Bemis Company Reports Record 4th Quarter Sales and Earnings and Solid Fiscal Year 2002 Results.
Business Wire › January 23, 2003
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Bemis Company Reports Record 4th Quarter Sales and Earnings and Solid Fiscal Year 2002 Results.
Business Editors
MINNEAPOLIS--(BUSINESS WIRE)--Jan. 23, 2003 Bemis Company, Inc. (NYSE:BMS) today reported quarterly diluted earnings of $0.80 per share for the fourth quarter ended December 31, 2002, a 10 percent increase over the prior year's earnings of $0.73 per share. Effective January 1, 2002, Bemis adopted the reporting requirements of SFAS 142, "Goodwill and Other Intangible Assets." This new accounting standard requires that goodwill no longer be amortized into earnings but instead be reviewed for impairment. If this standard had been in effect for 2001, diluted earnings per share for the fourth quarter of 2001 would have been increased by $0.05 per share. Fourth quarter net sales increased 13 percent to a record ...See the full content of this document
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