2012 FULL-YEAR AND FOURTH QUARTER RESULTS
The following full-year and fourth-quarter discussions include certain comparisons that contain non-GAAP measures. The Company believes that the presentation of certain non-GAAP measures provides a useful analysis of ongoing operating trends. Please refer to the Reconciliation of the Non-GAAP Financial Measures in the appendix.
Full-year 2012 net earnings, excluding special items, were $10.8 million, or $0.22 per share compared with adjusted net earnings of $16.1 million, or $0.33 per diluted share a year ago. On a reported basis, full-year net losses of $0.08 per share compared to prior-year net earnings of $0.72 per diluted share.Fourth-quarter results, excluding special items, were a net loss of $1.5 million, or $0.03 per share. Prior-year fourth-quarter results, excluding special items, were net earnings of $2.5 million, or $0.05 per diluted share. On a reported basis, fourth-quarter net losses of $0.05 per share compared to net earnings of $0.50 per diluted share a year ago. Tissue Segment The Tissue segment finished 2012 strong achieving 4.0 percent shipment growth, measured in cases, for the fourth quarter. Fourth-quarter adjusted operating profit was $10.2 million in 2012 compared to $10.4 million in 2011. In December 2012, the Tissue segment started production on the new tissue machine located in Harrodsburg. As a result of the successful startup and other Tissue expansion related costs, fourth-quarter adjusted operating results included approximately $2.3 million of unabsorbed manufacturing costs. Full-year adjusted operating profit in 2012 of $41.3 million, compared with $33.6 million last year, with Tissue’s full-year adjusted EBITDA margin at 20.1 percent compared to 18.9 percent in the prior year. For 2012, net sales increased 2.2 percent, as the volume of cases shipped grew 3.3 percent over the prior year and exceeded 16 million cases for the first time. By way of comparison, market demand for away-from-home towel and tissue products increased approximately 1.3 percent. Case shipments of Tissue’s Green Seal™-certified products were up 8.5 percent as these products now represent 54 percent of total sales compared to 34 percent five years ago. Additionally, strategic value-added product sales in 2012, those related to proprietary dispensing system pull-through, increased 4.8 percent over the prior year and placement of such dispensers grew 8 percent.
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