Labeling expert Avery Dennison Corporation reported a loss for the fourth quarter of $0.07 per share on a fully diluted basis, compared with fully diluted earnings per share of $0.83 a year ago.
Reported results included the impact of previously announced restructuring actions, product line divestitures and discontinued operations, as well as the effects of a legal accrual related to a patent lawsuit and gain on sale of a leased asset.
Excluding these costs, fourth quarter diluted earnings per share were $0.92 compared with $0.83 a year ago, above the Company's guidance for the quarter.
Compared to the prior year fourth quarter, earnings before restructuring and divestiture-related charges increased on lower sales due to improved profitability, primarily related to reductions in operating expense and the tax rate.
Severance and non-cash charges associated with the restructuring actions and divestitures totaled $130 million before tax in the fourth quarter, or $98 million after tax.
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Avery Dennison is a global leader in pressure-sensitive labeling materials, office products and retail tag, ticketing and branding systems.
Based in Pasadena, California, Avery Dennison is a FORTUNE 500 company with 2005 sales of $5.5 billion.
Avery Dennison employs more than 22,000 individuals in 48 countries worldwide who apply the Company's technologies to develop, manufacture and market a wide range of products for both consumer and industrial markets.
Avery Dennison Corporation