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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ClearWater Paper Corporation | NYSE:CLW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.79 | -1.53% | 50.73 | 51.27 | 50.45 | 50.86 | 94,083 | 01:00:00 |
Clearwater Paper Corporation (NYSE:CLW) today reported financial results for the fourth quarter and full year of 2011.
The company reported net earnings of $11.5 million, or $0.48 per diluted share, for the fourth quarter of 2011, compared to net earnings of $37.8 million, or $1.60 per diluted share, for the fourth quarter of 2010. Excluding $1.8 million in after-tax charges related to the sale of our Lewiston, Idaho sawmill on November 28, 2011, fourth quarter 2011 net earnings were $13.3 million, or $0.55 per diluted common share. Fourth quarter 2010 results included $10.5 million in after-tax costs related to the Cellu Tissue acquisition and a $27.1 million benefit from a Cellulosic Biofuel Producer Credit. Excluding these items, fourth quarter 2010 net earnings would have been $21.2 million, or $0.90 per diluted common share.
Fourth quarter 2011 earnings before interest, taxes, depreciation and amortization, or EBITDA, was $52.2 million, compared to $34.6 million in the fourth quarter of 2010. Fourth quarter 2011 Adjusted EBITDA, which excludes $2.9 million in pre-tax adjustments associated with the sale of the sawmill, was $55.1 million. Fourth quarter 2010 Adjusted EBITDA, which excludes $17.2 million in pre-tax Cellu Tissue acquisition related expenses, was $51.9 million.
"We reported record net sales of nearly $2 billion in 2011 and remain excited about our growing tissue business,” said Gordon Jones, chairman and chief executive officer. “Our new tissue machine and additional converting lines at Shelby, North Carolina are on budget and scheduled for start-up in December 2012.”
As part of the company's previously announced share buyback program, during the fourth quarter the company repurchased 41,700 shares of outstanding common stock at an average price of $32.30 per share. Since announcing the $30 million share buyback authorization on July 28, 2011, the company has repurchased 333,300 shares at a total cost of $11.3 million.
FOURTH QUARTER 2011 SEGMENT PERFORMANCE
Consumer Products
Net sales in the Consumer Products segment were $268.5 million for the fourth quarter of 2011, as compared to fourth quarter 2010 net sales of $142.9 million. The increase in net sales was predominately attributable to the inclusion of Cellu Tissue's operating results for the full fourth quarter 2011 compared to inclusion of only four days of operating results in fourth quarter 2010. Operating income for the fourth quarter of 2011 was $15.0 million, compared with operating income of $11.3 million for the fourth quarter of 2010. Excluding $6.3 million in pre-tax Cellu Tissue acquisition related costs, fourth quarter 2010 operating income would have been $17.6 million.
Pulp and Paperboard
Net sales of $197.9 million for the fourth quarter of 2011 were down 2.3%, compared to fourth quarter 2010 net sales of $202.6 million. Operating income for the quarter declined to $16.5 million, compared to $29.1 million for the fourth quarter of 2010. Excluding $15.4 million in sawmill sale and related costs, operating income would have been $31.9 million for the fourth quarter of 2011. The company also made offsetting adjustments to LIFO inventory reserves in connection with the sawmill sale, which were accounted for at the corporate rather than the segment level.
Taxes
The effective tax rate for the fourth quarter of 2011, excluding discrete items, was approximately 35.6%, compared to 35.8% in the fourth quarter of 2010. The actual income tax rate for the fourth quarter of 2011 was 47.8%, compared to a benefit of 213.1% in the fourth quarter of 2010. Our 2010 effective rate included the benefits from the Cellulosic Biofuel Producer Credit.
Note Regarding Use of Non-GAAP Financial Measures
In this news release, the company presents its results for the fourth quarter and full year of 2011 and 2010, including EBITDA and Adjusted EBITDA. The EBITDA and Adjusted EBITDA amounts are not in accordance with generally accepted accounting principles (GAAP) and accordingly a reconciliation to net earnings determined in accordance with GAAP is included at the end of this news release.
CONFERENCE CALL INFORMATION
A live audio webcast and conference call will be held today, Wednesday, February 22, 2012 at 2:00 p.m. Pacific time (5:00 p.m. Eastern time). Investors may access the conference call by dialing 877-303-9241 (for U.S./Canada investors) or 760-666-3575 (for international investors). The audio webcast may be accessed on the company's website at http://ir.clearwaterpaper.com/events.cfm.
An accompanying presentation including supplemental information will be available for downloading at the same site after 1:00 p.m. Pacific time (4:00 p.m. Eastern time). The webcast will be audio only. Investors are recommended to download the accompanying presentation prior to the call.
For those unable to participate in the call, an archived recording will be available through the Clearwater Paper Corporation website www.clearwaterpaper.com under "Investor Relations" following the conference call.
ABOUT CLEARWATER PAPER
Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, parent roll tissue, machine glazed tissue, bleached paperboard and pulp at 15 manufacturing locations in the U.S. and Canada. The company is a premier supplier of private label tissue to major retailers and wholesale distributors. This includes grocery, drug, mass merchants and discount stores. The company also produces bleached paperboard used by quality-conscious printers and packaging converters. Clearwater Paper's employees build shareholder value by developing strong customer relationships through quality and service.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding the expected growth of the company’s tissue business, the expected contribution of the first two converting lines at the company’s Shelby facilities to the company’s financial results, the expected delivery and budgeted cost relating to the company’s new tissue machine and converting lines in Shelby, North Carolina, and expected future cost savings from synergies relating to the company’s Cellu Tissue acquisition. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, difficulties with the completion of the company’s new tissue manufacturing and converting facilities, including the completion of the company’s new through-air-dried paper machine; difficulties with the integration process or the realization of the benefits expected from the company's acquisition of Cellu Tissue; changes in raw material and energy costs, including changes in the cost and availability of wood fiber and wood pulp; changes in transportation costs and disruptions in transportation services; the loss of large customers; customers' product preferences; changes in the United States and international economies; cyclical industry conditions; competitive pricing pressure for the company's products; reliance on a limited number of third-party suppliers of raw materials; an inability to successfully implement our expansion strategies; labor disruptions; unanticipated manufacturing disruptions; changes in general and industry-specific laws and regulations; unforeseen environmental liabilities or expenditures; and other risks and uncertainties described from time to time in the company's public filings with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this news release and the company does not undertake to update any forward-looking statements.
For additional information on Clearwater Paper, please visit our website at www.clearwaterpaper.com.
Clearwater Paper Corporation Consolidated Statements of Operations Unaudited (Dollars in thousands - except per-share amounts) Three Months Ended Twelve Months Ended December 31, December 31, 2011 2010 2011 2010 Net sales $ 466,391 100 % $ 345,557 100 % $ 1,927,973 100 % $ 1,372,965 100 % Costs and expenses: Cost of sales (405,325 ) 87 % (281,883 ) 82 % (1,702,530 ) 88 % (1,173,804 ) 85 % Selling, general and administrative expenses (28,343 ) 6 % (41,270 ) 12 % (109,998 ) 6 % (100,394 ) 7 % Total operating costs and expenses (433,668 ) 93 % (323,153 ) 94 % (1,812,528 ) 94 % (1,274,198 ) 93 % Income from operations 32,723 7 % 22,404 6 % 115,445 6 % 98,767 7 % Interest expense, net (10,384 ) 2 % (10,335 ) 3 % (44,809 ) 2 % (22,571 ) 2 % Other, net (301 ) - - - 284 - - - Earnings before income taxes 22,038 5 % 12,069 3 % 70,920 4 % 76,196 6 % Income tax (provision) benefit (10,536 ) 2 % 25,717 (7 %) (31,246 ) 2 % (2,396 )-
Net earnings $ 11,502 2 % $ 37,786 11 % $ 39,674 2 % $ 73,800 5 % Net earnings per common share: Basic $ 0.51 $ 1.65 $ 1.73 $ 3.22 Diluted 0.48 1.60 1.66 3.12 Average shares outstanding (in thousands): Basic 22,728 22,958 22,914 22,947 Diluted 23,782 23,693 23,952 23,670 All common share and per share amounts have been adjusted for the two-for-one stock split effected in the form of a stock dividend distributed on August 26, 2011.
Clearwater Paper Corporation Consolidated Balance Sheets Unaudited (Dollars in thousands) December 31, December 31,
2011
2010 ASSETS Current assets: Cash $ 8,439 $ 18,928 Restricted cash 769 3,637 Short-term investments 55,001 126,095 Receivables, net 176,189 153,335 Taxes receivable 10,000 10,354 Inventories 244,071 228,321 Deferred tax assets 39,466 37,374 Prepaid expenses 11,396 11,415 Total current assets 545,331 589,459 Property, plant and equipment, net 735,566 654,456 Goodwill 229,533 229,533 Intangible assets, net 49,748 56,400 Other assets, net 11,140 15,488 $ 1,571,318 $ 1,545,336 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 144,631 $ 184,604 Current portion of long-term debt - 760 Current liability for pensions and other postretirement employee benefits 9,861 9,749 Total current liabilities 154,492 195,113 Long-term debt, net of current portion 523,694 538,314 Liability for pensions and other postretirement employee benefits 215,932 187,116 Other long-term obligations 48,474 23,369 Accrued taxes 74,464 72,011 Deferred tax liabilities 69,358 61,064 Stockholders' equity, excluding accumulated other comprehensive loss, net of tax 600,169 566,701 Accumulated other comprehensive loss, net of tax (115,265 ) (98,352 ) $ 1,571,318 $ 1,545,336Clearwater Paper Corporation Segment Information Unaudited (Dollars in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2011
2010 (1)
2011 2010 (1) Segment net sales: Consumer Products $ 268,526 58 % $ 142,913 41 % $ 1,092,133 57 % $ 570,047 42 % Pulp and Paperboard 197,865 42 % 202,644 59 % 835,840 43 % 802,918 58 % Total segment net sales $ 466,391 100 % $ 345,557 100 % $ 1,927,973 100 % $ 1,372,965 100 % Operating income: Consumer Products $ 15,048 46 % $ 11,270 50 % $ 42,806 37 % $ 80,791 82 % Pulp and Paperboard (2) 16,457 50 % 29,053 130 % 92,827 80 % 64,869 66 % 31,505 40,323 135,633 145,660 Corporate and eliminations (2) 1,218 4 % (17,919 ) 80 % (20,188 ) 17 % (46,893 ) 47 % Income from operations $ 32,723 100 % $ 22,404 100 % $ 115,445 100 % $ 98,767 100 %(1) Prior period net sales and segment operating income have been adjusted to reflect our change in accounting for intersegment pulp transfers. Commencing January 1, 2011, rather than recording the intersegment transfer of pulp through net sales, the costs of pulp are transferred from the Pulp and Paperboard segment to the Consumer Products segment.
(2) Results for Pulp and Paperboard for 2011 included additional expenses associated with the sale of the Lewiston, Idaho sawmill, which were partially offset by LIFO inventory reserve and other adjustments recorded at the corporate level.
Clearwater Paper Corporation Reconciliation of Consolidated Net Earnings to EBITDA and Adjusted EBITDA Unaudited (Dollars in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2011 2010 2011 2010 Net earnings $ 11,502 $ 37,786 $ 39,674 $ 73,800 Add back: Interest expense, net 10,384 10,335 44,809 22,571 Income tax provision (benefit) 10,536 (25,717 ) 31,246 2,396 Depreciation and amortization expense 19,825 12,221 76,933 47,728 EBITDA $ 52,247 $ 34,625 $ 192,662 $ 146,495 Lewiston, Idaho sawmill sale adjustments 2,883 - 2,883 - Cellu Tissue acquisition related expenses - 17,248 - 20,354 Adjusted EBITDA $ 55,130 $ 51,873 $ 195,545 $ 166,849
Clearwater Paper Corporation
Reconciliation of Non-GAAP Financial Measures Unaudited (Dollars in thousands, except per-share amounts) Three Months Ended Twelve Months Ended December 31, December 31, 2011 2010 2011 2010 GAAP net earnings $ 11,502 $ 37,786 $ 39,674 $ 73,800 Special items, after-tax: Lewiston, Idaho sawmill sale and related adjustments 1,759 - 1,759 - Cellulosic Biofuel Producer Credit - (27,087 ) - (27,087 ) Patient Protection and Affordable Care Act - (106 ) - 3,099 Cellu Tissue acquisition related expenses - 10,521 - 12,416 Net earnings, excluding special items $ 13,261 $ 21,114 $ 41,433 $ 62,228 GAAP net earnings per diluted share $ 0.48 $ 1.60 $ 1.66 $ 3.12 Special items, after-tax: Lewiston, Idaho sawmill sale and related adjustments 0.07 - 0.07 - Cellulosic Biofuel Producer Credit - (1.14 ) - (1.14 ) Patient Protection and Affordable Care Act - (0.01 ) - 0.13 Cellu Tissue acquisition related expenses - 0.44 - 0.52 Net earnings per diluted share, excluding special items $ 0.55 $ 0.89 $ 1.73 $ 2.63
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