NORCROSS, Ga., Jan. 28, 2014 (GLOBE NEWSWIRE) -- RockTenn (NYSE:RKT) today reported earnings for the quarter ended December 31, 2013 of $1.50 per diluted share and adjusted earnings of $1.66 per diluted share. Adjusted earnings per diluted share increased 23% over the prior year quarter.
|Three Months||Three Months|
|December 31,||December 31,|
|Earnings per diluted share||$1.50||$1.18|
|Restructuring and other costs and operating losses and transition costs due to plant closures||0.16||0.17|
|Adjusted earnings per diluted share||$1.66||$1.35|
First Quarter Results
- Net sales of $2,363 million for the first quarter of fiscal 2014 increased $76 million compared to the first quarter of fiscal 2013. Segment income of $235 million increased $26 million or 13% over the prior year quarter.
- RockTenn's restructuring and other costs and operating losses and transition costs due to plant closures for the first quarter of fiscal 2014 were $0.16 per diluted share after-tax. These costs primarily consisted of $10 million of pre-tax facility closure charges and $7 million of pre-tax acquisition and integration costs. The pre-tax facility closure charges primarily consisted of equipment impairments and carrying costs for facilities acquired in the Smurfit-Stone acquisition.
Chief Executive Officer's StatementRockTenn Chief Executive Officer, Steve Voorhees, stated, "The success of our team in executing our strategy drove our 23% increase in adjusted earnings per share over the prior year quarter. We used our cash flow in the quarter to buy back $53 million of RockTenn stock, acquire NPG for $60 million, pay dividends of $26 million and reduce our leverage ratio from 1.95 to 1.84 times. We expect to continue to improve our business performance and generate strong free cash flow during the remainder of fiscal 2014."