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Glatfelter Reports Strong Second Quarter 2012 Results

Stocks in this article: GLT

Glatfelter (NYSE: GLT) today reported 2012 second quarter adjusted earnings of $5.3 million, or $0.12 per diluted share, compared with $3.1 million, or $0.07 per diluted share, in the 2011 second quarter. On a GAAP basis, second quarter 2012 net income totaled $13.4 million, or $0.31 per share, compared with $2.5 million, or $0.05 per share, in the second quarter of 2011. Consolidated net sales in the second quarter of 2012 totaled $384.7 million, a decrease of 3.3 percent from the second quarter of 2011.

“Despite the difficult, global macroeconomic conditions, we are pleased to report another quarter of strong earnings, with adjusted earnings per share increasing 71 percent compared with a year ago,” said Dante C. Parrini, chairman and chief executive officer. “Our second quarter results reflect the strategic benefits of our diversified and balanced business portfolio. The strong North American market positions across each of our businesses coupled with the success of our ongoing continuous improvement initiatives and stringent cost control more than offset the impact of the generally weak European economy. Our results also reflect the benefits from our share repurchase program and debt refinancing undertaken late last year which are contributing to year-over-year earnings-per-share growth.”

Mr. Parrini continued, “With current economic conditions expected to persist, particularly in Europe, we will remain focused on operational excellence, accelerating our continuous improvement initiatives and improving the product solutions we deliver to our customers. I expect this will allow us to continue to generate healthy earnings and cash flows in the second half of the year.”

Adjusted earnings is a non-GAAP measure that excludes from the Company’s GAAP-based results certain non-core business items. The following table sets forth a reconciliation of results determined in accordance with accounting principles generally accepted in the United States of America to non-GAAP adjusted earnings discussed herein:

For the three months ended June 30
2012   2011
In thousands, except per share  

After tax income

  Diluted EPS  

After taxincome

  Diluted EPS
Net income $ 13,432 $ 0.31 $ 2,501 $ 0.05
Conversion of Alternative fuel mixture/Cellulosic
biofuel credits (4,440 ) (0.10 )
Timberland sales and related costs (3,696 ) (0.08 ) 69
Acquisition and integration related costs               518     0.01
Adjusted earnings $ 5,296     $ 0.12     $ 3,088   $ 0.07

The sum of individual per share amounts set forth above may not agree to adjusted earnings per share due to rounding.

Second-Quarter Business Unit Results

Specialty Papers

For the three months ended June 30
Dollars in thousands   2012       2011     Change
Tons shipped 186,797 191,763 (4,966 ) (2.6 )%
Net sales $ 214,113 $ 216,708 $ (2,595 ) (1.2 )%
Energy and related sales, net 1,630 2,060 (430 ) (20.9 )%
Operating income (loss) 4,244 (92 ) 4,336 -
Operating margin 2.0 %

On a year-over-year basis, Specialty Papers’ net sales decreased 1.2 percent as shipping volumes declined 2.6 percent partially offset by a $2.6 million benefit from higher selling prices.

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