Avery Dennison Reports Encouraging Financial Results
• Earnings were $0.68 per share in the fourth quarter of 2002 (excluding the restructuring and asset-impairment charge), reflecting growth of 15 percent over the prior-year fourth quarter.
• Net income was $67.4 million in the fourth quarter of 2002 (excluding the restructuring and asset impairment charge), reflecting growth of 16 percent over the same quarter a year ago.
• Reported sales grew 21 percent to $1.1 billion, compared with $912.6 million a year ago.
• Unit volumes grew by an estimated 7.5 to 8.5 percent in the quarter, excluding the impact of acquisitions and divestitures.
• Working capital as a percentage of sales improved to 5.1 percent.
The company took a charge of $16.9 million in the fourth quarter of 2002 for severance and asset-impairment costs, related to the integration of the Jackstadt acquisition, the closure of an office-products manufacturing facility and other cost-reduction actions.
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