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RockTenn Reports Second Quarter Fiscal 2013 Results

NORCROSS, Ga., April 23, 2013 (GLOBE NEWSWIRE) -- RockTenn (NYSE:RKT) today reported earnings for the quarter ended March 31, 2013 of $4.45 per diluted share and adjusted earnings of $1.12 per diluted share. Adjusted earnings per share increased 15% over the prior year quarter.

 
  Three Months Ended March 31, 2013 Three Months Ended March 31, 2012 Six Months Ended March 31, 2013 Six Months Ended March 31, 2012
         
Earnings per diluted share  $ 4.45  $ 0.44  $ 5.64  $ 1.50
         
Alternative fuel mixture credit tax reserve adjustment  (3.47)  ―  (3.47)  ―
Restructuring and other costs and operating losses and transition costs due to plant closures 0.14    0.36 0.30 0.48
Loss on extinguishment of debt  0.17  ―  0.17
 
Adjusted earnings per diluted share $ 1.12  $ 0.97  $ 2.47  $ 2.15

Second Quarter Results

  • Net sales of $2,325 million for the second quarter of fiscal 2013 increased $42 million compared to the second quarter of fiscal 2012. Segment income of $174 million increased $10 million or 6% over the prior year quarter adjusted to eliminate $7 million of pre-tax losses in the prior year quarter due to our Matane, Quebec containerboard mill.
  • RockTenn's income tax benefit during the quarter was primarily due to the reversal of previously established tax reserves of $254 million relating to alternative fuel mixture credits acquired in the Smurfit-Stone Acquisition following the Internal Revenue Service's completion of its examination of the Smurfit-Stone 2009 tax return.
  • RockTenn's restructuring and other costs and operating losses and transition costs due to plant closures were $0.14 per diluted share after-tax, for the second quarter of fiscal 2013. These costs consisted primarily of $8 million of pre-tax facility closure charges and $4 million of pre-tax integration costs.

Chairman and Chief Executive Officer's Statement

RockTenn Chairman and Chief Executive Officer James A. Rubright stated, "RockTenn's strong earnings growth over the prior year quarter reflects continued improvements in our operating performance and higher containerboard and box pricing. Our supply chain performed well managing constrained containerboard supply during the first half of our spring outage season and our box plants performance improved as we have consolidated our system and grown our sales and unit pricing in a relatively flat domestic market."

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