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Avery Retail Information Services sales grow 144%
30
Jan '08
Avery Dennison Corporation reported net income of $79.4 million or $0.81 per share, compared with $104.7 million or $1.04 per share in the prior year. Results included restructuring and asset impairment charges, transition costs associated with the integration of Paxar, and other items, totaling $0.27 and $0.05 in the fourth quarters of 2007 and 2006, respectively.

Net sales from continuing operations for the fourth quarter were $1.71 billion, up approximately 21 percent from $1.41 billion for the same quarter last year. Sales before the impact of the Paxar acquisition and foreign currency translation were down approximately 1 percent from the prior year.

The Company reported net income of $303.5 million or $3.07 per share for the full year 2007, compared with $373.2 million or $3.72 per share in the prior year. Results included restructuring and asset impairment charges, transition costs associated with the integration of Paxar, and other items, totaling $0.84 per share in 2007 and $0.12 per share in the prior year. Net sales were $6.31 billion in 2007, compared to $5.58 billion in the previous year.

In the fourth quarter of 2007, Avery Dennison changed from the last-in, first- out (LIFO) inventory accounting method to the first-in, first-out (FIFO) method for certain businesses operating in the U.S. All the Company's businesses now utilize the FIFO method of accounting for inventory. All results have been presented on a FIFO basis as if the accounting change occurred as of January 1, 2006.

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