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Glatfelter Reports Third Quarter 2012 Results

Stocks in this article: GLT

Glatfelter (NYSE: GLT) today reported 2012 third quarter adjusted earnings of $19.4 million, or $0.44 per diluted share, compared with $12.8 million, or $0.28 per diluted share, in the 2011 third quarter. On a GAAP basis, third quarter 2012 net income totaled $20.1 million, or $0.46 per share, compared with $13.0 million, or $0.28 per share, in the third quarter of 2011. Consolidated net sales in the third quarter of 2012 totaled $404.4 million, a 2.9 percent decrease from the third quarter of 2011 primarily due to unfavorable foreign currency translation. On a constant currency basis, net sales were slightly higher.

“Our third quarter results reflect solid performance from our Specialty Papers business which delivered top-line growth, again outperforming the broader uncoated freesheet market, and it significantly increased operating income,” said Dante C. Parrini, chairman and chief executive officer. “Additionally, our Composite Fibers and Advanced Airlaid Materials businesses, although challenged by difficult economic conditions in Europe, each reported improved operating results, largely due to lower input costs and our ongoing focus on continuous improvement initiatives. We increased adjusted earnings per share by 57 percent and business unit operating income by 16 percent, reflecting the strength of our diversified business model and our North American market positions. Further, in early October 2012, we completed a $250 million offering of 5.375 percent notes, replacing our existing notes. Together with the 2011 refinancing of our revolving credit facility, this transaction significantly reduces our cost of capital and maintains our very strong financial position.”

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 September 30
2012   2011
In thousands, except per share  

After tax income

  Diluted EPS  

After taxincome

  Diluted EPS
Net income $20,099 $0.46 $13,026 $0.28

Conversion of Alternative fuel mixture/Cellulosic

biofuel credits 111
Timberland sales and related costs (859)   (0.02)   (245)   (0.01)
Adjusted earnings $19,351   $0.44   $12,781   $0.28

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

Third Quarter Business Unit Results

Specialty Papers

  For the three months ended September 30  
Dollars in thousands 2012   2011   Change
Tons shipped 204,531 199,583 4,948 2.5%
Net sales $232,620 $225,410 $7,210 3.2%
Energy and related sales, net 1,868 2,840 (972) (34.2)%
Operating income 21,411 16,965 4,446 26.2%
Operating margin 9.2% 7.5%

On a year-over-year basis, Specialty Papers’ net sales increased 3.2 percent as volumes shipped increased 2.5 percent and higher selling prices contributed $0.7 million.

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