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Clearwater Paper Corporation (NYSE:CLW) today reported financial results for the fourth quarter and full year of 2012.
The company reported net sales of $462.7 million for the fourth quarter of 2012, down slightly compared to $466.4 million for the fourth quarter of 2011 due primarily to the sale of the company’s Lewiston, Idaho sawmill in November 2011. Net earnings were $19.9 million, or $0.84 per diluted share, in the fourth quarter of 2012, compared to $11.5 million and $0.48, respectively, for the fourth quarter of 2011. Excluding $1.8 million in net after-tax charges related to the sale of the company’s sawmill, fourth quarter 2011 adjusted net earnings were $13.3 million, or $0.55 per diluted common share.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $56.3 million in the fourth quarter of 2012, up 7.8% compared to $52.2 million in the same quarter last year. Fourth quarter 2011 Adjusted EBITDA, which excludes $2.9 million in pre-tax adjustments associated with the sale of the company’s sawmill, was $55.1 million.
“I am pleased to report that Clearwater Paper has delivered on its financial and operational goals for the year. We reported record annual EBITDA of $224.7 million and Adjusted EBITDA of $227.8 million in 2012, and had our highest ever fourth quarter Adjusted EBITDA of $56.4 million,” said Linda Massman, president and chief executive officer. “Further, our new TAD tissue machine at Shelby, North Carolina started on time and below budget, and we realized net cost saving synergies of $31.0 million in 2012 associated with our acquisition of Cellu Tissue. We still have a lot of work to do to achieve our aggressive growth plan, but we believe we are well positioned to do so. Our employees are engaged and we’re all working towards the same goals.”
During the fourth quarter, the company repurchased 231,388 shares of its common stock at a total cost of $9.3 million which completed its $30 million share buyback program at an average share price of $35.15. In January 2013, in conjunction with the issuance of $275 million of new notes, the company announced that its Board of Directors approved a new common stock repurchase program of $100 million, which the company intends to complete in 2013.