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 Glatfelter
( Last updated Friday, July 3, 2015 4:14 pm EDT)
GLATFELTER TO PRESENT AT THE DEUTSCHE BANK GLOBAL INDUSTRIALS AND BASIC MATERIALS CONFERENCE ON JUNE 4th
GLATFELTER TO PRESENT AT THE DEUTSCHE BANK GLOBAL INDUSTRIALS AND BASIC MATERIALS CONFERENCE ON JUNE 4th Posted Wednesday, May 27, 2015 12:00 am EDT

 
Glatfelter Declares Dividend of $0.12 on Common Stock
Glatfelter Declares Dividend of $0.12 on Common Stock Posted Thursday, May 7, 2015 12:00 am EDT

 
GLATFELTER REPORTS FIRST QUARTER 2015 EARNINGS
GLATFELTER REPORTS FIRST QUARTER 2015 EARNINGS Posted Tuesday, May 5, 2015 12:00 am EDT

 
Glatfelter to Report Earnings on May 5th
Glatfelter to Report Earnings on May 5th Posted Wednesday, April 8, 2015 12:00 am EDT

 
Glatfelter Increases Dividend by 9%
Glatfelter Increases Dividend by 9% Posted Thursday, February 26, 2015 12:00 am EST

 
GLATFELTER to Present at the JP Morgan Global High Yield & Leveraged Finance Conference
GLATFELTER to Present at the JP Morgan Global High Yield & Leveraged Finance Conference Posted Tuesday, February 17, 2015 12:00 am EST

 
GLATFELTER REPORTS FULL YEAR AND FOURTH QUARTER EARNINGS
GLATFELTER REPORTS FULL YEAR AND FOURTH QUARTER EARNINGS Posted Thursday, February 5, 2015 12:00 am EST

 
GLATFELTER APPOINTS CHRISTOPHER W. ASTLEY AS SENIOR VICE PRESIDENT & BUSINESS UNIT PRESIDENT, ADVANCED AIRLAID MATERIALS
GLATFELTER APPOINTS CHRISTOPHER W. ASTLEY AS SENIOR VICE PRESIDENT & BUSINESS UNIT PRESIDENT, ADVANCED AIRLAID MATERIALS Posted Tuesday, January 13, 2015 12:00 am EST

 
 Graphics Packaging
( Last updated Friday, July 3, 2015 4:14 pm EDT)
Graphic Packaging Announces Release Date for Second Quarter 2015 Earnings

ATLANTA, July 1, 2015 /PRNewswire/ -- Graphic Packaging Holding Company (NYSE: GPK) will release results for second quarter 2015 on Thursday, July 23rd before the market opens.  The same morning, the company will host a conference call at 10:00 a.m. eastern to discuss second quarter results.  To access the live conference call, listeners calling from within North America should dial 800-392-9489 at least 10 minutes prior to the start of the conference call (Conference ID #77911604).  Listeners may also access the audio webcast at the Investor Relations section of the Graphic Packaging website: http://www.graphicpkg.com.  Replays of the call will be available for one week following the completion of the call and can be accessed by dialing 855-859-2056.

About Graphic Packaging Holding Company

Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies.  The Company is one of the largest producers of folding cartons and holds a leading market position in coated unbleached kraft and coated recycled board. The Company's customers include some of the most widely recognized companies in the world. Additional information about Graphic Packaging, its business and its products, is available on the Company's website at www.graphicpkg.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/graphic-packaging-announces-release-date-for-second-quarter-2015-earnings-300107657.html

SOURCE Graphic Packaging Holding Company

Investor Contact: Brad Ankerholz, Graphic Packaging Holding Company, 770-240-7971
Posted Wednesday, July 1, 2015 2:00 pm EDT

 
David W. Scheible, Chairman and Chief Executive Officer, Named RISI North American CEO of the Year

ATLANTA, June 18, 2015 /PRNewswire/ -- Graphic Packaging International, Inc. (NYSE: GPK) announces that Chairman and CEO David Scheible has been named the RISI 2015 North American CEO of the Year.

RISI, the leading publisher of information for the global forest products industry, selects the CEO of the Year from nominations by investment analysts and portfolio managers covering the forest products sector.  This year's award will be presented on September 30 at the Annual RISI North American Conference in Chicago.

Under Scheible's leadership, Graphic Packaging has transformed into a pure-play, vertically integrated global paperboard packaging company with a clear growth strategy, focused on expanding the business and delivering long-term shareholder value. The company has more than doubled its size and significantly improved its profitability.  Stock price has more than tripled since 2012 as the company sharpened its focus on core markets of food, beverage and consumer products through both organic growth and considerable acquisition-based growth around the world. 

During his tenure, Mr. Scheible has fostered a well-led company culture where more than 12,500 global employees exemplify a commitment to corporate values, operational excellence, customer focus, sustainability and continuous improvement.  GPI's strong ongoing investments across its paperboard mills and converting facilities have resulted in a top quality and cost position within the industry.  The company creates significant customer value through meaningful innovation platforms.      

Forward Looking Statements

Any statements of the Company's expectations in this press release constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements, including but not limited to those regarding the effect of the acquisition on the Company's competitive position, expected synergies and earnings and the timing of the closing, are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Company's present expectations.  These risks and uncertainties include, but are not limited to, the Company's ability to successfully integrate the acquisition and achieve synergies, the timing of regulatory approvals, inflation of and volatility in raw material and energy costs, cutbacks in consumer spending that could affect demand for the Company's products or actions taken by our customers in response to the difficult economic environment, continuing pressure for lower cost products, the Company's ability to implement its business strategies, including productivity initiatives and cost reduction plans, currency movements and other risks of conducting business internationally, volatility in the credit and securities markets and the impact of regulatory and litigation matters, including the continued availability of the Company's net operating loss offset to taxable income, and those that impact the Company's ability to protect and use its intellectual property.  Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which they are made and the Company undertakes no obligation to update such statements.  Additional information regarding these and other risks is contained in the Company's periodic filings with the SEC.

About Graphic Packaging Holding Company

Graphic Packaging International, Inc., a subsidiary of Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies. The Company is one of the largest producers of folding cartons and holds a leading market position in coated-unbleached kraft and coated-recycled board. The Company's customers include some of the most widely recognized companies in the world.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/david-w-scheible-chairman-and-chief-executive-officer-named-risi-north-american-ceo-of-the-year-300101473.html

SOURCE Graphic Packaging International, Inc.

Investors: Brad Ankerholz, Graphic Packaging Holding Company, 770-240-7971 or Media: Sue Appleyard, Graphic Packaging International, Inc., 770-240-8466
Posted Thursday, June 18, 2015 12:30 pm EDT

 
Graphic Packaging Declares Quarterly Dividend

ATLANTA, May 20, 2015 /PRNewswire/ -- Graphic Packaging Holding Company's (NYSE: GPK) Board of Directors today declared a quarterly dividend of $0.05 per share.  The dividend is payable on July 5, 2015 to shareholders of record at the close of business on June 15, 2015.

About Graphic Packaging Holding Company
Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies.  The Company is one of the largest producers of folding cartons and holds a leading market position in coated unbleached kraft and coated recycled board. The Company's customers include some of the most widely recognized companies in the world. Additional information about Graphic Packaging, its business and its products, is available on the Company's website at www.graphicpkg.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/graphic-packaging-declares-quarterly-dividend-300086762.html

SOURCE Graphic Packaging International IR

Brad Ankerholz, Graphic Packaging Holding Company, 770-240-7971
Posted Wednesday, May 20, 2015 4:30 pm EDT

 
Michael P. Doss Promoted to President and Chief Operating Officer of Graphic Packaging International, Inc. and Appointed to Board of Directors, Graphic Packaging Holding Company

ATLANTA, May 20, 2015 /PRNewswire/ -- Graphic Packaging International, Inc. (NYSE: GPK) today announced the appointment of Michael P. Doss as President and Chief Operating Officer, reflecting an expansion of his previous role of COO.  Mr. Doss has also been appointed to the Board of Directors of Graphic Packaging Holding Company.  He will continue to report directly to the company's Chairman and Chief Executive Officer, David Scheible.

During his 25-year career with GPI, Mr. Doss has held significant positions of both commercial and operational leadership.  "Mike has led our Company's transformation into a global, pure-play vertically integrated paperboard and packaging company.  He has successfully managed numerous international and U.S.-based acquisitions and significant divestitures," said Mr. Scheible.  "Mike's deep industry and customer knowledge, business acumen and leadership skills well qualify him to take even greater responsibility for leading Graphic Packaging's continuing growth strategy in the global paperboard and paperboard packaging arena."

Mr. Doss holds a Bachelor of Science in Industrial Marketing and a Master of Business Administration in Finance, both from Western Michigan University.  He is also a graduate of Harvard University's General Manager Program.

About Graphic Packaging Holding Company

Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies.  The Company is one of the largest producers of folding cartons and holds a leading market position in coated-unbleached kraft, coated-recycled boxboard, and specialty packaging.  The Company's customers include some of the most widely recognized companies in the world.  Additional information about Graphic Packaging, its business and its products, is available on the Company's web site at www.graphicpkg.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/michael-p-doss-promoted-to-president-and-chief-operating-officer-of-graphic-packaging-international-inc-and-appointed-to-board-of-directors-graphic-packaging-holding-company-300086741.html

SOURCE Graphic Packaging Holding Company

Sue Appleyard, 773-332-3130, Sue.Appleyard@graphicpkg.com
Posted Wednesday, May 20, 2015 4:10 pm EDT

 
David Scheible Named Executive Papermaker of the Year

ATLANTA, May 13, 2015 /PRNewswire/ -- Graphic Packaging International, Inc. (NYSE: GPK) is proud to announce that our Chairman, President and Chief Executive Officer David Scheible was named Executive Papermaker of the Year by PaperAge magazine.  This has been a paper industry tradition since 1988 and is awarded based on corporate vision, strategic objectives and strong leadership both within the executive's company and in the paper industry as a whole.

Mr. Scheible has been President and Chief Executive Officer of Graphic Packaging International, Inc. since January, 2007, and was named Chairman in May, 2013.  GPI has undergone a transformation under his leadership, firmly establishing itself as a global, vertically-integrated pure play paperboard packaging business.

In the state of Georgia, GPI employs approximately 1600 people at its converting sites in Perry and Stone Mountain, paperboard mill in Macon, and its Corporate Headquarters in Sandy Springs.

More details on the Executive Papermaker of the Year may be found at: http://www.paperage.com/2015news/03_11_2015PaperAge_David_Scheible_executive_award.html

About Graphic Packaging International, Inc.
Graphic Packaging International, Inc., a subsidiary of Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies. The Company is one of the largest producers of folding cartons and holds a leading market position in coated-unbleached kraft and coated-recycled board. The Company's customers include some of the most widely recognized companies in the world. 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/david-scheible-named-executive-papermaker-of-the-year-300082723.html

SOURCE Graphic Packaging International, Inc.

Sue Appleyard, 773-332-3130, Sue.Appleyard@graphicpkg.com
Posted Wednesday, May 13, 2015 2:01 pm EDT

 
Graphic Packaging Holding Company Reports First Quarter 2015 Results

ATLANTA, April 23, 2015 /PRNewswire/ --

First Quarter Highlights

  • Q1 Adjusted Earnings per Diluted Share increased $0.04 to $0.17 from $0.13 in the prior year period.
  • Q1 Adjusted EBITDA increased 15.0% to $181.3 million from $157.6 million in the prior year period.
  • Q1 Adjusted EBITDA margin increased 330 basis points to 18.0% from 14.7% in the prior year period.

Graphic Packaging Holding Company (NYSE: GPK), (the "Company"), a leading provider of paper-based packaging solutions to food, beverage and other consumer products companies, today reported Net Income for first quarter 2015 of $55.1 million, or $0.17 per share, based upon 331.9 million weighted average diluted shares.  This compares to first quarter 2014 Net Income of $35.2 million, or $0.11 per share, based on 330.3 million weighted average diluted shares.

Including the tax impact, first quarter 2015 Net Income was negatively impacted by $1.6 million of Charges Associated with Business Combinations and Other Special Charges. When adjusting for these charges, Adjusted Net Income for the first quarter of 2015 was $56.7 million, or $0.17 per diluted share. This compares to first quarter 2014 Adjusted Net Income of $44.5 million or $0.13 per diluted share.

"We continue to perform well in a difficult operating environment, as demand in some of our key end-use markets remains challenged," said Chairman, President and CEO David Scheible. "We produced over 20,000 more tons in our U.S. mills and sold nearly 57,000 more net tons through our global system as compared to the first quarter last year.  The sales volume growth was driven through acquisitions, new product launches and substrate substitution.  Overall, we achieved a $24 million increase in Adjusted EBITDA over last year's first quarter primarily driven from our global performance initiatives and a $15 million favorable year-over-year weather benefit, resulting in a 4 cent increase in Adjusted Earnings per Diluted Share to 17 cents."

Net Sales

Net Sales decreased 6.0% to $1,008.2 million in the first quarter of 2015, compared to $1,072.7 million in the prior year period. Excluding $113.9 million of sales in the prior year period from divested businesses, Adjusted Net Sales increased $49.4 million or 5.2%.  The increase was driven by $76.2 million of improved volume/mix and $2.2 million of higher pricing.  The sales increase was partially offset by $29.0 million of unfavorable foreign exchange rates.

Attached is supplemental data showing Net Tons Sold, Net Sales and Income (Loss) from Operations by segment for the first quarter of 2015 and each quarter of 2014.

EBITDA

EBITDA for first quarter 2015 was $179.1 million, or $29.3 million higher than the first quarter of 2014.  When adjusting for Charges Associated with Business Combinations and Other Special Charges, Adjusted EBITDA increased 15.0% to $181.3 million in the first quarter of 2015 from $157.6 million in the first quarter of 2014.  When comparing against the prior year quarter, Adjusted EBITDA in the first quarter of 2015 was positively impacted by $28.4 million of improved net operating performance vs. the weather impacted first quarter of 2014, $10.8 million of favorable volume/mix, $2.2 million of higher pricing and $2.7 million of commodity cost deflation.  These benefits were partially offset by $7.8 million of unfavorable foreign exchange rates, $7.5 million in other costs, primarily for labor and benefits, and $5.1 million of EBITDA from divested businesses.

Other Results

Total Net Debt at the end of the first quarter 2015 was $2,062.5 million, or $169.8 million higher than at the end of 2014.  In addition to a normal first quarter seasonal build in working capital, the Company used funds in the first quarter to acquire the folding carton converting and paperboard mill assets of Cascades' Norampac Division and Rose City Printing and Packaging, Inc.

The Company's March 31, 2015 Net Leverage Ratio dropped to 2.81 times Adjusted EBITDA from 3.27 times Adjusted EBITDA at the end of the first quarter of 2014.  At March 31, 2015, the Company had available domestic liquidity of $902.4 million, including the undrawn availability under its $1.25 billion domestic revolving credit facility.

Net Interest Expense was $16.9 million in first quarter 2015, compared to $20.4 million in first quarter 2014. The decrease was due to both lower debt balances and lower overall interest rates.

Capital expenditures for first quarter 2015 were $60.7 million, compared to $59.3 million in the first quarter of 2014.

First quarter 2015 Income Tax Expense was $33.6 million compared to $24.8 million in the first quarter of 2014.  As of March 31, 2015, the Company had approximately $633 million of NOLs for U.S. federal income tax purposes, which may be used to offset future taxable income.

Please note that a tabular reconciliation of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Net Sales, Total Net Debt and Net Leverage Ratio is attached to this release.

Earnings Call

The Company will host a conference call at 10:00 am eastern time today (April 23, 2015) to discuss the results of first quarter 2015.  To access the conference call, listeners calling from within North America should dial 800-392-9489 at least 10 minutes prior to the start of the conference call (Conference ID #18695656).  Listeners may also access the audio webcast, along with a slide presentation, at the Investor Relations section of the Graphic Packaging website: http://www.graphicpkg.com.  Replays of the call can be accessed for one week by dialing 855-859-2056.

Forward Looking Statements

Any statements of the Company's expectations in this press release constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements, including but not limited to, assessments regarding the use of the Company's NOLs are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Company's present expectations.  These risks and uncertainties include, but are not limited to, inflation of and volatility in raw material and energy costs, continuing pressure for lower cost products, the Company's ability to implement its business strategies, including productivity initiatives and cost reduction plans, the Company's debt level, currency movements and other risks of conducting business internationally, the impact of regulatory and litigation matters, including the continued availability of the Company's net operating loss offset to taxable income.  Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which they are made and the Company undertakes no obligation to update such statements.  Additional information regarding these and other risks is contained in the Company's periodic filings with the SEC.

About Graphic Packaging Holding Company

Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies.  The Company is one of the largest producers of folding cartons and holds a leading market position in coated-unbleached kraft, coated-recycled boxboard and specialty packaging. The Company's customers include some of the most widely recognized companies in the world. Additional information about Graphic Packaging, its business and its products, is available on the Company's web site at www.graphicpkg.com.


GRAPHIC PACKAGING HOLDING COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)



Three Months Ended


March 31,

In millions, except per share amounts

2015


2014

Net Sales

$

1,008.2



$

1,072.7


Cost of Sales

818.6



885.7


Selling, General and Administrative

85.4



100.9


Other Income, Net

(3.3)



(1.4)


Restructuring and Other Special Charges

2.2



7.8


Income from Operations

105.3



79.7


Interest Expense, Net

(16.9)



(20.4)


Income before Income Taxes and Equity Income of Unconsolidated Entities

88.4



59.3


Income Tax Expense

(33.6)



(24.8)


Income before Equity Income of Unconsolidated Entities

54.8



34.5


Equity Income of Unconsolidated Entities

0.3



0.3


Net Income

55.1



34.8


Net Loss Attributable to Noncontrolling Interests



0.4


Net Income Attributable to Graphic Packaging Holding Company

$

55.1



$

35.2






Net Income Per Share Attributable to Graphic Packaging Holding Company —  Basic and Diluted

$

0.17



$

0.11






Weighted Average Number of Shares Outstanding - Basic

329.6



327.6


Weighted Average Number of Shares Outstanding - Diluted

331.9



330.3


 

GRAPHIC PACKAGING HOLDING COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)


In millions, except share and per share amounts

March 31,
 2015


December 31,
 2014





ASSETS








Current Assets:




Cash and Cash Equivalents

$

43.4



$

81.6


Receivables, Net

483.1



408.3


Inventories, Net

563.3



521.8


Deferred Income Tax Assets

179.4



177.2


Other Current Assets

43.5



32.0


Total Current Assets

1,312.7



1,220.9


Property, Plant and Equipment, Net

1,562.2



1,546.8


Goodwill

1,176.8



1,118.1


Intangible Assets, Net

378.8



385.6


Other Assets

62.8



59.9


Total Assets

$

4,493.3



$

4,331.3






LIABILITIES








Current Liabilities:




Short-Term Debt and Current Portion of Long-Term Debt

$

35.0



$

32.2


Accounts Payable

435.4



424.9


Other Accrued Liabilities

206.8



219.6


Total Current Liabilities

677.2



676.7


Long-Term Debt

2,070.9



1,942.1


Deferred Income Tax Liabilities

345.3



309.3


Other Noncurrent Liabilities

385.8



390.9










SHAREHOLDERS' EQUITY








Preferred Stock, par value $.01 per share; 100,000,000 shares authorized; no shares issued or outstanding




Common Stock, par value $.01 per share; 1,000,000,000 shares authorized; 328,835,698 and 327,044,500 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively

3.3



3.3


Capital in Excess of Par Value

1,778.6



1,796.5


Accumulated Deficit

(416.8)



(452.9)


Accumulated Other Comprehensive Loss

(351.0)



(334.6)


Total Shareholders' Equity

1,014.1



1,012.3


Total Liabilities and Shareholders' Equity

$

4,493.3



$

4,331.3


 


GRAPHIC PACKAGING HOLDING COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)



Three Months Ended


March 31,

In millions

2015


2014

CASH FLOWS FROM OPERATING ACTIVITIES:




Net Income

$

55.1



$

34.8


Non-cash Items Included in Net Income:




Depreciation and Amortization

68.1



67.0


Deferred Income Taxes

29.9



23.2


Amount of Postretirement Expense (Less) Greater Than Funding

(8.1)



0.5


Loss on the Sale of Assets



5.9


Other, Net

10.7



13.2


Changes in Operating Assets and Liabilities

(128.0)



(114.7)


Net Cash Provided by Operating Activities

27.7



29.9






CASH FLOWS FROM INVESTING ACTIVITIES:




Capital Spending

(60.7)



(59.3)


Acquisition of Businesses, Net of cash acquired

(116.6)




Proceeds Received from the Sale of Assets, Net of Selling Costs



70.7


Other, Net

(0.1)



(0.5)


Net Cash (Used in) Provided by Investing Activities

(177.4)



10.9






CASH FLOWS FROM FINANCING ACTIVITIES:




Repurchase of Common Stock

(4.0)




Payments on Debt

(6.3)



(15.4)


Borrowings under Revolving Credit Facilities

396.7



267.3


Payments on Revolving Credit Facilities

(251.3)



(294.2)


Repurchase of Common Stock related to Share-Based Payments

(20.1)



(15.8)


Other, Net



(0.5)


Net Cash Provided by (Used in) Financing Activities

115.0



(58.6)


Effect of Exchange Rate Changes on Cash

(3.5)



0.3


Net Decrease in Cash and Cash Equivalents

(38.2)



(17.5)


Cash and Cash Equivalents at Beginning of Period

81.6



52.2


CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

43.4



$

34.7


Reconciliation of Non-GAAP Financial Measures

The tables below set forth the calculation of the Company's earnings before interest expense, income tax expense, equity income of unconsolidated entities, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Adjusted Net Income, Net Leverage Ratio and Total Net Debt. Adjusted EBITDA and Adjusted Net Income exclude charges associated with: the Company's business combinations, sale or shutdown of assets, other special (credits) charges and the modification or extinguishment of debt. The Company's management believes that the presentation of EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio provides useful information to investors because these measures are regularly used by management in assessing the Company's performance. EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio are financial measures not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), and are not measures of net income, operating income, operating performance or liquidity presented in accordance with GAAP.

EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio should be considered in addition to results prepared in accordance with GAAP, but should not be considered substitutes for or superior to GAAP results. In addition, our EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio may not be comparable to Adjusted EBITDA or similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as we do.


 Three Months Ended


March 31,

In millions, except per share amounts

2015


2014

Net Income Attributable to Graphic Packaging Holding Company

$

55.1



$

35.2


(Subtract) Add:




Net Loss Attributable to Noncontrolling Interests



(0.4)


Income Tax Expense

33.6



24.8


Equity Income of Unconsolidated Entities

(0.3)



(0.3)


Interest Expense, Net

16.9



20.4


Depreciation and Amortization

73.8



70.1


EBITDA

179.1



149.8


Loss on Sale of Assets



5.8


Charges Associated with Business Combinations and Other Special Charges

2.2



2.0


Adjusted EBITDA

$

181.3



$

157.6










Net Income Attributable to Graphic Packaging Holding Company

$

55.1



$

35.2


Loss on Sale of Assets



5.8


Charges Associated with Business Combinations and Other Special Charges

2.2



2.0


Tax Impact of Non-recurring Items

(0.6)



1.5


Adjusted Net Income

$

56.7



$

44.5






Adjusted Earnings Per Share - Basic

$

0.17



$

0.14


Adjusted Earnings Per Share - Diluted

$

0.17



$

0.13



Three Months Ended


March 31,

In millions

2015


2014

Net Sales

$

1,008.2



$

1,072.7


Net Sales related to divestitures



(113.9)


Adjusted Net Sales

$

1,008.2



$

958.8






Adjusted EBITDA Margin (Adjusted EBITDA/Net Sales)

18.0

%


14.7

%

 


GRAPHIC PACKAGING HOLDING COMPANY
Reconciliation of Non-GAAP Financial Measures
(Continued)



Twelve Months Ended


March 31,


March 31,


 December 31,

In millions

2015


2014


2014

Net Income Attributable to Graphic Packaging Holding Company

$

109.6



$

146.9



$

89.7


(Subtract) Add:






Net Loss Attributable to Noncontrolling Interests

(0.3)





(0.7)


Income Tax Expense

54.2



68.5



45.4


Equity Income of Unconsolidated Entities

(1.7)



(1.5)



(1.7)


Interest Expense, Net

77.2



95.1



80.7


Depreciation and Amortization

287.6



309.3



283.9


EBITDA

526.6



618.3



497.3


Loss on Sale of Assets, Net

174.3





180.1


Charges Associated with Business Combinations and Other Special Charges

19.2



20.8



19.0


Loss on Modification or Extinguishment of Debt

14.4



27.1



14.4


Adjusted EBITDA

$

734.5



$

666.2



$

710.8









March 31,


March 31,


 December 31,

Calculation of Net Debt:

2015


2014


2014

Short-Term Debt and Current Portion of Long-Term Debt

$

35.0



$

79.0



$

32.2


Long-Term Debt

2,070.9



2,132.2



1,942.1


Less:






Cash and Cash Equivalents

(43.4)



(34.7)



(81.6)


Total Net Debt

$

2,062.5



$

2,176.5



$

1,892.7








Net Leverage Ratio (Net Debt/Adjusted EBITDA)

2.81



3.27



2.66


 

GRAPHIC PACKAGING HOLDING COMPANY
Unaudited Supplemental Data




Three Months Ended



March 31,


June 30,


September 30,


December 31,

2015









Net Tons Sold (000's)









Paperboard Packaging


681.1

















Net Sales ($ Millions):









Paperboard Packaging


$

1,008.2

















Income from Operations ($ Millions):









Paperboard Packaging


$

105.3

















2014









Net Tons Sold (000's)









Paperboard Packaging


624.2



654.4



679.4



666.1


Flexible Packaging


**



**



**



**











Net Sales ($ Millions):









Paperboard Packaging


$

964.7



$

1,009.1



$

1,050.0



$

1,001.1


Flexible Packaging


108.0



107.6






Total


$

1,072.7



$

1,116.7



$

1,050.0



$

1,001.1











Income (Loss) from Operations ($ Millions):









Paperboard Packaging


$

87.0



$

119.3



$

112.3



$

95.3


Flexible Packaging


(7.3)



(172.2)





(6.6)


Total


$

79.7



$

(52.9)



$

112.3



$

88.7


**   Not meaningful





 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/graphic-packaging-holding-company-reports-first-quarter-2015-results-300070726.html

SOURCE Graphic Packaging Holding Company

Investor Contact: Brad Ankerholz, Graphic Packaging Holding Company, 770-240-7971
Posted Thursday, April 23, 2015 7:30 am EDT

 
Graphic Packaging Announces Release Date for First Quarter 2015 Earnings

ATLANTA, March 31, 2015 /PRNewswire/ -- Graphic Packaging Holding Company (NYSE: GPK) will release results for first quarter 2015 on Thursday, April 23rd before the market opens.  The same morning, the company will host a conference call at 10:00 a.m. eastern to discuss first quarter results.  To access the live conference call, listeners calling from within North America should dial 800-392-9489 at least 10 minutes prior to the start of the conference call (Conference ID #18695656).  Listeners may also access the audio webcast at the Investor Relations section of the Graphic Packaging website: http://www.graphicpkg.com.  Replays of the call will be available for one week following the completion of the call and can be accessed by dialing 855-859-2056.

About Graphic Packaging Holding Company
Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies.  The Company is one of the largest producers of folding cartons and holds a leading market position in coated unbleached kraft and coated recycled board. The Company's customers include some of the most widely recognized companies in the world. Additional information about Graphic Packaging, its business and its products, is available on the Company's website at www.graphicpkg.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/graphic-packaging-announces-release-date-for-first-quarter-2015-earnings-300058736.html

SOURCE Graphic Packaging Holding Company

Brad Ankerholz, Graphic Packaging Holding Company, 770-240-7971
Posted Tuesday, March 31, 2015 3:23 pm EDT

 
Graphic Packaging Holding Company Reports Strong Fourth Quarter and Full Year 2014 Results; Announces Dividend and Share Repurchase Capital Allocation Plan

ATLANTA, Feb. 5, 2015 /PRNewswire/ --

Fourth Quarter Highlights

  • Q4 Adjusted Earnings per Diluted Share increased to $0.21 versus $0.17 in the prior year period.
  • Q4 Adjusted EBITDA increased to $171.8 million versus $158.3 million in the prior year period.
  • Company initiates $0.05 per share quarterly dividend and $250 million share repurchase program.
  • Company acquires folding carton converting and paperboard mill assets of Cascades' Norampac Division.
  • Company acquires Rose City Printing and Packaging, Inc.

Graphic Packaging Holding Company (NYSE: GPK), (the "Company"), a leading provider of packaging solutions to food, beverage and other consumer products companies, today reported Net Income for fourth quarter 2014 of $41.5 million, or $0.13 per share, based upon 331.0 million weighted average diluted shares.  This compares to fourth quarter 2013 Net Income of $46.0 million, or $0.13 per share, based on 344.8 million weighted average diluted shares.

Including the tax impact, fourth quarter 2014 Net Income was negatively impacted by $28.6 million of special charges (the largest charges relating to the refinancing and retirement of the Company's 2018 Bonds and the amendment and extension of the Company's senior secured credit facility). When adjusting for these charges, Adjusted Net Income for the fourth quarter of 2014 was $70.1 million, or $0.21 per diluted share. This compares to fourth quarter 2013 Adjusted Net Income of $58.6 million or $0.17 per diluted share.

For the full year 2014, Net Income was $89.7 million, or $0.27 per diluted share, based on 330.5 million weighted average diluted shares.  This compares to 2013 Net Income of $146.6 million or $0.42 per diluted share, based on 349.7 million weighted average diluted shares.  Including the tax impact, full year 2014 Net Income was negatively impacted by $148.4 million of special charges (the largest charges relating to the loss on the sale of the Company's multi-wall bag and label businesses earlier in the year).  When adjusting for these charges, 2014 Adjusted Net Income was $238.1 million or $0.72 per diluted share, compared to full year 2013 Adjusted Net Income of $181.4 million, or $0.52 per diluted share.

"We delivered record fourth quarter results in what continues to be a challenging operating environment," said Chairman, President and CEO David Scheible. "Excluding the divested businesses, sales in our ongoing operations increased 5.6% and we continue to gain share in many of our markets.  Adjusted EBITDA margin increased 250 basis points to a fourth quarter record of 17.2% and we generated over $130 million of net debt reduction in the fourth quarter, meeting our full year commitment to deliver $350 million of cash available for net debt reduction.  These strong results are the outcome of our efforts over the last 18 months to exit lower margin businesses and to refocus our resources on our core paperboard packaging segment. At the same time, we continued to execute on our continuous improvement programs across the organization and achieved almost $60 million of margin enhancing performance improvements in 2014."

Mr. Scheible continued, "Graphic Packaging's financial performance and balance sheet have strengthened considerably over the past several years.  We are now in a position to return cash to stockholders while still maintaining financial flexibility to execute our strategic plan, further strengthen our balance sheet and invest for future growth.  I am happy to announce that Graphic Packaging's Board of Directors has approved the initiation of a $0.05 per share quarterly dividend while also providing the flexibility to return additional cash to stockholders through a $250 million share repurchase program."

"Investing in high return projects and strategic acquisitions remains a core part of our growth strategy. The previously announced acquisition of the folding carton converting and paperboard mill assets of Cascades' Norampac division closed earlier this week.  We are extremely excited as these assets enable us to extend our customer reach in Canada.  I am also happy to say that subsequent to year end, we acquired Rose City Printing and Packaging, Inc., which includes two state-of-the-art folding carton converting facilities located just outside Portland, Oregon. This acquisition increases our integrated west coast presence allowing us to better serve new and existing customers."

Capital Allocation Plan

The Company's recently approved capital allocation plan includes the initiation of a $0.05 per share quarterly dividend.  The first cash dividend is payable April 5, 2015 to stockholders of record on March 15, 2015.

The capital allocation plan also includes a share repurchase program under which management may repurchase up to $250 million of shares from time to time through open market purchases, privately negotiated transactions and Rule 10b5-1 plans in accordance with applicable securities laws.  The purchases, if made, will occur from time to time depending on market conditions.

Completion of Acquisitions

On January 2, 2015, the Company acquired Rose City Printing and Packaging, Inc. through the purchase of all issued and outstanding stock of Rose City Holding Company.  The acquisition includes two state-of-the art folding carton converting facilities located just outside Portland, OR.  The purchase of Rose City enhances Graphic Packaging's folding carton manufacturing footprint on the west coast and allows for further integration of Graphic Packaging's SUS and CRB mill production.

On February 4, 2015, the Company completed the acquisition of the folding carton and paperboard mill assets of Cascades' Norampac Division.  The acquisition includes three Canadian folding carton converting facilities, a CRB mill and an SBS substitute mill. The purchase allows the Company to extend its scope into Canada, broaden its customer base and offer its current customers a wider range of products.

Operating Results

Net Sales

Net Sales decreased 6.9% to $1,001.1 million in the fourth quarter 2014, compared to $1,074.9 million in the prior year period.  Excluding $127.3 million of sales in the prior year period from divested businesses, Net Sales increased $53.5 million or 5.6%.  The increase was driven by $49.3 million of improved volume/mix and $16.4 million of higher pricing.  The sales increase was partially offset by $12.2 million of unfavorable exchange rates.

Full year 2014 Net Sales decreased 5.3% to $4,240.5 million compared to $4,478.1 million in 2013.  Excluding $388.1 million of sales in 2013 from divested businesses, Net Sales increased $150.5 million or 3.7%.  The increase was driven by $78.1 million of higher pricing and $75.2 million of improved volume/mix. The sales increase was partially offset by $2.8 million of unfavorable exchange rates.

Attached is supplemental data showing Net Tons Sold, Net Sales and Income (Loss) from Operations for the Paperboard Packaging Segment for each quarter of 2014 and 2013.

EBITDA

EBITDA for fourth quarter 2014 was $145.5 million, or $5.5 million higher than the fourth quarter of 2013.  When adjusting for special charges, Adjusted EBITDA increased 8.5% to $171.8 million in the fourth quarter of 2014 from $158.3 in the fourth quarter of 2013.  When comparing against the prior year quarter, Adjusted EBITDA in the fourth quarter of 2014 was positively impacted by $16.4 million of higher pricing, $12.0 million of improved net operating performance and $1.7 million of favorable volume/mix. These benefits were partially offset by $6.3 million from divested businesses, $5.0 million in other costs, primarily for labor and benefits, $4.7 million of unfavorable exchange rates and $0.6 million of commodity inflation.

Full year 2014 EBITDA decreased 20.9% to $497.3 million from $628.7 million in 2013.  When adjusting for special charges, Adjusted EBITDA increased 6.1% to $710.8 million in 2014 from $670.2 million in 2013.  When comparing against 2013, Adjusted EBITDA in 2014 was positively impacted by $78.1 million of higher pricing, $57.5 million of improved net operating performance and $4.3 million of favorable volume/mix. These benefits were partially offset by $40.4 million of commodity inflation, $35.2 million other costs, primarily for labor and benefits, $18.5 million from divested businesses and $5.2 million of unfavorable exchange rates.

Other Results

Total Net Debt at the end of 2014 was $1,892.7 million, or $308.7 million lower than at the end of 2013.  After adjusting for net acquisition and divestiture activities and capital market activities, cash available for net debt reduction would have been in excess of $350 million. The Company's year-end 2014 Net Leverage Ratio dropped to 2.66 times Adjusted EBITDA from 3.28 times Adjusted EBITDA at the end of 2013.  At December 31, 2014, the Company had available domestic liquidity of $1,058.2 million, including the undrawn availability under its $1.25 billion revolving credit facility.

In October 2014, the Company amended and extended its senior secured credit facility.  The amendment extended the facility's maturity date by one year and lowered pricing by 25 basis points, currently at 150 basis points. This action is expected to result in more than $3 million of lower annual interest expense.  During November 2014, the Company also completed the issuance and sale of $250 million principal amount of 4.875% Notes due 2022.  The proceeds were used to redeem the Company's $250 million 7.875% Senior Notes due in 2018.  The refinancing is expected to result in net annual interest savings of approximately $7 million.

Net Interest Expense was $18.7 million in fourth quarter 2014, compared to $21.5 million in fourth quarter 2013.  Full year 2013 Net Interest Expense was $80.7 million compared to $101.9 million in 2013.  The decrease was due to both lower debt balances and lower overall interest rates.

Capital expenditures for fourth quarter 2013 were $50.0 million compared to $56.0 million in the fourth quarter of 2013.  For full year 2014, capital expenditures were $201.4 million compared to $209.2 million in 2013.

Fourth quarter 2014 Income Tax Expense was $14.5 million compared to a benefit of $3.5 million in the fourth quarter of 2013.  For the full year 2014, Income Tax Expense was $45.4 million compared to $67.4 million in 2013.  As of December 31, 2014, the Company had approximately $712 million of NOLs for U.S. federal income tax purposes, which may be used to offset future taxable income.

Please note that a tabular reconciliation of EBITDA, Adjusted EBITDA, Adjusted Net Income and Total Net Debt is attached to this release.

Earnings Call

The Company will host a conference call at 10:00 am eastern time today (February 5, 2015) to discuss the results of fourth quarter and full year 2014.  To access the conference call, listeners calling from within North America should dial 800-392-9489 at least 10 minutes prior to the start of the conference call (Conference ID #63098186).  Listeners may also access the audio webcast, along with a slide presentation, at the Investor Relations section of the Graphic Packaging website: http://www.graphicpkg.com.  Replays of the call can be accessed for one week by dialing 855-859-2056.

Forward Looking Statements

Any statements of the Company's expectations in this press release constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements, including but not limited to, payment of dividends and possible share repurchases, interest expense savings and assessments regarding the use of the Company's NOLs are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Company's present expectations.  These risks and uncertainties include, but are not limited to, inflation of and volatility in raw material and energy costs, continuing pressure for lower cost products, the Company's ability to implement its business strategies, including productivity initiatives and cost reduction plans, the Company's debt level, currency movements and other risks of conducting business internationally, the impact of regulatory and litigation matters, including the continued availability of the Company's net operating loss offset to taxable income.  Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which they are made and the Company undertakes no obligation to update such statements.  Additional information regarding these and other risks is contained in the Company's periodic filings with the SEC.

About Graphic Packaging Holding Company

Graphic Packaging Holding Company (NYSE:GPK), headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies.  The Company is one of the largest producers of folding cartons and holds a leading market position in coated-unbleached kraft, coated-recycled boxboard and specialty packaging. The Company's customers include some of the most widely recognized companies in the world. Additional information about Graphic Packaging, its business and its products, is available on the Company's web site at www.graphicpkg.com.

 


GRAPHIC PACKAGING HOLDING COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)




 Three Months Ended


Twelve Months Ended



December 31,


December 31,

In millions, except per share amounts


2014



2013



2014



2013


Net Sales


$

1,001.1



$

1,074.9



4,240.5



$

4,478.1


Cost of Sales


816.4



901.5



3,453.3



3,752.5


Selling, General and Administrative


86.5



94.3



365.5



384.3


Other Income, Net


(2.4)



(2.1)



(3.7)



(13.4)


Restructuring and Other Special Charges


11.9



18.2



197.6



13.1


Income from Operations


88.7



63.0



227.8



341.6


Interest Expense, Net


(18.7)



(21.5)



(80.7)



(101.9)


Loss on Modification or Extinguishment of Debt


(14.4)





(14.4)



(27.1)


Income before Income Taxes and Equity Income of Unconsolidated Entities


55.6



41.5



132.7



212.6


Income Tax (Expense) Benefit


(14.5)



3.5



(45.4)



(67.4)


Income before Equity Income of Unconsolidated Entities


41.1



45.0



87.3



145.2


Equity Income of Unconsolidated Entities


0.4



0.3



1.7



1.5


Net Income


$

41.5



$

45.3



89.0



$

146.7


Net Income (Loss) Attributable to Noncontrolling Interests




0.7



0.7



(0.1)


Net Income Attributable to Graphic Packaging Holding Company


$

41.5



$

46.0



89.7



$

146.6















Net Income Per Share Attributable to Graphic Packaging Holding Company - Basic


$

0.13



$

0.13



$

0.27



$

0.42


Net Income Per Share Attributable to Graphic Packaging Holding Company - Diluted


$

0.13



$

0.13



$

0.27



$

0.42















Weighted Average Number of Shares Outstanding - Basic


329.0



341.0



328.6



347.3


Weighted Average Number of Shares Outstanding - Diluted


331.0



344.8



330.5



349.7


 

 


GRAPHIC PACKAGING HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)




December 31,


December 31,

In millions, except share and per share amounts


2014



2013









ASSETS







Current Assets:







Cash and Cash Equivalents


$

81.6



$

52.2


Receivables, Net


408.3



412.8


Inventories, Net


521.8



557.1


Deferred Income Tax Assets


177.2



171.3


Other Current Assets


32.0



38.8


Total Current Assets


1,220.9



1,232.2


Property, Plant and Equipment, Net


1,546.8



1,678.9


Goodwill


1,118.1



1,125.4


Intangible Assets, Net


385.6



467.0


Other Assets


59.9



55.8


Total Assets


$

4,331.3



$

4,559.3









LIABILITIES







Current Liabilities:







Short-Term Debt and Current Portion of Long-Term Debt


$

32.2



$

77.4


Accounts Payable


424.9



428.3


Other Accrued Liabilities


219.6



205.5


Total Current Liabilities


676.7



711.2


Long-Term Debt


1,942.1



2,176.2


Deferred Income Tax Liabilities


309.3



329.9


Other Noncurrent Liabilities


390.9



268.4









Redeemable Noncontrolling Interests




11.3









SHAREHOLDERS' EQUITY







Preferred Stock, par value $.01 per share; 100,000,000 shares authorized; no shares issued or outstanding





Common Stock, par value $.01 per share; 1,000,000,000 shares authorized; 327,044,500 and 324,742,642 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively


3.3



3.2


Capital in Excess of Par Value


1,796.5



1,789.9


Accumulated Deficit


(452.9)



(542.6)


Accumulated Other Comprehensive Loss


(334.6)



(188.2)


Total Shareholders' Equity


1,012.3



1,062.3


Total Liabilities and Shareholders' Equity


$

4,331.3



$

4,559.3


 


GRAPHIC PACKAGING HOLDING COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)




Twelve Months Ended



December 31,

In millions


2014



2013


CASH FLOWS FROM OPERATING ACTIVITIES:







Net Income


$

89.0



$

146.7


Noncash Items Included in Net Income:







Depreciation and Amortization


270.0



277.4


Deferred Income Taxes


33.1



62.7


Amount of Postretirement Expense Less Than Funding


(46.3)



(12.4)


Loss (Gain) on the Sale of Assets


173.6



(26.6)


Other, Net


47.4



32.5


Changes in Operating Assets & Liabilities


(40.2)



(22.3)


Net Cash Provided by Operating Activities


526.6



458.0









CASH FLOWS FROM INVESTING ACTIVITIES:







Capital Spending


(201.4)



(209.2)


Proceeds from Government Grant


26.9




Acquisition of Businesses


(190.7)




Cash Acquired Related to Acquisitions


16.9




Proceeds Received from the Sale of Assets, Net of Selling Costs


170.8



73.5


Other, Net


(5.7)



(8.7)


Net Cash Used in Investing Activities


(183.2)



(144.4)









CASH FLOWS FROM FINANCING ACTIVITIES:







Repurchase of Common Stock




(200.0)


Proceeds from Issuance or Modification of Debt


250.0



425.0


Retirement of Long-Term Debt


(247.7)



(425.0)


Payments on Debt


(214.6)



(71.3)


Borrowings under Revolving Credit Facilities


1,957.9



1,729.2


Payments on Revolving Credit Facilities


(2,012.2)



(1,738.0)


Redemption and Early Tender Premiums and Debt Issuance Costs


(16.8)



(29.9)


Repurchase of Common Stock related to Share-Based Payment


(14.7)



(11.2)


Other, Net


(10.7)



10.1


Net Cash Used In Financing Activities


(308.8)



(311.1)









Effect of Exchange Rate Changes on Cash


(5.2)



(1.8)









Net Increase in Cash and Cash Equivalents


29.4



0.7


Cash and Cash Equivalents at Beginning of Period


52.2



51.5


Cash and Cash Equivalents at End of Period


$

81.6



$

52.2


 

 

Reconciliation of Non-GAAP Financial Measures

The tables below set forth the calculation of the Company's earnings before interest expense, income tax expense, equity income of unconsolidated entities, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Adjusted Net Income, Net Leverage Ratio and Total Net Debt. Adjusted EBITDA and Adjusted Net Income exclude charges associated with: the Company's business combinations, sale or shutdown of assets, other special (credits) charges and the modification or extinguishment of debt. The Company's management believes that the presentation of EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio provides useful information to investors because these measures are regularly used by management in assessing the Company's performance. EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio are financial measures not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), and are not measures of net income, operating income, operating performance or liquidity presented in accordance with GAAP.

EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio should be considered in addition to results prepared in accordance with GAAP, but should not be considered substitutes for or superior to GAAP results. In addition, our EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio may not be comparable to Adjusted EBITDA or similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as we do.


 Three Months Ended


Twelve Months Ended


December 31,


December 31,

In millions, except per share amounts

2014



2013



2014



2013


Net Income Attributable to Graphic Packaging Holding Company

$

41.5



$

46.0



$

89.7



$

146.6


(Subtract) Add:












Net (Loss) Income Attributable to Noncontrolling Interests



(0.7)



(0.7)



0.1


Income Tax Expense (Benefit)

14.5



(3.5)



45.4



67.4


Equity Income of Unconsolidated Entities

(0.4)



(0.3)



(1.7)



(1.5)


Interest Expense, Net

18.7



21.5



80.7



101.9


Depreciation and Amortization

71.2



77.0



283.9



314.2


EBITDA

145.5



140.0



497.3



628.7


Loss (Gain) on Sale of Assets

7.4





180.1



(17.9)


Charges Associated with Business Combinations and Other Special Charges

4.5



18.3



19.0



32.3


Loss on Modification or Extinguishment of Debt

14.4





14.4



27.1


Adjusted EBITDA

$

171.8



$

158.3



$

710.8



$

670.2


























Net Income Attributable to Graphic Packaging Holding Company

$

41.5



$

46.0



$

89.7



$

146.6


Loss (Gain) on Sale of Assets

7.4





180.1



(17.9)


Charges Associated with Business Combinations and Other Special Charges

4.5



18.3



19.0



32.3


Accelerated Depreciation Related to Shutdown







3.5


Loss on Modification or Extinguishment of Debt

14.4





14.4



27.1


Tax Impact on Non-recurring Items

2.3



(5.7)



(65.1)



(10.2)


Adjusted Net Income

$

70.1



$

58.6



$

238.1



$

181.4














Adjusted Earnings Per Share - Basic

$

0.21



$

0.17



$

0.72



$

0.52














Adjusted Earnings Per Share - Diluted

$

0.21



$

0.17



$

0.72



$

0.52















Three Months Ended


Twelve Months Ended


December 31,


December 31,

In millions, except per share amounts

2014



2013



2014



2013


Net Sales

$

1,001.1



$

1,074.9



$

4,240.5



$

4,478.1


Net Sales related to divestitures



(127.3)





(388.1)


Adjusted Net Sales

$

1,001.1



$

947.6



$

4,240.5



$

4,090.0














Adjusted EBITDA Margin (Adjusted EBITDA/Adjusted Net Sales)

17.2

%


16.7

%


16.8

%


16.4

%













 

 

GRAPHIC PACKAGING HOLDING COMPANY

Reconciliation of Non-GAAP Financial Measures

(Continued)




Twelve Months Ended



December 31,



 December 31,



 December 31,


In millions

2014



2013



2012


Net Income Attributable to Graphic Packaging Holding Company

$

89.7



$

146.6



$

122.6


(Subtract) Add:









Net (Loss) Income Attributable to Noncontrolling Interests

(0.7)



0.1



(2.5)


Income Tax Expense

45.4



67.4



82.5


Equity Income of Unconsolidated Entities

(1.7)



(1.5)



(2.3)


Interest Expense, Net

80.7



101.9



111.1


Depreciation and Amortization

283.9



314.2



297.6


EBITDA

497.3



628.7



609.0


Loss (Gain) on Sale or Shutdown of Assets, Net

180.1



(17.9)



3.0


Charges Associated with Business Combinations and Other Special Charges

19.0



32.3



24.4


Loss on Modification or Extinguishment of Debt

14.4



27.1



11.0


Adjusted EBITDA

$

710.8



$

670.2



$

647.4












December 31,



December 31,



 December 31,


Calculation of Net Debt

2014



2013



2012


Short-Term Debt and Current Portion of Long-Term Debt

$

32.2



$

77.4



$

79.8


Long-Term Debt

1,942.1



2,176.2



2,253.5


Less:









Cash and Cash Equivalents

(81.6)



(52.2)



(51.5)


Total Net Debt

$

1,892.7



$

2,201.4



$

2,281.8











Net Leverage Ratio (Net Debt/Adjusted EBITDA)

2.66



3.28



3.52


 

 


GRAPHIC PACKAGING HOLDING COMPANY

Unaudited Supplemental Data




Three Months Ended



March 31,


June 30,


September 30,


December 31,

2014













Net Tons Sold (000's)













Paperboard Packaging


624.2



654.4



679.4



666.1


Flexible Packaging


**



**



**



**















Net Sales ($ Millions):













Paperboard Packaging


$

964.7



$

1,009.1



$

1,050.0



$

1,001.1


Flexible Packaging


108.0



107.6






Total


$

1,072.7



$

1,116.7



$

1,050.0



$

1,001.1















Income (Loss) from Operations ($ Millions):













Paperboard Packaging


$

87.0



$

119.3



$

112.3



$

95.3


Flexible Packaging


(7.3)



(172.2)





(6.6)


Total


$

79.7



$

(52.9)



$

112.3



$

88.7















2013













Net Tons Sold (000's)













Paperboard Packaging


653.1



663.4



683.2



637.7


Flexible Packaging


**



**



**



**















Net Sales ($ Millions):













Paperboard Packaging


$

959.4



$

994.9



$

1,021.2



$

963.5


Flexible Packaging


141.1



144.8



141.8



111.4


Total


$

1,100.5



$

1,139.7



$

1,163.0



$

1,074.9















Income (Loss) from Operations ($ Millions):













Paperboard Packaging


$

91.8



$

91.6



$

99.9



$

70.7


Flexible Packaging


(6.6)



(3.9)



5.8



(7.7)


Total


$

85.2



$

87.7



$

105.7



$

63.0


**   Not meaningful













 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/graphic-packaging-holding-company-reports-strong-fourth-quarter-and-full-year-2014-results-announces-dividend-and-share-repurchase-capital-allocation-plan-300031275.html

SOURCE Graphic Packaging Holding Company

Brad Ankerholz, Graphic Packaging Holding Company, 770-240-7971
Posted Thursday, February 5, 2015 7:30 am EST

 
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(ERROR 22: Could not open RSS source "http://ir.neenah.com/rss/pressrelease.aspx"; received message, "The requested URL returned error: 404". Last updated Monday, June 29, 2015 11:30 am EDT)
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RR Donnelley to Present at the Morgan Stanley Leveraged Finance Conference Posted Tuesday, May 26, 2015 6:30 am EDT

 
RR Donnelley Receives 2015 Services Quality Supplier of the Year Award by FCA US LLC
RR Donnelley Receives 2015 Services Quality Supplier of the Year Award by FCA US LLC Posted Monday, May 11, 2015 6:30 am EDT

 
RR Donnelley Reports First-Quarter 2015 Results
RR Donnelley Reports First-Quarter 2015 Results Posted Thursday, May 7, 2015 6:30 am EDT

 
RR Donnelley Recognized as Top Technology Innovator in 2015 InformationWeek Elite 100
RR Donnelley Recognized as Top Technology Innovator in 2015 InformationWeek Elite 100 Posted Monday, May 4, 2015 6:30 am EDT

 
RR Donnelley to Announce First-Quarter Results and Host a Conference Call on May 7th
RR Donnelley to Announce First-Quarter Results and Host a Conference Call on May 7th Posted Monday, April 20, 2015 6:30 am EDT

 
RR Donnelley Board of Directors Declares Quarterly Dividend
RR Donnelley Board of Directors Declares Quarterly Dividend Posted Thursday, April 16, 2015 4:00 pm EDT

 
 Sonoco
( Last updated Friday, July 3, 2015 4:14 pm EDT)
Sonoco-Alcore to Increase Paperboard Prices in Europe
(Thomson Reuters ONE via COMTEX) --BRUSSELS, Belgium, June 29, 2015 (GLOBE NEWSWIRE) -- Sonoco-Alcore S.a.r.l. today announced it will raise prices by €50 per metric ton on all recycled paperboard grades sold throughout mainland Europe. The price change is effective with shipments on or after 20th July 2015. "This price increase is in response to rising material and manufacturing costs," said Phil Woolley, Director, Paper Europe, noting that the price change excludes Italy, where the Company implemented a similar price change effective 15th June. Sonoco Alcore S.a.r.l. is wholly-owned by Sonoco (NYSE:SON) and operates 29 tubes and cores plants and five paperboard mills in Europe. Ro... Posted Monday, June 29, 2015 5:02 am EDT

 
Sonoco ThermoSafe Launches Reusable Container for Blood Transport and Storage
Container Will Help Hospitals and Blood Banks ARLINGTON HEIGHTS, Ill., June 24, 2015 (GLOBE NEWSWIRE) -- Sonoco ThermoSafe, a unit of Sonoco (NYSE:SON) and a leading supplier of temperature assurance packaging, has launched a revolutionary new product for the transport and temporary storage of red blood cells and platelets.  The result of years of end-user research, the innovative Via® Blood Transporter incorporates leading-edge technology in phase change and insulating material to ensure ultimate temperature protection, while its ergonomic features aid in the fast and efficient conveyance of blood when it matters most.  “The Via Blood Transporter’s unique design leverages Sonoco’s expe... Posted Wednesday, June 24, 2015 7:30 am EDT

 
GROUP360 Worldwide & Trident Form Joint Venture to Provide Concept-to-Consumer Global Marketing and Packaging Solutions for Leading International Consumer Brands
(Thomson Reuters ONE via COMTEX) --ST. LOUIS and HULL, United Kingdom, June 04, 2015 (GLOBE NEWSWIRE) -- GROUP360 Worldwide and Trident, a wholly owned subsidiary of Sonoco Products Company - industry leaders in providing concept-to-consumer creative, strategy and premedia/print production solutions for iconic, international consumer brands - today announced the forming of a joint venture company called We Are Alexander Global Brand-Building Solutions to provide seamless, global consumer products marketing and packaging solutions that ensure high-quality and consistent brand delivery around the world. Leveraging a combined 75-plus years of experience in the technical, intellectual and art... Posted Monday, June 8, 2015 9:04 am EDT

 
Sonoco-Alcore to Increase Paperboard Prices in Italy
(Thomson Reuters ONE via COMTEX) --BRUSSELS, Belgium, May 25, 2015 (GLOBE NEWSWIRE) -- Sonoco-Alcore S.a.r.l. today announced it will raise prices by €50 per metric ton on all recycled paperboard grades sold in the Company's Italian region. The price change is effective with shipments on or after 15th June, 2015. "This price increase is in response to rising material and manufacturing costs and price adjustments occurring in the Italian market," said Phil Woolley, Director, Paper Europe. Sonoco Alcore S.a.r.l. is wholly-owned by Sonoco (NYSE:SON) and operates 29 tubes and cores plants and five paperboard mills in Europe, including the Company's largest European uncoated recycled paperb... Posted Monday, May 25, 2015 2:01 am EDT

 
Procter & Gamble Facility Recognized by Sonoco for Landfill Free Status
Lima, Ohio, Fabric Care Facility Earns Sonoco Gold Sustainability Star Award HARTSVILLE, S.C., May 12, 2015 (GLOBE NEWSWIRE) -- Sonoco (NYSE:SON), one of the largest diversified packaging companies, has named a Procter & Gamble (P&G) fabric care plant in Lima, Ohio, a gold-level Sonoco Sustainability Star Award recipient for the plant’s successful efforts to achieve landfill free status. In 2014, P&G’s Lima facility set out to be the first fabric care plant in North America to earn the designation of Zero Waste to Landfill. As of Jan. 1, 2015, the facility has achieved this challenging goal – it recycles 97.25% of its waste, and converts the remaining 2.75% of waste to energy by partnerin... Posted Tuesday, May 12, 2015 9:05 am EDT

 
Sonoco ThermoSafe offers new reusable insulated container
Optimizes storage and transportation of dry ice and perishable goods across global markets Arlington Heights, Ill. – Sonoco ThermoSafe, a unit of Sonoco (NYSE:SON) and a leading global provider of temperature assurance packaging, has launched a new reusable bulk insulated container featuring a 1,200 mm x 800 mm footprint and 440 liters of storage capacity for storing and distributing dry ice and perishable goods globally.   “Our latest bulk insulated container uses advanced technologies in foam adhesion and sidewall construction design, yielding a significant improvement in prolonging dry ice sublimation.  Additionally, our innovative lid seal and gasket design gr... Posted Wednesday, April 29, 2015 2:36 pm EDT

 
Sonoco Recognized in 2015 100 Best Corporate Citizens List
Corporate Responsibility Magazine Honors Company for Seventh Year HARTSVILLE, S.C., April 28, 2015 (GLOBE NEWSWIRE) -- Sonoco (NYSE:SON), one of the largest diversified packaging companies, has been honored on Corporate Responsibility Magazine's 2015 100 Best Corporate Citizens List, the seventh year the company has been included. Sonoco was honored for the transparent way it conducts itself in the areas of Climate Change, Employee Relations, Environment, Finance, Governance, Human Rights and Philanthropy and Community Support. "This award recognizes our unwavering commitment to doing the right thing at all our locations worldwide," said Jack Sanders, president and CEO. "It's our go... Posted Tuesday, April 28, 2015 7:30 am EDT

 
Sonoco Honored With Garden Club of America Award
Company Recognized with Zone Civic Improvement Commendation Hartsville, S.C., U.S. – On behalf of the Company, Sonoco President and CEO Jack Sanders yesterday received a Civic Improvement Commendation from the Garden Club of America for "outstanding efforts which enhance, protect or restore the local environment and improve the community."  In presenting the award, Lindsay Marshall, Garden Club of American Zone VIII chair of national affairs, said, "I am thrilled to present this award to a company that is not only regional, but is a national and international company dedicated to conservation, sustainable business practices and education.  While being a successful company, they hav... Posted Wednesday, April 22, 2015 3:06 pm EDT

 
 UPM Kymmene
( Last updated Friday, July 3, 2015 4:14 pm EDT)
 USG-formerly United States Gypsum
( Last updated Friday, July 3, 2015 4:14 pm EDT)
USG Delivering on Promise of Nationwide Availability of USG Sheetrock® Brand UltraLight Panels Firecode® X — The First and Lightest Type X Wallboard in the Industry
CHICAGO--(BUSINESS WIRE)--Jun. 30, 2015-- Today USG announced nationwide availability of the first and lightest Type X wallboard in the industry, USG Sheetrock® Brand UltraLight Panels Firecode® X. This panel is available in one of two Underwriters Laboratories Inc. (UL) Type Designations (Type ULIX and Type ULX), depending on geography. These panels are the industry’s first lightweight Type X gypsum panel designed for commercial and residential construction. Both UL Type Designations of USG Sheetrock® Brand UltraLight Panels Firecode® X have been formulated to achieve all the strength and performance characteristi... Posted Tuesday, June 30, 2015 11:01 am EDT

 
USG and Tremco Unveil Securock® ExoAir® 430 System
Groundbreaking Gypsum Panel Features a Pre-Applied Air/Water Barrier CHICAGO--(BUSINESS WIRE)--Jun. 2, 2015-- USG Corporation (NYSE: USG) collaborating with Tremco Commercial Sealants & Waterproofing (CS&W) today unveiled Securock® ExoAir® 430 System – a new advancement in air barrier installation to the construction industry. The integration of two already proven products – USG Securock® Brand Glass-Mat Sheathing Panels and Tremco’s ExoAir® membrane – will bring a system with built-in performance to the market. “This first-of-its kind product was designed with our customers in mind, knowing that innovative ide... Posted Tuesday, June 2, 2015 12:00 pm EDT

 
USG Names Halvor Lines as Its 2014 Carrier of the Year
CHICAGO--(BUSINESS WIRE)--May 21, 2015-- USG Corporation (NYSE:USG), a leading building products company, today named Halvor Lines, Inc. as its 2014 Carrier of the Year award for providing superior transportation service to USG and its customers. “Delivering the products our customers need safely and on time are our top priorities. And for more than 30 years, Halvor Lines’ has worked with us to help keep business running smoothly,” said Christopher Griffin, Executive Vice President and Chief Operations Officer at USG. “The hallmarks of Halvor Lines are superior service, consistent growth and a progressive management team,... Posted Thursday, May 21, 2015 3:01 pm EDT

 
USG Named Innovator of the Year by The Executives’ Club of Chicago
CHICAGO--(BUSINESS WIRE)--May 15, 2015-- USG Corporation (NYSE: USG), a leading building products company, was named Innovator of the Year today by The Executives’ Club of Chicago. The award, which is given to a company whose new product, service, process or business model has resulted in organic growth and measurable economic benefit to the region, was presented to USG for its development of USG Durock™ Brand EcoCap™ Self-Leveling Underlayment, a product that offers a significant reduction in several environmental impacts. “Innovation is a team sport and it is at the heart of how USG employees develop new products and te... Posted Friday, May 15, 2015 3:09 pm EDT

 
USG Corporation to Participate in the J.P. Morgan Homebuilding & Building Products Conference in New York
CHICAGO--(BUSINESS WIRE)--May 12, 2015-- James S. Metcalf, Chairman, President and Chief Executive Officer of USG Corporation (NYSE:USG), a leading building products company, will speak on Tuesday, May 19, 2015 at the J.P. Morgan Homebuilding & Building Products Conference at J.P. Morgan in New York City. The presentation is scheduled to begin at approximately 1:55 p.m. Eastern Time. A live webcast of the presentation may be accessed from the Investor Information web page of the USG Corporation web site at investor.usg.com. The webcast will be archived and available on the Investor Information web page until Friday, May 2... Posted Tuesday, May 12, 2015 11:13 am EDT

 
USG Corporation Reports First Quarter 2015 Results
First Quarter 2015 vs. First Quarter 2014 Business Highlights Net sales increase 7% to $909 million United States Gypsum operating profit margin improvement of 270 basis points to 13.8% United States Ceilings operating profit margin improvement of 630 basis points to 16.5% Entered into agreement to sell GTL ships for $42 million CHICAGO--(BUSINESS WIRE)--Apr. 23, 2015-- USG Corporation (NYSE:USG), a leading building products company, today reported results for the first quarter of 2015. “USG is off to a great start in 201... Posted Thursday, April 23, 2015 8:01 am EDT

 
USG Corporation to Host First Quarter 2015 Earnings Conference Call and Webcast
CHICAGO--(BUSINESS WIRE)--Apr. 9, 2015-- USG Corporation (NYSE:USG), a leading building products company, today announced that it will host a conference call and webcast to discuss first quarter 2015 results on Thursday, April 23, 2015, at 9:00 a.m. Eastern time (8:00 a.m. Central time). This call and webcast can be accessed at USG’s website at http://investor.usg.com. To participate by phone, please dial 1-800-315-2944 (U.S. & Canada). International callers should dial 1-847-413-2929. Please call ten minutes prior to start time. The pass code is 39347583. A replay of the webcast will be available on the U... Posted Thursday, April 9, 2015 9:00 am EDT

 
USG Corporation Announces Settlement of Tender Offer for 8.375% Senior Notes Due 2018 and Completion of Private Offering of 5.50% Senior Notes Due 2025
CHICAGO--(BUSINESS WIRE)--Feb. 24, 2015-- USG Corporation (NYSE:USG) (“USG”) announced today the settlement of the previously announced cash tender offer (the “Tender Offer”) for any and all of its outstanding 8.375% Senior Notes due 2018 (the “2018 Notes”). The Tender Offer expired at 5:00 p.m., New York City time, on February 23, 2015 (the “Expiration Time”). At the Expiration Time, valid tenders had been received with respect to approximately $126 million of the $350 million aggregate principal amount of the 2018 Notes outstanding. USG has accepted for payment all 2018 Notes validly tendered prior to the Expiration Tim... Posted Tuesday, February 24, 2015 12:32 pm EST

 
 Verso Paper
( Last updated Friday, July 3, 2015 4:14 pm EDT)
Verso Addresses NYSE Continued Listing Standard
Verso Addresses NYSE Continued Listing Standard Posted Monday, June 29, 2015 5:12 pm EDT

 
Verso Introduces Ideal(R) Offset Web
Verso Introduces Ideal(R) Offset Web Posted Tuesday, June 16, 2015 3:00 pm EDT

 
Verso Announces Resignation of Chief Financial Officer
Verso Announces Resignation of Chief Financial Officer Posted Wednesday, June 3, 2015 8:00 am EDT

 
Verso Corporation Reports First Quarter 2015 Results
Verso Corporation Reports First Quarter 2015 Results Posted Friday, May 15, 2015 4:05 pm EDT

 
Verso to Host Conference Call on May 19 to Discuss First Quarter Results
Verso to Host Conference Call on May 19 to Discuss First Quarter Results Posted Friday, April 24, 2015 6:26 pm EDT

 
Verso Introduces New Coated Web Product Lineup
Verso Introduces New Coated Web Product Lineup Posted Monday, March 16, 2015 8:00 am EDT

 
Verso Corporation Reports Fourth Quarter and Year-End 2014 Results
Verso Corporation Reports Fourth Quarter and Year-End 2014 Results Posted Friday, March 6, 2015 7:00 am EST

 
Verso Project Uncovers Vernal Pools on Michigan State Forest Lands
Verso Project Uncovers Vernal Pools on Michigan State Forest Lands Posted Tuesday, March 3, 2015 8:00 am EST

 


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