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RockTenn Reports Results Third Quarter Fiscal 2012 Earnings Of $0.81 Per Share On Solid Operating Performance And Improving Corrugated Industry Fundamentals

BY Business Wire | 07/24/12 - 05:06 PM EDT

Stock quotes in this article: RKT

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Cash Provided From Operating, Financing and Investing Activities

At June 30, 2012, total debt was $3.36 billion and our Leverage Ratio (as hereinafter defined) was 2.84 times, well below our maximum credit agreement covenant of 3.75 times. Effective for the September 30, 2012 quarter, our maximum credit agreement covenant is 3.5 times. Net debt (as hereinafter defined) decreased by $32.6 million in the June quarter to $3.34 billion. Cash provided by operations was $203.6 million in the third quarter of fiscal 2012, after pension and postretirement funding more than expense of $54.1 million. We invested $146.1 million in capital expenditures and returned $14.2 million in dividends to our shareholders.

Conference Call

We will host a conference call to discuss our results of operations for the third quarter of fiscal 2012 and other topics that may be raised during the discussion at 9:00 a.m., Eastern Time, on July 25, 2012. The conference call will be webcast live with an accompanying slide presentation, along with a copy of this press release, at www.rocktenn.com.

Investors who wish to participate in the webcast via teleconference should dial 888-790-4710 (inside the U.S.) or 773-756-0961 (outside the U.S.) at least 15 minutes prior to the start of the call and enter the passcode ROCKTENN. Replays of the call will be available through August 8, 2012 and can be accessed at 866-351-2785 (U.S. callers) and 203-369-0055 (outside the U.S.).

About RockTenn

RockTenn (NYSE:RKT) is one of North America's leading integrated manufacturers of corrugated and consumer packaging and recycling solutions. RockTenn’s 26,000 employees are committed to exceeding their customers’ expectations – every time. The Company operates locations in the United States, Canada, Mexico, Chile, Argentina and China. For more information, visit www.rocktenn.com.

Cautionary Statements

Statements in this release that do not relate strictly to historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our current expectations, beliefs, plans or forecasts and use words such as will, estimate, anticipate, project, intend, or expect, or refer to future time periods, and include statements made in this report regarding, among other things our belief that the corrugated industry exhibited improving industry fundamentals as the quarter came to a close constitute forward-looking statements within the meaning of the federal securities laws. These statements are subject to certain risks and uncertainties including with respect to our expectations regarding economic, competitive and market conditions generally; expected volumes and price levels of purchases by customers; fiber and energy costs; costs associated with facility closures; competitive conditions in our businesses and possible adverse actions of our customers, our competitors and suppliers. These expectations are based on assumptions that management believes are reasonable; however, undue reliance should not be placed on these forward-looking statements because these risks and uncertainties could cause actual results to differ materially from those contained in any forward-looking statements. There are many other factors and uncertainties that impact these forward-looking statements that we cannot predict accurately, including our ability to integrate Smurfit-Stone or to achieve benefits from the Smurfit-Stone acquisition, including synergies and performance improvements. Further, our business is subject to a number of general risks that would affect any such forward-looking statements including, among others, decreases in demand for our products; increases in energy, raw materials, shipping and capital equipment costs; reduced supply of raw materials; fluctuations in selling prices and volumes; intense competition; the potential loss of certain key customers; changes in environmental and other governmental regulation; and adverse changes in general market and industry conditions. These risks are more particularly described in our filings with the Securities and Exchange Commission, including under the caption “Business―Forward-Looking Information” and “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2011. The information contained in this release speaks as of the date hereof and we do not undertake any obligation to update this information as future events unfold.

ROCK-TENN COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)



	FOR THE THREE MONTHS ENDED						FOR THE NINE MONTHS ENDED
	June 30,			June 30,			June 30,			June 30,
	2012			2011			2012			2011


NET SALES	$	2,303.2		$	1,382.1		$	6,853.8		$	2,936.1

Cost of Goods Sold		1,943.4			1,169.7			5,741.0			2,378.6


Gross Profit		359.8			212.4			1,112.8			557.5
Selling, General and Administrative Expenses		229.6			145.3			685.1			316.8
Restructuring and Other Costs, net		13.7			55.5			52.1			62.4


Operating Profit		116.5			11.6			375.6			178.3
Interest Expense		(26.8	)		(22.8	)		(91.7	)		(55.7	)
Loss on Extinguishment of Debt		(0.1	)		(39.5	)		(19.6	)		(39.5	)
Interest Income and Other Income, net		0.2			4.1			1.1			4.1
Equity in Income of Unconsolidated Entities		0.8			0.6			2.9			1.2


INCOME (LOSS) BEFORE INCOME TAXES		90.6			(46.0	)		268.3			88.4

Income Tax (Expense) Benefit		(31.3	)		17.6			(99.5	)		(27.2	)


CONSOLIDATED NET INCOME (LOSS)		59.3			(28.4	)		168.8			61.2


Less: Net Income Attributable to Noncontrolling Interests
Less: Net Income Attributable to Noncontrolling Interests		(1.1	)		(1.7	)		(2.0	)		(4.0	)


NET INCOME (LOSS) ATTRIBUTABLE TO ROCK-TENN COMPANY SHAREHOLDERS
	$	58.2		$	(30.1	)	$	166.8		$	57.2


Computation of diluted earnings (loss) per share under the two-class method (in millions, except per share data):

Net income (loss) attributable to Rock-Tenn Company shareholders
	$	58.2		$	(30.1	)	$	166.8		$	57.2
Less: Distributed and undistributed income available to participating securities
		-			(0.1	)		(0.6	)		(0.7	)
Distributed and undistributed income (loss) available to Rock-Tenn Company shareholders
	$	58.2		$	(30.2	)	$	166.2		$	56.5

Diluted weighted average shares outstanding		72.3			50.7			71.9			43.3

Diluted earnings (loss) per share	$	0.81		$	(0.60	)	$	2.31		$	1.30

ROCK-TENN COMPANY
SEGMENT INFORMATION
(UNAUDITED)
(IN MILLIONS)



	FOR THE THREE MONTHS ENDED						FOR THE NINE MONTHS ENDED
	June 30,			June 30,			June 30,			June 30,
	2012			2011			2012			2011


NET SALES:

Corrugated Packaging	$	1,545.2		$	734.5		$	4,573.9		$	1,142.2
Consumer Packaging		628.9			579.6			1,896.9			1,691.9
Recycling and Waste Solutions		338.9			147.4			964.4			230.1
Intersegment Eliminations		(209.8	)		(79.4	)		(581.4	)		(128.1	)


TOTAL NET SALES	$	2,303.2		$	1,382.1		$	6,853.8		$	2,936.1


SEGMENT INCOME:

Corrugated Packaging ⁽¹⁾	$	73.4		$	24.6		$	251.4		$	92.1
Consumer Packaging		83.7			61.1			248.4			193.1
Recycling and Waste Solutions		2.2			4.6			9.9			9.5


TOTAL SEGMENT INCOME	$	159.3		$	90.3		$	509.7		$	294.7


Restructuring and Other Costs, net		(13.7	)		(55.5	)		(52.1	)		(62.4	)
Non-Allocated Expenses		(28.3	)		(22.6	)		(79.1	)		(52.8	)
Interest Expense		(26.8	)		(22.8	)		(91.7	)		(55.7	)
Loss on Extinguishment of Debt		(0.1	)		(39.5	)		(19.6	)		(39.5	)
Interest Income and Other Income, net		0.2			4.1			1.1			4.1


INCOME (LOSS) BEFORE INCOME TAXES	$	90.6		$	(46.0	)	$	268.3		$	88.4

⁽¹⁾		After $6.7 million of pre-tax losses at our Matane, Quebec containerboard mill in the nine months ended June 30, 2012 and after inventory step-up expense of $0.2 million and $0.6 million pre-tax in the three and nine months ended June 30, 2012, respectively, and $55.4 million pre-tax in the three and nine months ended June 30, 2011.

ROCK-TENN COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN MILLIONS)


	FOR THE THREE MONTHS ENDED						FOR THE NINE MONTHS ENDED
	June 30,			June 30,			June 30,			June 30,
	2012			2011			2012			2011

CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income (loss)	$	59.3		$	(28.4	)	$	168.8		$	61.2

Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization		131.4			73.5			396.7			147.4
Deferred income tax expense		29.9			(17.7	)		90.7			8.8
Loss on extinguishment of debt		0.1			39.5			19.6			39.5
Share-based compensation expense		9.3			7.2			21.1			16.6
Gain on disposal of plant and equipment and other, net		(6.9	)		-			(12.9	)		(0.1	)
Equity in income of unconsolidated entities		(0.8	)		(0.6	)		(2.9	)		(1.2	)
Settlement of foreign currency hedge and interest rate swaps		-			1.7			(2.8	)		1.7
Pension funding (more) less than expense		(54.1	)		(3.1	)		(162.3	)		5.4
Impairment adjustments and other non-cash items		3.6			3.5			19.1			4.2
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		(9.9	)		(11.3	)		63.8			(5.8	)
Inventories		65.0			39.3			8.5			30.6
Other assets		(11.7	)		37.6			(44.4	)		35.7
Accounts payable		(9.4	)		8.1			(35.7	)		18.8
Income taxes		(4.9	)		(54.3	)		10.6			(53.1	)
Accrued liabilities and other		2.7			50.7			3.5			30.0

NET CASH PROVIDED BY OPERATING ACTIVITIES		203.6			145.7			541.4			339.7

INVESTING ACTIVITIES:

Capital expenditures		(146.1	)		(48.7	)		(348.3	)		(107.5	)
Cash paid for purchase of businesses, net of cash acquired		(33.0	)		(1,301.5	)		(120.5	)		(1,301.5	)
Investment in unconsolidated entities		-			(0.1	)		(1.7	)		(1.3	)
Return of capital from unconsolidated entities		0.5			0.2			1.6			0.6
Proceeds from sale of property, plant and equipment		4.5			7.0			37.1			7.6
Proceeds from property, plant and equipment insurance settlement		10.2			-			10.2			0.3

NET CASH USED FOR INVESTING ACTIVITIES		(163.9	)		(1,343.1	)		(421.6	)		(1,401.8	)

FINANCING ACTIVITIES:

Proceeds from issuance of notes		-			-			748.9			-
Additions to revolving credit facilities		99.9			340.4			310.6			363.5
Repayments of revolving credit facilities		(63.4	)		(250.2	)		(144.3	)		(279.5	)
Additions to debt		30.8			2,842.0			313.8			2,877.0
Repayments of debt		(110.6	)		(1,641.6	)		(1,319.3	)		(1,786.1	)
Debt issuance costs		(0.8	)		(42.6	)		(6.5	)		(43.1	)
Cash paid for debt extinguishment costs		-			(37.9	)		(13.9	)		(37.9	)
Issuances of common stock, net of related minimum tax withholdings		2.1			27.9			0.4			24.2
Excess tax benefits from share-based compensation		2.9			6.7			10.8			7.3
Advances from (repayments to) unconsolidated entity		(0.7	)		0.9			(0.3	)		0.6
Cash dividends paid to shareholders		(14.2	)		(7.9	)		(42.4	)		(23.6	)
Cash distributions to noncontrolling interests		(0.4	)		(1.0	)		(0.4	)		(4.2	)

NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES		(54.4	)		1,236.7			(142.6	)		1,098.2

Effect of exchange rate changes on cash and cash equivalents		(0.7	)		0.4			0.6			(0.4	)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(15.4	)		39.7			(22.2	)		35.7

Cash and cash equivalents at beginning of period		34.9			11.9			41.7			15.9


Cash and cash equivalents at end of period	$	19.5		$	51.6		$	19.5		$	51.6


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Income taxes, net of refunds	$	3.6		$	3.4		$	(13.0	)	$	19.6
Interest, net of amounts capitalized		15.5			10.8			75.6			42.8

ROCK-TENN COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(IN MILLIONS)


	June 30,			September 30,
	2012			2011


ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	19.5		$	41.7
Restricted cash		40.6			41.1
Accounts receivable (net of allowances of $23.4 and $30.1)		1,065.9			1,109.6
Inventories		855.5			849.8
Other current assets		104.3			186.7


TOTAL CURRENT ASSETS		2,085.8			2,228.9


Property, plant and equipment at cost:
Land and buildings		1,196.9			1,135.1
Machinery and equipment		5,988.0			5,691.1
Transportation equipment		13.4			12.8
Leasehold improvements		18.4			6.9
		7,216.7			6,845.9
Less accumulated depreciation and amortization		(1,632.7	)		(1,318.7	)
Net property, plant and equipment		5,584.0			5,527.2
Goodwill		1,859.1			1,839.4
Intangibles, net		817.9			799.4
Other assets		244.3			171.1


TOTAL ASSETS	$	10,591.1		$	10,566.0


LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current portion of debt	$	257.7		$	143.3
Accounts payable		758.5			780.7
Accrued compensation and benefits		208.4			220.0
Other current liabilities		219.3			174.3


TOTAL CURRENT LIABILITIES		1,443.9			1,318.3


Long-term debt due after one year		3,102.6			3,302.5

Pension liabilities		1,249.8			1,431.0
Postretirement medical liabilities		158.1			155.2
Deferred income taxes		907.7			827.1
Other long-term liabilities		173.7			153.3
Redeemable noncontrolling interests		8.5			6.3

Total Rock-Tenn Company shareholders' equity		3,546.2			3,371.6
Noncontrolling interests		0.6			0.7
Total Equity		3,546.8			3,372.3


TOTAL LIABILITIES AND EQUITY	$	10,591.1		$	10,566.0

Rock-Tenn Company Quarterly Statistics

Segment Operating Statistics
(Production in Thousands of Tons)
		1 ^st Quarter	2 ^nd Quarter	3 ^rd Quarter	4 ^th Quarter	Fiscal Year

Containerboard Production ⁽¹⁾
	2010	234.2	231.6	243.4	246.1	955.3
	2011	246.2	245.5	858.5	1,923.2	3,273.4
	2012	1,843.5	1,736.5	1,676.4

Recycled Paperboard Production ⁽²⁾
	2010	223.6	227.8	234.2	235.1	920.7
	2011	226.7	235.2	239.4	242.0	943.3
	2012	227.3	234.6	234.1

SBS / SBL Production
	2010	85.1	83.5	87.4	84.1	340.1
	2011	87.4	86.6	87.3	123.7	385.0
	2012	115.2	112.7	118.7

Pulp Production
	2010	25.6	23.8	24.1	26.1	99.6
	2011	23.4	26.2	47.1	101.1	197.8
	2012	104.9	83.2	101.9

Total Production ⁽³⁾
	2010	568.5	566.7	589.1	591.4	2,315.7
	2011	583.7	593.5	1,232.3	2,390.0	4,799.5
	2012	2,290.9	2,167.0	2,131.1

Mill System Operating Rates
	2010	94.2%	95.1%	98.2%	97.1%	96.2%
	2011	95.4%	98.3%	96.7%	99.1%	97.9%
	2012	96.4%	90.6%	92.4%

Fiber Reclaimed and Brokered ⁽⁴⁾
	2010	222.4	233.7	229.8	220.7	906.6
	2011	211.6	213.7	773.9	1,759.6	2,958.8
	2012	2,064.5	1,996.9	2,039.7

⁽¹⁾		Includes Kraft Paper Production
⁽²⁾		Recycled paperboard tons produced include coated and specialty paperboard, including gypsum paperboard liner tons produced by Seven Hills Paperboard LLC, our unconsolidated joint venture with Lafarge North America, Inc.
⁽³⁾		Containerboard, SBS/SBL and Pulp tons produced include the Smurfit-Stone tons beginning May 28, 2011.
⁽⁴⁾		Fiber Reclaimed and Brokered tons shipped include the Smurfit-Stone tons beginning May 28, 2011.

Rock-Tenn Company Quarterly Statistics

Segment Operating Statistics (Continued)
(Excluding Display Shipments)
		1 ^st Quarter	2 ^nd Quarter	3 ^rd Quarter	4 ^th Quarter	Fiscal Year

Corrugated Containers Shipments - BSF ^{(1) (2)}
	2010	2.7	2.6	2.9	2.8	11.0
	2011	2.6	2.9	9.1	19.3	33.9
	2012	19.0	19.1	19.5

Corrugated Containers Per Shipping Day - MMSF ^{(1) (2)}
	2010	43.7	42.4	45.0	43.4	43.6
	2011	43.1	45.2	144.7	301.4	134.6
	2012	317.2	298.3	309.3

Consumer Packaging Converting Shipments - BSF ⁽¹⁾
	2010	4.9	4.9	5.1	5.2	20.1
	2011	5.0	5.2	5.2	5.3	20.7
	2012	5.0	5.2	5.1

Consumer Packaging Converting Per Shipping Day - MMSF ⁽¹⁾
	2010	78.3	78.7	80.4	82.0	79.9
	2011	82.2	83.0	82.1	82.5	82.4
	2012	83.5	81.0	80.6

⁽¹⁾		MMSF - millions of square feet and BSF - billions of square feet
⁽²⁾		Corrugated Container Shipments include Smurfit-Stone shipments beginning May 28, 2011.

Rock-Tenn Company Quarterly Statistics

Segment Sales and Segment Income
(In Millions, except Return On Sales data)

		1 ^st Quarter		2 ^nd Quarter		3 ^rd Quarter		4 ^th Quarter		Fiscal Year
Corrugated Packaging Segment Sales
	2010	$ 180.1		$ 191.0		$ 210.5		$ 219.0		$ 800.6
	2011	198.3		209.4		734.5		1,626.5		2,768.7
	2012	1,522.8		1,505.9		1,545.2
Corrugated Packaging Intersegment Sales
	2010	$ 7.3		$ 8.6		$ 9.6		$ 11.8		$ 37.3
	2011	9.4		11.1		21.3		39.9		81.7
	2012	32.3		30.8		28.7
Corrugated Packaging Segment Income
	2010	$ 35.8		$ 21.9		$ 36.7		$ 49.1		$ 143.5
	2011	37.4		30.1		80.0	⁽¹⁾	153.6	⁽²⁾	301.1
	2012	109.7	⁽³⁾	75.4	⁽⁴⁾	73.6	⁽⁵⁾
Return On Sales
	2010	19.9%		11.5%		17.4%		22.4%		17.9%
	2011	18.9%		14.4%		10.9%	⁽¹⁾	9.4%	⁽²⁾	10.9%
	2012	7.2%	⁽³⁾	5.0%	⁽⁴⁾	4.8%	⁽⁵⁾

Consumer Packaging Segment Sales
	2010	$ 497.8		$ 516.9		$ 543.5		$ 574.7		$ 2,132.9
	2011	544.5		567.8		579.6		667.9		2,359.8
	2012	620.4		647.6		628.9
Consumer Packaging Intersegment Sales
	2010	$ 2.8		$ 2.6		$ 3.9		$ 3.7		$ 13.0
	2011	3.8		3.9		6.8		9.0		23.5
	2012	7.6		6.2		6.1
Consumer Packaging Segment Income
	2010	$ 55.1	⁽⁶⁾	$ 55.7	⁽⁷⁾	$ 69.0		$ 81.9		$ 261.7
	2011	71.0		61.0		61.1		82.1		275.2
	2012	80.3		84.4		83.7
Return on Sales
	2010	11.1%	⁽⁶⁾	10.8%	⁽⁷⁾	12.7%		14.3%		12.3%
	2011	13.0%		10.7%		10.5%		12.3%		11.7%
	2012	12.9%		13.0%		13.3%

Recycling and Waste Solutions Segment Sales
	2010	$ 28.6		$ 44.2		$ 40.7		$ 37.1		$ 150.6
	2011	41.9		40.8		147.4		355.8		585.9
	2012	329.4		296.1		338.9
Recycling and Waste Solutions Intersegment Sales
	2010	$ 5.6		$ 9.0		$ 9.3		$ 8.5		$ 32.4
	2011	10.4		10.1		51.3		137.8		209.6
	2012	165.0		129.7		175.0
Recycling and Waste Solutions Segment Income
	2010	$ 1.2		$ 4.1		$ 2.2		$ 1.5		$ 9.0
	2011	2.3		2.6		4.6		5.3		14.8
	2012	3.5		4.2		2.2
Return on Sales
	2010	4.2%		9.3%		5.4%		4.0%		6.0%
	2011	5.5%		6.4%		3.1%		1.5%		2.5%
	2012	1.1%		1.4%		0.6%

⁽¹⁾Excludes $55.4 million of inventory step-up expense.

⁽²⁾Excludes $4.0 million of inventory step-up expense.

⁽³⁾Excludes $0.4 million of inventory step-up expense.

⁽⁴⁾Excludes $6.7 million of operating losses at the recently closed Matane, Quebec containerboard mill.

⁽⁵⁾Excludes $0.2 million of inventory step-up expense.

⁽⁶⁾Excludes $20.7 million of alternative fuel mixture credit, net of expenses.

⁽⁷⁾Excludes $8.1 million of alternative fuel mixture credit.

Rock-Tenn Company Quarterly Statistics

Key Financial Statistics
(In Millions, except EPS Data)

		1 ^st Quarter	2 ^nd Quarter	3 ^rd Quarter	4 ^th Quarter	Fiscal Year

Net Income (Loss) Attributable to Rock-Tenn Company Shareholders
	2010	$ 56.3	$ 32.8	$ 45.1	$ 91.4	$ 225.6
	2011	50.3	37.0	(30.1)	83.9	141.1
	2012	76.7	31.9	58.2

Diluted Earnings (Loss) per Share
	2010	$ 1.43	$ 0.83	$ 1.14	$ 2.31	$ 5.70
	2011	1.27	0.92	(0.60)	1.17	2.77
	2012	1.06	0.44	0.81

Depreciation & Amortization
	2010	$ 37.5	$ 36.8	$ 36.4	$ 36.7	$ 147.4
	2011	36.7	37.2	73.5	130.9	278.3
	2012	132.7	132.6	131.4

Capital Expenditures
	2010	$ 12.3	$ 18.3	$ 30.3	$ 45.3	$ 106.2
	2011	28.5	30.3	48.7	91.9	199.4
	2012	81.6	120.6	146.1

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$2.5+ million portfolio
Large-cap and dividend focus
Intraday trade alerts from Cramer
Weekly roundups

Dividend Stock Advisor

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New! $49.95/yr

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:

Diversified model portfolio of dividend stocks
Alerts when market news affect the portfolio
Bi-weekly updates with exact steps to take - BUY, HOLD, SELL

Stocks Under $10

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David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:

Model portfolio
Stocks trading below $10
Intraday trade alerts
Weekly roundups

Real Money

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24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.

Product Features:

Jim Cramer + 20 Wall Street pros
Intraday commentary & news
Real-time trading forum
Actionable trade ideas

Real Money Pro

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All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:

Real Money + Doug Kass + 15 more Wall Street Pros
Intraday commentary & news
Ultra-actionable trading ideas

Options Profits

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Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:

100+ monthly options trading ideas
Actionable options commentary & news
Real-time trading community
Options TV

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