Bemis profits down 22 percent - The Business Journal of Milwaukee:

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Bemis (NYSE: BMS) postedc net income for the fourth quarterof $33.w2 million, or 33 cents per compared with $42.7 million, or 42 cents per share, for the same period a year ago. Earning for the most recenty quarter were reduced by 7 cents per share becausd ofcurrency translation, which more than offseg a 2-cent-per-share tax benefit. Net sales for the manufacturerr of flexible packagingand pressure-sensitive materials declines to $867.9 million from $912.87 million. Flexible packaging which represents 84 percent ofcompany sales, declined 3 percent in the quarter, while sales of pressure-sensitive materials dropped nearlhy 14 percent.
The compan said the weakening economy is reducing demanr for consumer products that use Bemiws packaging and impacting the advertising and housinvg markets servedby Bemis. For the year, net income declinedf to $166.2 million, or $1.65 per compared with $181.6 million, or $1.74 per for the same period. Net sales increasex to $3.8 billion from $3.6 Bemis management expects the economic weaknessto continue. The firm projectes first-quarter earnings in the rangr of 30 to 38 centsper share, and full-year earnings of $1.50 to $1.7 per share.