RockTenn Reports Fourth Quarter Fiscal 2013 Earnings Up 111% Over The Prior Year Quarter

NORCROSS, Ga., Nov. 4, 2013 (GLOBE NEWSWIRE) -- RockTenn (NYSE:RKT) today reported earnings for the quarter ended September 30, 2013 of $2.40 per diluted share and adjusted earnings of $2.66 per diluted share. Adjusted earnings per diluted share increased 91% over the prior year quarter.
         
  Three Months Three Months Twelve Months Twelve Months
  Ended  Ended Ended  Ended
  September 30, September 30, September 30, September 30,
  2013 2012 2013 2012
         
Earnings per diluted share $2.40 $1.14 $9.95 $3.45
         
Alternative fuel mixture credit tax reserve adjustment (3.46)
Restructuring and other costs and operating losses and transition costs due to plant closures 0.26 0.19 0.81 0.80
Loss on extinguishment of debt 0.06 0.23
         
Adjusted earnings per diluted share $2.66 $1.39 $7.30 $4.48

Fourth Quarter Results
  • Net sales of $2,485 million for the fourth quarter of fiscal 2013 increased $131 million compared to the fourth quarter of fiscal 2012. Segment income of $332 million increased $123 million or 59% over the prior year quarter.
  • RockTenn's restructuring and other costs and operating losses and transition costs due to plant closures for the fourth quarter of fiscal 2013 were $0.26 per diluted share after-tax. These costs primarily consisted of $19 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 severance and other employee costs, equipment impairments and carrying costs for facilities acquired in the Smurfit-Stone acquisition that were partially offset by gains on the sale of previously closed facilities.

Chief Executive Officer's Statement

RockTenn Chief Executive Officer, Steve Voorhees, stated, "We are pleased with our record adjusted earnings and cash flow in the September quarter and for all of fiscal 2013. We expect to continue to improve our business performance and generate strong free cash flow during fiscal 2014. With our leverage ratio now below two times for the first time since March 2011, we have significant flexibility to take advantage of opportunities to invest in our business and return capital to shareholders through dividends and stock repurchases."

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