12 February 1998: The board of directors at Avery Dennison Corp., the US labelling technology group, recently issued its latest report and declared a quarterly cash dividend of US$ 0.21 per share. The…
12 February 1998: The board of directors at Avery Dennison Corp., the US labelling technology group, recently issued its latest report and declared a quarterly cash dividend of US$ 0.21 per share. The dividend is payable on 18 March 1998, to shareholders of record at the close of business on 4 March 1998. For the fourth quarter of 1997, the unit volume grew 9.1% over the previous year. Sales rose 6.9%, excluding the impact of currency. Reported sales increased 3.4% to a fourth-quarter record of US$ 836.4 million from US$ 808.9 million a year earlier, while diluted earnings per share increased 16% to US$ 0.52 per share, from US$ 0.45 per share. For the full year, unit volume grew 9.8% and sales grew 6.6%, excluding the impact of currency. Reported sales increased 3.8% to a record US$ 3.3 billion from US$ 3.2 billion in 1996, and diluted earnings per share increased 18% to US$ 1.93 from US$ 1.63. Return on shareholders“ equity reached 24.8% from 21.4%%, the highest in the company“s history, while return on total capital increased to an all-time high of 18.1% from 16.4% in 1996. “1997 was a highly successful year for Avery Dennison on all fronts,” said Charles D. Miller, chairman and chief executive officer. “Our steady earnings growth and impressive returns, combined with the increase in unit volume and operating margin improvement, made this year one of the most profitable in our history. We introduced our market-leading brands into new global markets, and we launched a variety of innovative new products.” In the Consumer and Converted Products sector, increased demand for Avery-brand consumer products, as well as strong sales at many of the worldwide converting businesses, contributed to solid revenue growth, the company explained. In the Pressure-sensitive Adhesives and Materials sector, strong sales growth was achieved in the pharmaceutical, variable imprint and graphics businesses.