Wausau Paper (NYSE:WPP) today reported that:
- Second-quarter net loss per share, including discontinued operations, was $0.03 per share compared to year-ago net earnings of $0.07 per share.
- Second-quarter earnings from continuing operations were $0.04 per share compared to earnings from continuing operations of $0.10 per share the year before.
- Excluding special items, second-quarter adjusted earnings from continuing operations were $0.09 per share, reflecting strong performance by the Tissue segment, compared to $0.11 per share last year.
During the first and second quarters of 2012, the Company substantially completed the sale of its premium Print & Color brands, inventory and select equipment, and the permanent closure of its Brokaw, Wisconsin, manufacturing site. The Company began reporting the operations of the Brokaw manufacturing facility and related closure activities as a discontinued operation as of March 31, 2012, in the condensed consolidated balance sheet. Additionally, the discontinued operation is separately presented from continuing operations for all periods presented in the condensed consolidated statements of operations. All results discussed below exclude the discontinued operation unless otherwise indicated.
The Company reported net earnings for the second quarter of $2.1 million, or $0.04 per share, compared with net earnings of $4.8 million, or $0.10 per share, in the prior year. Net sales declined one percent to $212.9 million, as shipments were flat at 132,000 tons.
Second-quarter results included after-tax capital-related expenses of $0.9 million, or $0.02 per share, associated with the Tissue segment expansion project in Harrodsburg, Kentucky, and after-tax expenses of $1.4 million, or $0.03 per share, related to settlement charges associated with a defined benefit pension plan. Prior-year results included after-tax capital-related expenses of $0.7 million, or $0.01 per share, associated with a paper machine rebuild at Brainerd, Minnesota, and the Tissue segment expansion. Excluding these items, adjusted earnings per share from continuing operations were $0.09 per share in the second-quarter of 2012 compared to $0.11 per share in the same period of 2011. Adjusted net earnings from continuing operations for the first six months of 2012 were $9.3 million, or $0.19 per share, compared with prior-year adjusted net earnings of $7.6 million, or $0.15 per share. Although these comparisons are non-GAAP measures, the Company believes that the presentation of adjusted net earnings from continuing operations provides a useful analysis of ongoing operating trends. Adjusted earnings for the three- and six-month periods are reconciled to GAAP earnings below.
|3 Months Ended||6 Months Ended|
|June 30||June 30|
|GAAP Net Earnings Per Share from Continuing Operations||$||0.04||$||0.10||$||0.07||$||0.09|
|Capital Related Expenses (1)||$||0.02||$||0.01||$||0.04||$||0.06|
|Charge for Contract at Former Manufacturing Facility (2)||-||-||$||0.04||-|
|Pension Plan Settlement Charges||$||0.03||-||$||0.03||-|
|Adjusted Net Earnings Per Share||$||0.09||$||0.11||$||0.19||$||0.15|
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