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RockTenn Reports Third Quarter Fiscal 2013 Earnings Up 136% Over The Prior Year Quarter

NORCROSS, Ga., July 23, 2013 (GLOBE NEWSWIRE) -- RockTenn (NYSE:RKT) today reported earnings for the quarter ended June 30, 2013 of $1.91 per diluted share and adjusted earnings of $2.16 per diluted share. Adjusted earnings per share increased 127% over the prior year quarter.
  Three Months Three Months Nine Months Nine Months
  Ended  Ended Ended  Ended
  June 30, June 30, June 30, June 30,
  2013 2012 2013 2012
Earnings per diluted share $1.91 $0.81 $7.55 $2.31
Alternative fuel mixture credit tax reserve adjustment (3.47)
Restructuring and other costs and operating losses and transition costs due to plant closures 0.25 0.14 0.55 0.61
Loss on extinguishment of debt 0.17
Adjusted earnings per diluted share $2.16 $0.95 $4.63 $3.09

Third Quarter Results
  • Net sales of $2,448 million for the third quarter of fiscal 2013 increased $145 million compared to the third quarter of fiscal 2012. Segment income of $274 million increased $115 million or 72% over the prior year quarter.
  • RockTenn's restructuring and other costs and operating losses and transition costs due to plant closures for the third quarter of fiscal 2013 were $0.25 per diluted share after-tax. These costs primarily consisted of $22 million of pre-tax facility closure charges and $2 million of pre-tax acquisition and integration costs. The pre-tax facility closure charges primarily consisted of corrugated converting facilities acquired in the Smurfit-Stone Acquisition.

Chairman and Chief Executive Officer's Statement

RockTenn Chairman and Chief Executive Officer James A. Rubright stated, "Our quarterly adjusted earnings of $2.16 per share, up 93% over the preceding quarter and 127% over the prior year quarter, reflect the continued substantial improvements we are making in operating our businesses, executing capital projects and executing our sales and pricing strategy. As these broadly based initiatives continue to strengthen and as we further implement the current pricing initiatives in corrugated packaging and consumer paperboard grades, our earnings for the fourth quarter and the next fiscal year should also be sharply higher than our earnings for the comparable prior year periods."

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