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Wausau Paper Reports First-Quarter 2014 Results

Wausau Paper (NYSE:WPP) reported:

  • Results of continuing operations in the first quarter impacted by weather-related market and cost factors, competitive support product pricing, and unfavorable Canadian currency exchange rate trends. These unfavorable impacts were somewhat offset by continued momentum gain of the new DublNature ® premium products, with shipment volumes improving approximately 40 percent over the prior-year first quarter.
  • Record overall first-quarter shipments and shipment growth of 2.2 percent achieved as first quarter industry demand declined approximately 1.0 percent.

Financial Results

  • Net sales relatively flat at $77.5 million in the first quarter compared to $78.2 million in the first quarter of 2013.
  • On a reported basis, first-quarter results from continuing operations were a net loss of $0.09 per share compared to a prior year first-quarter net loss of $0.08 per share.
  • First-quarter adjusted EBITDA was $5.6 million in 2014 compared to adjusted EBITDA of $5.9 million in the same period of 2013.

Case Volume Growth of more than 2 percent

  • First-quarter case shipment volume increased 2.2 percent in 2014 compared to the same period in 2013, and represented a first-quarter Company shipment record with approximately 3,854,000 cases.
  • Strategic product shipments, that is, those products sold in conjunction with proprietary dispensing systems or produced from premium substrates, were up 3.9 percent in the first quarter compared to the same quarter in 2013.

New Products to Be Launched in Second Quarter

  • The Artisan™ premium towel line, featuring new substrates made with ATMOS papermaking technology and Green Seal™-certified, will be available to the market on May 13, 2014.
  • Two innovative dispensers will also be launched during the second quarter.

Michael C. Burandt, CEO, commented, “Our results for the first quarter were clearly not satisfactory and while some impacts were not within the Company’s control, we need to execute better on our strategy. We remain confident in our longer term growth, particularly with the strong performance of our DublNature premium product and the potential of the new Artisan product line, which will be launched in the second quarter.”

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