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Clearwater Paper Corp (CLW) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Clearwater Paper Corp

CIK: 1441236 Ticker: CLW


Exhibit 99.1
Clearwater Paper Reports Fourth Quarter and Year End 2019 Results
SPOKANE, Wash.--(BUSINESS WIRE)-- February 26, 2020 --
Clearwater Paper Corporation (NYSE:CLW), a premier supplier of quality consumer tissue, away-from-home tissue, parent roll tissue and bleached paperboard today reported financial results for the fourth quarter and year ended 2019.
HIGHLIGHTS
Fourth quarter net income of $2 million, or $0.12 per diluted share
Fourth quarter Adjusted EBITDA of $52 million, best result over the last eight quarters
Fifth consecutive quarter of sequential sales growth for Consumer Products segment
Fourth quarter operating cash flow up 50% versus the fourth quarter of 2018; 50 basis point reduction in net leverage ratio
OVERALL RESULTS
For the fourth quarter of 2019, Clearwater Paper reported net sales of $436 million, up from $429 million reported in the fourth quarter of 2018. Net income for the fourth quarter of 2019 was $2 million, or $0.12 per diluted share, compared to a net loss in the fourth quarter of 2018 of $188 million, or $11.39 per diluted share. On a non-GAAP basis, the company's adjusted income in the fourth quarter of 2019 was $6 million, or $0.37 per diluted share, compared to fourth quarter 2018 adjusted income of $7 million, or $0.45 per diluted share. Adjusted EBITDA for the fourth quarter of 2019 was $52 million compared to the fourth quarter 2018 of $47 million.
For the year ended 2019, Clearwater Paper reported net sales of $1.8 billion, up from $1.7 billion reported for the year ended 2018. The company reported a net loss for the year of $6 million, or $0.34 per diluted share, compared to a net loss of $144 million or $8.72 per diluted share in 2018. On a non-GAAP basis, our adjusted net loss for 2019 was $4 million, or $0.23 per diluted share as compared to adjusted income of $42 million, or $2.54 per diluted share for 2018. Adjusted EBITDA for the year was $167 million compared to $182 million for 2018, this decrease was primarily due to planned maintenance outages.
“We had a strong finish to 2019 due to lower input pulp and fiber costs in the fourth quarter, and lower maintenance costs and expense timing. We also had a strong sales quarter for tissue, which grew sequentially for the fifth consecutive quarter,” said Linda K. Massman, president and chief executive officer. “In addition, our new Shelby, North Carolina facility is producing to quality specifications for both ultra and premium tissue. We also commissioned the polysulfide reactor, which is the final component of our pulp optimization project in Lewiston. Throughout the year, we intend to focus on continuing to improve our operational capabilities to ensure we are well-positioned to generate cash flow to de-lever our balance sheet.”
FOURTH QUARTER 2019 SEGMENT PERFORMANCE
Consumer Products
Net sales in the Consumer Products segment were $231 million for the fourth quarter of 2019, up 8% compared to fourth quarter 2018 net sales of $213 million. This increase was due to higher retail tissue volumes sold offset by slightly lower prices due to mix. This is the fifth consecutive quarter of sequential sales growth for Consumer Products segment. Operating income for the fourth quarter of 2019 was $2 million, compared to $1 million in the fourth quarter of 2018. The increased operating income was primarily due to higher sales volumes and lower pulp costs offset by higher depreciation expense resulting from the completion of the Shelby facility expansion. Adjusted EBITDA for the segment was $20 million in the fourth quarter of 2019, up from $16 million in the fourth quarter of 2018.
Tissue Sales Volumes and Prices:
Total tissue volumes sold were 88,141 tons in the fourth quarter of 2019, an increase of 7,161 tons or 9% compared to 80,980 tons in the fourth quarter of 2018. Retail volumes represented 90% of total volumes sold in the fourth quarter of 2019, up from 86% in the fourth quarter of 2018. Converted product cases shipped increased 14% to 13.3 million in the fourth quarter of 2019, compared to the 11.6 million cases shipped in the fourth quarter of 2018.
Average tissue net selling prices decreased 1.3% to $2,593 per ton in the fourth quarter of 2019, compared to $2,627 per ton in the fourth quarter of 2018. The decrease was primarily due to changes in mix.



The following information was filed by Clearwater Paper Corp (CLW) on Wednesday, February 26, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Clearwater Paper Corp provided additional information to their SEC Filing as exhibits

Ticker: CLW
CIK: 1441236
Form Type: 10-Q Quarterly Report
Accession Number: 0001504337-20-000009
Submitted to the SEC: Tue May 05 2020 4:38:21 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Paperboard Mills

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