For the first nine months of 2012, adjusted net earnings from continuing operations were $12.3 million, or $0.25 per diluted share, compared with prior-year adjusted net earnings of $13.2 million, or $0.27 per diluted share. Although these comparisons are non-GAAP measures, the Company believes that the presentation of adjusted net earnings from continuing operations provides a useful analysis of ongoing operating trends. Adjusted earnings for the three and nine-month periods are reconciled to GAAP earnings below.
|3 Months Ended||9 Months Ended|
|September 30||September 30|
|GAAP Net (Loss) Earnings Per Share from Continuing Operations||$||(0.10||)||$||0.11||$||(0.03||)||$||0.20|
|Capital Related Expenses (1)||$||0.02||$||0.01||$||0.07||$||0.07|
|Charge for Contract at Former Manufacturing Facility (2)||-||-||$||0.04||-|
|Defined Benefit Retirement Plan Settlement Charges||$||0.15||-||$||0.18||-|
|Gain on Sale of Timberlands||-||-||-||$||(0.01||)|
|Settlement of Income Tax Matters||$||(0.01||)||-||$||(0.01||)||-|
|Adjusted Net Earnings Per Diluted Share||$||0.06||$||0.12||$||0.25||$||0.27|
Note: Totals may not foot due to rounding differences.
(1) Expenses associated with the rebuild of a paper machine at Brainerd, Minnesota, in 2011, and the Tissue expansion project at Harrodsburg, Kentucky, in 2011 and 2012.
(2) Charge associated with a natural gas transportation contract for a former manufacturing facility in Groveton, New Hampshire.Including discontinued operations, net of tax, third-quarter net loss was $5.3 million, or $0.11 per share, compared to net earnings of $5.2 million, or $0.10 per diluted share, for the same period last year. Current-quarter and prior-year results included earnings from continuing operations before income taxes offset by income tax expense and a net loss from discontinued operations of $0.2 million, or $0.00 per share.
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