market niches
it serves; however, due to the diversity of the Flexible Packaging and Specialty
Coated and Graphics Products segments, the Registrant's precise competitive
position in these markets is not reasonably determinable.
Advertising is limited primarily to business and trade publications, and
emphasizes our packaging and related capabilities and the individual problem-
solving approach to customer problems.
RAW MATERIALS
Plastic resins, paper and chemicals constitute the basic major raw
materials. These are purchased from a variety of industry sources. While
temporary shortages of raw materials may occur occasionally, these items are
currently readily available.
RESEARCH AND DEVELOPMENT EXPENSE
Research and development expenditures were as follows:
1993 1992 1991
----------- ----------- -----------
Flexible Packaging Products $ 9,910,000 $10,791,000 $ 8,214,000
Specialty Coated and Graphics Products 4,174,000 5,148,000 5,009,000
---------- ---------- ----------
Total $14,084,000 $15,939,000 $13,223,000
---------- ---------- ----------
ENVIRONMENT CONTROL
Compliance with federal, state and local provisions which have been
enacted or adopted regulating discharges of materials into the environment, or
otherwise relating to the protection of the environment is not expected to have
a material effect upon the capital expenditures, earnings and competitive
position of the Registrant and its subsidiaries.
ITEM 2 - PROPERTIES
Properties utilized by the Registrant and its subsidiaries at December 31,
1993, were as follows:
- 5 -
FLEXIBLE PACKAGING PRODUCTS - The Registrant has 33 manufacturing plants of
which seven are leased, located in 17 states and two foreign countries. Leases
generally provide for minimum terms of two to 45 years and have one or more
five-year renewal options. The initial terms of leases in effect at December
31, 1993, expire between 1994 and 2009.
SPECIALTY COATED AND GRAPHICS PRODUCTS - The Registrant has nine manufacturing
plants of which three are leased, located in four states and three foreign
countries. Leases generally provide for minimum terms of five to 25 years and
have one or more renewal options. The initial terms of leases in effect as of
December 31, 1993, expire between 1996 and 2008.
CORPORATE - The executive offices of the Registrant, which are leased, are
located in Minneapolis, Minnesota.
The Registrant considers its plants and other physical properties to be
suitable, adequate and of sufficient productive capacity to meet the
requirements of its business. The manufacturing plants operate at varying
levels of capacity depending on the type of operation and market conditions.
ITEM 3 - LEGAL PROCEEDINGS
The Registrant is involved in a number of lawsuits, including superfund
litigation, incidental to its business. None of the litigation is material to
the Registrant, and the Registrant is not aware of any pending or threatened
litigation that is likely to have a material adverse affect upon the
Registrant's business, operating results or financial condition. The Registrant
is a potentially responsible party (PRP) in approximately twenty superfund sites
around the United States. At over one half of these sites the Registrant has
full insurance protection. At a majority of the remaining sites the Registrant
is a "de minimis" PRP and has negotiated a position as such. In all cases in
which the Registrant is uninsured or where insurance coverage is in dispute, the
Registrant has reserved an amount that it believes to be adequate to cover its
exposure.
- 6 -
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5 - MARKET FOR THE REGISTRANT'S COMMON STOCK
AND RELATED SECURITY HOLDERS MATTERS
The information required by this item appearing on pages 1 and 22 of the
accompanying 1993 Annual Report to Shareholders is incorporated by reference in
this Form 10-K Annual Report.
ITEM 6 - SELECTED FINANCIAL DATA
The information required by this item appearing on page 23 of the
accompanying 1993 Annual Report to Shareholders is incorporated by reference in
this Form 10-K Annual Report.
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The information required by this item appearing on pages 19 to 22 of the
accompanying 1993 Annual Report to Shareholders is incorporated by reference in
this Form 10-K Annual Report.
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The financial statements, together with the report thereon of Price
Waterhouse dated January 24, 1994, and quarterly data appearing on pages 24 to
39 of the accompanying 1993 Annual Report to Shareholders are incorporated by
reference in this Form 10-K Annual Report. With the exception of the
aforementioned information and the information incorporated in items 1, 5, 6, 7
and 8, the 1993 Annual Report to Shareholders is not to be deemed filed as part
of this Form 10-K Annual Report.
ITEM 9 - DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURES
None
- 7 -
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Information on directors is omitted because the Registrant will have filed
with the Commission a definitive proxy statement pursuant to Regulation 14A
within 120 days after December 31, 1993.
The following sets forth the name, age and business experience for the
last five years of the principal executive officers of the Registrant. Unless
otherwise noted, each officer has been an employee of the Registrant for the
last five years and the positions described relate to positions with the
Registrant.
Period
the Positions
Name Age Positions Held Were Held
- -------------------- --- ------------------------------------- ---------------
LeRoy F. Bazany 61 Vice President and Controller 1982 to present
Jeffrey H. Curler 43 Executive Vice President 1991 to present
President - Curwood, Inc. (1) 1982 to 1991
Benjamin R. Field, III 55 Senior Vice President, Chief
Financial Officer and Treasurer 1992 to present
Vice President and Treasurer 1982 to 1992
Scott W. Johnson 53 Senior Vice President, General
Counsel and Secretary 1992 to present
Vice President - General Counsel
and Secretary 1988 to 1992
Robert F. Mlnarik 52 Executive Vice President 1991 to present
President and Chief Executive
Officer - Morgan Adhesives Co. (2) 1986 to 1991
John H. Roe 54 President and Chief Executive Officer 1990 to present
President and Chief Operating Officer 1987 to 1990
Executive Vice President 1983 to 1987
Lawrence E. Schwanke 53 Vice President - Human Resources 1990 to present
Director Personnel - Industrial Relations 1985 to 1990
(1) Curwood, Inc. is a 100% owned subsidiary of the Registrant.
(2) Morgan Adhesives Co. is 86.9% owned subsidiary of the Registrant.
- 8 -
ITEM 11 - MANAGEMENT REMUNERATION
The information required by this item is omitted because the Registrant
will have filed with the Commission a definitive proxy statement pursuant to
Regulation 14A within 120 days after December 31, 1993.
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The information required by this item is omitted because the Registrant
will have filed with the Commission a definitive proxy statement pursuant to
Regulation 14A within 120 days after December 31, 1993.
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The information required by this item is omitted because the Registrant
will have filed with the Commission a definitive proxy statement pursuant to
Regulation 14A within 120 days after December 31, 1993.
- 9 -
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a) The following documents are filed as part of the report:
Pages in
Annual Report*
-------------
(1) FINANCIAL STATEMENTS:
Report of Independent Accountants . . . . . . . . 24
Consolidated Statement of Income for
the Three Years Ended December 31, 1993 . . . . . 25
Consolidated Balance Sheet
at December 31, 1993 and 1992. . . . . . . . . 26, 27
Consolidated Statement of Cash Flows for
the Three Years Ended December 31, 1993 . . . . . 28, 29
Consolidated Statement of Stockholders' Equity
for the Three Years Ended December 31, 1993 . . . . 30
Notes to Consolidated Financial Statements . . . . . 31 to 39
*Incorporated by reference from the indicated
pages of the 1993 Annual Report to Shareholders.
Pages in
Form 10-K
(2) FINANCIAL STATEMENT SCHEDULES FOR YEARS 1993, 1992 AND 1991
Report of Independent Accountants on Financial Statement
Schedules for the Three Years Ended December 31, 1993 . 12
Schedule V - Property and Equipment . . . . . . . . 14, 15
Schedule VI - Accumulated Depreciation
of Property and Equipment . . . . . . 16, 17
Schedule VIII - Valuation and Qualifying
Accounts and Reserves. . . . . . . 18
Schedule X - Supplementary Income Statement Information . 19
All other schedules are omitted because they are not applicable or the
required information is shown in the financial statements or notes thereto.
- 10 -
(3) Exhibits
13. 1993 Annual Report to Shareholders
22. Subsidiaries of the Registrant
All other exhibits are omitted because they are not applicable
or the required information is shown in the financial
statements or notes thereto.
(b) There were no reports on Form 8-K filed during the fourth quarter
ended December 31, 1993.
- 11 -
REPORT OF INDEPENDENT ACCOUNTANTS
ON FINANCIAL STATEMENT SCHEDULES
To the Board of Directors
of Bemis Company, Inc.
Our audits of the consolidated financial statements referred to
in our report dated January 24, 1994, appearing on page 24 of the 1993
Annual Report to Shareholders of Bemis Company, Inc. (which report and
consolidated financial statements are incorporated by reference in this
Annual Report on Form 10-K) also included an audit of Financial Statement
Schedules listed in Item 14(a) of this Form 10-K. In our opinion, these
Financial Statement Schedules present fairly, in all material respects,
the information set forth therein when read in conjunction with the
related consolidated financial statements.
Price Waterhouse
PRICE WATERHOUSE
Minneapolis, Minnesota
January 24, 1994
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the
Prospectus constituting part of the Registration Statement on Form S-8
(number 2-61796) of Bemis Company, Inc. of our report dated January 24,
1994, appearing on page 24 of the Annual Report to Shareholders which
is incorporated in this Annual Report on Form 10-K. We also consent to
the incorporation by reference of our report on the Financial Statement
Schedules which appears above.
Price Waterhouse
PRICE WATERHOUSE
Minneapolis, Minnesota
March 14, 1994
- 12 -
SIGNATURES
Pursuant to the requirements of Section 13 of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
BEMIS COMPANY, INC.
Benjamin R. Field, III By LeRoy F. Bazany
- ---------------------------------- ------------------------------
Benjamin R. Field, III, Senior LeRoy F. Bazany, Vice
President
Vice President, Chief Financial and Controller
Officer and Treasurer
Date March 18, 1994 Date March 18, 1994
----------------------------- ---------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
Howard Curler Edward W. Asplin
- ---------------------------------- -------------------------------
Howard Curler, Director Edward W. Asplin, Director
Date March 18, 1994 Date March 18, 1994
----------------------------- --------------------------
John H. Roe E. Thomas Binger
- ---------------------------------- -------------------------------
John H. Roe, President and Chief E. Thomas Binger, Director
Executive Officer; Director
Date March 18, 1994 Date March 18, 1994
----------------------------- --------------------------
Robert A. Greenkorn Robert F. Zicarelli
- ---------------------------------- -------------------------------
Robert A. Greenkorn, Director Robert F. Zicarelli, Director
Date March 18, 1994 Date March 18, 1994
----------------------------- --------------------------
- 13 -
BEMIS COMPANY, INC. AND SUBSIDIARIES
------------------------------------
SCHEDULE V - PROPERTY AND EQUIPMENT
-----------------------------------
(in thousands of dollars)
YEAR ENDED DECEMBER 31, 1993
-------------------------------------------------------------------------------------------
Deductions
-------------------------
Additions at Cost Other
------------------ Fully Changes Translation
Balance at Business Depreciated Debit Adjustment Balance at
Beginning Acquisi- Retirements Assets (Credit) Debit Close
Of Year Normal tion or Sales Written Off (1) (Credit) of Year
--------- ------- -------- ----------- ----------- -------- ---------- ----------
OWNED PROPERTY AND EQUIPMENT
Land and land improvements $ 11,815 $ 627 $ 393 $ 524 $ 351 $ (60) $ 11,900
Buildings 140,877 5,706 4,382 5,894 227 (2,061) 142,783
Leasehold improvements 2,531 120 684 184 (14) 1,769
Machinery and equipment 504,530 54,276 26,266 36,111 28,969 662 (4,800) 515,854
-------- ------- ------- ------- ------- ------- -------- --------
$659,753 $60,729 $31,041 $43,213 $29,731 $ 662 $(6,935) $672,306
-------- ------- ------- ------- ------- ------- -------- --------
-------- ------- ------- ------- ------- ------- -------- --------
LEASED PROPERTY AND EQUIPMENT
Buildings $ 4,262 $ 4,262
Machinery and equipment 1,900 757 (1,001) (79) 63
-------- -------- ------- -------- --------
$ 6,162 $ 757 $(1,001) $ (79) $ 4,325
-------- -------- ------- -------- --------
-------- -------- ------- -------- --------
(1) Reclassifications.
-14-
BEMIS COMPANY, INC. AND SUBSIDIARIES
------------------------------------
SCHEDULE V - PROPERTY AND EQUIPMENT
-----------------------------------
(in thousands of dollars)
YEAR ENDED DECEMBER 31, 1992
---------------------------------------------------------------------------------------
Deductions
------------------------ Other
Fully Changes Translation
Balance at Additions Depreciated Debit Adjustment Balance
Beginning at Cost Retirements Assets (Credit) Debit at Close
OWNED PROPERTY AND EQUIPMENT of Year Normal or Sales Written Off (1) (Credit) of Year
--------- --------- ----------- ----------- -------- ---------- --------
Land and land improvements $ 12,785 $ 214 $ 209 $ 45 $ (906) $ (24) $ 11,815
Buildings 130,733 10,623 959 466 1,094 (148) 140,877
Leasehold improvements 2,825 244 121 (415) (2) 2,531
Machinery and equipment 462,284 59,607 1,501 14,003 (13) (1,844) 504,530
-------- ------- ------- ------- -------- -------- --------
$608,627 $70,688 $ 2,669 $14,635 $ (240) $(2,018) $659,753
-------- ------- ------- ------- -------- -------- --------
-------- ------- ------- ------- -------- -------- --------
LEASED PROPERTY AND EQUIPMENT
Buildings $ 4,262 $ 4,262
Machinery and equipment 1,979 16 111 16 1,900
-------- ------- ------- -------- --------
$ 6,241 $ 16 $ 111 $ 16 $ 6,162
-------- ------- ------- -------- --------
-------- ------- ------- -------- --------
(1) Reclassifications and correction of prior year capitalization.
YEAR ENDED DECEMBER 31, 1991
----------------------------------------------------------------------------------------
OWNED PROPERTY AND EQUIPMENT
Land and land improvements $ 11,706 $ 1,206 $ 57 $ 35 $ (35) $ 12,785
Buildings 123,485 9,920 323 750 (175) (1,424) 130,733
Leasehold improvements 2,228 1,632 716 438 136 (17) 2,825
Machinery and equipment 453,859 44,189 11,695 18,830 (2,516) (2,723) 462,284
-------- ------- ------- ------- -------- -------- --------
$591,278 $56,947 $12,791 $20,053 $(2,555) $(4,199) $608,627
-------- ------- ------- ------- -------- -------- --------
-------- ------- ------- ------- -------- -------- --------
LEASED PROPERTY AND EQUIPMENT
Buildings $ 4,262 $ 4,262
Machinery and equipment 2,137 95 (63) 1,979
-------- ------- -------- --------
$ 6,399 $ 95 $ (63) $ 6,241
-------- ------- -------- --------
-------- ------- -------- --------
(1) Reclassifications $ 309
Foreign government subsidiary 2,246
--------
$ 2,555
--------
--------
-15-
BEMIS COMPANY, INC. AND SUBSIDIARIES
------------------------------------
SCHEDULE VI - ACCUMULATED DEPRECIATION OF PROPERTY AND EQUIPMENT
(in thousands of dollars)
YEAR ENDED DECEMBER 31, 1993
----------------------------------------------------------------------------------
Deductions
---------------------- Other
Fully Changes Translation
Balance at Charged to Depreciated Debit Adjustment Balance
Beginning Profit Retirements Assets (Credit) Debit at Close
of Year and Loss or Sales Written Off (1) (Credit) of Year
--------- ---------- ----------- ----------- -------- ----------- ---------
OWNED PROPERTY AND EQUIPMENT
Land improvements $ 2,259 $ 243 $ 48 $ 351 $ 3 $ 2,100
Buildings 38,434 4,274 2,787 227 783 38,911
Leasehold improvements 713 211 249 184 6 485
Machinery and equipment 231,190 41,240 22,749 28,969 (208) 2,136 218,784
-------- ------- ------- ------- ------ ------ --------
$272,596 $45,968 $25,833 $29,731 $(208) $2,928 $260,280
-------- ------- ------- ------- ------ ------ --------
-------- ------- ------- ------- ------ ------ --------
LEASED PROPERTY AND EQUIPMENT
Buildings $ 1,291 $ 126 $ 1,417
Machinery and equipment 1,298 127 757 547 75 46
-------- ------- ------- ------ ------ --------
$ 2,589 $ 253 $ 757 $547 $ 75 $ 1,463
-------- ------- ------- ------ ------ --------
-------- ------- ------- ------ ------ --------
(1) Reclassifications.
-16-
BEMIS COMPANY, INC. AND SUBSIDIARIES
------------------------------------
SCHEDULE VI - ACCUMULATED DEPRECIATION OF PROPERTY AND EQUIPMENT
----------------------------------------------------------------
(in thousands of dollars)
YEAR ENDED DECEMBER 31, 1992
---------------------------------------------------------------------------------
DEDUCTIONS
------------------------- Other
Fully Changes Translation
Balance at Charged to Depreciated Debit Adjustment Balance
Beginning Profit Retirements Assets (Credit) Debit at Close
OWNED PROPERTY AND EQUIPMENT of Year and Loss or Sales Written Off (1) (Credit) of Year
---------- ---------- ----------- ----------- ------- ---------- --------
Land improvements $ 2,064 $ 247 $ 45 $ 7 $ 2,259
Buildings 34,871 4,190 173 466 (99) 87 38,434
Leasehold improvements 732 204 121 99 3 713
Machinery and equipment 205,021 42,255 996 14,003 13 1,074 231,190
-------- ------- ------ ------- ----- ------ --------
$242,688 $46,896 $1,169 $14,635 $ 13 $1,171 $272,596
-------- ------- ------ ------- ----- ------ --------
-------- ------- ------ ------- ----- ------ --------
LEASED PROPERTY AND EQUIPMENT
Buildings $ 1,166 $ 125 $ 1,291
Machinery and equipment 1,158 244 111 (7) 1,298
-------- ------- ------- ------- --------
$ 2,324 $ 369 $ 111 $ (7) $ 2,589
-------- ------- ------- ------- --------
-------- ------- ------- ------- --------
YEAR ENDED DECEMBER 31, 1991
----------------------------------------------------------------------------------
OWNED PROPERTY AND EQUIPMENT
Land improvements $ 1,856 $ 253 $ 10 $ 35 $ 2,064
Buildings 32,346 3,867 191 750 2 399 34,871
Leasehold improvements 1,480 226 531 438 (2) 7 732
Machinery and equipment 189,619 41,015 5,735 18,830 309 739 205,021
-------- ------- ------ ------- ----- ------ --------
$225,301 $45,361 $6,467 $20,053 $ 309 $1,145 $242,688
-------- ------- ------ ------- ----- ------ --------
-------- ------- ------ ------- ----- ------ --------
LEASED PROPERTY AND EQUIPMENT
Buildings $ 1,042 $ 124 $ 1,166
Machinery and equipment 946 242 30 1,158
-------- ------- ------ --------
$ 1,988 $ 366 $ 30 $ 2,324
-------- ------- ------ --------
-------- ------- ------ --------
(1) Reclassifications.
-17-
BEMIS COMPANY, INC. AND SUBSIDIARIES
------------------------------------
SCHEDULE VIII - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
--------------------------------------------------------------
(in thousands of dollars)
YEAR ENDED DECEMBER 31, 1993
---------------------------------------------------
Balance at Additions
------------- Balance
Beginning Charged to Accounts at Close
of Year Profit & Loss Written Off of Year
---------- ------------- ----------- --------
Reserves for doubtful
accounts and allowances $7,352 $3,750 $1,874 (1) $9,228
------ ------ ------ ------
------ ------ ------ ------
YEAR ENDED DECEMBER 31, 1992
---------------------------------------------------
Balance at Additions
------------- Balance
Beginning Charged to Accounts at Close
of Year Profit & Loss Written Off of Year
---------- ------------- ----------- ---------
Reserves for doubtful
accounts and allowances $8,281 $ 810 $1,739 (2) $7,352
------ ------ ------ ------
------ ------ ------ ------
YEAR ENDED DECEMBER 31, 1991
---------------------------------------------------
Balance at Additions
------------- Balance
Beginning Charged to Accounts at Close
of Year Profit & Loss Written Off of Year
---------- ------------- ----------- --------
Reserves for doubtful
accounts and allowances $8,794 $1,428 $1,941 (3) $8,281
------ ------ ------ ------
------ ------ ------ ------
(1) Net of $ 55 collections on accounts previously written off.
(2) Net of $141 collections on accounts previously written off.
(3) Net of $ 97 collections on accounts previously written off.
- 18 -
BEMIS COMPANY, INC. AND SUBSIDIARIES
------------------------------------
SCHEDULE X - SUPPLEMENTARY INCOME STATEMENT INFORMATION
-------------------------------------------------------
(in thousands of dollars)
1993 1992 1991
------- -------- -------
Maintenance and repairs $37,565 $36,864 $36,397
------- ------- -------
------- ------- -------
- 19 -
APPENDIX TO THE ELECTRONIC FILING - 1993 FORM 10-K
Data appearing on bar charts on indicated pages of the 1993 Annual Report.
Page 1989 1990 1991 1992 1993
- ---- ------- ------- ------- ------- -------
19 Earnings Per Share $.90 $.99 $1.03 $1.10 $.86
20 Net Sales ($ Millions) $1,077 $1,128 $1,142 $1,181 $1,203
20 Return on Average Common
Stockholders Equity 18.7% 18.1% 17.0% 16.5% 12.1%
20 Return on Average Total Capital 13.1% 12.3% 11.8% 11.8% 9.2%
21 Total Debt (including capital
leases) as a Percent of Equity 44% 61% 42% 38% 34%
21 Total Stockholders' Equity
($ Millions) $266 $296 $329 $361 $371
21 Total Debt ($ Millions) $118 $179 $137 $139 $127
21 Capital Expenditures ($ Millions) $76 $73 $57 $71 $61
22 Dividends paid Per Common Share $.30 $.36 $.42 $.46 $.50