Avery Dennison Corporation announced unaudited consolidated earnings results for the fourth quarter and twelve months ended December 31, 2011. For the quarter, net sales was $1,456.6 million, income before taxes was $37.1 million and net income was $22.2 million or $0.21 per diluted share against net sales of $1,462.6 million, income before taxes of $48.3 million and net income of $114.2 million or $1.06 per diluted share for the same period a year ago. Income from continuing operations was $29 million or $0.27 per diluted share compared to $99.9 million or $0.93 per diluted share for the same period a year ago. Adjusted Non-GAAP net income from continuing operations was $38.1 million or $0.36 per diluted share compared to $89.6 million or $0.83 per diluted share for the same period a year ago. Adjusted Non-GAAP net income was $41.2 million or $0.39 per diluted share compared to $105.3 million or $0.98 per diluted share for the same period a year ago. For the twelve months, net sales was $6,026.3 million, income before taxes was $232.9 million and net income was $190.1 million or $1.78 per diluted share against net sales of $5,782.0 million, income before taxes of $239 million and net income of $316.9 million or $2.97 per diluted share for the same period a year ago. Income from continuing operations was $154.4 million or $1.45 per diluted share compared to $241.8 million or $2.27 per diluted share for the same period a year ago. Adjusted Non-GAAP net income from continuing operations was $185.3 million or $1.74 per diluted share compared to $255.5 million or $2.39 per diluted share for the same period a year ago. Adjusted Non-GAAP net income was $230.4 million or $2.16 per diluted share compared to $336.2 million or $3.15 per diluted share for the same period a year ago. Net cash provided by operating activities was $422.7 million and purchase of property, plant and equipment, net was $105 million against net cash provided by operating activities of $486.7 million and purchase of property, plant and equipment, net of $83.5 million a year ago. For the first quarter, the company's earnings are expected to be between 20% and 25% of full year earnings guidance. For the year 2012, the company expects earnings improvement and solid free cash flow on modest organic sales growth driven largely by emerging markets. Sales growth to be in between 1% and 4%. Capex to be of $150 million. Tax rate low to mid 30% range and a cash tax rate in the upper 20% range. Cash tax rate is lower than profit and loss rate due to the benefits of past planning activities. The company expects 2012 earnings per share from continuing operations between $1.65 and $2.00 and free cash flow from continuing operations between $275 million and $325 million. Excluding an estimated $0.15 per share for restructuring costs and other items, the company expects adjusted (non-GAAP) earnings per share from continuing operations of between $1.80 and $2.15.