Glatfelter Reports Record Sales for Fiscal 2011
Feb. 7, 2012 - Glatfelter today reported strong financial results for the quarter and year ended December 31, 2011, including record full-year sales of $1.6 billion, an increase of 10 percent from a year ago, and adjusted earnings of $46 million for 2011, an increase of 12 percent.
For the fourth quarter of 2011, Glatfelter reported consolidated net sales of $391.9 million, a 4.2 percent increase from the fourth quarter of 2010. On a GAAP basis, the Company reported net income of $9.7 million, or $0.22 per diluted share. Adjusted earnings for the fourth quarter of 2011 were $14.2 million or $0.32 per diluted share, excluding costs for the early redemption of debt, work force efficiency initiatives and items related to timberland sales, compared with $14.6 million, or $0.31 per diluted share, in the same quarter a year ago. Fourth quarter 2010 adjusted earnings included tax benefits of $0.06 per share from tax law changes, reserve releases and other factors when compared to 2011. Adjusted earnings is a non-GAAP measure that excludes from the Company’s GAAP-based results certain non-core business items as described in tables later in this release.
"Our business units made good progress in 2011," said Dante C. Parrini, chairman and chief executive officer. "For example, our Composite Fibers business continued to build on its leading market positions in single-serve coffee and tea products worldwide. Similarly, our Advanced Airlaid Materials business drove increased sales to the global feminine hygiene market, while our Specialty Papers business outperformed the broader uncoated free sheet market for the seventh year in a row. I am particularly pleased with the continued expansion of our operating margins in our growth businesses and the strength of our cash flow."
Mr. Parrini noted that, during the year, the Company generated strong free cash flow of $76 million which allowed the Company to repurchase $50 million of common stock, complete a debt refinancing at favorable borrowing rates, and maintain a strong balance sheet to allow for further investments in growth initiatives.
For Glatfelter's full report, please visit: Glatfelter Reports Record Sales for Fiscal 2011