Published: April 27, 2010
Buckeye Announces Third Quarter FY 2010 Results
MEMPHIS, Tenn. - (BUSINESS WIRE) - Buckeye Technologies Inc. (NYSE:BKI) today announced third quarter net
income of $19.3 million or $0.49 per share compared to net income of
$4.3 million or $0.11 per share in the same period last year. Third
quarter earnings included net income of $4.2 million, or $0.11 per
share, from alternative fuel mixture credits (AFMC) recognized during
the quarter, which was partly offset by after-tax costs relating to
restructuring and early retirement of debt totaling $2.5 million, or
$0.07 per share. In addition, income tax expense for the quarter was
reduced by $7.4 million, or $0.19 per share for energy investment tax
credits earned to-date on progress expenditures for our Foley Energy
Independence project, of which $6.6 million or $0.17 per share was
related to prior period expenditures. We expect to continue to receive
investment tax credits over the next several years based on planned
spending on energy projects at our Foley mill. Net sales were $191
million for the third quarter of fiscal 2010, up 11% versus net sales of
$172 million in the third quarter of fiscal 2009.
Adjusted net income* for the quarter was $11.0 million, or $0.28 per
share versus third quarter fiscal 2009 adjusted net income $4.3 million,
or $0.11 per share. "Adjusted net income" is a "non-GAAP financial
measure" as defined by SEC rules that adjusts net income for AFMC,
investment tax credits on prior period expenditures, restructuring and
early debt retirement costs and is reconciled in the table below. This
$0.17 per share increase in adjusted earnings per share* compared to the
same quarter a year ago was largely due to increased shipment volume,
which was up about 19%, and the resulting improvement in capacity
utilization. The impact of lower selling prices was offset by lower
input costs. Also contributing $0.06 to this improvement in adjusted net
income was a 46% reduction in interest expense versus the same quarter a
year ago largely due to the reduction in long-term debt, which has come
down by $115 million over the past twelve months. This was partly offset
by a higher tax rate (-$0.04).
Adjusted earnings per share of $0.28 in the just completed quarter were
up $0.06 compared to the $0.22 earned in the second quarter. Adjusted
operating income* improved by $2.7 million, accounting for $0.04 of this
improvement and reduced interest expense added another $0.01. Operating
income for Specialty Fibers was up $4.1 million as increased selling
prices due to strong demand in most of our markets more than offset
higher costs for energy (driven primarily by cold weather) and
transportation during the quarter. Operating income for Nonwovens was
down $1.2 million as margins were compressed due to rising fluff pulp
costs.
Chairman and Chief Executive Officer John B. Crowe said, "In spite of a
slow start in January and February due to the cold weather, our third
quarter was a good quarter. Our markets remain very strong and should
continue to be so for the near term. Gross margin for the quarter
improved to 17.4% of sales, which is the highest level achieved since
the October-December quarter of 2007. We generated free cash flow* of
$18.2 million during the quarter, enabling us to reduce our debt to
$273.5 million and meet our fiscal year-end debt goal one quarter early.
We have established a new target to reduce long-term debt below $250
million by the end of our fiscal year in June. We also completed the
redemption of an additional $25 million of our 8.5% 2013 senior notes on
April 19th using borrowings on our bank revolver, which will
reduce the remaining notes outstanding to $140 million and further
reduce interest costs going forward. Average selling prices of our
products are expected to improve further in the fourth quarter. Also, in
the near term, operational reliability and procurement of cotton linters
will be the keys to building on the current quarter's success."
Buckeye has scheduled a conference call for April 28, 2009 at
11:00 a.m. ET to discuss third quarter fiscal year 2010 results. Those
interested in listening by telephone may dial in at (800) 967-7138 within
the United States. International callers should dial (719)
325-2306. Supplemental material for the call will be available on the
Company's website at www.bkitech.com
or at www.streetevents.com.
Buckeye, a leading manufacturer and marketer of specialty fibers and
nonwoven materials, is headquartered in Memphis, Tennessee, USA. The
Company currently operates facilities in the United States, Germany,
Canada, and Brazil. Its products are sold worldwide to makers of
consumer and industrial goods.
* This release includes certain financial information not derived in
accordance with generally accepted accounting principles ("GAAP" ). The
non-GAAP measures used are "adjusted operating income" , "adjusted net
income" , "adjusted earnings per share" and "free cash flow" The first
three are equal to net income, operating income and earnings per share
excluding income from alternative fuel mixture credits, investment tax
credits on prior period expenditures, restructuring, and early debt
retirement costs. We define "free cash flow" as net cash provided
by operating activities less net cash used in investing activities.
The Company believes that the presentation of these non-GAAP measures
provides information that is useful to investors as it allows for a more
meaningful comparison of these financial measures to prior periods, but
this information should not be considered a substitute for any measures
derived in accordance with GAAP. The Company manages its business
units by financial measures which exclude these items. Operating income
and earnings per share targets for our all-employee bonus and at-risk
compensation also exclude the benefit of alternative fuel mixture
credits. Free cash flow is provided because it is widely used by
investors as a valuation and liquidity measure in our industry.
|
|
|
|
Jan-Mar
|
|
Oct-Dec
|
|
Jan-Mar
|
|
($ in Millions)
|
|
|
|
2010
|
|
|
2009
|
|
|
2009
|
|
Operating income
|
|
|
|
|
|
|
|
|
Operating income in accordance with GAAP
|
|
|
|
23.7
|
|
|
55.7
|
|
|
12.8
|
|
Restructuring costs
|
|
|
|
2.4
|
|
|
|
|
|
Alternative fuel mixture credits
|
|
|
|
(4.8)
|
|
|
(37.1)
|
|
|
|
Adjusted operating income
|
|
|
|
21.3
|
|
|
18.6
|
|
|
12.8
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
Net income in accordance with GAAP
|
|
|
|
19.3
|
|
|
46.3
|
|
|
4.3
|
|
Restructuring costs
|
|
|
|
1.5
|
|
|
|
|
|
Alternative fuel mixture credits
|
|
|
|
( 4.2)
|
|
|
(37.5)
|
|
|
|
Early extinguishment of debt
|
|
|
|
1.0
|
|
|
|
|
|
ITC on prior period expenditures
|
|
|
|
( 6.6)
|
|
|
|
|
|
Adjusted net income
|
|
|
|
11.0
|
|
|
8.8
|
|
|
4.3
|
|
|
|
Diluted earnings per share (EPS)
|
|
|
|
|
|
|
|
|
EPS in accordance with GAAP
|
|
|
$
|
0.49
|
|
$
|
1.18
|
|
|
0.11
|
|
Restructuring costs
|
|
|
|
0.04
|
|
|
|
|
|
Alternative fuel mixture credits
|
|
|
|
(0.11)
|
|
|
( 0.96)
|
|
|
|
Early Extinguishment of Debt
|
|
|
|
0.03
|
|
|
|
|
|
ITC on prior period expenditures
|
|
|
|
(0.17)
|
|
|
|
|
|
Adjusted EPS
|
|
|
$
|
0.28
|
|
$
|
0.22
|
|
$
|
0.11
|
|
|
|
Free Cash Flow
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
29.4
|
|
|
10.9
|
|
|
21.3
|
|
Net cash used in investing activities
|
|
|
|
(11.2)
|
|
|
(10.1)
|
|
|
( 9.1)
|
|
Free cash flow
|
|
|
|
18.2
|
|
|
0.8
|
|
|
12.2
|
This press release contains forward-looking statements within the
meaning of the federal securities laws and is intended to qualify for
the Safe Harbor from liability established by the Private Securities
Litigation Reform Act of 1995. "Forward-looking statements" generally
can be identified by the use of forward-looking terminology such as
"assumptions," "target," "guidance," "outlook," "plans," "projection,"
"may," "will," "would," "expect," "intend," "estimate," "anticipate,"
"believe," "potential," or "continue (or the negative or other
derivatives of each of these terms or similar terminology). The
"forward-looking statements" include, without limitation, statements
regarding the economic outlook for the Company and the demand for its
products, the receipt of future investment tax credits and debt
reduction goals. These statements are based on management's
estimates and assumptions with respect to future events and financial
performance and are believed to be reasonable, though are inherently
uncertain and difficult to predict. Actual results could differ
materially from those projected as a result of certain factors. A
discussion of factors that could cause results to vary is included in
the Company's Annual Report on Form 10-K and other period filings with
the Securities and Exchange Commission.
|
BUCKEYE TECHNOLOGIES INC.
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(unaudited)
|
|
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
March 31, 2010
|
|
December 31, 2009
|
|
March 31, 2009
|
|
March 31, 2010
|
|
March 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
190,714
|
|
|
$
|
183,308
|
|
|
$
|
171,635
|
|
|
$
|
551,296
|
|
|
$
|
577,593
|
|
|
Cost of goods sold
|
|
|
157,567
|
|
|
|
153,095
|
|
|
|
147,765
|
|
|
|
463,028
|
|
|
|
495,253
|
|
|
Gross margin
|
|
|
33,147
|
|
|
|
30,213
|
|
|
|
23,870
|
|
|
|
88,268
|
|
|
|
82,340
|
|
|
Gross margin as a percentage of sales
|
|
|
17.4
|
%
|
|
|
16.5
|
%
|
|
|
13.9
|
%
|
|
|
16.0
|
%
|
|
|
14.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, research and administrative expenses
|
|
|
11,985
|
|
|
|
11,181
|
|
|
|
10,601
|
|
|
|
34,666
|
|
|
|
34,077
|
|
|
Amortization of intangibles and other
|
|
|
472
|
|
|
|
477
|
|
|
|
465
|
|
|
|
1,422
|
|
|
|
1,405
|
|
|
Goodwill impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
138,008
|
|
|
Restructuring costs
|
|
|
2,395
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,209
|
|
|
|
-
|
|
|
Alternative fuel mixture credits
|
|
|
(4,762
|
)
|
|
|
(37,073
|
)
|
|
|
-
|
|
|
|
(77,677
|
)
|
|
|
-
|
|
|
Mitigation bank sales
|
|
|
(633
|
)
|
|
|
(91
|
)
|
|
|
-
|
|
|
|
(724
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
23,690
|
|
|
|
55,719
|
|
|
|
12,804
|
|
|
|
127,372
|
|
|
|
(91,150
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest expense and amortization of debt costs
|
|
|
(3,920
|
)
|
|
|
(4,621
|
)
|
|
|
(7,206
|
)
|
|
|
(13,830
|
)
|
|
|
(22,113
|
)
|
|
Early extinguishment of debt
|
|
|
(1,537
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,372
|
)
|
|
|
401
|
|
|
Foreign exchange and other
|
|
|
(421
|
)
|
|
|
(199
|
)
|
|
|
100
|
|
|
|
(720
|
)
|
|
|
(518
|
)
|
|
Income (loss) before income taxes
|
|
|
17,812
|
|
|
|
50,899
|
|
|
|
5,698
|
|
|
|
111,450
|
|
|
|
(113,380
|
)
|
|
Income tax expense (benefit)
|
|
|
(1,531
|
)
|
|
|
4,616
|
|
|
|
1,412
|
|
|
|
6,592
|
|
|
|
(1,532
|
)
|
|
Net income (loss)
|
|
$
|
19,343
|
|
|
$
|
46,283
|
|
|
$
|
4,286
|
|
|
$
|
104,858
|
|
|
$
|
(111,848
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share
|
|
$
|
0.50
|
|
|
$
|
1.19
|
|
|
$
|
0.11
|
|
|
$
|
2.71
|
|
|
$
|
(2.89
|
)
|
|
Diluted earnings per share
|
|
$
|
0.49
|
|
|
$
|
1.18
|
|
|
$
|
0.11
|
|
|
$
|
2.66
|
|
|
$
|
(2.89
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares for basic earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,785
|
|
|
|
38,752
|
|
|
|
38,672
|
|
|
|
38,754
|
|
|
|
38,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares for diluted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,638
|
|
|
|
39,282
|
|
|
|
38,765
|
|
|
|
39,352
|
|
|
|
38,682
|
|
|
BUCKEYE TECHNOLOGIES INC.
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31
|
|
December 31
|
|
June 30
|
|
|
|
2010
|
|
2009
|
|
2009
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
26,935
|
|
$
|
20,797
|
|
$
|
22,061
|
|
Accounts receivable, net
|
|
|
126,981
|
|
|
120,420
|
|
|
111,292
|
|
Income tax and AFMC Receivable
|
|
|
73,809
|
|
|
64,814
|
|
|
9,374
|
|
Inventories
|
|
|
83,147
|
|
|
83,894
|
|
|
87,637
|
|
Deferred income taxes and other
|
|
|
6,166
|
|
|
6,290
|
|
|
6,507
|
|
Total current assets
|
|
|
317,038
|
|
|
296,215
|
|
|
236,871
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
526,201
|
|
|
530,360
|
|
|
526,589
|
|
Goodwill
|
|
|
2,425
|
|
|
2,425
|
|
|
2,425
|
|
Intellectual property and other, net
|
|
|
18,886
|
|
|
20,118
|
|
|
26,499
|
|
Total assets
|
|
$
|
864,550
|
|
$
|
849,118
|
|
$
|
792,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Trade accounts payable
|
|
$
|
32,814
|
|
$
|
26,780
|
|
$
|
30,882
|
|
Accrued expenses
|
|
|
43,190
|
|
|
33,403
|
|
|
40,804
|
|
Current portion of long-term debt
|
|
|
-
|
|
|
19,000
|
|
|
-
|
|
Total current liabilities
|
|
|
76,004
|
|
|
79,183
|
|
|
71,686
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
273,476
|
|
|
271,000
|
|
|
327,465
|
|
Deferred income taxes
|
|
|
48,120
|
|
|
46,988
|
|
|
48,399
|
|
Capital lease obligations
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Other liabilities
|
|
|
32,993
|
|
|
33,898
|
|
|
26,803
|
|
Stockholders' equity
|
|
|
433,957
|
|
|
418,049
|
|
|
318,031
|
|
Total liabilities and stockholders' equity
|
|
$
|
864,550
|
|
$
|
849,118
|
|
$
|
792,384
|
|
BUCKEYE TECHNOLOGIES INC.
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(unaudited)
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
|
March 31, 2010
|
|
December 31, 2009
|
|
March 31, 2009
|
|
March 31, 2010
|
|
March 31, 2009
|
|
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
19,343
|
|
|
$
|
46,284
|
|
|
$
|
4,286
|
|
|
$
|
104,858
|
|
|
$
|
(111,848
|
)
|
|
Adjustments to reconcile net income to net cash provided
by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
11,500
|
|
|
|
11,530
|
|
|
|
11,824
|
|
|
|
34,324
|
|
|
|
36,593
|
|
|
|
Amortization
|
|
|
704
|
|
|
|
735
|
|
|
|
634
|
|
|
|
2,187
|
|
|
|
1,886
|
|
|
|
Loss on early extinguishment of debt
|
|
|
1,537
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,372
|
|
|
|
(401
|
)
|
|
|
Loss on goodwill impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
138,008
|
|
|
|
Deferred income taxes
|
|
|
1,718
|
|
|
|
(1,844
|
)
|
|
|
1,828
|
|
|
|
75
|
|
|
|
(4,761
|
)
|
|
|
Loss on disposal of equipment
|
|
|
286
|
|
|
|
142
|
|
|
|
217
|
|
|
|
459
|
|
|
|
891
|
|
|
|
Provision for bad debts
|
|
|
(98
|
)
|
|
|
(97
|
)
|
|
|
263
|
|
|
|
(354
|
)
|
|
|
253
|
|
|
|
Excess tax benefit from stock based compensation
|
|
|
(3
|
)
|
|
|
(16
|
)
|
|
|
-
|
|
|
|
(19
|
)
|
|
|
-
|
|
|
|
Other
|
|
|
(94
|
)
|
|
|
(269
|
)
|
|
|
154
|
|
|
|
(777
|
)
|
|
|
218
|
|
|
|
Change in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(7,458
|
)
|
|
|
(6,285
|
)
|
|
|
(4,783
|
)
|
|
|
(8,363
|
)
|
|
|
6,797
|
|
|
|
|
Income tax and AFMC receivable
|
|
|
(8,995
|
)
|
|
|
(27,119
|
)
|
|
|
-
|
|
|
|
(64,435
|
)
|
|
|
-
|
|
|
|
|
Inventories
|
|
|
466
|
|
|
|
(988
|
)
|
|
|
13,467
|
|
|
|
5,247
|
|
|
|
4,086
|
|
|
|
|
Other assets
|
|
|
271
|
|
|
|
2,089
|
|
|
|
866
|
|
|
|
960
|
|
|
|
1,189
|
|
|
|
|
Accounts payable and other liabilities
|
|
|
10,244
|
|
|
|
(13,284
|
)
|
|
|
(7,485
|
)
|
|
|
(1,135
|
)
|
|
|
(23,100
|
)
|
|
Net cash provided by operating activities
|
|
|
29,421
|
|
|
|
10,878
|
|
|
|
21,271
|
|
|
|
74,399
|
|
|
|
49,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant & equipment
|
|
|
(11,097
|
)
|
|
|
(9,910
|
)
|
|
|
(8,994
|
)
|
|
|
(29,769
|
)
|
|
|
(34,005
|
)
|
|
|
Proceeds from sale of assets
|
|
|
-
|
|
|
|
8
|
|
|
|
-
|
|
|
|
8
|
|
|
|
-
|
|
|
|
Proceeds from State of Florida grant
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,381
|
|
|
|
-
|
|
|
|
Other
|
|
|
(158
|
)
|
|
|
(145
|
)
|
|
|
(98
|
)
|
|
|
(319
|
)
|
|
|
(171
|
)
|
|
Net cash used in investing activities
|
|
|
(11,255
|
)
|
|
|
(10,047
|
)
|
|
|
(9,092
|
)
|
|
|
(22,699
|
)
|
|
|
(34,176
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Net borrowings (payments) under line of credit
|
|
|
18,470
|
|
|
|
(5,000
|
)
|
|
|
(2,655
|
)
|
|
|
90,999
|
|
|
|
(114
|
)
|
|
|
Payments on long term debt and other
|
|
|
(35,000
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(145,000
|
)
|
|
|
(5,358
|
)
|
|
|
Excess tax benefit from stock based compensation
|
|
|
3
|
|
|
|
16
|
|
|
|
-
|
|
|
|
19
|
|
|
|
-
|
|
|
|
Purchase of treasury shares
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(494
|
)
|
|
|
Net proceeds from sale of equity interests
|
|
|
539
|
|
|
|
33
|
|
|
|
-
|
|
|
|
694
|
|
|
|
-
|
|
|
Net cash used in financing activities
|
|
|
(15,988
|
)
|
|
|
(4,951
|
)
|
|
|
(2,655
|
)
|
|
|
(53,288
|
)
|
|
|
(5,966
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency rate fluctuations on cash
|
|
|
3,960
|
|
|
|
1,662
|
|
|
|
864
|
|
|
|
6,462
|
|
|
|
(1,183
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
6,138
|
|
|
|
(2,458
|
)
|
|
|
10,388
|
|
|
|
4,874
|
|
|
|
8,486
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
20,797
|
|
|
|
23,255
|
|
|
|
8,491
|
|
|
|
22,061
|
|
|
|
10,393
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
26,935
|
|
|
$
|
20,797
|
|
|
$
|
18,879
|
|
|
$
|
26,935
|
|
|
$
|
18,879
|
|
|
BUCKEYE TECHNOLOGIES INC.
|
|
SUPPLEMENTAL FINANCIAL DATA
|
|
(unaudited)
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
SEGMENT RESULTS
|
|
March 31, 2010
|
|
December 31, 2009
|
|
March 31, 2009
|
|
March 31, 2010
|
|
March 31, 2009
|
|
Specialty Fibers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
137,049
|
|
|
|
$
|
129,585
|
|
|
|
$
|
123,853
|
|
|
|
$
|
388,793
|
|
|
|
$
|
426,571
|
|
|
|
Operating income (a)
|
|
|
20,345
|
|
|
|
|
16,246
|
|
|
|
|
10,861
|
|
|
|
|
45,943
|
|
|
|
|
42,271
|
|
|
|
Depreciation and amortization (b)
|
|
7,393
|
|
|
|
|
7,411
|
|
|
|
|
7,793
|
|
|
|
|
21,844
|
|
|
|
|
24,201
|
|
|
|
Capital expenditures
|
|
|
10,335
|
|
|
|
|
8,794
|
|
|
|
|
7,789
|
|
|
|
|
26,565
|
|
|
|
|
29,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonwoven Materials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
59,922
|
|
|
|
$
|
60,241
|
|
|
|
$
|
57,210
|
|
|
|
$
|
182,891
|
|
|
|
$
|
179,913
|
|
|
|
Operating income (a)
|
|
|
3,347
|
|
|
|
|
4,560
|
|
|
|
|
2,912
|
|
|
|
|
13,051
|
|
|
|
|
7,948
|
|
|
|
Depreciation and amortization (b)
|
|
3,653
|
|
|
|
|
3,668
|
|
|
|
|
3,577
|
|
|
|
|
11,128
|
|
|
|
|
11,119
|
|
|
|
Capital expenditures
|
|
|
663
|
|
|
|
|
1,135
|
|
|
|
|
866
|
|
|
|
|
2,526
|
|
|
|
|
3,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
(6,257
|
)
|
|
|
$
|
(6,518
|
)
|
|
|
$
|
(9,428
|
)
|
|
|
$
|
(20,388
|
)
|
|
|
$
|
(28,891
|
)
|
|
|
Operating income (loss) (a)
|
|
|
(2
|
)
|
|
|
|
34,914
|
|
|
|
|
(969
|
)
|
|
|
|
68,378
|
|
|
|
|
(141,369
|
)
|
|
|
Depreciation and amortization (b)
|
|
926
|
|
|
|
|
929
|
|
|
|
|
919
|
|
|
|
|
2,776
|
|
|
|
|
2,678
|
|
|
|
Capital expenditures
|
|
|
99
|
|
|
|
|
(19
|
)
|
|
|
|
339
|
|
|
|
|
678
|
|
|
|
|
1,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
190,714
|
|
|
|
$
|
183,308
|
|
|
|
$
|
171,635
|
|
|
|
$
|
551,296
|
|
|
|
$
|
577,593
|
|
|
|
Operating income (loss) (a)
|
|
|
23,690
|
|
|
|
|
55,720
|
|
|
|
|
12,804
|
|
|
|
|
127,372
|
|
|
|
|
(91,150
|
)
|
|
|
Depreciation and amortization (b)
|
|
11,972
|
|
|
|
|
12,008
|
|
|
|
|
12,289
|
|
|
|
|
35,748
|
|
|
|
|
37,998
|
|
|
|
Capital expenditures
|
|
|
11,097
|
|
|
|
|
9,910
|
|
|
|
|
8,994
|
|
|
|
|
29,769
|
|
|
|
|
34,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The corporate segment includes operating elements such as
segment eliminations, amortization of intangibles, impairment of
long-lived assets, alternative fuel mixture credits, charges related
to restructuring, unallocated at-risk compensation and unallocated
stock-based compensation for executive officers and certain other
employees. Corporate net sales represents the elimination of
intersegment sales included in the specialty fibers reporting
segment.
|
|
|
|
(b) Depreciation and amortization includes depreciation, depletion
and amortization of intangibles.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
ADJUSTED EBITDA
|
|
March 31, 2010
|
|
December 31, 2009
|
|
March 31, 2009
|
|
March 31, 2010
|
|
March 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
19,343
|
|
|
|
$
|
46,283
|
|
|
|
$
|
4,286
|
|
|
|
$
|
104,858
|
|
|
|
$
|
(111,848
|
)
|
|
Income tax expense
|
|
|
(1,531
|
)
|
|
|
|
4,616
|
|
|
|
|
1,412
|
|
|
|
|
6,592
|
|
|
|
|
(1,532
|
)
|
|
Interest expense
|
|
|
3,706
|
|
|
|
|
4,412
|
|
|
|
|
6,979
|
|
|
|
|
13,185
|
|
|
|
|
21,483
|
|
|
Amortization of debt costs
|
|
|
232
|
|
|
|
|
258
|
|
|
|
|
262
|
|
|
|
|
759
|
|
|
|
|
785
|
|
|
Early extinguishment of debt
|
|
|
1,537
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1,372
|
|
|
|
|
(401
|
)
|
|
Depreciation, depletion and amortization
|
|
11,972
|
|
|
|
|
12,007
|
|
|
|
|
12,289
|
|
|
|
|
35,746
|
|
|
|
|
37,998
|
|
|
EBITDA
|
|
|
35,259
|
|
|
|
|
67,576
|
|
|
|
|
25,228
|
|
|
|
|
162,512
|
|
|
|
|
(53,515
|
)
|
|
Asset impairments
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
138,008
|
|
|
Non cash charges
|
|
|
397
|
|
|
|
|
159
|
|
|
|
|
361
|
|
|
|
|
646
|
|
|
|
|
1,091
|
|
|
Adjusted EBITDA
|
|
$
|
35,656
|
|
|
|
$
|
67,735
|
|
|
|
$
|
25,589
|
|
|
|
$
|
163,158
|
|
|
|
$
|
85,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We calculate EBITDA as earnings before cumulative effect of change
in accounting plus interest expense, income taxes and depreciation
and amortization. Adjusted EBITDA further adjusts EBITDA by adding
back the following items: asset impairment charges, non-cash charges
and other (gains) losses. You should not consider adjusted EBITDA to
be an alternative measure of our net income, as an indicator of
operating performance; or our cash flow, as an indicator of
liquidity. Adjusted EBITDA corresponds with the definition contained
in our US revolving credit facility, established on July 25, 2007,
and it provides useful information concerning our ability to comply
with debt covenants. Although we believe adjusted EBITDA enhances
your understanding of our financial condition, this measure, when
viewed individually, is not a better indicator of any trend as
compared to other measures (e.g., net sales, net earnings, net cash
flows, etc.).
|
Buckeye Technologies Inc.
Steve Dean, 901-320-8352
Senior Vice
President and Chief Financial Officer
or
Daryn Abercrombie,
901-320-8908
Investor Relations
Website: www.bkitech.com
Copyright © 2012, Business Wire, Inc., All rights reserved. Copyright © 2012, NewsBlaze, Daily News
|
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