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Buckeye Technologies' CEO Discusses F4Q2012 Results - Earnings Call

First, let me briefly cover our Safe Harbor statement. The matters discussed in this call include forward-looking statements that involve risks and uncertainties that may cause the company’s actual results to differ materially from those projected in such forward-looking statements.

For further information on factors that could impact the company and statements contained herein, please refer to the slides accompanying this presentation as well as the company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q.

I’d also like to refer you to the supplemental earnings slides posted on our website and on www.streetevents.com for additional details related to this call.

Now I’ll turn it over to John.

John Crowe

Thanks, Eric. Good morning, and I’ll be referring to Slide 3. Our fourth quarter fiscal 2012 was challenging, but productive. Unfortunately, we were impacted by an unplanned outage at our Florida facility due to a steam drum failure on our Pluck Mill paper machine. We shared several press releases on the failure and the recovery executed by our organization and onsite contractor. Considering the significance of the event, the plant restarted from the failure in a safe and remarkably short period of time.

During the quarter we made progress on our specialty expansion project at our Florida wood fibers facility and complete the sale of our Americana facility in Brazil.

Due to the unplanned outage that began in mid-June and the subsequent downtime at our Foley facility, our financial performance was below the expectations we communicated with you on our earnings call in April. The impact of the outage on quarter four results was approximately $0.06 per share. Net sales revenue for the quarter was $225 million, off 10$ from our record fourth quarter revenue last year of $249 million and was a 4% improvement over the previous quarter. Approximately $5 million of the $24 million decline year-over-year was due to the sale of the converting business at King, North Carolina. The additional shortfall was due to lower shipment volumes and fluff pulp prices.

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