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|
- 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.