Excluding special items, net loss was $116.0 million, or adjusted diluted loss per share of $2.19, for the year ended December 31, 2012. Excluding special items, net loss was $54.3 million, or adjusted diluted loss per share of $1.02, for the year ended December 31, 2011.
|Results of Operations – Comparison of the Fourth Quarter of 2012 to the Fourth Quarter of 2011|
|Three Months Ended|
|(Dollars in thousands)||2012||2011|
|Costs and expenses:|
Cost of products sold - (exclusive of depreciation, amortization, and depletion)
|Depreciation, amortization, and depletion||26,840||31,113|
|Selling, general, and administrative expenses||18,168||18,268|
|Total operating expenses||360,747||486,268|
|Other operating income||(60,594||)||-|
|Operating income (loss)||60,898||(35,986||)|
|Other income, net||(93||)||(5||)|
|Income (loss) before income taxes||24,162||(67,768||)|
|Income tax (benefit) expense||(1,319||)||53|
|Net income (loss)||$||25,481||$||(67,821||)|
Net Sales. Net sales for the fourth quarter of 2012 decreased 19.8%, to $361.0 million from $450.3 million in the fourth quarter of 2011. Total sales volume was down 17.0% compared to the fourth quarter of 2011, which was driven by the shutdown of three paper machines late last year and the closure of the Sartell mill in the third quarter of this year, as well as a 3.4% decrease in the average sales price per ton for all of our products.
Net sales for our coated papers segment decreased 22.6% in the fourth quarter of 2012 to $288.0 million from $371.9 million for the same period in 2011, due to a 21.0% decrease in paper sales volume, which was driven by the shutdown of three paper machines late last year and the closure of the Sartell mill in the third quarter of this year. The average sales price per ton of coated paper decreased 2.0% compared to the same period last year.
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