Results of Operations – Comparison of the First Quarter of 2012 to the First Quarter of 2011
|Three Months Ended|
|(Dollars in thousands)||2012||2011|
|Costs and expenses:|
|Cost of products sold - (exclusive of depreciation, amortization, and depletion)||337,280||352,528|
|Depreciation, amortization, and depletion||31,423||31,347|
|Selling, general, and administrative expenses||18,818||18,634|
|Restructuring and other charges||85||-|
|Total operating expenses||387,606||402,509|
|Operating income (loss)||(12,311||)||14,083|
|Other loss, net||29,570||26,327|
|Loss before income taxes||(73,998||)||(44,599||)|
|Income tax benefit||(69||)||(2||)|
Net Sales. Net sales for the first quarter of 2012 decreased 9.9%, to $375.3 million from $416.6 million in the first quarter of 2011, as total sales volume decreased 8.2%. The decline in total sales volume reflects the unusually high sales volume for coated papers in March of 2011 and the permanent shutdown of three paper machines in the fourth quarter of 2011. The average sales price for all of our products decreased 1.9%, reflecting a decline in the price of pulp.
Net sales for our coated papers segment decreased 13.8% in the first quarter of 2012 to $303.2 million from $351.7 million for the same period in 2011, due to a 13.8% decrease in paper sales volume while the average paper sales price per ton remained flat.
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