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 Glatfelter
( Last updated Monday, November 24, 2014 12:41 am EST)
GLATFELTER REPORTS RECORD ADJUSTED EPS OF $0.70 DRIVEN BY TOP-LINE GROWTH AND OPERATIONAL EFFICIENCIES IN SPECIALTY PAPERS AND ADVANCED AIRLAID MATERIALS BUSINESS UNITS
GLATFELTER REPORTS RECORD ADJUSTED EPS OF $0.70 DRIVEN BY TOP-LINE GROWTH AND OPERATIONAL EFFICIENCIES IN SPECIALTY PAPERS AND ADVANCED AIRLAID MATERIALS BUSINESS UNITS Posted Monday, November 3, 2014 12:00 am EST

 
Glatfelter to Report Earnings on November 4th
Glatfelter to Report Earnings on November 4th Posted Monday, October 13, 2014 12:00 am EDT

 
GLATFELTER COMPLETES ACQUISITION OF ELECTRICAL PAPERS PRODUCER
GLATFELTER COMPLETES ACQUISITION OF ELECTRICAL PAPERS PRODUCER Posted Wednesday, October 1, 2014 12:00 am EDT

 
Glatfelter Declares Dividend of $0.11 on Common Stock
Glatfelter Declares Dividend of $0.11 on Common Stock Posted Tuesday, September 23, 2014 12:00 am EDT

 
GLATFELTER ELECTS BRUCE BROWN TO BOARD OF DIRECTORS
GLATFELTER ELECTS BRUCE BROWN TO BOARD OF DIRECTORS Posted Tuesday, September 23, 2014 12:00 am EDT

 
GLATFELTER ANNOUNCES AGREEMENT TO ACQUIRE ELECTRICAL PAPERS PRODUCER
GLATFELTER ANNOUNCES AGREEMENT TO ACQUIRE ELECTRICAL PAPERS PRODUCER Posted Friday, September 12, 2014 12:00 am EDT

 
GLATFELTER TO PRESENT AT THE KEYBANC CAPITAL MARKETS BASIC MATERIALS & PACKAGING CONFERENCE ON SEPTEMBER 10th
GLATFELTER TO PRESENT AT THE KEYBANC CAPITAL MARKETS BASIC MATERIALS & PACKAGING CONFERENCE ON SEPTEMBER 10th Posted Tuesday, September 2, 2014 12:00 am EDT

 
CLEAR CHANNEL'S 'THE TRADERS NETWORK SHOW' INTERVIEW WITH DANTE PARRINI, NOW AVAILABLE FOR ONLINE STREAMING
CLEAR CHANNEL'S 'THE TRADERS NETWORK SHOW' INTERVIEW WITH DANTE PARRINI, NOW AVAILABLE FOR ONLINE STREAMING Posted Monday, August 4, 2014 12:00 am EDT

 
 Graphics Packaging
( Last updated Monday, November 24, 2014 12:41 am EST)
Graphic Packaging Announces Pricing of Senior Notes Offering

ATLANTA, Oct. 23, 2014 /PRNewswire/ -- Graphic Packaging International, Inc. ("Graphic Packaging"), a wholly-owned subsidiary of Graphic Packaging Holding Company (NYSE: GPK), announced that it has entered into an agreement to sell $250 million aggregate principal amount of its senior unsecured notes due 2022 (the "Senior Notes") in a registered public offering. The Senior Notes will bear interest at an annual rate of 4.875% and will be issued at par. Graphic Packaging expects to close the offering on November 6, 2014, subject to the satisfaction of customary closing conditions.

The Senior Notes will be guaranteed by Graphic Packaging Holding Company and Graphic Packaging Corporation as well as by certain of Graphic Packaging's material domestic subsidiaries which have guaranteed obligations under its senior credit facilities and its existing notes.

Graphic Packaging estimates that the net proceeds from this offering will be approximately $246.4 million, after deducting the underwriters' discount.  The net proceeds from the offering will be used, together with cash on hand and/or additional borrowings, to refinance through a redemption in November 2014 all $250 million aggregate principal amount of Graphic Packaging's 7.875% senior notes due 2018. 

BofA Merrill Lynch, J.P. Morgan, SunTrust Robinson Humphrey, Citigroup, Goldman, Sachs & Co., and Rabo Securities are acting as joint book-running managers for the offering and BBVA Securities Inc., Regions Securities LLC, Mitsubishi UFJ Securities, SMBC Nikko, Fifth Third Securities, TD Securities, PNC Capital Markets LLC, and HSBC Securities are serving as co-managers.

A shelf registration statement (including a prospectus and prospectus supplement) relating to the offering of the Senior Notes has previously been filed with the Securities and Exchange Commission and has become effective. Before investing, you should read the prospectus, the prospectus supplement and other documents filed with the Securities and Exchange Commission for more complete information about Graphic Packaging and the offering of the Senior Notes. Copies of the prospectus and related prospectus supplement may be obtained by contacting any of the joint book running managers whose contact information is listed below. You may also obtain these documents free of charge by visiting the Securities and Exchange Commission's website at www.sec.gov

Joint Book Running Managers: 

BofA Merrill Lynch
222 Broadway
New York, NY 10038
Attention: Prospectus Department
Email: dg.prospectus_requests@baml.com

J.P. Morgan Securities LLC 
Attention: Broadridge Financial Solutions 
1155 Long Island Avenue
Edgewood, New York 11717
Tel: (866) 803-9204

SunTrust Robinson Humphrey 
Attention: High Yield Syndicate
3333 Peachtree Road, 10th Floor
Atlanta, GA 30326
Kevin.dewitt@suntrust.com

Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Tel: 1-800-831-9146

Goldman, Sachs & Co.  
Prospectus Department  
200 West Street 
New York, NY 10282 
Telephone: 1-866-471-2526, facsimile: 212-902-9316 
Email: prospectus-ny@ny.email.gs.com

Rabobank International
245 Park Avenue
New York, NY 10167

This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

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.

Forward-Looking Statements

Any statements of Graphic Packaging'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 offering and the use of proceeds therefrom, are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from Graphic Packaging's present expectations.  These risks and uncertainties include, but are not limited to, market conditions affecting the offering and the ability of Graphic Packaging to redeem its Senior Notes due 2018.  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 Graphic Packaging undertakes no obligation to update such statements.  Additional information regarding these and other risks is contained in Graphic Packaging Holding Company's filings with the Securities and Exchange Commission.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/graphic-packaging-announces-pricing-of-senior-notes-offering-402159495.html

SOURCE Graphic Packaging International, Inc.

Investor Contact: Brad Ankerholz, Graphic Packaging Holding Company, 770-240-7971
Posted Thursday, October 23, 2014 5:15 pm EDT

 
Graphic Packaging Holding Company Reports Third Quarter 2014 Results

ATLANTA, Oct. 21, 2014 /PRNewswire/ --

Third Quarter Highlights

  • Q3 Net Sales increased $49.3 million or 4.9%, after adjusting for the impact of divested businesses.
  • Q3 Adjusted Earnings per Diluted Share increased to $0.17 versus $0.12 in the prior year period.
  • Q3 Adjusted EBITDA increased to $190.6 million versus $175.2 million in the prior year period.
  • Q3 Adjusted EBITDA margin was 18.2% versus 15.1% in the prior year period.

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 third quarter 2014 of $53.0 million, or $0.16 per share, based upon 330.6 million weighted average diluted shares.  This compares to third quarter 2013 Net Income of $44.5 million, or $0.13 per share, based on 352.2 million weighted average diluted shares.

Including the tax impact, third quarter 2014 Net Income was negatively impacted by $4.5 million of special charges. When adjusting for these charges, Adjusted Net Income for the third quarter of 2014 was $57.5 million, or $0.17 per diluted share compared to third quarter 2013 Adjusted Net Income of $42.9 million or $0.12 per diluted share.

"We reported a record Adjusted EBITDA margin this quarter of just over 18%," said CEO David Scheible. "This represented a three percentage point increase over the third quarter last year.  The significant jump was primarily driven by our decision to exit non-core, lower margin businesses over the last year and to re-focus these resources around our paperboard packaging business.  The divestitures truly transformed us into a pure play, vertically integrated paperboard packaging business."

"We also performed quite well in what continues to be a difficult operating environment, as demand in some of our key end use markets remains sluggish.  Performance was strong across the business, as key operating metrics at both our mills and converting plants were up over last year.  The integration of our acquisitions in Europe is also on target and we are realizing the planned synergies.  Overall, we delivered a solid $22 million net benefit from performance initiatives in the quarter which keeps us on track to achieve our previously guided $60 million of benefits for the full year. We also remain on target to deliver $350 million of net debt reduction from operations in 2014, having achieved approximately $140 million in the third quarter."

Net Sales

Net Sales decreased 9.7% to $1,050.0 million in the third quarter of 2014, compared to $1,163.0 million in the prior year period. Excluding $162.3 million of sales in the prior year period from divested businesses, Net Sales increased $49.3 million or 4.9%. The increase was driven by $28.0 million of improved volume/mix, $19.1 million of higher pricing and $2.2 million of favorable exchange rates.

Given the June 30, 2014 sale of the Company's Multi-wall Bag Business, beginning with the third quarter 2014, the Company will be reporting financial results under a single segment called Paperboard Packaging.

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

EBITDA

EBITDA for third quarter 2014 was $182.3 million, or $6.5 million lower than the third quarter of last year.  When adjusting for special charges, Adjusted EBITDA increased 8.8% to $190.6 million in third quarter 2014 from $175.2 million in third quarter 2013.  When comparing against the prior year quarter, Adjusted EBITDA in the third quarter of 2014 was positively impacted by $22.3 million of improved net operating performance, $19.1 million of higher pricing and $2.4 million of favorable exchange rates.  These benefits were offset by $15.6 million of commodity inflation, $12.6 million in higher labor and benefit costs and $0.2 million of unfavorable volume/mix.

Other Results

Total Net Debt at the end of third quarter 2014 was $2,024.0 million, $177.4 million lower than at the end of 2013.  The Company's September 30, 2014 Net Leverage Ratio dropped to 2.90 times Adjusted EBITDA from 3.23 times Adjusted EBITDA at the end of the third quarter of 2013.  At September 30, 2014, the Company had available domestic liquidity of $877.1 million, including the undrawn availability under its $1.0 billion U.S. revolving credit facility.

Net Interest Expense was $20.4 million in the third quarter of 2014, compared to $23.5 million in the third quarter of 2013. The decrease was primarily attributable to lower debt levels.

Capital expenditures were $42.5 million in the third quarter of 2014, compared to $68.6 million in the third quarter of 2013.  The difference in the quarter was due to the timing of expenditures as capital expenditures through the first 9 months of 2014 were $151.4 million compared to $153.2 million over the same period last year.

Income Tax Expense was $39.3 million in the third quarter of 2014 compared to $35.8 million in the third quarter of 2013.  As of September 30, 2014, the Company had approximately $811 million of Net Operating Losses (NOLs) for U.S. federal cash income tax purposes, which may be used to offset future taxable income.

Please note that a tabular reconciliation of Adjusted Net Sales, 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 9:00 am eastern time today (October 21, 2014) to discuss results of third quarter 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 #11225690).  Listeners may also access the audio webcast, along with a slide presentation, at the Graphic Packaging website: http://www.graphicpkg.com in the Investors section.  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, anticipated performance improvements  and the use of net operating losses to offset future taxable income 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, 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, the Company's ability to implement its business strategies,  and other risks of conducting business internationally, and 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 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 web site at www.graphicpkg.com.

 

 

GRAPHIC PACKAGING HOLDING COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,

In millions, except per share amounts

2014


2013


2014


2013

Net Sales

$

1,050.0



$

1,163.0



$

3,239.4



$

3,403.2


Cost of Sales

847.6



982.3



2,636.9



2,851.0


Selling, General and Administrative

83.6



93.8



279.0



290.0


Other Income, Net

(0.3)



(4.0)



(1.3)



(11.3)


Restructuring and Other Special Charges (Credits)

6.8



(14.8)



185.7



(5.1)


Income from Operations

112.3



105.7



139.1



278.6


Interest Expense, Net

(20.4)



(23.5)



(62.0)



(80.4)


Loss on Modification or Extinguishment of Debt



(1.2)





(27.1)


Income before Income Taxes and Equity Income of Unconsolidated Entities

91.9



81.0



77.1



171.1


Income Tax Expense

(39.3)



(35.8)



(30.9)



(70.9)


Income before Equity Income of Unconsolidated Entities

52.6



45.2



46.2



100.2


Equity Income of Unconsolidated Entities

0.4



0.5



1.3



1.2


Net Income

53.0



45.7



47.5



101.4


Net (Income) Loss Attributable to Noncontrolling Interests



(1.2)



0.7



(0.8)


Net Income Attributable to Graphic Packaging Holding Company

$

53.0



$

44.5



$

48.2



$

100.6














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

$

0.16



$

0.13



$

0.15



$

0.29


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

$

0.16



$

0.13



$

0.15



$

0.29














Weighted Average Number of Shares Outstanding - Basic

328.9



350.5



328.4



349.5


Weighted Average Number of Shares Outstanding - Diluted

330.6



352.2



330.4



351.3


 

 


GRAPHIC PACKAGING HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


In millions, except share and per share amounts

September 30,
2014


December 31,
2013







ASSETS












Current Assets:






Cash and Cash Equivalents

$

55.2



$

52.2


Receivables, Net

497.7



412.8


Inventories, Net

532.0



557.1


Deferred Income Tax Assets

172.0



171.3


Other Current Assets

32.7



32.2


Assets Held for Sale

9.5



6.6


Total Current Assets

1,299.1



1,232.2


Property, Plant and Equipment, Net

1,545.4



1,678.9


Goodwill

1,121.5



1,125.4


Intangible Assets, Net

401.0



467.0


Other Assets

63.6



55.8


Total Assets

$

4,430.6



$

4,559.3








LIABILITIES












Current Liabilities:






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

$

68.0



$

77.4


Accounts Payable

422.1



428.3


Other Accrued Liabilities

216.2



205.5


Total Current Liabilities

706.3



711.2


Long-Term Debt

2,011.2



2,176.2


Deferred Income Tax Liabilities

359.1



329.9


Other Noncurrent Liabilities

255.7



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; 327,029,475 and 324,746,642 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively

3.3



3.2


Capital in Excess of Par Value

1,792.4



1,789.9


Accumulated Deficit

(494.4)



(542.6)


Accumulated Other Comprehensive Loss

(203.0)



(188.2)


Total Shareholders' Equity

1,098.3



1,062.3


Total Liabilities and Shareholders' Equity

$

4,430.6



$

4,559.3


 

 


GRAPHIC PACKAGING HOLDING COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



Nine Months Ended


September 30,

In millions

2014


2013

CASH FLOWS FROM OPERATING ACTIVITIES:






Net Income

$

47.5



$

101.4


Non-cash Items Included in Net Income:






Depreciation and Amortization

202.2



208.5


Deferred Income Taxes

28.8



61.0


Amount of Postretirement Expense Less Than Funding

(13.9)



(0.8)


Loss (Gain) on the Sale of Assets

170.4



(26.6)


Other, Net

29.3



25.0


Changes in Operating Assets and Liabilities

(133.1)



(99.0)


Net Cash Provided by Operating Activities

331.2



269.5








CASH FLOWS FROM INVESTING ACTIVITIES:






Capital Spending

(151.4)



(153.2)


Proceeds from Government Grant

26.9




Acquisition of Business

(190.7)




Cash Acquired Related to Acquisition

16.9




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

167.4



64.6


Other, Net

(4.4)



(7.3)


Net Cash Used in Investing Activities

(135.3)



(95.9)








CASH FLOWS FROM FINANCING ACTIVITIES:






Proceeds from Issuance or Modification of Debt



425.0


Retirement of Long-Term Debt



(425.0)


Payments on Debt

(46.1)



(56.0)


Borrowings under Revolving Credit Facilities

949.3



1,373.5


Payments on Revolving Credit Facilities

(1,068.6)



(1,418.7)


Redemption and Debt Issuance Costs



(29.9)


Repurchase of Common Stock related to Share-Based Payments

(14.7)



(11.2)


Other, Net

(10.2)



10.8


Net Cash Used in Financing Activities

(190.3)



(131.5)








Effect of Exchange Rate Changes on Cash

(2.6)



(1.6)








Net Increase in Cash and Cash Equivalents

3.0



40.5


Cash and Cash Equivalents at Beginning of Period

52.2



51.5


CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

55.2



$

92.0


 

 

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


Nine Months Ended


September 30,


September 30,

In millions, except per share amounts

2014



2013



2014



2013


Net Income Attributable to Graphic Packaging Holding Company

$

53.0



$

44.5



$

48.2



$

100.6


(Subtract) Add:












Net Loss (Income) Attributable to Noncontrolling Interests



1.2



(0.7)



0.8


Income Tax Expense

39.3



35.8



30.9



70.9


Equity Income of Unconsolidated Entities

(0.4)



(0.5)



(1.3)



(1.2)


Interest Expense, Net

20.4



23.5



62.0



80.4


Depreciation and Amortization

70.0



84.3



212.7



237.2


EBITDA

182.3



188.8



351.8



488.7


Loss (Gain) on Sale of Assets

0.3



(20.2)



170.7



(19.0)


Charges Associated with Business Combinations and Other Special Charges

8.0



5.4



16.5



15.1


Loss on Modification or Extinguishment of Debt



1.2





27.1


Adjusted EBITDA

$

190.6



$

175.2



$

539.0



$

511.9


























Net Income Attributable to Graphic Packaging Holding Company

$

53.0



$

44.5



$

48.2



$

100.6


Loss (Gain) on Sale of Assets

0.3



(17.6)



170.7



(16.6)


Charges Associated with Business Combinations and Other Special Charges

8.0



5.4



16.5



12.7


Accelerated Depreciation Related to Shutdown



3.5





3.5


Loss on Modification or Extinguishment of Debt



1.2





27.1


Tax Impact of Non-recurring Items

(3.8)



5.9



(67.4)



(4.5)


Adjusted Net Income

$

57.5



$

42.9



$

168.0



$

122.8














Adjusted Earnings Per Share – Basic

$

0.17



$

0.12



$

0.51



$

0.35


Adjusted Earnings Per Share – Diluted

$

0.17



$

0.12



$

0.51



$

0.35



























Three Months Ended










September 30,

  In millions, except per share amounts









2014



2013


Net Sales









$

1,050.0



$

1,163.0


Net Sales related to divestitures













(162.3)


Adjusted Net Sales









$

1,050.0



$

1,000.7


















Adjusted EBITDA Margin (Adjusted EBITDA/Net Sales)










18.2

%



15.1

%

 

 

GRAPHIC PACKAGING HOLDING COMPANY

Reconciliation of Non-GAAP Financial Measures

(Continued)



Twelve Months Ended


September 30,


September 30,


 December 31,

In millions

2014



2013



2013


Net Income Attributable to Graphic Packaging Holding Company

$

94.2



$

123.5



$

146.6


(Subtract) Add:









Net (Loss) Income Attributable to Noncontrolling Interests

(1.4)



0.4



0.1


Income Tax Expense

27.4



84.8



67.4


Equity Income of Unconsolidated Entities

(1.6)



(1.9)



(1.5)


Interest Expense, Net

83.5



105.9



101.9


Depreciation and Amortization

289.7



309.8



314.2


EBITDA

491.8



622.5



628.7


Charges Associated with Business Combination

26.3



26.3



30.5


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

171.8



(19.0)



(17.9)


Restructuring and Other Special Charges

7.4



3.1



1.8


Loss on Modification or Extinguishment of Debt



29.2



27.1


Adjusted EBITDA

$

697.3



$

662.1



$

670.2












September 30,


September 30,


 December 31,

Calculation of Net Debt:

2014



2013



2013


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

$

68.0



$

83.9



$

77.4


Long-Term Debt

2,011.2



2,148.9



2,176.2


Less:









Cash and Cash Equivalents

(55.2)



(92.0)



(52.2)


Total Net Debt

$

2,024.0



$

2,140.8



$

2,201.4











Net Leverage Ratio (Net Debt/Adjusted EBITDA)

2.90



3.23



3.28


 

 


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





Flexible Packaging


          **


          **


          **

















Net Sales ($ Millions):













Paperboard Packaging


$

964.7



$

1,009.1



$

1,050.0





Flexible Packaging


108.0



107.6







Total


$

1,072.7



$

1,116.7



$

1,050.0


















Income (Loss) from Operations ($ Millions):













Paperboard Packaging


$

87.0



$

119.3



$

112.3





Flexible Packaging


(7.3)



(172.2)







Total


$

79.7



$

(52.9)



$

112.3


















2013













Net Tons Sold (000's)













Paperboard Packaging


653.1



663.9



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-third-quarter-2014-results-696870321.html

SOURCE Graphic Packaging Holding Company

Investor Contact: Brad Ankerholz, Graphic Packaging Holding Company, 770-240-7971
Posted Tuesday, October 21, 2014 7:30 am EDT

 
Graphic Packaging Holding Company Announces Michael Ukropina as SVP-Consumer Packaging Division

ATLANTA, Oct. 1, 2014 /PRNewswire/ -- Graphic Packaging Holding Company has appointed Michael Ukropina to the role of Senior Vice President – Consumer Packaging Division.  Ukropina joined Graphic Packaging earlier this year and has been actively engaged in the development of the long term strategy. 

"Mike brings over 20 years of packaging-related experience, strong customer focus, and a global understanding of our industry," said Mike Doss, Chief Operating Officer.   "His deep expertise and leadership have been an excellent addition to our team, and we are excited about his appointment into this key senior leadership role."

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.


SOURCE Graphic Packaging Holding Company

Investor Contact: Brad Ankerholz, Graphic Packaging Holding Company, 770-240-7971 or Media Contact: Carla Chaney, Graphic Packaging Holding Company, 770-240-7222
Posted Wednesday, October 1, 2014 12:00 pm EDT

 
Graphic Packaging Holding Company CFO Daniel Blount to Retire

Stephen Scherger To Be Named CFO Effective January 1, 2015

ATLANTA, Oct. 1, 2014 /PRNewswire/ -- Graphic Packaging Holding Company today announced that Chief Financial Officer Daniel Blount has elected to retire on March 1, 2015, after 16 years of dedicated service with the Company.

"Dan has been a valuable and strategic member of the leadership team.  The Company has significantly benefited from his leadership related to capital markets, cash management, acquisitions and divestitures," said David Scheible, Chairman, President and Chief Executive Officer.  "He has been a great partner through the years and his experience and expertise will be missed.  We wish him all the best as he moves into retirement."    

Stephen Scherger, previously Senior Vice President - Consumer Packaging Division, has been named Senior Vice President – Finance, effective October 1, 2014, as part of the Company's succession plan.  Scherger will be appointed Chief Financial Officer effective January 1, 2015.   Blount will remain as Special Advisor until March 1, 2015.

Scherger has over two decades of global packaging experience including numerous general management, financial and strategy roles.   "Steve's business and financial leadership, including responsibility for the Company's largest operating business unit since April 2012, have uniquely positioned him to be our Chief Financial Officer," added Scheible.  "His combination of skills will strongly complement our growth agenda, and we welcome him in to this critical role."

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 Mr. Blount's retirement and Mr. Scherger's assumption of the position of Chief Financial Officer in 2015 are based on currently available information.   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.

 

SOURCE Graphic Packaging Holding Company

Investor Contact: Brad Ankerholz, Graphic Packaging Holding Company, 770-240-7971 or Media Contact: Carla Chaney, Graphic Packaging Holding Company, 770-240-7222
Posted Wednesday, October 1, 2014 12:00 pm EDT

 
Graphic Packaging Announces Release Date for Third Quarter 2014 Earnings

ATLANTA, Oct. 1, 2014 /PRNewswire/ -- Graphic Packaging Holding Company (NYSE: GPK) will release results for third quarter 2014 on Tuesday, October 21st before the market opens.  The same morning, the company will host a conference call at 9:00 a.m. eastern to discuss third 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 #11225690).  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.

SOURCE Graphic Packaging Holding Company

Investor Contact: Brad Ankerholz, Graphic Packaging Holding Company, 770-240-7971
Posted Wednesday, October 1, 2014 8:56 am EDT

 
Surge in Snacking, Changing Family Dynamics, Busy Lifestyles: Easy, Convenient Cooking Solutions

ATLANTA, Aug. 6, 2014 /PRNewswire/ -- Leading packaging manufacturer Graphic Packaging International has created a 90-second video that showcases how microwave cooking is meeting the demands of today's increasingly time starved, always on the go consumer. 

"The fact that the global market for microwave packaging is projected to grow to $12 billion by 2018 clearly demonstrates that today's consumers are busy and seek convenient cooking solutions," said Jeff Voyzey, Business Development Manager for Graphic Packaging. "Graphic Packaging is meeting those needs with innovative microwave cooking solutions."

Changing Demographics and Eating Habits

  • 46 percent of adults eat alone daily (The Hartman Group Eating Occasions Compass, 2012)
  • Single parent households make up more than 50 percent in some countries (Nickelodeon Kids and Family GPS, The Global Family Study, 2013)
  • One in five Americans take an on the go approach to eating (IRI– Consumer Eating Behavior survey, May 2013)

Microwaves Provide More than Ease and Convenience

  • Environmentally friendly:  microwaves have energy efficiency of 65 percent, the most environmentally friendly method of cooking smaller meals (green3dhome.com)
  • Kid safe:  microwaves heat food; the risk of burns is reduced
  • Healthy alternative: microwaves don't change nutritional content of foods any more than conventional cooking
  • Time savings: microwaves require shorter prep times

Graphic Packaging International provides world-class cooking solutions that allow brands to thrive in the marketplace.  Its proprietary microwave technology has succeeded in doing what no other microwave packaging design has ever done – focus microwave energy right where it's needed to deliver consistent even heating, browning and crisping of food.

For an attention-grabbing look at microwave cooking solutions, download a free 90-second video at http://www.graphicpkg.com/NA/EN/Products/Pages/Cooking.aspx?x=16.

About Graphic Packaging International, Inc.

Graphic Packaging International, Inc. (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.

SOURCE Graphic Packaging International, Inc.

Amy MacKinnon, Graphic Packaging International, 770-240-8468
Posted Wednesday, August 6, 2014 4:01 pm EDT

 
Graphic Packaging Holding Company Reports Second Quarter 2014 Results

ATLANTA, July 24, 2014 /PRNewswire/ --

Second Quarter Highlights 

  • Q2 Net Sales increased $30.4 million or 2.8%, after adjusting for the impact of divested businesses.
  • Q2 Adjusted Earnings per Diluted Share increased to $0.20 versus $0.13 in the prior year period.
  • Q2 Adjusted EBITDA increased to $190.8 million versus $175.1 million in the prior year period.
  • Acquired U.K.-based Benson Group and completed sale of multi-wall bag business. 

Graphic Packaging Holding Company (NYSE: GPK), (the "Company"), a leading provider of packaging solutions to food, beverage and other consumer products companies, today reported a Net Loss for second quarter 2014 of $40.0 million, or $0.12 per share, based upon 328.7 million weighted average shares.  This compares to second quarter 2013 Net Income of $21.2 million, or $0.06 per share, based on 351.5 million weighted average diluted shares.

Including the tax impact, second quarter 2014 Net Income was negatively impacted by $106.0 million of charges primarily from the Loss on Sale of Assets (multi-wall bag business) along with Charges associated with Business Combinations and Other Special Charges. When adjusting for these charges, Adjusted Net Income for the second quarter of 2014 was $66.0 million, or $0.20 per diluted share compared to second quarter 2013 Adjusted Net Income of $44.1 million or $0.13 per diluted share.

"We had a busy quarter with a strategic acquisition and the sale of our multi-wall bag business. The sale represents the last major step in a series of divestitures over the last nine months and completes our transformation into a pure play, vertically integrated paperboard packaging business," said CEO David Scheible. "We recovered from the weather challenged first quarter and delivered a solid second quarter with significantly higher Adjusted EBITDA margins both sequentially and year-over-year.  Performance was strong across the business, particularly at our two virgin fiber mills, which ramped back up quickly and efficiently after the weather driven unplanned downtime in February and March. We were also able to move our continuous improvement teams back into place and delivered a solid $22 million net benefit from performance initiatives in the quarter."

"Our first priority is running the business, but we are also taking strategic actions to further position Graphic Packing as the global leader in paperboard packaging.  We took two major steps toward this goal in the quarter with the acquisition of the U.K.-based Benson Group and the sale of our multi-wall bag business.  The Benson acquisition greatly enhances our folding carton business in Europe in key end-use segments. Like our strategy in the United States, we are committed to growing our European business around food and beverage end markets and optimizing our supply chain footprint around our customers' needs."

Net Sales

Net Sales decreased 2.0% to $1,116.7 million in the second quarter of 2014, compared to $1,139.7 million in the prior year period. Excluding $53.4 million of sales in the prior year period from divested businesses, Net Sales increased $30.4 million or 2.8%. The increase was driven by $23.7 million of higher pricing, $4.1 million of favorable exchange rates and $2.6 million of improved volume/mix.

Paperboard Packaging Net Sales, which comprised 88.4% of total second quarter Net Sales, increased 1.6% to $987.3 million in second quarter 2014, compared to $972.1 million in the prior year period.  Excluding $21.0 million of sales in the prior year period for the divested Uncoated Recycled Board (URB) mill and the divested labels business, Paperboard Packaging Net Sales increased $36.2 million or 3.8%.

Net sales in the Flexible Packaging segment decreased 22.8% to $129.4 million in the second quarter of 2014, compared to $167.6 million in the prior year period.  Excluding $32.4 million of sales in the prior year period for the divested flexible plastics business, Flexible Packaging Net Sales decreased $5.8 million or 4.3%.

Attached is supplemental data showing Net Tons Sold, Net Sales and Income (Loss) from Operations by business segment for the first and second quarter of 2014 and each quarter of 2013.

EBITDA

Including $171.1 million of special charges, EBITDA for second quarter 2014 decreased to $19.7 million from $139.7 million in the second quarter of last year.  When adjusting for these special charges, Adjusted EBITDA increased 9.0% to $190.8 million in second quarter 2014 from $175.1 million in second quarter 2013. The $171.1 million adjustment was primarily related to the June 2014 sale of the Company's multi-wall bag business. When comparing against the prior year quarter, Adjusted EBITDA in the second quarter of 2014 was positively impacted by $23.7 million of higher pricing, $21.6 million of improved net operating performance and $0.3 million of favorable exchange rates.  These benefits were offset by $12.8 million of commodity inflation, $10.7 million in higher labor and benefit costs, and $6.4 million of unfavorable volume/mix.

Other Results

Total Net Debt at the end of second quarter 2014 was $2,161.3 million, $40.1 million lower than at the end of 2013.  The Company's June 30, 2014 Net Leverage Ratio dropped to 3.17 times Adjusted EBITDA from 3.48 times Adjusted EBITDA at the end of the second quarter of 2013.  At June 30, 2014, the Company had available domestic liquidity of $773.3 million, including the undrawn availability under its $1.0 billion U.S. revolving credit facility.

Net Interest Expense was $21.2 million in the second quarter of 2014, compared to $29.7 million in the second quarter of 2013. The decrease was primarily attributable to lower debt levels and the Company's decision to issue new 4.75% Senior Notes and use the proceeds to redeem its higher 9.5% notes on June 15, 2013.

Capital expenditures were $49.6 million in the second quarter of 2014, compared to $51.7 million in the second quarter of 2013.

Income Tax Benefit was $33.2 million in the second quarter of 2014 compared to an $11.4 million expense in the second quarter of 2013.  The change over the prior year was primarily a result of the second quarter pre-tax loss generated by the sale of the Company's multi-wall bag business.  As of June 30, 2014, the Company had approximately $917 million of Net Operating Losses (NOLs) for U.S. federal cash income tax purposes, which may be used to offset future taxable income.

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

Secondary Offering

During May of 2014, certain shareholders of the Company sold 43.7 million shares of common stock in a secondary public offering at $10.45 per share. The shares were sold by certain affiliates of TPG Capital, L.P. (the "TPG Entities") and certain Coors family trusts and the Adolph Coors Foundation.  This represents the seventh secondary transaction since December 2012 by one or more of four selling stockholders including: the TPG Entities; certain Coors family trusts and the Adolph Coors Foundation; Clayton, Dublier & Rice Fund V Limited Partnership; and Old Town, S.A.  Following the May 2014 transaction, these four shareholders no longer hold shares of the Company's common stock.

Earnings Call

The Company will host a conference call at 10:00 am eastern time today (July 24, 2014) to discuss results of second quarter 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 # 66283979).  Listeners may also access the audio webcast, along with a slide presentation, at the Graphic Packaging website: http://www.graphicpkg.com in the Investors section.  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, performance improvements,  growth of our European business and the use of net operating losses to offset future taxable income 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, 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, the Company's ability to implement its business strategies,  and other risks of conducting business internationally, and 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 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 web site at www.graphicpkg.com.

 

 

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






Three Months Ended


Six Months Ended


June 30,


June 30,

In millions, except per share amounts

2014


2013


2014


2013

Net Sales

1,116.7



1,139.7



2,189.4



2,240.2


Cost of Sales

903.6



951.1



1,789.3



1,868.7


Selling, General and Administrative

94.5



97.0



195.4



196.2


Other Expense (Income), Net

0.4



(4.4)



(1.0)



(7.3)


Restructuring and Other Special Charges

171.1



8.3



178.9



9.7


(Loss) Income from Operations

(52.9)



87.7



26.8



172.9


Interest Expense, Net

(21.2)



(29.7)



(41.6)



(56.9)


Loss on Modification or Extinguishment of Debt



(25.9)





(25.9)


(Loss) Income before Income Taxes and Equity Income of Unconsolidated Entities

(74.1)



32.1



(14.8)



90.1


Income Tax Benefit (Expense)

33.2



(11.4)



8.4



(35.1)


(Loss) Income before Equity Income of Unconsolidated Entities

(40.9)



20.7



(6.4)



55.0


Equity Income of Unconsolidated Entities

0.6



0.4



0.9



0.7


Net (Loss) Income

(40.3)



21.1



(5.5)



55.7


Net Loss Attributable to Noncontrolling Interests

0.3



0.1



0.7



0.4


Net (Loss) Income Attributable to Graphic Packaging Holding Company

(40.0)



21.2



(4.8)



56.1














Net (Loss) Income Per Share Attributable to Graphic Packaging Holding Company —  Basic

$

(0.12)



$

0.06



$

(0.01)



$

0.16


Net (Loss) Income Per Share Attributable to Graphic Packaging Holding Company —  Diluted

$

(0.12)



$

0.06



$

(0.01)



$

0.16














Weighted Average Number of Shares Outstanding - Basic

328.7



349.8



328.2



348.9


Weighted Average Number of Shares Outstanding - Diluted

328.7



351.5



328.2



350.9


 

 

GRAPHIC PACKAGING HOLDING COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)





In millions, except share and per share amounts

June 30,
 2014


December 31,
 2013







ASSETS












Current Assets:






Cash and Cash Equivalents

$

157.0



$

52.2


Receivables, Net

490.1



412.8


Inventories, Net

522.7



557.1


Deferred Income Tax Assets

172.2



171.3


Other Current Assets

34.6



32.2


Assets Held for Sale

10.2



6.6


Total Current Assets

1,386.8



1,232.2


Property, Plant and Equipment, Net

1,550.4



1,678.9


Goodwill

1,191.5



1,125.4


Intangible Assets, Net

351.9



467.0


Other Assets

65.5



55.8


Total Assets

$

4,546.1



$

4,559.3








LIABILITIES












Current Liabilities:






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

$

73.0



$

77.4


Accounts Payable

407.0



428.3


Other Accrued Liabilities

187.0



205.5


Total Current Liabilities

667.0



711.2


Long-Term Debt

2,245.3



2,176.2


Deferred Income Tax Liabilities

307.2



329.9


Other Noncurrent Liabilities

264.5



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; 327,020,678 and 324,746,642 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively

3.3



3.2


Capital in Excess of Par Value

1,788.2



1,789.9


Accumulated Deficit

(547.4)



(542.6)


Accumulated Other Comprehensive Loss

(182.0)



(188.2)


Total Equity

1,062.1



1,062.3


Total Liabilities and Equity

$

4,546.1



$

4,559.3


 

 


GRAPHIC PACKAGING HOLDING COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)




Six Months Ended


June 30,

In millions

2014


2013

CASH FLOWS FROM OPERATING ACTIVITIES:






Net (Loss) Income

$

(5.5)



$

55.7








Non-cash Items Included in Net (Loss) Income:






Depreciation and Amortization

136.4



133.7


Deferred Income Taxes

(13.6)



28.0


Amount of Postretirement Expense (Less) Greater Than Funding

(9.2)



6.8


Loss on the Sale of Assets

170.4




Other, Net

29.3



19.2


Changes in Operating Assets and Liabilities

(154.2)



(133.5)


Net Cash Provided by Operating Activities

153.6



109.9








CASH FLOWS FROM INVESTING ACTIVITIES:






Capital Spending

(108.9)



(84.6)


Proceeds from Government Grant

26.9




Acquisition of Business

(190.7)




Cash Acquired Related to Acquisition

16.9




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

167.4




Other, Net

(1.6)



(1.9)


Net Cash Used in Investing Activities

(90.0)



(86.5)








CASH FLOWS FROM FINANCING ACTIVITIES:






Proceeds from Issuance or Modification of Debt



425.0


Retirement of Long-Term Debt



(425.0)


Payments on Debt

(30.8)



(29.7)


Borrowings under Revolving Credit Facilities

794.2



982.9


Payments on Revolving Credit Facilities

(699.1)



(961.8)


Redemption and Debt Issuance Costs



(27.4)


Repurchase of Common Stock related to Share-Based Payments

(15.8)



(11.0)


Other, Net

(8.4)



8.0


Net Cash Provided by (Used in) Financing Activities

40.1



(39.0)








Effect of Exchange Rate Changes on Cash

1.1



(2.8)








Net Increase (Decrease) in Cash and Cash Equivalents

104.8



(18.4)


Cash and Cash Equivalents at Beginning of Period

52.2



51.5


CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

157.0



$

33.1


 

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


Six Months Ended


June 30,


June 30,

In millions, except per share amounts

2014



2013



2014



2013


Net (Loss) Income Attributable to Graphic Packaging Holding Company

$

(40.0)



$

21.2



$

(4.8)



$

56.1


(Subtract) Add:












Net Loss Attributable to Noncontrolling Interests

(0.3)



(0.1)



(0.7)



(0.4)


Income Tax (Benefit) Expense

(33.2)



11.4



(8.4)



35.1


Equity Income of Unconsolidated Entities

(0.6)



(0.4)



(0.9)



(0.7)


Interest Expense, Net

21.2



29.7



41.6



56.9


Depreciation and Amortization

72.6



77.9



142.7



152.9


EBITDA

19.7



139.7



169.5



299.9


Loss on Sale of Assets

164.5





170.4




Charges Associated with Business Combinations and Other Special Charges

6.6



9.5



8.5



10.9


Loss on Modification or Extinguishment of Debt



25.9





25.9


Adjusted EBITDA

$

190.8



$

175.1



$

348.4



$

336.7


























Net Income Attributable to Graphic Packaging Holding Company

$

(40.0)



$

21.2



$

(4.8)



$

56.1


Loss on Sale of Assets

164.5





170.4




Charges Associated with Business Combinations and Other Special Charges

6.6



8.3



8.5



9.7


Loss on Modification or Extinguishment of Debt



25.9





25.9


Tax Impact of Non-recurring Items

(65.1)



(11.3)



(63.6)



(11.8)


Adjusted Net Income

$

66.0



$

44.1



$

110.5



$

79.9


























Adjusted Earnings Per Share - Basic

$

0.20



$

0.13



$

0.34



$

0.23














Adjusted Earnings Per Share - Diluted

$

0.20



$

0.13



$

0.33



$

0.23


 

 

GRAPHIC PACKAGING HOLDING COMPANY

Reconciliation of Non-GAAP Financial Measures

(Continued)




Twelve Months Ended


June 30,


June 30,


 December 31,

In millions

2014


2013


2013

Net Income Attributable to Graphic Packaging Holding Company

$

85.7



$

119.1



$

146.6


(Subtract) Add:









Net (Loss) Income Attributable to Noncontrolling Interests

(0.2)



(2.0)



0.1


Income Tax Expense

23.9



76.0



67.4


Equity Income of Unconsolidated Entities

(1.7)



(2.0)



(1.5)


Interest Expense, Net

86.6



108.5



101.9


Depreciation and Amortization

304.0



300.5



314.2


EBITDA

498.3



600.1



628.7


Charges Associated with Business Combination

27.5



25.5



30.5


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

152.5





(17.9)


Restructuring and Other Special Charges

2.4



4.1



1.8


Loss on Modification or Extinguishment of Debt

1.2



28.0



27.1


Adjusted EBITDA

$

681.9



$

657.7



$

670.2












June 30,


June 30,


 December 31,

Calculation of Net Debt:

2014


2013


2013

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

$

73.0



$

87.2



$

77.4


Long-Term Debt

2,245.3



2,236.0



2,176.2


Less:









Cash and Cash Equivalents

(157.0)



(33.1)



(52.2)


Total Net Debt

$

2,161.3



$

2,290.1



$

2,201.4











Net Leverage Ratio (Net Debt/Adjusted EBITDA)

3.17



3.48



3.28


 

 

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


611.9



643.1








Flexible Packaging


**



**



**



**















Net Sales ($ Millions):













Paperboard Packaging


$

941.8



$

987.3








Flexible Packaging


130.9



129.4








Total


$

1,072.7



$

1,116.7



$



$















Income (Loss) from Operations ($ Millions):













Paperboard Packaging


$

100.2



$

131.5








Flexible Packaging


(4.5)



(169.5)








Corporate


(16.0)



(14.9)








Total


$

79.7



$

(52.9)



$



$















2013













Net Tons Sold (000's)













Paperboard Packaging


640.1



651.3



670.0



625.0


Flexible Packaging


**



**



**



**















Net Sales ($ Millions):













Paperboard Packaging


$

936.1



$

972.1



$

996.3



$

939.8


Flexible Packaging


164.4



167.6



166.7



135.1


Total


$

1,100.5



$

1,139.7



$

1,163.0



$

1,074.9















Income (Loss) from Operations ($ Millions):













Paperboard Packaging


$

102.7



$

104.4



$

109.1



$

86.0


Flexible Packaging


(3.8)



(1.4)



8.8



(4.9)


Corporate


(13.7)



(15.3)



(12.2)



(18.1)


Total


$

85.2



$

87.7



$

105.7



$

63.0


**   Not meaningful













 

 

SOURCE Graphic Packaging Holding Company

Investor Contact: Brad Ankerholz, Graphic Packaging Holding Company, 770-240-7971
Posted Thursday, July 24, 2014 7:30 am EDT

 
Graphic Packaging Announces Release Date for Second Quarter 2014 Earnings

ATLANTA, July 2, 2014 /PRNewswire/ -- Graphic Packaging Holding Company (NYSE: GPK) will release results for second quarter 2014 on Thursday, July 24th 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 #66283979).  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.

SOURCE Graphic Packaging Holding Company

Investor Contact: Brad Ankerholz, Graphic Packaging Holding Company, 770-240-7971
Posted Wednesday, July 2, 2014 6:14 pm EDT

 
 Kapstone
( Last updated Monday, November 24, 2014 12:41 am EST)
KapStone's Charleston Mill Efficiency Plans
NORTHBROOK, Ill., Nov. 14, 2014 /PRNewswire/ -- KapStone Paper and Packaging Corporation (NYSE: KS) ("KapStone" or "the Company")  As part of KapStone's periodic review with our community constituents, KapStone shared a capital investment plan for the North Carolina paper mill with the Economic Development Commission.   The multi-year investment plan, which totaled approximately $115 million, included the recently completed $29 million upgrade to paper machine number three as well as a range of anticipated capital projects that will maintain the mill's cost competitiveness and efficiencies over multiple years by modernizing the three existing paper machines.   About the Company Headqu... Posted Friday, November 14, 2014 4:48 pm EST

 
Roger Stone Honored With RISI's First Lifetime Achievement Award
NORTHBROOK, Ill., Nov. 10, 2014 /PRNewswire/ --KapStone Paper and Packaging Corporation (NYSE: KS) ("KapStone" or "the Company") On Thursday, November 6, 2014 at the RISI International Containerboard Conference, Roger Stone was awarded the Lifetime Achievement Award. Mr. Stone, who is the first recipient of this award, was also the keynote speaker.  Mr. Stone is currently Chairman and CEO of KapStone Paper and Packaging Corporation.  During his nearly 60-year career, Stone built three major companies in the North American containerboard/corrugated box industry.    Stone began his career at Stone Container in 1957 and served as its Chairman, President and CEO from 1987 through 1998. ... Posted Monday, November 10, 2014 9:00 am EST

 
KapStone Reports Record Third Quarter Results
NORTHBROOK, Ill., Oct. 29, 2014 /PRNewswire/ -- KapStone Paper and Packaging Corporation (NYSE:KS) today reported record results for the third quarter ended September 30, 2014. As compared to 2013's third quarter, results for 2014's third quarter are below: Net sales of $598 million up $59 million, or 11 percent Net income of $54 million up $10 million, or 22 percent Adjusted EBITDA of $132 million up $15 million, or 13 percent Adjusted EBITDA margin of 22.0 percent, up from 21.7 percent Diluted EPS of $0.56 up $0.10 per share, or 22 percent Adjusted diluted EPS of $0.60 up $0.08 per share, or 15 percent Roger W. Stone, Chairman and Chief Executive Officer, stated, "KapS... Posted Wednesday, October 29, 2014 4:15 pm EDT

 
KapStone Paper And Packaging To Release Third Quarter Earnings On Wednesday, October 29, 2014
NORTHBROOK, Ill., Oct. 9, 2014 /PRNewswire/ -- KapStone Paper and Packaging Corporation (NYSE: KS) ("KapStone" or "the Company") will release its 2014 third quarter earnings on Wednesday, October 29, after the market closes. The Company will host a conference call on Thursday, October 30, 2014 at 11:00 a.m. ET (10:00 a.m. CT) to review the results for the quarter.  All interested parties are invited to listen and may do so by either accessing a simultaneous broadcast webcast on KapStone's website, http://www.kapstonepaper.com, or for those unable to access the webcast, the following dial-in numbers are available: Domestic:  877-299-4454 International:  617-597-5447 Participant Passcod... Posted Thursday, October 9, 2014 1:42 pm EDT

 
KapStone Commences Accounts Receivable Securitization Program
NORTHBROOK, Ill., Oct. 1, 2014 /PRNewswire/ -- KapStone Paper and Packaging Corporation (NYSE: KS) ("KapStone") entered into an accounts receivable securitization arrangement ("Securitization") with Wells Fargo Bank, N.A. and PNC Bank, N.A. on September 26, 2014.  The Securitization generated proceeds of $175 million which were used to partially prepay the Company's existing term loans.  Due to a lower interest rate on the Securitization, KapStone's gross annual interest expense will be reduced by approximately $2.0 million.  The Company's weighted average annual interest rate on its bank debt is now 1.8 percent.  The Securitization can be repaid at any time without penalty.    About the... Posted Wednesday, October 1, 2014 9:01 am EDT

 
KapStone Announces Executive Sale Of Stock
NORTHBROOK, Ill., Sept. 9, 2014 /PRNewswire/ -- KapStone Paper and Packaging Corporation (NYSE: KS) ("KapStone") today announced Matthew Kaplan, President and Chief Operating Officer,  sold 350,000 common shares of the Company.  Mr. Kaplan is selling the shares to generate liquidity to meet some near-term obligations.  The sale represents approximately 10 percent of Kaplan's individual interest in KapStone, which, post sale, exceeds 3,000,000 shares. About the Company Headquartered in Northbrook, IL, KapStone Paper and Packaging Corporation is the fifth largest producer of containerboard and corrugated packaging products and is the largest kraft paper producer in the United States. The... Posted Tuesday, September 9, 2014 4:16 pm EDT

 
KapStone's Longview Mill Upgrades Its Sustainable Forestry Certifications To Now Include SFI and PEFC Chain-of-Custody
NORTHBROOK, Ill., Aug. 27, 2014 /PRNewswire/ -- KapStone Paper and Packaging Corporation (NYSE: KS) announces that its mill in Longview, WA, has now been certified according to both the SFI and PEFC chain-of-custody standards, the highest levels of sustainable forestry certifications available. Previously the Longview mill had been certified to the SFI fiber sourcing standard. KapStone's three other paper mills, five chip mills, and one sawmill are also certified to these same globally-recognized, chain-of-custody standards.  According to the company's president, Randy Nebel, KapStone has a demonstrated track record of performance in the area of environmental protection. "These certif... Posted Wednesday, August 27, 2014 9:10 am EDT

 
KapStone Reports Record Second Quarter Results
NORTHBROOK, Ill., July 30, 2014 /PRNewswire/ -- KapStone Paper and Packaging Corporation (NYSE: KS) today reported record results for the second quarter ended June 30, 2014. As compared to 2013's second quarter, results for 2014's second quarter are below: Net sales of $590 million up $264 million, or 81 percent Net income of $51 million up $30 million, or 143 percent Adjusted net income of $56 million up $33 million, or 143 percent Adjusted EBITDA of $126 million up $70 million, or 125 percent Adjusted EBITDA margin of 21.4 percent, up from 17.0 percent Diluted EPS of $0.53 up $0.31 per share, or 141 percent Adjusted diluted EPS of $0.58 up $0.34 per share, or 142 percent ... Posted Wednesday, July 30, 2014 4:15 pm EDT

 
 McGraw Hill
( Last updated Monday, November 24, 2014 12:41 am EST)
McGraw Hill Financial Completes Sale of McGraw Hill Construction to Symphony Technology Group
NEW YORK, Nov. 3, 2014 /PRNewswire/ -- McGraw Hill Financial (NYSE: MHFI) today announced it has completed the previously disclosed sale of McGraw Hill Construction to Symphony Technology Group. As announced on September 22, 2014, the sale price was $320 million in cash and the transaction completes the portfolio rationalization to create McGraw Hill Financial. "Completing this transaction enables us to apply even greater focus and resources toward the ongoing growth of McGraw Hill Financial," said Douglas L. Peterson, President and Chief Executive Officer of McGraw Hill Financial. "I want to thank the employees of McGraw Hill Construction for their contributions to the company o... Posted Monday, November 3, 2014 9:00 am EST

 
McGraw Hill Financial to Present at the Wells Fargo Securities Technology, Media & Telecom Conference on November 13
Session will be Webcast NEW YORK, Oct. 31, 2014 /PRNewswire/ -- Chip Merritt, Vice President, Investor Relations for McGraw Hill Financial (NYSE: MHFI), will present at the Wells Fargo Securities Technology, Media & Telecom Conference on November 13 in New York. Mr. Merritt is scheduled to speak from 3:15 p.m. to 3:45 p.m. ET. The "fireside chat" will be webcast and may include forward-looking information. Webcast Instructions:  Live and Replay The webcast (audio-only) will be available live and in replay through the Company's Investor Relations website http://investor.mhfi.com/phoenix.zhtml?c=96562&p=irol-EventDetails&EventId=5173772 (please copy and past... Posted Friday, October 31, 2014 11:37 am EDT

 
McGraw Hill Financial Reports Third Quarter Results
Revenue Increased 10% Diluted EPS from Continuing Operations Decreased 16% to $0.68 Due to Charges Related to Certain Regulatory Matters and Restructuring Actions Adjusted Diluted EPS from Continuing Operations Increased 32% to $1.02 McGraw Hill Construction Moved to Discontinued Operations NEW YORK, Oct. 29, 2014 /PRNewswire/ -- McGraw Hill Financial, Inc. (NYSE: MHFI) today reported third quarter 2014 results with revenue of $1.26 billion, an increase of 10% compared to the same period last year. Net income and diluted earnings per share from continuing operations were $188 million and $0.68, respectively. Adjusted net income from continuing operations increased 31% to $281 ... Posted Wednesday, October 29, 2014 7:10 am EDT

 
McGraw Hill Financial Declares Quarterly Dividend
Related links: Dividend History NEW YORK, Oct. 23, 2014 /PRNewswire/ -- The Board of Directors of McGraw Hill Financial (NYSE: MHFI) has approved a regular quarterly cash dividend on the Corporation's common stock. The dividend of $0.30 is payable on December 10, 2014, to shareholders of record on November 25, 2014. McGraw Hill Financial has paid a dividend each year since 1937 and is one of fewer than 25 companies in the S&P 500 that has increased its dividend annually for at least the last 41 years.  The annualized dividend rate of $1.20 per share represents an average compound annual dividend growth rate of 9.5% since 1974.  About McGraw Hill Fi... Posted Thursday, October 23, 2014 7:22 pm EDT

 
McGraw Hill Financial Names Cisco's Rebecca Jacoby to Board of Directors
NEW YORK, Oct. 23, 2014 /PRNewswire/ -- McGraw Hill Financial (NYSE: MHFI) announced that its Board of Directors today elected Rebecca Jacoby, Chief Information Officer and Senior Vice President of Cisco (NASDAQ: CSCO), to be a member of the Board, effective immediately. As Cisco's CIO, Ms. Jacoby, 53, advances the business through the use of Cisco technology. Under her leadership as CIO since 2006, Ms. Jacoby has made the IT organization a strategic business partner, producing significant business value for Cisco in the form of financial performance, customer satisfaction and loyalty, market share, and productivity.  "Technology and data are essential to creating the credi... Posted Thursday, October 23, 2014 7:11 pm EDT

 
McGraw Hill Financial Schedules Third Quarter 2014 Earnings Announcement/Conference Call for Wednesday, October 29, 2014
NEW YORK, Oct. 13, 2014 /PRNewswire/ -- McGraw Hill Financial (NYSE: MHFI) announced today that its third quarter 2014 results will be issued on Wednesday, October 29, 2014, via news release at approximately 7:15 a.m. Eastern Time. The news release will be available at www.mhfi.com. Douglas L. Peterson, President and CEO; Jack Callahan, Executive Vice President and CFO; and Chip Merritt, Vice President, Investor Relations, will host a conference call/webcast at 8:30 a.m. Eastern Time on October 29, 2014, to discuss the third quarter results. The presentation is open to all interested parties and may include forward-looking information. Webcast Instructions:  Live and Re... Posted Monday, October 13, 2014 2:30 pm EDT

 
McGraw Hill Financial to Sell McGraw Hill Construction to Symphony Technology Group
NEW YORK, Sept. 22, 2014 /PRNewswire/ -- McGraw Hill Financial (NYSE: MHFI) today announced it has agreed to sell McGraw Hill Construction to Symphony Technology Group, a strategic private equity firm based in Palo Alto, California, for $320 million in cash. The transaction, which is expected to close during the fourth quarter of 2014, is subject to regulatory approval and customary closing conditions. "The sale generates good value for our shareholders and brings more focus to deliver global growth and performance across our rapidly expanding benchmarks, data and analytics businesses," said Douglas L. Peterson, President and Chief Executive Officer of McGraw Hill Financial. "This transac... Posted Monday, September 22, 2014 6:01 pm EDT

 
McGraw Hill Financial to Present at the UBS Best of the Americas 2014 Conference on September 11
Presentation will be Webcast NEW YORK, Aug. 28, 2014 /PRNewswire/ -- Chip Merritt, Vice President, Investor Relations for McGraw Hill Financial (NYSE: MHFI), will present at the UBS Best of Americas 2014 Conference on September 11 in London. Mr. Merritt is scheduled to speak from 11:50 a.m. to 12:30 p.m. BST local time (6:50 a.m. to 7:30 a.m. EDT/New York). The presentation will be webcast and may include forward-looking information. Webcast Instructions:  Live and Replay The webcast (audio and slides) will be available live and in replay through the Company's Investor Relations website http://investor.mhfi.com/phoenix.zhtml?c=96562&p=irol-EventDetails&EventId=5168259 (please... Posted Thursday, August 28, 2014 2:30 pm EDT

 
 Mercer
( Last updated Monday, November 24, 2014 12:41 am EST)
Mercer International Inc. Announces Pricing of Private Offering of Senior Notes
Posted Tuesday, November 18, 2014 3:00 am EST

 
Mercer International Inc. Plans to Issue $650 Million of Senior Notes in Private Offering
Posted Wednesday, November 12, 2014 3:00 am EST

 
Mercer International Inc. Commences Tender Offer and Consent Solicitation for its 9.500% Senior Notes Due 2017
Posted Wednesday, November 12, 2014 3:00 am EST

 
Mercer International Inc. Reports Strong 2014 Third Quarter Results
Posted Thursday, October 30, 2014 4:00 am EDT

 
Mercer International Inc. Announces Conference Call for Third Quarter 2014 Results
Posted Thursday, October 16, 2014 4:00 am EDT

 
Q3 2014 Quarterly Report
XBRL Posted Tuesday, September 30, 2014 4:00 am EDT

 
XBRL - Instance Document
Posted Tuesday, September 30, 2014 4:00 am EDT

 
XBRL - Schema Document
Posted Tuesday, September 30, 2014 4:00 am EDT

 
 Neenah Paper
( Last updated Monday, November 24, 2014 12:41 am EST)
Neenah Announces 11 Percent Dividend Increase

ALPHARETTA, Ga., Nov. 18, 2014 /PRNewswire/ -- Neenah Paper, Inc. (NYSE: NP) announced today that its Board of Directors approved an 11 percent increase in the cash dividend on the Company's common stock. The quarterly dividend will increase from $0.27 to $0.30 per share ($1.20 per share on an annual basis) with the first payment at the new rate beginning in the first quarter of 2015.

Neenah Paper, Inc. has paid a dividend for 40 consecutive quarters, beginning when the Company was first incorporated in 2004. Today's announcement is the fifth dividend increase in the past two years, during which time the Company's dividend has more than doubled, rising from $0.48 to $1.20 per share.  

About Neenah

Neenah is a leader in premium image and performance-based products, including filtration, specialized substrates used for tapes, labels and other products, and high-end printing papers. Products are marketed under well-known brands such as CLASSIC®, ASTROBRIGHTS®, ENVIRONMENT®, CRANE®, ROYAL SUNDANCE®, SOUTHWORTH® KIMDURA®, Gessner®, CRANEMAT™, CRANEGLAS™, JET-PRO® SofStretch™ and varitess®. Neenah is headquartered in Alpharetta, Georgia and its products are sold in over 70 countries worldwide from manufacturing operations in the United States and Germany. Additional information can be found at the company's web site, www.neenah.com.

Neenah

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute "forward-looking" statements as defined in Section 27A of the Securities Act of 1933 (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), or in releases made by the U.S. Securities and Exchange Commission ("SEC"), all as may be amended from time to time. Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of the PSLRA and we caution investors that any forward-looking statements we make are not guarantees or indicative of future performance. These forward-looking statements rely on a number of assumptions concerning future events and are subject to risks, uncertainties and other factors, many of which are outside of our control and could cause actual results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not necessarily limited to, those set forth under the captions "Cautionary Note Regarding Forward-Looking Statements" and/or "Risk Factors" of our latest Form 10-K filed with the SEC as periodically updated by subsequently filed Form 10-Qs (these securities filings can be located on our website at www.neenah.com). Unless specifically required by law, we assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances.  These cautionary statements are being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws.

Logo - http://photos.prnewswire.com/prnh/20140507/85487

Contact:

 Neenah Paper, Inc.


 Bill McCarthy, Vice President – Financial Analysis and Investor Relations


678-518-3278

SOURCE Neenah Paper, Inc.

Posted Tuesday, November 18, 2014 8:30 am EST

 
Neenah Paper Reports Third Quarter Results

Sales increase 8% with adjusted E.P.S. up 36% to $0.83

ALPHARETTA, Ga., Nov. 4, 2014 /PRNewswire/ -- Neenah Paper, Inc. (NYSE: NP) today reported 2014 third quarter results. 

Third Quarter Highlights

  • Record third quarter results for sales, operating income and earnings per share.
  • Consolidated sales increased 8 percent with operating income up 35 percent.  
  • Annual maintenance downs completed at all mills except for German filtration facility.   
  • Successfully integrating Crane Technical Materials business acquired July 1, 2014.
  • Earnings per diluted common share grow 18 percent, from $0.68 to $0.80, and adjusted earnings increase 36 percent, from $0.61 to $0.83. Adjusted earnings in 2014 exclude costs of $0.03 per share for Technical Products restructuring/integration activities and exclude a net benefit in 2013 of $0.07 per share, primarily from one-time state tax credits.   
  • Free cash flow (cash from operations less capital spending) of $15 million.

"Adjusted earnings" is a non-GAAP measure and used to improve comparability of year-on-year results. Adjusted figures are reconciled to GAAP later in this release.

"Our businesses continue to perform well, delivering double-digit earnings growth even after adjusting for acquisitions and timing of downs. Results were led by gains in filtration, technical specialties and premium fine paper brands," said John O'Donnell , Chief Executive Officer. "The acquisition integration is going very well and is providing new opportunities to grow in filtration, as well as in other attractive niche markets.  With solid cash flows and a strong balance sheet, we remain well-positioned to act on high-returning organic investments and value-adding acquisitions, while continuing to increase cash returns to shareholders through an attractive dividend."

Quarterly Consolidated Results

Income Statement

Net sales of $230.6 million in the third quarter of 2014 grew 8 percent compared with $214.1 million in the third quarter of 2013. In addition to the Crane Technical Materials acquisition, sales growth in 2014 resulted from increased Technical Products volumes, as well as a higher value mix and increased selling prices in both segments.  

Consolidated selling, general and administrative (SG&A) expense of $19.8 million in the third quarter of 2014 was flat compared with the prior year.

Operating income of $22.1 million in the third quarter of 2014 grew 35 percent compared with $16.4 million in the third quarter of 2013. Higher income resulted from top-line growth, manufacturing efficiencies and lower expenses that more than offset higher input costs and integration/restructuring expense.

Net interest expense of $2.7 million in the third quarter of 2014 compared with $2.6 million in the third quarter of 2013.     

The effective income tax rate of 30 percent in the third quarter of 2014 compared with 17 percent in the third quarter of 2013. The lower rate in 2013 was primarily due to recognition of $1.4 million for a one-time state tax credit.

Cash Flow and Balance Sheet

Cash provided from operations in the third quarter of 2014 was $20.7 million compared with $34.5 million in the third quarter of 2013. In the third quarter of 2014, changes in working capital provided less cash than in the prior year due in part to differences in timing of annual maintenance downs.   

Capital spending of $6.1 million in the third quarter of 2014 compared with $10.7 million in the prior year period. Lower spending in 2014 is partly due to timing of maintenance downs, which will result in higher spending in the fourth quarter. Full year spending in 2014 is projected to be approximately $30 million.

Debt as of September 30, 2014 was $186.4 million compared to $193.5 million as of June 30, 2014 and compared with $211.9 million as of December 31, 2013. Cash and equivalents as of September 30, 2014 were $24.0 million, compared with $92.3 million as of June 30, 2014 and $73.4 million as of December 31, 2013. The reduction in cash in the third quarter of 2014 was primarily due to cash used for the purchase of Crane Technical Materials.

Quarterly Segment Results

Technical Products net sales of $121.5 million in the third quarter of 2014 increased 16 percent compared with prior year sales of $104.4 million. The growth in sales resulted from increased volumes (including the acquisition), a higher value product mix, and increased selling prices. Excluding the acquisition, sales increased 5 percent, with 2 percent volume growth and 3 percent net price improvement. Revenue gains were led by filtration (up 9 percent net of acquisition) and specialties (up 6 percent).

Third quarter operating income for Technical Products of $10.0 million in 2014 increased 49 percent compared with $6.7 million in the third quarter of 2013. Operating income included approximately $1.1 million for restructuring/integration costs in 2014 and $0.2 million in 2013.   

Increased income in 2014 resulted primarily from higher volumes, a more profitable mix and increased selling prices. In addition, manufacturing costs benefitted from timing of the annual filtration maintenance down, scheduled in the fourth quarter of 2014 compared with the third quarter of 2013.  

Fine Paper net sales were $101.4 million in the third quarter of 2014, down one percent compared with $102.6 million in the prior year. Sales in 2014 reflected a two percent decrease in volume that was partly offset by increased selling prices and a higher value mix that reflected strong growth in core premium brands.         

Operating income of $15.2 million in the third quarter of 2014 increased 14 percent compared with $13.3 million in the prior year. The higher income in 2014 resulted from improved manufacturing efficiencies, a higher value mix and increased selling prices that were partly offset by higher input costs.

Unallocated Corporate and Other includes unallocated corporate costs and results from acquired non-premium paper grades. Unallocated corporate costs in the third quarter of 2014 were $3.2 million compared with $3.9 million in prior year period. The reduction in costs in 2014 resulted primarily from differences in timing of expenses. Sales of Other non-premium paper grades were $7.7 million in 2014, with operating income of $0.1 million, and compared with 2013 sales of $7.1 million and operating income of $0.3 million.

Year to Date

Year-to-date consolidated net sales of $686.1 million in 2014 increased 7 percent compared with $639.6 million in 2013. Technical Products revenues grew 12 percent, with volume growth across all product groups, inclusion of the Crane acquisition and favorable currency translation. Fine Paper sales were up 2 percent through the first nine months, due to increased volumes and higher net selling prices.

Operating income of $71.0 million in 2014 increased 16 percent compared with $61.2 million in 2013 as a result of higher sales, improved manufacturing efficiencies, and lower SG&A and other expenses. These items more than offset approximately $6 million of higher input costs, with more than half of this due to a spike in Fine Paper natural gas costs in the first quarter of 2014.

Net income from continuing operations was $41.8 million in 2014 compared with $36.3 million in 2013, with the increase primarily a result of higher operating income. Year to date earnings per diluted common share of $2.45 increased 12 percent from $2.18 in 2013. After excluding adjusting items noted in the non-GAAP table later in this release, adjusted earnings per share increased 18 percent, from $2.15 in 2013 to $2.53 in 2014. 

Cash provided by operating activities of $72.6 million for the nine months ended September 30, 2014 was $8.1 million higher than the prior year period.  The increase was primarily due to higher earnings and improved working capital efficiencies.

Year-to-date capital spending of $15.2 million compared with $20.4 million in the prior year.

Reconciliation to GAAP Measures

The Company will report adjustments to GAAP figures when they are believed to improve comparability and understanding of results. In these instances, a reconciliation of adjusted income measures to comparable GAAP measures will be provided, as shown below:  

Continuing Operations


 

Third Quarter


YTD

$ millions


2014


2013


2014


2013










GAAP Operating Income 


$    22.1


$    16.4


$    71.0


$    61.2

   Integration/Restructuring Costs


0.9


0.4


1.9


0.6

   Pension Settlement Charge


-


-


-


0.2

   Early Extinguishment of Debt


-


-


-


0.5

Adjusted Operating Income


$    23.0


$    16.8


$    72.9


$    62.5










GAAP Income 


$    13.6


$    11.4


$    41.8


$    36.3

   Integration/Restructuring Costs


0.6


0.2


1.3


0.4

   Pension Settlement Charge


-


-


-


0.1

   Early Extinguishment of Debt


-


-


-


0.3

   R&D Tax Credit


-


(1.4)


-


(1.4)

Adjusted Income 


$    14.2


$    10.2


$    43.1


$    35.7










GAAP Earnings per Diluted Common Share


$    0.80


$    0.68


$    2.45


$    2.18

   Integration/Restructuring Costs


0.03


0.01


0.08


0.02

   Pension Settlement Charge


-


-


-


0.01

   Early Extinguishment of Debt


-


-


-


0.02

   R&D Tax Credit


-


(0.08)


-


(0.08)

Adjusted Earnings per Share


$    0.83


$    0.61


$    2.53


$    2.15










Diluted Shares


16,913


16,469


16,831


16,338










Discontinued Operations

With the sale of the Company's remaining pulp operations in 2010, there are no discontinued operations. In 2013, the Company recorded income of $2.6 million resulting from a refund for excess payments made in previous years to the pension plan of the Company's former Canadian pulp operations. 

Conference Call

A conference call and webcast to discuss third quarter earnings and other matters of interest will be held as noted below.

Date: Wednesday, November 5, 2014
Time: 9:00 a.m. Eastern Time
Dial-In #:  (888) 893-0989 US/Canada or (706) 758-4223 International 
Confirmation ID Code: 24059228
Live Webcast Link: www.neenah.com

Interested parties are invited to listen to the call live via webcast using the link above and by clicking on the Investors tab and going to the Events page. To participate actively in the call, parties should use the telephone dial-in numbers.  Supplemental data can be found in the Investor Relations – Events section of the company's web site, www.neenah.com.

A replay of the call will be available through the company's web site until December 4, 2014 and may also be accessed by dialing (855) 859-2056 in the US or (404) 537-3406 internationally, using conference ID 24059228.

About Neenah Paper, Inc.

Neenah is a leader in premium image and performance-based products, including filtration, specialized substrates used for tapes, labels and other products, and high-end printing papers. Products are marketed under well-known brands such as CLASSIC®, ASTROBRIGHTS®, ENVIRONMENT®, CRANE®, ROYAL SUNDANCE®, SOUTHWORTH® KIMDURA®, Gessner®, CRANEMAT™, CRANEGLAS™, JET-PRO® SofStretch™ and varitess®. Neenah is headquartered in Alpharetta, Georgia and its products are sold in over 70 countries worldwide from manufacturing operations in the United States and Germany. Additional information can be found at the company's web site, www.neenah.com.

Neenah

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute "forward-looking" statements as defined in Section 27A of the Securities Act of 1933 (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), or in releases made by the U.S. Securities and Exchange Commission ("SEC"), all as may be amended from time to time. Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of the PSLRA and we caution investors that any forward-looking statements we make are not guarantees or indicative of future performance. These forward-looking statements rely on a number of assumptions concerning future events and are subject to risks, uncertainties and other factors, many of which are outside of our control and could cause actual results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not necessarily limited to, those set forth under the captions "Cautionary Note Regarding Forward-Looking Statements" and/or "Risk Factors" of our latest Form 10-K filed with the SEC as periodically updated by subsequently filed Form 10-Qs (these securities filings can be located on our website at www.neenah.com). Unless specifically required by law, we assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances.  These cautionary statements are being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws.

Contact:  Neenah Paper, Inc. 
Bill McCarthy 
Vice President – Financial Analysis and Investor Relations
678-518-3278
  

 

NEENAH PAPER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except share and per share data)

(Unaudited)












Three Months Ended
September 30,


Nine Months Ended
September 30,



2014


2013


2014


2013










Net Sales

$ 230.6


$ 214.1


$ 686.1


$ 639.6

Cost of products sold

187.8


177.0


552.7


516.2


Gross Profit

42.8


37.1


133.4


123.4

Selling, general and administrative expenses

19.8


19.8


60.1


60.0

Unusual items (1) (2)

0.9


0.4


1.9


1.3

Other expense - net

-


0.5


0.4


0.9


Operating Income

22.1


16.4


71.0


61.2

Interest expense-net

2.7


2.6


8.4


8.3


Income From Continuing Operations
   Before Income Taxes

19.4


13.8


62.6


52.9

Provision for income taxes

5.8


2.4


20.8


16.6


Income From Continuing Operations

13.6


11.4


41.8


36.3

Income from discontinued operations, net of income taxes

-


-


-


2.6


Net Income

$   13.6


$   11.4


$   41.8


$   38.9



















Earnings Per Common Share: 








Basic









Continuing Operations

$   0.81


$   0.69


$   2.49


$   2.22


Discontinued Operations

-


-


-


0.16



$   0.81


$   0.69


$   2.49


$   2.38










Diluted









Continuing Operations

$   0.80


$   0.68


$   2.45


$   2.18


Discontinued Operations

-


-


-


0.16



$   0.80


$   0.68


$   2.45


$   2.34



















Weighted Average Common









Shares Outstanding (000s)









Basic

16,627


16,089


16,543


16,016











Diluted

16,913


16,469


16,831


16,338










(1) Results for the three months ended September 30, 2014, include integration/restructuring costs of $0.9 million. Results for the three months ended September 30, 2013, include integration costs of $0.4 million.


(2) Results for the nine months ended September 30, 2014, include integration/restructuring costs of $1.9 million. Results for the nine months ended September 30, 2013, include integration costs of $0.6 million, a supplemental executive pension plan settlement charge of $0.2 million and costs related to the early extinguishment of debt of $0.5 million.










NEENAH PAPER, INC. AND SUBSIDIARIES

BUSINESS SEGMENT DATA

(In millions)

(Unaudited)




Three Months Ended September 30,


Nine Months Ended September 30,






2014


2013


2014


2013










Net Sales:









Technical Products

$ 121.5


$ 104.4


$ 355.9


$ 317.2


Fine Paper

101.4


102.6


309.5


302.0


Other

7.7


7.1


20.7


20.4



Consolidated

$ 230.6


$ 214.1


$ 686.1


$ 639.6










Operating Income:









Technical Products

$   10.0


$     6.7


$   36.9


$   28.3


Fine Paper

15.2


13.3


45.8


45.1


Other

0.1


0.3


(0.2)


-


Unallocated corporate costs

(3.2)


(3.9)


(11.5)


(12.2)



Consolidated

$   22.1


$   16.4


$   71.0


$   61.2










 

NEENAH PAPER, INC. AND SUBSIDIARIES

SELECTED BALANCE SHEET DATA

(In millions)

(Unaudited)








September 30, 2014


December 31, 2013

ASSETS





Cash and cash equivalents


$                        24.0


$                       73.4

Accounts receivable - net


107.7


90.5

Inventories


109.0


101.1

Deferred income taxes


18.4


22.8

Prepaid and other current assets


14.4


17.6


Total current assets


273.5


305.4

Property, plant and equipment - net


267.8


261.7

Deferred income taxes


3.8


13.3

Goodwill and other intangibles - net


113.2


81.6

Other non-current assets


15.9


13.9


Total assets


$                      674.2


$                     675.9

LIABILITIES AND STOCKHOLDERS' EQUITY




Debt payable within one year


$                          1.4


$                       21.4

Accounts payable


49.4


36.4

Accrued expenses


50.1


45.8


Total current liabilities


100.9


103.6

Long-term debt


185.0


190.5

Deferred income taxes


14.7


15.6

Non-current employee benefits


79.4


97.7

Other noncurrent obligations


0.9


1.0


Total liabilities


380.9


408.4

Stockholders' equity


293.3


267.5


Total liabilities and stockholders' equity


$                      674.2


$                     675.9






 

NEENAH PAPER, INC. AND SUBSIDIARIES

SELECTED CASH FLOW DATA

(In millions)

(Unaudited)








Nine Months Ended September 30,



2014


2013

Operating Activities




Net income

$  41.8


$  38.9

Depreciation and amortization

22.4


21.8

Stock-based compensation

4.1


4.0

Excess tax benefit from stock-based compensation

(3.0)


(0.4)

Deferred income tax provision

18.0


13.7

Inventory acquired in acquisitions

-


(1.8)

SERP payments, net of settlement charge

-


(0.2)

Loss on retirement of bonds

-


0.5

Non-cash effects of changes in FIN 48 accruals

(2.3)


(0.2)

Decrease (increase) in working capital

2.2


(5.3)

Pension and other postretirement benefits

(10.4)


(5.9)

Other

(0.2)


(0.6)


Net cash provided by operating activities

72.6


64.5

Investing Activities




Capital expenditures

(15.2)


(20.4)

Purchase of Crane Technical Materials

(72.4)


-

Purchase of brands

-


(5.2)

Purchase of equity investment

(2.9)


-

Purchase of marketable securities

(0.4)


-

Other

(0.1)


0.8


Cash used in investing activities

(91.0)


(24.8)

Financing Activities




Short and long-term borrowings – net of debt issuance costs

6.5


215.5

Repayment of debt

(30.6)


(208.5)

Proceeds from exercise of stock options

3.5


2.4

Shares purchased

(0.5)


(0.7)

Cash dividends paid

(12.6)


(8.2)

Excess tax benefit from stock-based compensation

3.0


(0.1)


Cash (used in) provided by financing activities

(30.7)


0.4


Effect of exchange rates on cash and cash equivalents

(0.3)


0.3


Net increase in cash and cash equivalents

$ (49.4)


$  40.4






 

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SOURCE Neenah Paper, Inc.

Posted Tuesday, November 4, 2014 4:15 pm EST

 
Neenah Paper Declares Quarterly Dividend

ALPHARETTA, Ga., Oct. 31, 2014 /PRNewswire/ -- Neenah Paper, Inc. (NYSE: NP) announced today that its Board of Directors declared a regular quarterly cash dividend of $0.27 per share on the company's common stock. The dividend will be payable on December 2, 2014 to stockholders of record as of close of business on November 14, 2014.

The new dividend rate of $0.27 per share, announced on May 22, 2014, represents an increase of 13 percent compared to the prior dividend rate of $0.24 per share.

About Neenah Paper, Inc.  

Neenah is a leader in premium image and performance-based products, including filtration, specialized substrates used for tapes, labels and other products, and high-end printing papers. Products are marketed under well-known brands such as CLASSIC®, ASTROBRIGHTS®, ENVIRONMENT®, CRANE®, ROYAL SUNDANCE®, SOUTHWORTH® KIMDURA®, Gessner®, CRANEMAT™, CRANEGLAS™, JET-PRO® SofStretch™ and varitess®. Neenah is headquartered in Alpharetta, Georgia and its products are sold in over 70 countries worldwide from manufacturing operations in the United States and Germany. Additional information can be found at the company's web site, www.neenah.com.

Neenah

 

Contact:

Neenah Paper, Inc.


Bill McCarthy


Vice President – Financial Analysis and Investor Relations


678-518-3278

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SOURCE Neenah Paper, Inc.

Posted Friday, October 31, 2014 3:30 pm EDT

 
Updated Schedule for Neenah Paper to Report Third Quarter Earnings on November 4, 2014 and Earnings Call on November 5, 2014

ALPHARETTA, Ga., Oct. 23, 2014 /PRNewswire/ -- Neenah Paper, Inc. (NYSE: NP) today announced it will issue a press release covering third quarter financial results on Tuesday, November 4, 2014, after the close of the New York Stock Exchange. The company will hold a conference call to discuss earnings and business results at 9:00 a.m. Eastern Time on Wednesday, November 5, 2014.

Interested parties are invited to listen via webcast by registering through the Investor Relations section of the company's web site, www.neenah.com. Individuals who wish to participate actively in the call can dial-in from the U.S. and Canada by using (888) 893-0989 and international callers should use (706) 758-4223. In all cases, callers should use conference ID 24059228. Supplemental data can also be found on the company's web site, www.neenah.com under the Investor Relations section – events.

A replay of the call will be available through the company's web site until December 4, 2014 and also can be accessed by dialing (855) 859-2056 in the U.S. or (404) 537-3406 internationally, using conference ID 24059228.

About Neenah Paper, Inc.

Neenah is a leader in premium image and performance-based products, including filtration, specialized substrates used for tapes, labels and other products, and high-end printing papers. Products are marketed under well-known brands such as CLASSIC®, ASTROBRIGHTS®, ENVIRONMENT®, CRANE®, ROYAL SUNDANCE®, SOUTHWORTH® KIMDURA®, Gessner®, CRANEMAT™, CRANEGLAS™, JET-PRO® SofStretch™ and varitess®. Neenah is headquartered in Alpharetta, Georgia and its products are sold in over 70 countries worldwide from manufacturing operations in the United States and Germany. Additional information can be found at the company's web site, www.neenah.com.

Neenah

 



Contact:

Neenah Paper, Inc.


Bill McCarthy


Vice President – Financial Analysis and Investor Relations


678-518-3278



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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/updated-schedule-for-neenah-paper-to-report-third-quarter-earnings-on-november-4-2014-and-earnings-call-on-november-5-2014-132296161.html

SOURCE Neenah Paper, Inc.

Posted Thursday, October 23, 2014 3:06 pm EDT

 
Neenah Paper to Report Third Quarter Earnings on November 3, 2014

ALPHARETTA, Ga., Oct. 21, 2014 /PRNewswire/ -- Neenah Paper, Inc. (NYSE: NP) today announced it will issue a press release covering third quarter financial results on Monday, November 3, 2014, after the close of the New York Stock Exchange. The company will hold a conference call to discuss earnings and business results at 11:00 a.m. Eastern Time on Tuesday, November 4, 2014.

Interested parties are invited to listen via webcast by registering through the Investor Relations section of the company's web site, www.neenah.com. Individuals who wish to participate actively in the call can dial-in from the U.S. and Canada by using (888) 893-0989 and international callers should use (706) 758-4223. In all cases, callers should use conference ID 24059228. Supplemental data can also be found on the company's web site, www.neenah.com under the Investor Relations section – events.

A replay of the call will be available through the company's web site until December 4, 2014 and also can be accessed by dialing (855) 859-2056 in the U.S. or (404) 537-3406 internationally, using conference ID 24059228.

About Neenah Paper, Inc.

Neenah is a leader in premium image and performance-based products, including filtration, specialized substrates used for tapes, labels and other products, and high-end printing papers. Products are marketed under well-known brands such as CLASSIC®, ASTROBRIGHTS®, ENVIRONMENT®, CRANE®, ROYAL SUNDANCE®, SOUTHWORTH® KIMDURA®, Gessner®, CRANEMAT™, CRANEGLAS™, JET-PRO® SofStretch™ and varitess®. Neenah is headquartered in Alpharetta, Georgia and its products are sold in over 70 countries worldwide from manufacturing operations in the United States and Germany. Additional information can be found at the company's web site, www.neenah.com.

Neenah

Contact:
Neenah Paper, Inc.
Bill McCarthy
Vice President – Financial Analysis and Investor Relations
678-518-3278 

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/neenah-paper-to-report-third-quarter-earnings-on-november-3-2014-187850768.html

SOURCE Neenah Paper, Inc.

Posted Tuesday, October 21, 2014 4:15 pm EDT

 
Neenah Paper Reports Record Quarterly Results

Sales increase 9% to $230 million with adjusted E.P.S. up 13% at $0.90

ALPHARETTA, Ga., Aug. 6, 2014 /PRNewswire/ -- Neenah Paper, Inc. (NYSE: NP) today reported 2014 second quarter results. 

Second Quarter Highlights

  • Record quarterly sales, operating income, E.P.S. and cash flow.
  • Consolidated sales increased 9 percent, with 7 percent volume growth.
  • Earnings per diluted common share increased 14 percent, from $0.77 to $0.88, and adjusted earnings up similarly, from $0.80 to $0.90. Adjusted earnings exclude $0.02 per share in 2014 for restructuring and acquisition related costs and $0.03 per share in 2013 for debt refinancing, restructuring/integration costs and a pension settlement charge.  
  • Free cash flow (cash from operations less capital spending) of $32 million.
  • Announced second dividend increase for 2014 and renewed share buyback program.
  • Acquired Crane Technical Materials on July 1, 2014 for a cash payment of $72 million.

"Adjusted earnings" is a non-GAAP measure and used to improve comparability of year-on-year results. Adjusted figures are reconciled to GAAP later in this release.

"Our businesses performed well in the second quarter, with impressive volume-based revenue increases in both segments that generated double digit earnings growth and significantly increased cash flow. These results were anchored by continued success in our core businesses and boosted by meaningful progress in targeted defensible, growing niches," said John O'Donnell , Chief Executive Officer. "Our balance sheet remains strong and we'll continue to optimize capital deployment among high-returning organic investments, value-adding acquisitions and direct cash returns to shareholders through an attractive dividend."

Quarterly Consolidated Results

Income Statement

Net sales of $230.4 million in the second quarter of 2014 grew 9 percent compared with $212.3 million in the second quarter of 2013 as Technical Products revenues increased 10 percent and Fine Paper revenues grew 7 percent. Sales growth in 2014 resulted primarily from higher volumes, as well as favorable currency translation and increased net selling prices.  

Consolidated selling, general and administrative (SG&A) expense was $20.4 million in the second quarter of 2014 compared with $19.2 million in the second quarter 2013. The increase was primarily related to differences in timing of certain expenses between years.   

Operating income of $25.9 million in the second quarter of 2014 grew 15 percent compared with $22.6 million in the second quarter of 2013. Higher income resulted from top-line growth and increased margins that more than offset higher input and other costs.

Net interest expense of $2.9 million in the second quarter of 2014 decreased from $3.1 million in the second quarter of 2013 as a result of lower average interest rates following the refinancing of the Company's Senior Notes in May 2013.  

The effective income tax rate of 35 percent in the second quarter of 2014 compared with 34 percent in the second quarter of 2013.

Cash Flow and Balance Sheet

Cash provided from operations in the second quarter of 2014 was $37.1 million compared with $27.6 million generated in the second quarter of 2013. Increased cash generation in 2014 resulted primarily from increased earnings and reductions in working capital. 

Capital spending of $4.8 million in the second quarter of 2014 compared with $5.0 million in the prior year period. Full year spending in 2014 is projected to be approximately $30 million.

Debt as of June 30, 2014 was $193.5 million compared to $205.0 million as of March 31, 2014 and compared with $211.9 million as of December 31, 2013. Cash and equivalents as of June 31, 2014 were $92.3 million, compared with $77.2 million as of March 31, 2014 and $73.4 million as of December 31, 2013.

Cash flows in the second quarter of 2014 were used to reduce debt, build cash and pay quarterly dividends. On July 1, 2014, approximately $72 of cash on hand was used to finance the purchase of Crane Technical Materials.

Quarterly Segment Results

Technical Products net sales of $116.9 million in the second quarter of 2014 increased 10 percent compared with prior year sales of $105.8 million. The higher sales resulted from an 8 percent increase in volume and favorable currency translation effects of 3 percent, partly offset by slightly lower net prices. Sales grew in all product groups, with filtration up 9 percent, backings up 9 percent and specialties up 13 percent. Volumes benefitted from share gains and improved economic conditions.

Operating income for Technical Products of $13.2 million in the second quarter of 2014 increased 11 percent compared with $11.9 million in the second quarter of 2013. The higher income in 2014 resulted primarily from sales growth. In 2014, operating income included approximately $0.5 million for restructuring costs. Excluding these costs, operating income in 2014 increased 15 percent versus 2013.   

Fine Paper net sales were $106.6 million in the second quarter of 2014, up 7 percent compared with $100.0 million in the prior year. Sales growth in 2014 resulted from a 6 percent gain in volume and slightly higher net selling prices. Volume growth reflected increases in core premium brands as well as very strong growth in targeted growth areas including premium packaging, digital grades and international sales.         

Operating income of $17.3 million in the second quarter of 2014 increased 12 percent compared with $15.5 million in the prior year. The higher income in 2014 resulted from increased sales and lower selling and administrative costs that combined offset higher manufacturing costs, including more than $1 million of higher input costs.    

Unallocated Corporate and Other includes unallocated corporate costs and results from acquired non-premium paper grades. Unallocated corporate costs in the second quarter of 2014 were $4.5 million compared with $4.2 million in prior year period. In 2014, costs included $0.2 million related to the acquisition of Crane Technical Materials. In 2013 costs included $0.7 million for debt refinancing, integration/restructuring costs and a pension settlement charge. 

Sales of Other non-premium paper grades were $6.9 million in 2014, with an operating loss of $0.1 million compared with 2013 sales of $6.5 million and an operating loss of $0.6 million.

Year to Date

Year-to-date net sales of $455.5 million in 2014 increased 7 percent compared with $425.5 million in 2013. The increased revenues resulted from a 10 percent gain in Technical Products sales, reflecting volume growth across all product categories and favorable currency translation, and a four percent increase in Fine Paper, due to increased volumes and higher net selling prices.

Operating income of $48.9 million in 2014 increased 9 percent compared with $44.8 million in 2013 and resulted from growth in sales volume, higher average selling prices and favorable currency translation. These items more than offset approximately $6 million of higher input costs, primarily due to higher energy costs for Fine Paper in the first quarter of 2014.

Net Income from continuing operations was $28.2 million in 2014 compared with $24.9 million in 2013. Increased income in 2014 resulted primarily from higher operating income. Year to date earnings per diluted common share of $1.66 increased 10 percent from $1.51 in 2013. After excluding costs for restructuring and acquisitions in 2014, and costs for debt refinancing and pension settlement charges in 2013, adjusted earnings per share increased nine percent to $1.69 in 2014, compared with $1.55 in the prior year. 

Cash provided by operating activities of $51.9 million for the six months ended June 30, 2014 was $21.9 million higher than the prior year period.  The favorable comparison was primarily due to improved working capital efficiencies and higher earnings from continuing operations.

Year-to-date capital spending of $9.1 million compared with $9.7 million in the prior year.

Reconciliation to GAAP Measures

The Company will report adjustments to GAAP figures when they are believed to improve comparability and understanding of results. In these instances, a reconciliation of adjusted income measures to comparable GAAP measures will be provided, as shown below:

 

Continuing Operations


Second Quarter


YTD

$ millions


2014

2013


2014

2013








GAAP Operating Income 


$      25.9

$      22.6


$     48.9

$      44.8

   Integration/Restructuring Costs


0.7

0.1


1.0

0.2

   Pension Settlement Charge


-

0.2


-

0.2

   Early Extinguishment of Debt


-

0.5


-

0.5

Adjusted Operating Income


$      26.6

$      23.4


$     49.9

$      45.7








GAAP Income 


$      15.0

$      12.8


$     28.2

$      24.9

   Integration/Restructuring Costs


0.4

0.1


0.6

0.2

   Pension Settlement Charge


-

0.1


-

0.1

   Early Extinguishment of Debt


-

0.3


-

0.3

Adjusted Income 


$      15.4

$      13.3


$     28.8

$      25.5








GAAP Earnings per Diluted Common Share


$      0.88

$      0.77


$     1.66

$      1.51

   Integration/Restructuring Costs


0.02

-


0.03

0.01

   Pension Settlement Charge


-

0.01


-

0.01

   Early Extinguishment of Debt


-

0.02


-

0.02

Adjusted Earnings per Share


$      0.90

$      0.80


$     1.69

$      1.55








Diluted Shares


16,855

16,272


16,800

16,262

 

Discontinued Operations

With the sale of the Company's remaining pulp operations in 2010, there are no discontinued operations. In 2013, the Company recorded income of $2.6 million resulting from a refund for excess payments made in previous years to the pension plan of the Company's former Canadian pulp operations. 

Conference Call

A conference call and webcast to discuss second quarter earnings and other matters of interest will be held as noted below.

Date: Thursday, August 7, 2014
Time: 11:00 a.m. Eastern Time
Dial-In #:  (888) 893-0989 US/Canada or (706) 758-4223 International
Confirmation ID Code: 73709567
Live Webcast Link: www.neenah.com

Interested parties are invited to listen to the call live via webcast using the link above and by clicking on the Investors tab and going to the Events page. To participate actively in the call, parties should use the telephone dial-in numbers.  Supplemental data can be found in the Investor Relations – Events section of the company's web site, www.neenah.com.

A replay of the call will be available through the company's web site until September 12, 2014 and may also be accessed by dialing (855) 859-2056 in the US or (404) 537-3406 internationally, using conference ID 73709567.

About Neenah Paper, Inc.

Neenah is a leader in premium image and performance-based products, including filtration, specialized substrates used for tapes, labels and other products, and high-end printing papers. Products are marketed under well-known brands such as CLASSIC®, ASTROBRIGHTS®, ENVIRONMENT®, CRANE®, ROYAL SUNDANCE®, SOUTHWORTH® KIMDURA®, Gessner®, CRANEMAT™, CRANEGLAS™, JET-PRO® SofStretch™ and varitess®. Neenah is headquartered in Alpharetta, Georgia and its products are sold in over 70 countries worldwide from manufacturing operations in the United States and Germany. Additional information can be found at the company's web site, www.neenah.com.

Neenah

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute "forward-looking" statements as defined in Section 27A of the Securities Act of 1933 (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), or in releases made by the U.S. Securities and Exchange Commission ("SEC"), all as may be amended from time to time. Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of the PSLRA and we caution investors that any forward-looking statements we make are not guarantees or indicative of future performance. These forward-looking statements rely on a number of assumptions concerning future events and are subject to risks, uncertainties and other factors, many of which are outside of our control and could cause actual results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not necessarily limited to, those set forth under the captions "Cautionary Note Regarding Forward-Looking Statements" and/or "Risk Factors" of our latest Form 10-K filed with the SEC as periodically updated by subsequently filed Form 10-Qs (these securities filings can be located on our website at www.neenah.com). Unless specifically required by law, we assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances.  These cautionary statements are being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws.

 

 

NEENAH PAPER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except share and per share data)

(Unaudited)














Three Months Ended June 30,


Six Months Ended June 30,




2014


2013


2014


2013











Net Sales


$            230.4


$            212.3


$                 455.5


$                 425.5

Cost of products sold

183.2


169.5


364.9


339.2


Gross Profit

47.2


42.8


90.6


86.3

Selling, general and administrative expenses

20.4


19.2


40.3


40.2

Unusual items (1) (2)

0.7


0.8


1.0


0.9

Other expense - net

0.2


0.2


0.4


0.4


Operating Income

25.9


22.6


48.9


44.8

Interest expense-net

2.9


3.1


5.7


5.7


Income From Continuing Operations
   Before Income Taxes

23.0


19.5


43.2


39.1

Provision for income taxes

8.0


6.7


15.0


14.2


Income From Continuing Operations

15.0


12.8


28.2


24.9

Income from discontinued operations, net of
 income taxes

-


-


-


2.6


Net Income

$              15.0


$              12.8


$                   28.2


$                   27.5





















Earnings Per Common Share: 








Basic










Continuing Operations

$              0.89


$              0.79


$                   1.68


$                   1.53


Discontinued Operations

-


-


-


0.16




$              0.89


$              0.79


$                   1.68


$                   1.69











Diluted










Continuing Operations

$              0.88


$              0.77


$                   1.66


$                   1.51


Discontinued Operations

-


-


-


0.16




$              0.88


$              0.77


$                   1.66


$                   1.67





















Weighted Average Common









Shares Outstanding (000s)









Basic


16,585


15,995


16,510


15,969












Diluted


16,855


16,272


16,800


16,262











(1) Results for the three months ended June 30, 2014, include integration/restructuring costs of $0.7 million. Results for the three months ended June 30, 2013, include integration costs of $0.1 million, a supplemental executive pension plan settlement charge of $0.2 million and costs related to the early extinguishment of debt of $0.5 million.

(2) Results for the six months ended June 30, 2014, include integration/restructuring costs of $1.0 million. Results for the six months ended June 30, 2013, include integration costs of $0.2 million, a supplemental executive pension plan settlement charge of $0.2 million and costs related to the early extinguishment of debt of $0.5 million.











NEENAH PAPER, INC. AND SUBSIDIARIES

BUSINESS SEGMENT DATA

(In millions)

(Unaudited)




Three Months Ended June 30,


Six Months Ended June 30,








2014


2013


2014


2013











Net Sales:










Technical Products

$            116.9


$            105.8


$                 234.4


$                 212.8


Fine Paper

106.6


100.0


208.1


199.4


Other


6.9


6.5


13.0


13.3



Consolidated 

$            230.4


$            212.3


$                 455.5


$                 425.5











Operating Income:









Technical Products

$              13.2


$              11.9


$                   26.9


$                   21.6


Fine Paper

17.3


15.5


30.6


31.8


Other

(0.1)


(0.6)


(0.3)


(0.3)


Unallocated corporate costs

(4.5)


(4.2)


(8.3)


(8.3)



Consolidated 

$              25.9


$              22.6


$                   48.9


$                   44.8

 

 

NEENAH PAPER, INC. AND SUBSIDIARIES

SELECTED BALANCE SHEET DATA

(In millions)

(Unaudited)
















June 30, 2014


December 31, 2013



ASSETS





Cash and cash equivalents




$                      92.3


$                      73.4

Accounts receivable - net






106.2


90.5

Inventories




102.4


101.1

Deferred income taxes




17.5


22.8

Prepaid and other current assets




15.3


17.6


Total current assets




333.7


305.4

Property, plant and equipment - net




256.6


261.7

Deferred income taxes




8.9


13.3

Goodwill and other intangibles - net




80.2


81.6

Other non-current assets




16.6


13.9


Total assets




$                    696.0


$                    675.9




LIABILITIES AND STOCKHOLDERS' EQUITY




Debt payable within one year




$                      7.3


$                      21.4

Accounts payable




53.7


36.4

Accrued expenses




45.2


45.8


Total current liabilities




106.2


103.6

Long-term debt




186.2


190.5

Deferred income taxes




15.7


15.6

Non-current employee benefits




90.7


97.7

Other noncurrent obligations




0.9


1.0


Total liabilities




399.7


408.4

Stockholders'
equity




296.3


267.5


Total liabilities and stockholders' equity






$                    696.0


$                    675.9

 

 

NEENAH PAPER, INC. AND SUBSIDIARIES

SELECTED CASH FLOW DATA

(In millions)

(Unaudited)












Six Months Ended June 30,





2014


2013

Operating Activities





Net income


$                  28.2


$                  27.5

Depreciation and amortization


14.6


14.4

Stock-based compensation


3.0


2.7

Excess tax benefit from stock-based compensation


(2.5)


(0.4)

Deferred income tax provision


13.5


12.4

Inventory acquired in acquisitions

-


(1.8)

SERP payments, net of settlement charge

-


(0.2)

Loss on retirement of bonds


-


0.5

Non-cash effects of changes in FIN 48 accruals

(2.1)


(0.3)

Decrease (increase) in working capital

1.1


(19.8)

Pension and other postretirement benefits

(3.7)


(4.5)

Other


(0.2)


(0.5)


Net cash provided by operating activities


51.9


30.0

Investing Activities





Capital expenditures


(9.1)


(9.7)

Purchase of brands


-


(5.2)

Purchase of equity investment


(2.9)


-

Purchase of marketable securities


(0.3)


-

Other


(0.1)


0.1


Cash used in investing activities


(12.4)


(14.8)

Financing Activities





Short and long-term borrowings – net of
  debt issuance costs


6.1


215.5

Repayment of debt


(24.4)


(208.0)

Proceeds from exercise of stock options


3.4


1.1

Shares purchased




(0.2)


(0.2)

Cash dividends paid


(8.0)


(4.9)

Excess tax benefit from stock-based compensation

2.5


0.4


Cash (used in) provided by financing activities


(20.6)


3.9


Net increase in cash and cash equivalents


$                  18.9


$                  19.1

 

 

Contact: Neenah Paper, Inc.
Bill McCarthy
Vice President – Financial Analysis and Investor Relations
678-518-3278

Logo - http://photos.prnewswire.com/prnh/20140507/85487

SOURCE Neenah Paper, Inc.

Posted Wednesday, August 6, 2014 4:37 pm EDT

 
Neenah Paper Declares Quarterly Dividend

ALPHARETTA, Ga., Aug. 1, 2014 /PRNewswire/ -- Neenah Paper, Inc. (NYSE:NP) announced today that its Board of Directors declared a regular quarterly cash dividend of $0.27 per share on the company's common stock. The dividend will be payable on September 3, 2014 to stockholders of record as of close of business on August 15, 2014.

Neenah

The new dividend rate of $0.27 per share was announced on May 22 and represents a 13 percent increase from the prior rate of $0.24 per share. It also marks the fourth increase since December 2012 when the quarterly dividend was $0.12 per share, as the company continues to increase cash returns to shareholders through an attractive dividend that can provide a targeted yield of three percent. 

About Neenah Paper, Inc.  

Neenah is a leader in premium image and performance-based products, including filtration, specialized substrates used for tapes, labels and other products, and high-end printing papers. Products are marketed under well-known brands such as CLASSIC®, ASTROBRIGHTS®, ENVIRONMENT®, CRANE®, ROYAL SUNDANCE®, SOUTHWORTH® KIMDURA®, Gessner®, CRANEMAT™, CRANEGLAS™, JET-PRO® SofStretch™ and varitess®. Neenah is headquartered in Alpharetta, Georgia and its products are sold in over 70 countries worldwide from manufacturing operations in the United States and Germany. Additional information can be found at the company's web site, www.neenah.com.

Contact:

Neenah Paper, Inc.


Bill McCarthy


Vice President – Financial Analysis and Investor Relations


678-518-3278

Logo - http://photos.prnewswire.com/prnh/20140507/85487

SOURCE Neenah Paper, Inc.

Posted Friday, August 1, 2014 4:30 pm EDT

 
Neenah Paper to Report Second Quarter Earnings on August 6, 2014

ALPHARETTA, Ga., July 24, 2014 /PRNewswire/ -- Neenah Paper, Inc. (NYSE: NP) today announced it will issue a press release covering second quarter financial results on Wednesday, August 6, 2014, after the close of the New York Stock Exchange. The company will hold a conference call to discuss earnings and business results at 11:00 a.m. Eastern Time on Thursday, August 7, 2014.

Interested parties are invited to listen via webcast by registering through the Investor Relations section of the company's web site, www.neenah.com. Individuals who wish to participate actively in the call can dial-in from the U.S. and Canada by using (888) 893-0989 and international callers should use (706) 758-4223. In all cases, callers should use conference ID 73709567. Supplemental data can also be found on the company's web site, www.neenah.com under the Investor Relations section – events.

A replay of the call will be available through the company's web site until September 12, 2014 and also can be accessed by dialing (855) 859-2056 in the U.S. or (404) 537-3406 internationally, using conference ID 73709567.

About Neenah Paper, Inc.

Neenah is a leader in premium image and performance-based products, including filtration, specialized substrates used for tapes, labels and other products, and high-end printing papers. Products are marketed under well-known brands such as CLASSIC®, ASTROBRIGHTS®, ENVIRONMENT®, CRANE®, ROYAL SUNDANCE®, SOUTHWORTH® KIMDURA®, Gessner®, CRANEMAT™, CRANEGLAS™, JET-PRO® SofStretch™ and varitess®. Neenah is headquartered in Alpharetta, Georgia and its products are sold in over 70 countries worldwide from manufacturing operations in the United States and Germany. Additional information can be found at the company's web site, www.neenah.com.

Neenah

Contact:

Neenah Paper, Inc.


Bill McCarthy


Vice President – Financial Analysis and Investor Relations


678-518-3278

Logo - http://photos.prnewswire.com/prnh/20140507/85487

SOURCE Neenah Paper, Inc.

Posted Thursday, July 24, 2014 4:45 pm EDT

 
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Packaging Corporation of America’s Chief Executive Officer to Speak at the Citi 2014 Basic Materials Conference on December 3, 2014
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( Last updated Monday, November 24, 2014 12:41 am EST)
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 Rock Tenn
( Last updated Monday, November 24, 2014 12:41 am EST)
RockTenn to Present at the Jefferies 2013 Global Industrials Conference
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RR Donnelley to Showcase Innovative Solutions for Direct Marketing and Customer Engagement at DMA 2014
RR Donnelley to Showcase Innovative Solutions for Direct Marketing and Customer Engagement at DMA 2014 Posted Friday, October 24, 2014 9:30 am EDT

 
RR Donnelley to Announce Third-Quarter Results and Host a Conference Call on November 5th
RR Donnelley to Announce Third-Quarter Results and Host a Conference Call on November 5th Posted Wednesday, October 8, 2014 6:30 am EDT

 
RR Donnelley Honored With Numerous Awards in the 2014 Gold Ink Competition
RR Donnelley Honored With Numerous Awards in the 2014 Gold Ink Competition Posted Tuesday, September 30, 2014 6:30 am EDT

 
RR Donnelley Awarded a $60 Million Multi-Year Agreement by Crain Communications, Inc.
RR Donnelley Awarded a $60 Million Multi-Year Agreement by Crain Communications, Inc. Posted Thursday, September 11, 2014 6:30 am EDT

 
RR Donnelley to Present at the CL King Best Ideas Conference
RR Donnelley to Present at the CL King Best Ideas Conference Posted Tuesday, September 2, 2014 6:30 am EDT

 
 Sonoco
( Last updated Monday, November 24, 2014 12:41 am EST)
New Temperature Assurance Packaging Minimizes Dimensional Weight
Sonoco ThermoSafe's Envoy® Direct Series, Designed for Direct-to-Patient Shipments, Reduces Shipping Costs ARLINGTON HEIGHTS, Ill., Nov. 19, 2014 (GLOBE NEWSWIRE) -- Sonoco ThermoSafe, a unit of Sonoco (NYSE:SON) and a leading global provider of temperature assurance packaging, has launched a series of shipping solutions for temperature-sensitive products shipped direct-to-patient. The Envoy® Direct Series has been optimized to reduce dimensional weight, lowering total shipping costs and improving operational efficiency in specialty pharmacy, mail-order pharmacy and pharmacy benefit management environments. This product line becomes available in advance of new dimensional weight-based sh... Posted Wednesday, November 19, 2014 7:30 am EST

 
Sonoco Display & Packaging Recognized With 4 Design of the Times Awards
HARTSVILLE, S.C., Nov. 18, 2014 (GLOBE NEWSWIRE) -- Sonoco Display and Packaging, the point-of-purchase (POP) display and packaging services business of Sonoco (NYSE:SON), has been awarded four Design of the Times 2014 awards, including a gold award, by the Path to Purchase Institute. The Design of the Times award celebrates the most inspiring and creative in-store activation tactics and campaigns and recognizes their key role in the discipline of shopper marketing. Sonoco Display and Packaging was recognized with: Gold Award: Unilever's St. Ives Fresh Hydration Lotions Launch (National/Regional In-Store Campaign) Silver Award: Chattem, Inc.'s Nasacort National Launch In-Li... Posted Tuesday, November 18, 2014 8:57 am EST

 
Sonoco Named a Top Company for Leaders by Aon Hewitt
HARTSVILLE, S.C., Nov. 13, 2014 (GLOBE NEWSWIRE) -- Sonoco (NYSE:SON), one of the largest diversified global packaging companies, announced it has been named to the 2014 list of North American Top Companies for Leaders® by Aon Hewitt, the global talent, retirement and health solutions company of Aon (NYSE:AON). Sonoco was No. 12 (out of 25) on the 2014 North America list and No. 21 (out of 25) on the Global Aon Hewitt Top Companies for Leaders list. This is the fifth time that Sonoco has earned this prestigious recognition. Conducted since 2001, the Aon Hewitt Top Companies for Leaders study is a comprehensive, longitudinal analysis of talent management and leadership practices of organi... Posted Thursday, November 13, 2014 7:45 am EST

 
Sonoco's Newport Paper Mill Receives Bronze Sustainability Star Award
HARTSVILLE, S.C., Nov. 10, 2014 (GLOBE NEWSWIRE) -- Sonoco (NYSE:SON), one of the largest diversified packaging companies, has named the Company's Newport, Tennessee, paper mill a bronze Sonoco Sustainability Star Award recipient for the facility's efforts to significantly decrease wastes going to landfill. The award marks a milestone in landfill-free efforts that have been underway since the fourth quarter of 2012. In late 2012, the Newport facility partnered with local recycling company TLR Solutions to process some of the more difficult to recycle byproducts of the mill's operations, like bailing wire and materials such as glass, staples and ceramics that are sorted out from incoming ... Posted Monday, November 10, 2014 2:01 pm EST

 
Sonoco Completes Acquisition of Weidenhammer Packaging Group
HARTSVILLE, S.C., Oct. 31, 2014 (GLOBE NEWSWIRE) -- Sonoco (NYSE:SON), one of the largest diversified global packaging companies, today announced that it has completed the acquisition of Weidenhammer Packaging Group (WPG), Europe's leading provider of composite cans along with composite drums and rigid plastic containers, for €286 million, or approximately $360 million, in cash. According to M. Jack Sanders, Sonoco president and chief executive officer, "We are extremely excited to welcome Weidenhammer's leadership team and its 1,100 associates into the Sonoco family. The acquisition creates a global leader in rigid paper packaging and is expected to increase Sonoco's combined global con... Posted Friday, October 31, 2014 4:19 pm EDT

 
Sonoco ThermoSafe Survey Reveals Future Needs, Trends of Cold Chain Industry
ARLINGTON HEIGHTS, Ill.--(BUSINESS WIRE)--Oct. 20, 2014-- Sonoco ThermoSafe, a unit of Sonoco (NYSE:SON) and a leading global provider of temperature assurance packaging, revealed the results of its survey entitled “Assessing the Future of the Cold Chain Industry” at the 12th annual Cold Chain Global Forum in Boston on Oct. 9, 2014. The survey was conducted between Feb. 26 and July 13, 2014, and highlights forward-looking trends in areas that significantly impact the cold chain industry – including environmental, trends, logistics and products and services. The survey’s 165 respondents spanned more than 20 countries and f... Posted Monday, October 20, 2014 9:07 am EDT

 
Sonoco Reports Third Quarter 2014 Results
HARTSVILLE, S.C., Oct. 16, 2014 (GLOBE NEWSWIRE) -- Sonoco (NYSE:SON), one of the largest diversified global packaging companies, today reported financial results for its third quarter, ending September 28, 2014. Third Quarter Highlights Third quarter 2014 GAAP earnings per diluted share were $.69, compared with $.59 in 2013. Third quarter 2014 GAAP results include $.03 per diluted share, after-tax, in asset impairments and restructuring charges from previously announced activities and acquisition costs. Third quarter 2013 GAAP results included after-tax charges of $.04 per diluted share related to restructuring costs from international plant closures. Base net income... Posted Thursday, October 16, 2014 7:31 am EDT

 
Sonoco Board Declares Regular Quarterly Common Stock Dividend
HARTSVILLE, S.C., Oct. 13, 2014 (GLOBE NEWSWIRE) -- The Board of Directors of Sonoco (NYSE:SON) today declared a $0.32 per share quarterly common stock dividend. The dividend will be paid on December 10, 2014, to shareholders of record as of November 14, 2014. According to Jack Sanders, president and chief executive officer, this is the 358th consecutive quarter, dating back to 1925, that the Company has paid dividends to shareholders. About Sonoco Founded in 1899, Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services. With annualized net sales of approximately $4.9 billion, the ... Posted Monday, October 13, 2014 12:57 pm EDT

 
 UPM Kymmene
( Last updated Monday, November 24, 2014 12:41 am EST)
 USG-formerly United States Gypsum
( Last updated Monday, November 24, 2014 12:41 am EST)
USG Demonstrates Commitment to Corporate Responsibility with Third Corporate Sustainability Report
CHICAGO--(BUSINESS WIRE)--Nov. 20, 2014-- USG Corporation (NYSE: USG), a leading building products company, today announced the release of its third Corporate Sustainability Report. The voluntary report describes the company’s approach to sustainability and its commitment to responsible business practices. USG defines sustainability as balancing economic, environmental and social factors to guide business decisions creating long term value for the corporation, its stakeholders and society. The report focuses on three dimensions of responsibility – environmental, social and economic, and reviews USG’s progress through 2013... Posted Thursday, November 20, 2014 1:50 pm EST

 
USG Launches USG Durock™ Brand X2 Sealer Primer-Sealer Backed by USG and XL Brands 10-Year System Warranty
Chicago – November 19, 2014 – USG Corporation (NYSE:USG), a leading building products company, and XL Brands, LLC, the nation’s largest private label floor covering adhesive manufacturer, have partnered to introduce USG Durock™ Brand X2 Primer-Sealer. The new primer sealer is the first of its kind to provide a 10-year limited system warranty. Together, USG and XL Brands are the only manufacturers to offer such a warranty in the tile and flooring industry. “USG is pleased to partner with XL Brands to offer a new 10-year limited warranty system,” said John Reale, USG General Manager, Substrates and Specialty. “This unprecedented warranty will provide specif... Posted Wednesday, November 19, 2014 12:48 pm EST

 
USG Corporation Reports Record Ceilings Results and 2014 Third Quarter Results
CHICAGO--(BUSINESS WIRE)--Oct. 23, 2014-- USG Corporation (NYSE:USG): Third Quarter 2014 vs. Third Quarter 2013 Consolidated Business Highlights Sales increased 5 percent to $972 million GAAP operating profit of $22 million compared to $75 million Adjusted operating profit of $112 million compared to $76 million GAAP net loss of ($12) million compared to net income of $23 million Adjusted net income of $66 million compared to $24 million $48 million settlement in principle for wallboard pricing lawsuit ... Posted Thursday, October 23, 2014 8:25 am EDT

 
USG Corporation Third Quarter 2014 Earnings Conference Call and Webcast
CHICAGO--(BUSINESS WIRE)--Oct. 17, 2014-- USG Corporation (NYSE:USG), a leading building products company, will hold a conference call and webcast to discuss third quarter 2014 results on Thursday, October 23, 2014, 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 (888) 771-4371 (U.S. & Canada). International callers should dial 1 (847) 585-4405. Please call ten minutes prior to start time. The pass code is 38075413. A replay of the webcast will be available on the USG website until ... Posted Friday, October 17, 2014 4:36 pm EDT

 
USG Releases Private Label Floor Prep Products Under Powerhold Brand
Nation’s largest flooring accessories distributor network to carry five USG floor prep products CHICAGO – Sept. 4, 2014 – USG Corporation (NYSE: USG), a leading manufacturer of high-performance building products, has entered a private-label agreement with Powerhold, the largest flooring accessories distributor network in the country. With the advent of this new partnership, USG’s distribution network in North America will be greatly expanded by the distributors represented by the Floor Covering Distributor Alliance (FCDA). “The private-label agreement is a tremendous milestone for USG Tile & Flooring Solutions,” said Scott Crandall, national account s... Posted Thursday, September 4, 2014 5:37 pm EDT

 
USG Corporation to Participate in the RBC Capital Markets’ Global Industrials Conference in Las Vegas
CHICAGO--(BUSINESS WIRE)--Sep. 2, 2014-- James S. Metcalf, Chairman, President and Chief Executive Officer of USG Corporation (NYSE:USG), a leading building products company, will speak on Tuesday, September 9, 2014 at the RBC Capital Markets’ Global Industrials Conference at the Mandarin Oriental Hotel in Las Vegas. The presentation is scheduled to begin at approximately 8:35 a.m. Pacific Time. A live audiocast of the presentation may be accessed from the Investor Information page of the USG Corporation website at investor.usg.com. The webcast will be archived and available on the Investor Information webpage until Tuesd... Posted Tuesday, September 2, 2014 10:55 am EDT

 
USG Corporation Reports Strongest Quarterly Net Income since 2007
CHICAGO--(BUSINESS WIRE)--Jul. 24, 2014-- USG Corporation (NYSE:USG): Second Quarter 2014 vs. Second Quarter 2013 Consolidated Business Highlights Sales increased 3 percent to $948 million GAAP operating profit of $98 million compared to $74 million Adjusted operating profit of $93 million compared to $76 million GAAP net income of $57 million compared to $25 million Adjusted net income of $48 million compared to $26 million Business Unit Highlights U.S. Gypsum wallboard shipments tota... Posted Thursday, July 24, 2014 8:31 am EDT

 
USG Celebrates Craftsmanship and Trade of Drywall Finishers with Building Greatness Program
CHICAGO--(BUSINESS WIRE)--Jul. 21, 2014-- USG Corporation (NYSE:USG), a leading building products company, introduces the Building Greatness program, a contest that celebrates the craftsmanship of drywall finishers, with the goal of capturing imagery that will help express and celebrate the essential nature of a finisher’s craft. “We want to show drywall finishers that USG values their hard work,” said Kevin Moyer, director, Product Marketing Performance Surfaces at USG Corp. “The skill and craftsmanship that goes into this profession is too often overlooked.” From July 21, 2014 through March 1, 2015, USG i... Posted Monday, July 21, 2014 9:00 am EDT

 
 Verso Paper
( Last updated Monday, November 24, 2014 12:41 am EST)
Verso Paper Corp. Reports Third Quarter 2014 Results
Verso Paper Corp. Reports Third Quarter 2014 Results Posted Thursday, November 13, 2014 7:00 am EST

 
Verso to Report Third Quarter Results and Host Conference Call on November 13
Verso to Report Third Quarter Results and Host Conference Call on November 13 Posted Friday, October 17, 2014 7:00 am EDT

 
Verso Announces Closure of Bucksport, Maine Paper Mill
Verso Announces Closure of Bucksport, Maine Paper Mill Posted Wednesday, October 1, 2014 4:15 pm EDT

 
Verso Paper Corp. Reports Second Quarter 2014 Results
Verso Paper Corp. Reports Second Quarter 2014 Results Posted Thursday, August 14, 2014 7:00 am EDT

 
Verso Paper Corp. Announces Final Results of Exchange Offer and Consent Solicitation for Second Lien Notes and Early Tender Results of Exchange Offer and Consent Solicitation for Subordinated Notes
Verso Paper Corp. Announces Final Results of Exchange Offer and Consent Solicitation for Second Lien Notes and Early Tender Results of Exchange Offer and Consent Solicitation for Subordinated Notes Posted Thursday, July 31, 2014 8:00 am EDT

 
Verso Postpones Special Meeting of Stockholders to August 12, 2014
Verso Postpones Special Meeting of Stockholders to August 12, 2014 Posted Friday, July 25, 2014 10:53 am EDT

 
Verso Amends Subordinated Debt Exchange Offer
Verso Amends Subordinated Debt Exchange Offer Posted Thursday, July 24, 2014 1:33 pm EDT

 
Verso to Report Second Quarter Results and Host Conference Call on August 14
Verso to Report Second Quarter Results and Host Conference Call on August 14 Posted Monday, July 21, 2014 7:00 am EDT

 


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