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Wausau Paper Announces Fourth Quarter And Full-Year 2012 Results

Stocks in this article: WPP

Paper Segment

The Paper segment reported a fourth-quarter adjusted operating loss of $6.8 million, compared with a prior year adjusted operating profit of $0.7 million. For the full year, the Paper segment reported an adjusted operating loss of $1.4 million, compared with adjusted operating profit of $16.1 million in the prior year.

Fourth-quarter and full-year operating results reflect deteriorating second-half demand, addressed through market-related downtime, the fourth-quarter shutdown of converting operations at Brainerd as a result of the Paper segment’s exit from the Print & Color business, and continued operational issues at Brainerd, which pressured fourth-quarter results. For the full year, combined shipments of technical specialty products in our Tape & Industrial, Food and Coated & Liner sectors increased 4.5 percent during 2012.

Liquidity and Capital Resources

The Company concluded 2012 with long-term debt at $196.2 million compared to $127.6 million at the end of prior year. In both years, cash provided by operating activities combined with the sales of the premium Print & Color business and certain assets favorably contributed to the funding of the Tissue expansion project and overall level of long-term debt. Total capital spend for 2012 was $149.4 million compared to $78.1 million in 2011, with $130.9 million and $45.1 million in 2012 and 2011, respectively, related to the Tissue expansion project.

Discontinued Operations

During 2012, the Company completed the sale of its premium Print & Color brands, inventory and select equipment, and the permanent closure and sale of its Brokaw manufacturing site. The discontinued operation is separately presented from continuing operations for all periods presented in the condensed consolidated statements of operations.

For the fourth quarter of 2012, loss from discontinued operations, net of tax, was $0.1 million, compared to a net loss of $53.6 million, or $1.08 per diluted share in the prior year. The prior year included an after-tax charge of $52.9 million, or $1.07 per diluted share for the planned closure of the Brokaw manufacturing facility.

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