Avery Dennison Corp AVY
Q4 2012 Earnings Call Transcript

Transcript Call Date 01/30/2013

Operator: Ladies and gentlemen, thank you for standing by. Welcome to Avery Dennison's Earnings Conference Call for the Fourth Quarter and Fiscal Year Ended December 29, 2012. This call is being recorded and will be available for replay from 1.00 pm Pacific Time today through midnight Pacific Time, February 1. To access the replay, please dial 1-800-633-8284 or for international callers, please dial 1-402-977-9140. The conference ID number is 21610811. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session.

I would now like to turn the call over to Eric Leeds, Avery Dennison's Head of Investor Relations. You may begin, sir.

Eric M. Leeds - Head of IR: Thank you. Welcome everyone. Today, we'll discuss our preliminary unaudited fourth quarter and full year 2012 results. Please note that unless otherwise indicated, today's discussion will be focused on our continuing operations. The Company's Office and Consumer Products business is classified on our income statement as a discontinued operation.

Please also note that unless otherwise indicated, prior period amounts referenced in today's earnings release, supplemental materials, and on this teleconference call have been realigned to reflect the Company's new operating structure, including our new corporate expense allocation method.

Within our new operating structure, the Company's Performance Tapes is now reported as part of the Pressure-sensitive Materials segment, RFID is now entirely within Retail Branding and Information Solutions, Designed and Engineered Solutions or DES which is contracted to be sold to CCL Industries is included in results of continuing operations and the Company's 2013 guidance. DES will be reported as a discontinued operation in the Company's first quarter 2013 report. Office and Consumer Products also contracted to be sold to CCL Industries remains reported in the Company's discontinued operations.

The non-GAAP financial measures that we use are defined, qualified and reconciled with GAAP in schedules A-2 to A-5 of the financial statements accompanying today's earnings release. We remind you that we'll make certain predictive statements that reflect our current views and estimates about our future performance and financial results. These forward-looking statements are made subject to the Safe Harbor statement included in today's earnings release.

On the call today are Dean Scarborough, Chairman, President and CEO; and Mitch Butier, Senior Vice President and CFO.

I'll now turn the call over to Dean.

Dean A. Scarborough - Chairman, President and CEO: Thanks, Eric. I'm pleased to start with the news that we've agreed to sell two businesses, Office and Consumer Products and Designed and Engineered Solutions to CCL Industries.

As we mentioned last October, we received expressions of interest in Office and Consumer Products as soon as we terminated the agreement with 3M. CCL was one of the interested parties and wanted to buy both businesses. We are pleased we were able to reach an agreement that is positive for both companies.

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