SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended October 2, 1999
---------------
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ___________to___________
Commission File Number 0-6187
BANTA CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified on its charter)
Wisconsin 39-0148550
- --------- ----------
(State or other jurisdiction (IRS Employer
of incorporation or organization) I.D. Number)
225 Main Street, Menasha, Wisconsin 54952
- ----------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (920) 751-7777
--------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes /X/ No / /
The registrant had outstanding on October 2, 1999, 26,591,005 shares of
$.10 par value common stock.
<PAGE>
BANTA CORPORATION AND SUBSIDIARIES
Quarterly Report on Form 10-Q
For the Quarter Ended October 2, 1999
INDEX
-----
Page Number
PART I FINANCIAL INFORMATION:
Item 1 - Financial Statements
Unaudited Consolidated Condensed Balance Sheets
October 2, 1999 and January 2, 1999.......................... 3
Unaudited Consolidated Condensed Statements of Earnings
for the Three Months and Nine Months Ended October 2,
1999 and October 3, 1998..................................... 4
Unaudited Consolidated Condensed Statements of Cash
Flows for the Nine Months Ended October 2, 1999 and
October 3, 1998.............................................. 5
Notes to Unaudited Consolidated Condensed Financial
Statements................................................... 6-9
Item 2 - Management's Discussion and Analysis of Financial
Condition and Results of Operations........................ 10-12
Item 3 - Quantitative and Qualitative Disclosures
about Market Risk........................................... 13
PART II OTHER INFORMATION AND SIGNATURES:
Item 6 - Exhibits and Reports on Form 8-K............................ 14
Exhibit Index............................................................... 15
2
<PAGE>
PART I Item 1. Financial Statements
<TABLE>
BANTA CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
<CAPTION>
(Dollars in thousands)
October 2, 1999 January 2, 1999
--------------- ---------------
ASSETS
- ------
Current Assets
<S> <C> <C>
Cash and cash equivalents $ 31,218 $ 26,584
Receivables 231,511 233,200
Inventories 84,384 74,724
Other current assets 23,321 20,112
--------- ---------
Total Current Assets 370,434 354,620
--------- ---------
Plant and Equipment 797,420 758,440
Less: Accumulated Depreciation (474,770) (439,805)
--------- ---------
Plant and Equipment, net 322,650 318,635
Other Assets 23,369 20,989
Cost in Excess of Net Assets of Subsidiaries Acquired 60,212 75,722
--------- ---------
$ 776,665 $ 769,966
========= =========
LIABILITIES AND SHAREHOLDERS' INVESTMENT
- ----------------------------------------
Current Liabilities
Short-term debt $ 63,375 $ 36,140
Accounts payable 124,550 107,649
Accrued salaries and wages 30,110 25,085
Other accrued liabilities 15,930 20,706
Current maturities of long-term debt 6,926 6,911
--------- ---------
Total Current Liabilities 240,891 196,491
--------- ---------
Long-term Debt 115,245 120,628
Deferred Income Taxes 28,544 22,214
Other Non-Current Liabilities 30,593 20,702
Shareholders' Investment
Preferred stock-$10 par value;
authorized 300,000 shares; none issued 0 0
Common stock-$.10 par value;
Authorized 75,000,000 shares;
27,649,305 and 28,260,957 shares issued 2,765 2,826
Accumulated other comprehensive loss (4,704) (2,308)
Treasury stock, at cost (23,909) 0
Retained earnings 387,240 409,413
--------- ---------
Total Shareholders' Investment 361,392 409,931
--------- ---------
$ 776,665 $ 769,966
========= =========
</TABLE>
See accompanying notes to consolidated financial statements
3
<PAGE>
<TABLE>
BANTA CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF EARNINGS
<CAPTION>
(Dollars in thousands, except per share amounts)
Three Months Ended Nine Months Ended
October 2, 1999 October 3, 1998 October 2, 1999 October 3, 1998
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Net Sales $ 331,572 $ 343,681 $ 939,938 $ 990,491
Cost of goods sold 259,324 272,942 744,310 788,813
--------- --------- --------- ---------
Gross earnings 72,248 70,739 195,628 201,678
Selling and administrative expenses 39,952 42,451 121,295 126,992
Restructuring Charge - - 55,000 -
--------- --------- --------- ---------
Earnings from operations 32,296 28,288 19,333 74,686
Interest expense (2,996) (2,278) (8,795) (7,965)
Other expense, net (562) 420 (1,315) (365)
--------- --------- --------- ---------
Earnings before income taxes 28,738 26,430 9,223 66,356
Provision for income taxes 11,200 10,200 8,700 25,700
--------- --------- --------- ---------
Net earnings $ 17,538 $ 16,230 $ 523 $ 40,656
========= ========= ========= =========
Basic earnings per share of common stock $ 0.65 $ 0.55 $ 0.02 $ 1.37
========= ========= ========= =========
Diluted earnings per share of common stock $ 0.65 $ 0.55 $ 0.02 $ 1.37
========= ========= ========= =========
Cash dividends per common share $ 0.14 $ 0.13 $ 0.42 $ 0.39
========= ========= ========= =========
</TABLE>
See accompanying notes to consolidated financial statements.
4
<PAGE>
<TABLE>
BANTA CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
<CAPTION>
(Dollars in thousands)
Nine Months Ended
October 2, 1999 October 3, 1998
--------------- ---------------
<S> <C> <C>
Cash Flows From Operating Activities
Net earnings $ 523 $ 40,656
Depreciation and amortization 51,157 51,797
Deferred income taxes 6,330 922
Gain on Sale of Building - (870)
Restructuring Charge 55,000 -
Restructuring Charges Paid (10,155) -
Change in assets and liabilities:
Decrease (increase) in receivables 789 (13,863)
(Increase) decrease in inventories (5,851) 10,136
Increase in other current assets (3,959) (2,454)
Increase (decrease) in accounts payable
and accrued liabilities 11,387 (6,075)
Other, net (1,809) 2,012
--------- ---------
Cash provided from operating activities 103,412 82,261
--------- ---------
Cash Flows From Investing Activities
Capital expenditures, net (60,780) (43,790)
Acquisition of businesses, net of cash acquired - (2,354)
Proceeds from sale of building, net - 4,625
Additions to long-term investments (10,398) (3,128)
--------- ---------
Cash used for investing activities (71,178) (44,647)
--------- ---------
Cash Flows From Financing Activities
Proceeds from short-term debt, net 27,235 10,665
Repayment of long-term debt (5,368) (7,296)
Dividends paid (11,613) (11,273)
Proceeds from exercise of stock options 1,608 3,326
Repurchase of common stock (39,462) (29,185)
--------- ---------
Cash used for financing activities (27,600) (33,763)
--------- ---------
Net increase in cash 4,634 3,851
Cash and cash equivalents at beginning of period 26,584 16,432
--------- ---------
Cash and cash equivalents at end of period $ 31,218 $ 20,283
========= =========
Cash payments for:
Interest, net of amount capitalized $ 7,770 $ 8,107
Income taxes 12,273 26,166
</TABLE>
See accompanying notes to consolidated statements
5
<PAGE>
BANTA CORPORATION AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1) Basis of Presentation
The condensed financial statements included herein have been prepared by
the Corporation, without audit, pursuant to the rules and regulations of
the Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations, although the
Corporation believes that the disclosures are adequate to make the
information presented not misleading. It is suggested that these condensed
financial statements be read in conjunction with the financial statements
and the notes thereto included in the Corporation's latest Annual Report on
Form 10-K.
In the opinion of management, the aforementioned statements reflect all
adjustments (consisting only of normal recurring adjustments) necessary for
a fair presentation of the results for the interim periods. Results for the
three and nine months ended October 2, 1999, are not necessarily indicative
of results that may be expected for the year ending January 1, 2000.
2) Inventories
The Corporation's inventories are stated at the lower of cost or market
using the first-in, first-out (FIFO) method. Until the current fiscal year,
approximately one-third of the Corporation's inventories were accounted for
at cost determined on a last-in, first-out (LIFO) basis. Effective January
3, 1999, these operations changed to the FIFO method. The change in
accounting principles was made to provide a better matching of revenue and
expenses. This accounting change was not material to the financial
statements on an annual or quarterly basis, and accordingly, no retroactive
restatement of prior years' financial statements was made. Inventories
include material, labor and manufacturing overhead.
Inventory amounts at October 2, 1999 and January 2, 1999 were as follows:
(Dollars in thousands)
October 2, 1999 January 2, 1999
--------------- ---------------
Raw Materials and Supplies $ 45,641 $ 35,270
Work-In-Process and Finished Goods 38,743 43,963
-------- --------
FIFO value (current cost of all inventories) 84,384 79,233
LIFO reserve - (4,509)
-------- --------
Net Inventories $ 84,384 $ 74,724
======== ========
3) Earnings Per Share of Common Stock
Basic earnings per share of common stock is computed by dividing net
earnings by the weighted average number of common shares during the period.
Diluted earnings per share of common stock is computed by dividing net
earnings by the weighted average number of common shares and common
equivalent shares, which relate entirely to the assumed exercise of stock
options.
6
<PAGE>
The weighted average shares used in the computation of earnings per share
were as follows (in millions of shares):
Three Months Ended Nine Months Ended
-------------------------------- --------------------------------
October 2, 1999 October 3, 1998 October 2, 1999 October 3, 1998
--------------- --------------- --------------- ---------------
Basic 27.0 29.3 27.5 29.6
Diluted 27.1 29.4 27.5 29.7
4) Comprehensive Income
Total comprehensive income, comprised of net earnings and other
comprehensive income (loss), was $18,879,000 and $18,883,000 for the third
quarter of 1999 and 1998, respectively. For the three quarters of 1999 and
1998, comprehensive income (loss) was $(1,873,000) and $42,669,000
respectively. Other comprehensive income (loss) was comprised solely of
foreign currency translation adjustments. The Corporation does not provide
U.S. income taxes on foreign currency translation adjustments because it
does not provide for such taxes on undistributed earnings of foreign
subsidiaries.
5) Segment Information
The Corporation operates in one primary business segment, print, with other
business operations in turnkey services and healthcare products. Summarized
segment data for the three months ended October 2, 1999 and October 3, 1998
are as follows:
Dollars in thousands Printing All Other1 Total
----------------------------------------------------------------------
1999
Net sales $247,233 $84,339 $331,572
Intersegment sales 1,334 136 1,470
Earnings from operations 28,110 7,987 36,097
1998
Net sales $264,890 $78,791 $343,681
Intersegment sales 2,117 195 2,312
Earnings from operations 26,820 5,665 32,485
7
<PAGE>
Summarized segment data for the nine months ended October 2, 1999 and
October 3, 1998 are as follows:
Dollars in thousands Printing All Other1 Total
----------------------------------------------------------------------
1999
Net sales $710,433 $229,505 $939,938
Intersegment sales 3,469 140 3,609
Earnings from operations 24,578 6,579 31,157
Earnings before restructuring 69,748 15,829 85,577
1998
Net sales $762,756 $227,735 $990,491
Intersegment sales 4,925 604 5,529
Earnings from operations 71,385 15,783 87,168
1 "All Other" includes the operations within turnkey services and
healthcare products which have been aggregated.
The following table presents a reconciliation of segment earnings from
operations to the totals contained in the condensed financial statements
for the three and nine months ended October 2, 1999 and October 3, 1998:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------ -----------------
Dollars in thousands October 2, 1999 October 3, 1998 October 2, 1999 October 3, 1998
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Reportable segment earnings $28,110 $26,820 $24,578 $71,385
Other segment earnings 7,987 5,665 6,579 15,783
Unallocated corporate expenses (3,801) (4,197) (11,824) (12,482)
Interest expense (2,996) (2,278) (8,795) (7,965)
Other income (expense) (562) 420 (1,315) (365)
------- ------- ------ -------
Earnings before income taxes $28,738 $26,430 $9,223 $66,356
====== ======= ====== =======
</TABLE>
6) Restructuring Charge
In the second quarter of 1999, the Corporation recorded a restructuring
charge, including related asset writedowns, of $55.0 million ($38.5 million
or $1.40 per diluted share, after tax). The restructuring primarily
involved the Corporation's print segment and resulted in three facility
closings and the elimination of certain underperforming business assets.
The restructuring also resulted in workforce reductions of approximately
650 employees (350 employees at the three facilities closed) and the
writedown of certain long-lived assets, including goodwill.
Actions within the print segment resulted in restructuring charges of
approximately $45.2 million and, most significantly, included the closure
of the mailing and fulfillment facility in Berkeley, Illinois, the prepress
facility in Charlotte, North Carolina and the printing plant in Kent,
Washington. These closings and the related asset writedowns were primarily
the result of volume shortfalls and unanticipated losses in early 1999.
Although the Corporation had taken action during 1998 to improve operating
results at these facilities, these actions failed to result in the level of
improvement necessary to create profitability and positive shareholder
value. Initiatives within the turnkey services and healthcare products
business operations resulted in restructuring charges of $9.3 million and
primarily related to the elimination or realignment of manufacturing
capacity to meet future customer sourcing requirements. The remaining
portion of the charge (approximately $0.5 million) related to severance and
other restructuring costs at the corporate headquarters.
8
<PAGE>
The cash and noncash elements of the restructuring charge approximate $24.1
million and $30.9 million, respectively. Details of the restructuring
charge are as follows (in thousands):
<TABLE>
<CAPTION>
Original October 2, 1999
Charge Used Balance
------ ---- -------
<S> <C> <C> <C>
Writedown of intangible assets, including goodwill $ 15,600 $ (15,600) $ -
Writedown of tangible assets 15,300 (15,300) -
Lease termination payments 11,500 (2,555) 8,945
Employee severance and termination benefit 8,300 (5,646) 2,654
Other facility exit costs 4,300 (1,954) 2,346
-------- --------- --------
$ 55,000 $ (41,055) $ 13,945
======== ========= ========
</TABLE>
For facilities to be closed or operations with manufacturing capacity
eliminated, the tangible assets to be disposed of have been written down to
their estimated fair value, less cost of disposal. The fair value for
tangible assets written down approximates $3.4 million and was determined
through internal manufacturing valuation studies. Considerable management
judgement is applied in estimating fair value, accordingly; actual results
could vary from such estimates. All intangible asset carrying values
associated with the facility closings have been eliminated. As of October
2, 1999, cash outflows have been approximately $10.2 million and
approximately 500 employees have separated from the Corporation. It is
expected that the restructuring actions will be substantially completed by
mid-year of 2000.
7) Treasury Stock
At October 2, 1999, the Corporation held 1,058,300 shares of its common
stock in treasury. These shares were acquired during the second and third
quarters of 1999 through the common stock repurchase program and may be
reissued pursuant to the Corporation's stock option plans or for other
purposes.
9
<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESTRUCTURING
In the second quarter of 1999, the Corporation recorded a restructuring charge
of $55.0 million ($38.5 million or $1.40 per diluted share, after tax). For
additional details regarding the restructuring, see Note 6 of Notes to Unaudited
Consolidated Condensed Financial Statements and "Restructuring Charge" below.
RESULTS OF OPERATIONS
Net Sales
- ---------
Sales for the third quarter of 1999 were $12.1 million (3.5%) lower than the
third quarter of 1998. Of the decrease, approximately $9 million related to lost
revenue from the three facilities closed in the restructuring. The decrease in
print segment sales was also due to lower paper prices in the third quarter of
1999 as compared with the third quarter of 1998. The cost of paper is generally
passed on to the Corporation's customers and, as a result, as paper prices
decreased from 1998 levels, the Corporation's sales also decreased. These
decreases were partially offset by sales growth within the special interest
publication and educational sectors during the current year third quarter.
Year-to-date sales for 1999 were $50.6 million or 5.1% lower than the prior
year. Trends in operating activity levels for the first three quarters of 1999
and the effect of the facility closings were similar to those described above
for the third quarter.
Cost of Goods Sold
- ------------------
Cost of goods sold as a percentage of sales decreased from 79.4% for the third
quarter of 1998 to 78.2% for the third quarter of 1999. Within the print
segment, margins improved during the current year third quarter due to the
positive effects of the second quarter restructuring initiatives, increased
utilization of production facilities and the result of lower paper sales which
generally have lower margins than manufacturing sales. Turnkey services margins
improved for the third quarter of 1999 compared to the prior year quarter as a
result increased utilization and lower material content included in sales. Third
quarter 1999 margins for healthcare products were slightly lower compared to the
prior year quarter due to costs associated with systems integration efforts.
Cost of goods sold as a percentage of sales decreased slightly from 79.6% for
the first three quarters of 1998 to 79.2% for the first three quarters of 1999.
This improvement resulted from the same factors that impacted the third quarter.
10
<PAGE>
Selling and Administrative Expenses
- -----------------------------------
Selling and administrative expenses were $2.5 million lower in the third quarter
of 1999 than for the third quarter of 1998 and $5.7 million lower in the first
three quarters of 1999 as compared to the first three quarters of 1998. The
decrease is essentially due to lower sales volume in the current year compared
to the prior year and cost containment efforts related to the second quarter
restructuring initiatives.
Restructuring Charge
- --------------------
Year-to-date earnings from operations for 1999 include a second quarter
restructuring charge of $55.0 million. The restructuring initiatives primarily
involved the Corporation's print segment and included three facility closings
and the elimination of certain underperforming business lines. These initiatives
will result in workforce reductions of approximately 650 employees and the
writedown of certain long-lived assets, including goodwill. The initiatives are
expected to generate between $5 million and $7 million in cost savings primarily
during the second half of 1999 and savings for the years 2000 and beyond of $18
million to $20 million annually. The cash portion of the charge is approximately
$24.1 million and will be funded by the cost savings from the restructuring
initiatives.
Interest Expense
- ----------------
Interest expense was $718,000 higher in the third quarter of 1999 than in the
third quarter of 1998 and $830,000 higher for the first three quarters of 1999
as compared with the first three quarters of 1998. The increase was primarily
due to increased debt levels to support the common stock repurchase program,
capital expenditures and additions to long-term investments.
Income Taxes
- ------------
Prior to the effect of the restructuring charge, the Corporation's effective
income tax rate for the first three quarters of 1999 was slightly higher as
indicated in the table below. The increase is partially due to a decrease in the
amount of tax-free interest income earned in 1999 as compared to 1998.
Effective Tax Rate
1999 1998
------------- --------------
Third Quarter 39.0% 38.6%
First Three Quarters 39.2% 38.7%
FINANCIAL CONDITION
Liquidity and Capital Resources
- -------------------------------
The Corporation's net working capital decreased by approximately $28.6 million
during the first three quarters of 1999. Working capital was lower than the
year-end balance due to higher accrued liabilities partially related to the 1999
second quarter restructuring charge. Short-term borrowings increased $27 million
compared to the 1998 year-end balance. This increase was primarily due to the
1.7 shares of common stock repurchased at an aggregate purchase price of
approximately $40 million. These repurchases were also funded with cash provided
from operations. Future stock repurchases, if any will continue to be funded by
a combination of cash provided from operations and short-term borrowings.
11
<PAGE>
Capital expenditures were $60.8 million during the first three quarters of 1999,
an increase of $17.1 million from the amount expended during the prior's year
first three quarters. This increase was primarily due to the construction of a
fulfillment and distribution center in Harrisonburg, Va. related to the 10-year
contract with publisher IDG Books Worldwide and for the newly constructed
Houston facility related to the recently announced contract with Compaq.
Capital requirements for the full year are expected to be approximately $100
million and will be funded by a combination of cash provided from operations and
short-term borrowings. Long-term debt as a percentage of total capitalization
increased to 24.2% compared to 22.7% at year-end. The combination of the
restructuring charge recorded in the second quarter of 1999 and the effect of
the share repurchase program has resulted in the higher percentage.
OTHER MATTERS
During 1998, the Corporation completed an evaluation of its computer software to
determine its ability to handle dates beginning with the year 2000. It was
determined that a significant portion of the Corporation's software was already
year-2000 compliant. This evaluation also resulted in the development of
detailed plans to replace certain software and to reprogram other software. The
Corporation also implemented a program to confirm that business and
manufacturing system hardware, control systems and software supplied by
significant third party vendors is year-2000 ready. Although complete assurance
cannot be given, management currently believes it has devoted the necessary
resources to resolve all significant year-2000 issues, both Information
Technology ("IT") and non-IT related. The Corporation has essentially completed
the audits and operational readiness testing as well as received certification
of year-2000 readiness from significant third party vendors.
The Corporation's contingency plan related to third party vendors has been to
identify additional suppliers and alternate sources for essential materials,
primarily paper, in case one or more of its suppliers were not year-2000 ready.
The majority of the Corporation's internal IT-related systems have been replaced
with year-2000 compliant systems. Accordingly, a contingency plan has not been
developed for internal IT-related systems and is not considered necessary. The
Corporation continues to test non-IT-related systems (HVAC, safety and security)
and has developed a contingency plan.
The risk of not being year-2000 compliant on a timely basis is that product
shipments could potentially be delayed, which could have an adverse impact on,
among other things, the Corporation's revenues and earnings. Additional
resources, which cannot be accurately estimated at this time, would be required
to process and fulfill customer orders.
During 1998, the Corporation spent approximately $3.5 million to upgrade and
replace its systems to ensure year-2000 readiness. Through the first three
quarters of 1999, the Corporation has spent approximately $4 million. The
majority of the systems development costs will be capitalized.
12
<PAGE>
Item 3.
QUALITATIVE AND QUANTITATIVE DISCLOSURE ABOUT MARKET RISK
The Corporation is exposed to market risk from changes in interest rates and
foreign exchange rates. At October 2, 1999, the Corporation had notes payable
outstanding aggregating $63.4 million against lines of credit with banks. These
notes consist entirely of commercial paper and bear interest at floating rates.
Each 1% fluctuation in the interest rate will increase or decrease interest
expense for the Corporation by approximately $634,000 annually. Since
essentially all long-term debt is at fixed interest rates, exposure to interest
rate fluctuations is minimal. Exposure to adverse changes in foreign exchange
rates is also considered minimal.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This document includes forward-looking statements. Statements that describe
future expectations, plans, results or strategies are considered
forward-looking. Such statements are subject to certain risks and uncertainties
which could cause actual results to differ materially from those currently
anticipated. Factors that could affect actual results include, among others,
changes in customers' demand for the Corporation's products, changes in raw
material costs and availability, success with operational start-ups, seasonal or
unanticipated changes in customer orders, pricing actions by competitors,
success in the implementation of the Corporation's restructuring (including,
without limitation, the achievement of estimated cost savings), unanticipated
events relating to achieving year-2000 compliance, unexpected changes in the
timing of capital expenditures and general changes in economic conditions. These
factors should be considered in evaluating the forward-looking statements, and
undue reliance should not be placed on such statements. The forward-looking
statements included herein are made as of the date hereof, and the Corporation
undertakes no obligation to update publicly such statements to reflect
subsequent events or circumstances.
13
<PAGE>
PART II: OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits - 27 - Financial Data Schedule (EDGAR version only)
(b) No reports on Form 8-K were filed during the quarter for which
this report is filed
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BANTA CORPORATION
/S/GERALD A. HENSELER
- -----------------------
Gerald A. Henseler
Executive Vice President, Chief
Financial Officer and Treasurer
Date: November 15, 1999
-----------------
14
<PAGE>
BANTA CORPORATION
EXHIBIT INDEX TO FORM 10-Q
For The Quarter Ended October 2, 1999
Exhibit Number
- --------------
27 Financial Data Schedule (EDGAR version only)
15
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE CONSOLIDATED FINANCIAL STATEMENTS OF BANTA CORPORATION AS OF AND
FOR THE NINE MONTHS ENDED OCTOBER 2, 1999 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-01-2000
<PERIOD-START> JAN-03-1999
<PERIOD-END> OCT-02-1999
<CASH> 654
<SECURITIES> 30,564
<RECEIVABLES> 236,036
<ALLOWANCES> 4,525
<INVENTORY> 84,384
<CURRENT-ASSETS> 370,434
<PP&E> 797,420
<DEPRECIATION> 474,770
<TOTAL-ASSETS> 776,665
<CURRENT-LIABILITIES> 240,891
<BONDS> 115,245
0
0
<COMMON> 2,765
<OTHER-SE> 358,627
<TOTAL-LIABILITY-AND-EQUITY> 776,665
<SALES> 939,938
<TOTAL-REVENUES> 939,938
<CGS> 744,310
<TOTAL-COSTS> 744,310
<OTHER-EXPENSES> 176,295
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 8,795
<INCOME-PRETAX> 9,223
<INCOME-TAX> 8,700
<INCOME-CONTINUING> 523
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 523
<EPS-BASIC> 0.02<F1>
<EPS-DILUTED> 0.02
<FN>
<F1>THE EPS UNDER THE "EPS-PRIMARY" TAG REPRESENTS BASIC EARNINGS PER SHARE
</FN>
</TABLE>
