Avery Dennison Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended Oct. 3, 2009. For the quarter, the company reported income from operations before taxes of $58.3 million, net income of $62.5 million, or $0.59 per assumed diluted share on net sales of $1,549.3 million compared to income from operations before taxes of $67.3 million, net income of $62.7 million, or $0.63 per assumed diluted share on net sales of $1,724.8 million for the same period last year. The company reported adjusted non-GAAP operating income before taxes and interest expense of $112.9 million, adjusted non-GAAP net income of $86.8 million compared to adjusted non-GAAP operating income before taxes and interest expense of $114.0 million, adjusted non-GAAP net income of $80.4 million for the same period last year. The company reported loss from operations before taxes of $817.4 million, net loss of $796.6 million, or $7.73 per assumed diluted share on net sales of $4,430.9 million compared to income from operations before taxes of $242.4 million, net income of $223.5 million, or $2.26 per assumed diluted share on net sales of $5,198.9 million for the same period last year. The company reported adjusted non-GAAP operating income before taxes and interest expense of $244.0 million, adjusted non-GAAP net income of $157.5 million compared to adjusted non-GAAP operating income before taxes and interest expense of $372.0 million, adjusted non-GAAP net income of $261.4 million for the same period last year. The company reported net cash provided by operating activities of $316.9 million, purchase of property, plant and equipment of $46.7 million compared to net cash provided by operating activities of $382.3 million, purchase of property, plant and equipment of $97.8 million for the same period last year.

Avery Dennison Corporation Reported Earnings Results for the Third Quarter October 3, 2009. For the third quarter, the company reported the adjusted earnings per share of $0.82 in the quarter excludes $0.23 of restructuring, asset impairment, and other charges. The company provided earnings guidance for the full year of 2009. The company expects one notable change from last quarter is that 2009 CapEx is now targeted to be approximately $100.0 million down from last quarter's estimate of $115.0 million to $130.0 million.

A Clarks Summit paper company will share in a $46 million settlement of a 6-year-old federal price-fixing lawsuit. Scranton Label Inc. is among 11 companies that filed the antitrust class action in 2003 against five suppliers, alleging they manipulated the adhesive-paper market. The suit, which has international implications for the adhesive products industry, alleged the defendants conspired to restrict competition in the U.S. market for pressure-sensitive labelstock through price manipulation. The defendants admitted no wrongdoing in the settlement, but the outcome has implications beyond payouts. The alleged collusion between the materials providers, drove up costs for label printers, which were passed on to buyers. The action originated following a federal antitrust investigation into noncompetitive industry practices that resulted in no indictments or charges. Suits alleging violations of the Sherman Act, including one by Scranton Label, were filed in several federal jurisdictions and were consolidated before Judge Vanaskie. President Barack Obama nominated Judge Vanaskie for a seat on the U.S. 3rd Circuit Court of Appeals in August. Momentum in the case turned quickly in November 2007, when Judge Vanaskie granted class certification, a crucial unifying step for the plaintiffs. The same month, two defendants, UPM-Kymmene Corp., of Helsinki, Finland, and its U.S.-based subsidiary UPM Raflatac, Inc., agreed to a settlement of $8.25 million. The remaining defendants agreed to a settlement on July 31, court records show. It calls for Avery Dennison Corporation, of Pasadena, Calif., to pay $36.5 million and Morgan Adhesives Company of Stow, Ohio, a subsidiary of Beemis Co. of Minneapolis, to pay $1.25 million. Avery also agreed to pay $500,000 for settlement-related notification costs. The plaintiffs accumulated expenses of more than $400,000 to pursue the six-year case.