Wausau Paper (NYSE:WPP):
- The Company completed the sale of its specialty paper business on June 26, resulting in net cash proceeds, subject to certain post-closing adjustments, of approximately $105 million after settlement of transaction-related liabilities, transaction costs and taxes.
- Net transaction proceeds were immediately used to eliminate the then approximately $67 million outstanding balance on the Company’s revolving-credit facility.
- The Company launched its new Green Seal TM DublNature ® family of premium away-from-home towel and tissue products produced from its new ATMOS technology-enabled Harrodsburg, Kentucky, paper machine on May 20, with 16 new products in tissue, roll and folded towel available to the market during the second quarter.
- Due to the completed sale and the first-quarter closure of its former manufacturing facility in Brainerd, Minnesota, financial performance of the former Paper segment, including an after-tax impairment charge of approximately $40.1 million as a result of the second-quarter sale, is reported as discontinued operations.
- Including a loss of $0.81 per share from discontinued operations, net of tax, the 2013 second quarter net loss was $1.11 per share.
- On a reported basis, the second quarter 2013 results from continuing operations was a net loss of $0.30 per share.
- Results of continuing operations reflect the impact of the start-up of the new Harrodsburg manufacturing and converting capabilities, as well as manufacturing and inventory transition in support of the new products related to the $220 million Tissue expansion project.