Moscow. Mar 13, 2008. /Lesprom.com/. Neenah Paper reported income from continuing operations for the 4Q 2007 of $2.9 million, or $0.19 per diluted common share, compared with income from continuing operations of $3.2 million, or $0.21 per diluted common share, for the 4Q 2006. Consolidated net sales of $256 million in the 4Q 2007 increased 44% compared with the 4Q 2006. Operating income of $11.6 million in the 4Q 2007 included a $5.2 million pre-tax charge for the Terrace Bay litigation settlement discussed above, and was 29% ahead of the $9.0 million reported in the 4Q 2006. While operating income significantly exceeded prior year levels, net income from continuing operations was lower due to increased tax expense. Commenting on results, Sean Erwin, Chairman and CEO said, "Overall, we saw significant change in Neenah Paper over the past year as we gained scale through acquisitions that expanded both our capabilities and our product portfolio and provided us a more global platform. 4Q results continued to reflect increasing raw material and energy prices, however, the selling price increases we implemented in the fourth quarter and early this year are helping to offset such cost increases. While the quarter also included expenses in Fine Paper for the integration of Fox River, these costs are now largely complete and will allow us to realize benefits going forward. Pulp operations also performed very well, setting all- time productivity records that helped to improve costs and volume growth. Our balance sheet and cash flows remain strong, giving us adequate liquidity and flexibility, and in the 4Q we used available free cash flows to pay down debt for the third consecutive quarter." Full year consolidated net sales were $990.5 million and $594.3 million in 2006. The increase in revenues in 2007 resulted from the acquisitions of Neenah Germany and Fox River Paper Company as well as higher selling prices in all product segments. Operating income was $66.9 million in 2007 and $168.4 million in 2006, while earnings from continuing operations were $2.50 per diluted common share in 2007, compared to $6.43 per diluted common share in the prior year. Neenah Paper is a global manufacturer of premium, performance- based papers and specialty products used in a variety of applications including filtration, printing and writing, and as backing and component materials for many specialized industrial and consumer applications. |
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