Displaying items by tag: Clearwater Paper Corporation

Clearwater Paper Corporation has announced that it will host its third quarter 2011 financial results conference call on Thursday, October 27, 2011, at 8 a.m. Pacific Time (11 a.m. Eastern Time). The company will issue its financial results before the market opens the same day.

Investors may access the conference call by dialing 877-303-9241 (for US/Canada investors) or 760-666-3575 (for international investors). The audio webcast may be accessed on the company's website at http://ir.clearwaterpaper.com/events.cfm.

An accompanying presentation will be available for downloading from http://ir.clearwaterpaper.com/events.cfm before the market opens. The webcast will be audio only. Investors are recommended to download the accompanying presentation prior to the call.

For those unable to participate in the call, an archived recording will be available through Clearwater Paper's Web site at www.clearwaterpaper.com under "Investor Relations" following the conference call.

For additional information on Clearwater Paper, please visit our website at www.clearwaterpaper.com.

Published in Financial News

Clearwater Paper Corporation announced that Gordon Jones, chairman, president and CEO, and Linda Massman, senior vice president and CFO, will be presenting at the Oppenheimer 6th Annual Industrials Conference on Tuesday, September 27, 2011, at 8:00 AM EDT. A live audio webcast of the presentation and accompanying slide materials will be accessible via Clearwater Paper's investor relations section of the company's website at http://ir.clearwaterpaper.com/events.cfm. An audio replay of the webcast will be available at the site for 90 days.

 

Published in Press Releases

The company reported net earnings of $13.9 million, or $1.17 per diluted share, for the second quarter of 2011, compared to net earnings of $20.6 million, or $1.75 per diluted share, for the second quarter of 2010. The second quarter 2011 earnings before interest, taxes, depreciation and amortization, or EBITDA, was $52.4 million, compared to $49.2 million in the second quarter of 2010. EBITDA in the second quarter of 2011 includes $9.1 million of Cellu Tissue integration-related expenses and tissue expansion costs related to Shelby.

 

Clearwater Paper acquired Cellu Tissue Holdings, Inc. on December 27, 2010. The second quarter of 2011 includes Cellu Tissue's results, which is the primary reason for many of the variances on a year-over-year basis.

 

"Second quarter results were solid after considering the significant cost pressures for many of our inputs," said Gordon Jones, chairman, president and chief executive officer. "We continue to make good progress on integrating Cellu Tissue and on increasing the value we expect this acquisition to bring to Clearwater Paper. As a result, we are pleased to increase our estimated net annual synergies from $15-$20 million to $35-$40 million, expected to be achieved by the end of 2012.

 

"Additionally, we recently celebrated the grand opening of our converting and distribution facility at Shelby, North Carolina, with the start-up of the first two converting lines," added Jones.

 

The company also separately announced today a 2-for-1 stock split in the form of a stock dividend and the Board of Director's approval of a $30 million stock repurchase program.

 

SECOND QUARTER 2011 SEGMENT PERFORMANCE

Consumer Products

Net sales in the Consumer Products segment were $269.1 million for the second quarter of 2011, as compared to second quarter 2010 net sales of $145.4 million. The increase in net sales was primarily attributable to the inclusion of Cellu Tissue's operating results for the full quarter. Operating income for the second quarter of 2011 was $6.9 million, compared with operating income of $25.6 million for the second quarter of 2010. The decrease in operating income was primarily the result of increased operating costs, including $9.1 million of integration-related expenses and Shelby expansion costs, as well as $1.1 million in depreciation and amortization expense associated with acquisition accounting.

 

Tissue volume increased to 128,762 tons in the second quarter of 2011, as compared to 55,486 tons in the second quarter of 2010, with the increase primarily attributable to the addition of Cellu Tissue volumes. Including Cellu Tissue in our second quarter 2010 results would have resulted in pro forma volume of 138,065 tons. The decrease in pro forma tons sold by the combined company was primarily due to converting more parent rolls into finished cases, which results in a yield loss associated with the process of manufacturing finished cases.

 

Net selling prices decreased to $2,088 per ton in the second quarter of 2011 versus $2,620 in the second quarter of 2010, due primarily to the inclusion of Cellu Tissue products in the total product mix for the 2011 period. Cellu Tissue's operations had a broader range of products and tissue grades than the legacy Clearwater Paper facilities. On a pro forma basis, net selling prices were $2,026 in the second quarter of 2010.

 

Operating costs were comparatively higher in all categories as a result of the inclusion of Cellu Tissue's operations in our results. Cost increases that had the biggest impact on the decline in operating income were salaries and wages associated with our Shelby expansion, relocation and severance costs associated with the acquisition of Cellu Tissue and retroactive pay related to labor contracts. In addition, we saw higher costs in packaging supplies, transportation due to higher oil prices, pulp, depreciation and amortization due to acquisition accounting and additional repair and maintenance expense associated with the Cellu Tissue facilities.

 

Pulp and Paperboard

Net sales of $225.5 million for the second quarter of 2011 were up 13.6%, compared to second quarter 2010 net sales of $198.5 million. Operating income for the quarter rose to $34.5 million, compared to $22.7 million for the second quarter of 2010.

 

Higher net sales for the quarter were driven by a 10.4% increase in paperboard pricing and a 7.3% increase in paperboard volumes to 201,991 tons, compared to the second quarter of 2010.

 

The increase in net sales was partially offset by an 8.4% decline in external pulp pricing to $718 per ton and a 16.3% decline in external pulp volumes to 11,140 tons, largely due to increased internal consumption of pulp.

 

No major maintenance expense was included in either second quarter 2011 or 2010.

 

Taxes

The actual income tax rate for the second quarter of 2011 was 38.3%, compared to an actual rate of 38.0% for the second quarter of 2010. The estimated annual effective tax rate for 2011, without discrete items, is expected to be approximately 35.2%.

Published in Financial News

Clearwater Paper Corporation has announced that the company will offer Forest Stewardship Council™ (FSC®) certified premium and ultra-premium bath tissue, and ultra-premium paper towel products to retail customers. The Rainforest Alliance's SmartWood Program performed all certification audits to ensure conformance to the FSC standards. The company shipped the first batch of these new FSC-certified ultra-premium tissue products in early June.

 

"We are delighted with Clearwater Paper's commitment to sustainability, which meets increasing consumer demand for tissue products from sustainable sources," said Tensie Whelan, president of the Rainforest Alliance. "Clearwater Paper has set an example through the certification of its own products; a forward thinking accomplishment that other innovative companies will follow."

 

In June 2010, Clearwater Paper began offering FSC-certified facial tissue to retail grocery private label customers. Since then, the company has applied the FSC logo and the Rainforest Alliance CertifiedTM seal to millions of customer facial cartons, and currently supplies the largest case volume of FSC-certified private label products to U.S. retail chains.

 

"We are excited to further expand our customers' choices - giving them more options to use quality tissue products from FSC-certified forests," said Gordon Jones, chairman, president and CEO of Clearwater Paper. "The addition of these high-quality tissue products reinforces our position as the leading U.S. tissue manufacturer to offer FSC certified tissue products for retail sales."

 

Retailers now have a unique opportunity to feature this globally recognized certification on their premium private label tissue products. Certification allows retailers the ability to display the FSC logo and the well-known Rainforest Alliance Certified frog seal on their premium tissue products signifying strong environmental awareness for manufacturers, retailers and consumers.

 

"The combination of certified premium and ultra-premium facial products since June of last year, coupled with increases planned this year, means that products certified by the Rainforest Alliance to FSC standards represent more than 50 percent of Clearwater Paper's total retail product case volume nationwide," stated Bob DeVleming, president of Clearwater Paper's consumer products division. "That amount of product, carrying both the FSC logo and the Rainforest Alliance Certified seal, offers both organizations significant exposure to the end consumer — a win-win situation for everyone involved."

 

FSC-certification indicates to consumers that the products they are purchasing come from responsible, well-managed forests where forest ecosystems are conserved and the rights of workers and their communities are protected.

 

"Clearwater Paper has paved new roads for FSC in the retail grocery private label arena," said Corey Brinkema, president of the Forest Stewardship Council-U.S. "Thanks to Clearwater Paper, we now have expanded impact and visibility in a market that is trending toward environmentally and socially responsible products."

Published in North American News

Clearwater Paper Corporation (NYSE:CLW) announced today that Gordon Jones, chairman, president and CEO, and Linda Massman, senior vice president and CFO, will be presenting at the Jefferies 2011 Global Industrial and A&D Conference on Tuesday, August 9, 2011, at 3:30 PM EDT. A live audio webcast of the presentation and accompanying slide materials will be accessible via Clearwater Paper's investor relations section of the company's website at http://ir.clearwaterpaper.com/events.cfm. An audio replay of the webcast will be available at the site for 90 days.

 

ABOUT CLEARWATER PAPER

Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, hard roll tissue, machine glazed tissue, bleached paperboard, pulp and wood products at 15 manufacturing locations in the U.S. and Canada. The company is a premier supplier of private label tissue to major retailers and wholesale distributors. This includes grocery, drug, mass merchants and discount stores. The company also produces bleached paperboard used by quality-conscious printers and packaging converters. Clearwater Paper's more than 4,000 employees build shareholder value by developing strong customer partnerships through quality and service.

 

For additional information on Clearwater Paper, please visit our website at www.clearwaterpaper.com.

Published in Press Releases

At a ceremony held in Shelby, N.C., Clearwater Paper Corporation announced the grand opening of its newest tissue facility located in Cleveland County. Gov. Bev Perdue, who has provided assistance to the project, was onsite to participate in the dedication.


"The dedication of this facility today ties back to one of Clearwater Paper's core business strategies — to focus on growing the consumer products segment of the company," said Gordon Jones, chairman, president and CEO of Clearwater Paper. "The fantastic level of support we have received from city, county and state officials in North Carolina has reinforced our decision to build this facility at Shelby."


Clearwater Paper has hired 100 local employees and expects to hire approximately 150 more workers before the project is completed. The project is expected to include seven converting lines capable of producing ultra-grades of private label tissue products and includes a Through-Air-Dried (TAD) paper machine, which is expected to be completed by the end of next year. The first two production lines have already started up at the site.


"Many critical commitments were made and fulfilled during this massive effort, demonstrating a great deal of dependability and integrity from all parties involved," said Vince Reese, Shelby plant manager. "But we are not done yet. Next comes our TAD paper machine, which will give us the ability to increase our premium and ultra tissue offering to better compete with nationally branded products."


When completed, the facility is expected to produce approximately 10 million cases of bathroom tissue and paper towels each year. The paper machine is expected to produce 70,000 tons annually.

 

Source: Clearwater Paper Corporation

Published in North American News

Clearwater Paper acquired Cellu Tissue Holdings, Inc. on December 27, 2010. The first quarter of 2011 is the first full period in which Cellu Tissue's results have been included in the company's financial statements, which inclusion represents the primary reason for many of the variances in the first quarter of 2011 compared to first quarter 2010 results.


The company reported net earnings of $5.6 million, or $0.47 per diluted share, for the first quarter of 2011, compared to net earnings of $0.5 million, or $0.04 per diluted share, for the first quarter of 2010.


The first quarter 2011 results include a net tax charge of $1.9 million, or $0.16 per diluted share, related to a mixture of discrete tax items and also an $11.4 million pre-tax charge, or $0.62 per diluted share, for scheduled major maintenance costs. The first quarter 2010 results included a one-time net tax charge of $4.4 million, or $0.37 per diluted share, resulting from the passage of the Patient Protection and Affordable Care Act of 2010 and also scheduled pre-tax major maintenance costs of $16.9 million, or $0.95 per diluted share.


The first quarter 2011 earnings before interest, taxes, depreciation and amortization, or EBITDA, was $41.7 million compared to $22.4 million in the first quarter of 2010.


"We are on schedule and on budget with the build out of our tissue facilities at Shelby, North Carolina," said Gordon Jones, chairman, president and chief executive officer. "The converting equipment and warehousing is being brought up to speed and we are continuing work related to the paper machine.


"We also continue to make very good strides with the integration of Cellu Tissue," said Jones. "Our people, operations and businesses are working very well together.


"As a result of the integration, we expect synergies to partially offset some of the higher pulp and transportation costs we have been experiencing in our tissue business, and we have announced our intention to raise tissue prices to help further offset these cost increases.


"Despite the cost challenges, we remain positive about both of our segments for the rest of 2011," concluded Jones.

 

Source: Clearwater Paper Corporation

Published in Financial News
Thursday, 24 March 2011 19:56

Clearwater Paper Selects Tissue Machine

Clearwater Paper Corporation has announced it has selected Metso Corporation of Helsinki, Finland, to manufacture its new Through-Air-Dried (TAD) tissue machine to be located at the company's previously announced Shelby, North Carolina, tissue converting and distribution facility.


"We chose an industry staple, a proven supplier, a machine used by many tissue companies around the world," said Brian Hoaglund, expansion project leader for Clearwater Paper. "Our team looked at all of the leading suppliers, but in the end we were most comfortable with Metso, due to their excellent engineering and quality end-product as well as top notch customer service."


In June 2010, Clearwater Paper announced it would build the new through-air-dried (TAD) tissue machine and converting facility at Shelby, North Carolina. The new production and distribution capabilities of the facility will increase the company's ultra and premium offerings to existing Southern and East Coast customers and create new opportunities to expand the company's private label consumer tissue business to other retail grocery chains in the region.


Construction of the first phase — converting and warehouse areas of the facility — is on schedule and the company expects to begin converting production at the facility in the second half of 2011. The new Metso paper machine is expected to begin production during the second half of 2012.


The company believes that TAD technology is the most efficient and effective way to provide softness, strength, convenience and absorption in tissue products. Metso's machine will comprise a complete tissue production line with stock preparation equipment and an Advantage ThruAir 200 TAD tissue machine including an OptiFlo II TIS multi-layer headbox, Thru-Air dryers and air system, and an Advantage WetDust dust management system. The production line will also feature Metso's patented Advantage SoftReel-B belted reel technology. The production line will be optimized to produce ultra TAD quality tissue and towel products at high speed and efficiency.

Published in North American News

Clearwater Paper Corporation (NYSE:CLW) announced today that Gordon Jones, chair, president and CEO, and Linda Massman, vice president and CFO, will be presenting at the Goldman Sachs 2011 Montreal Paper Conference on Wednesday, March 16, 2011, at 9:00 AM EST.

A live audio webcast of the presentation and slide materials to be used in connection with the presentation will be accessible via Clearwater Paper's investor relations section of the company's website at http://ir.clearwaterpaper.com/events.cfm.


An audio replay of the webcast will be available at the site for 90 days.

Published in Financial News

Clearwater Paper Corporation has announced that it will host its fourth quarter and full year 2010 financial results conference call on Thursday, March 3, 2011, at 8 a.m. Pacific Time (11 a.m. Eastern Time). The company will issue its financial results before the market opens the same day.

Investors may access the conference call by dialing 877-303-9241 (for US/Canada investors) or 760-666-3575 (for international investors). The audio Web cast may be accessed on the company's Web site at http://ir.clearwaterpaper.com/events.cfm.

An accompanying presentation will be available for downloading from http://ir.clearwaterpaper.com/events.cfm before the market opens. The Web cast will be audio only. Investors are recommended to download the accompanying presentation prior to the call.

For those unable to participate in the call, an archived recording will be available through Clearwater Paper's Web site at www.clearwaterpaper.com under "Investor Relations" following the conference call.

Source: Clearwater Paper Corporation

Published in Financial News
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