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Wausau Paper Reports Second-Quarter Results

Wausau Paper (NYSE:WPP):

Second-Quarter Highlights

Strategic Repositioning

  • 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.

Tissue Expansion

  • 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.

Financial Results

  • 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.

Henry C. Newell, president and CEO, commented, "Completing the sale of the specialty paper business represents significant progress on our strategic repositioning efforts as a company focused on tissue. We launched a new family of towel and tissue products in the second quarter and will introduce a range of new ATMOS-based product additions over the coming quarters. We remain committed to our growth expectations, delivering six percent case shipment growth in our tissue business by the fourth quarter of 2013."

Stock quotes in this article: WPP 

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