Corporate Headquarters
96 South George Street
York, Pennsylvania 17401 U.S.A.


For Immediate Release  
John P. Jacunski
  William T. Yanavitch
(717) 225-2794
  (717) 225-2747

— Specialty Papers’ operating income increased 48 percent for the fourth quarter —
— Company generated free cash flow of $138 million during 2009 –
— Emerges well positioned to continue executing strategy —

YORK, Pennsylvania – February 11, 2010 –

Glatfelter (NYSE: GLT) today reported results for the fourth quarter and full year ended December 31, 2009.

“2009 proved to be a very successful and momentous year for Glatfelter,” said George H. Glatfelter II, Chairman and Chief Executive Officer. “Despite difficult global economic conditions, we were able to generate strong financial results, while creating additional financial flexibility by reducing net debt by $128 million.

“In the fourth quarter, with shipment levels up over 2 percent, the Specialty Papers business unit continued to outperform the broader North American uncoated free sheet market which experienced a decrease of approximately 2 percent in shipments. In addition, the Composite Fibers business unit’s top-line improved after a difficult year due to the stabilization of its core food & beverage papers markets and growth in its other product lines. These results, coupled with free cash flow generation of $138 million during the year, demonstrate the strength and resiliency of our business model and the dedication of our people around the world.”

Fourth-Quarter Consolidated Results

Net sales for the fourth quarter of 2009 rose slightly to $301.1 million, compared with $298.3 million for the fourth quarter of 2008. Net income for the 2009 fourth quarter totaled $46.0 million, or $1.00 per diluted share, compared with 2008 fourth-quarter net income of $13.4 million, or $0.29 per diluted share. The 2009 fourth-quarter results benefited from $32.5 million of alternative fuel mixture credits partially offset by $1.8 million of costs, after-tax, related to the recently announced agreement to acquire Concert Industries Corp. The 2008 fourth-quarter results included $0.1 million of acquisition integration related costs for previously completed acquisitions.

Adjusted earnings for the fourth quarter of 2009, which exclude the items discussed above, were $15.3 million, or $0.33 per diluted share, compared with $13.5 million or $0.30 per diluted share for the fourth quarter of 2008. Adjusted earnings is a non-GAAP measure that excludes from the company’s GAAP-based results certain non-core business items. For a reconciliation of adjusted earnings to GAAP earnings, refer to the tabular presentation at the end of this release.

The company generated $34.8 million of free cash flow (defined as cash from operations less capital expenditures) during the fourth quarter of 2009, compared with $24.0 million in free cash flow during the same quarter of 2008. For the full year 2009, free cash flow totaled $137.6 million.

Fourth-Quarter Business Unit Results

Specialty Papers

    For the quarter ended Dec 31    
Dollars in thousands   2009   2008   Change
Tons shipped
  182,627     178,772       3,855       2.2 %
Net sales
  $ 196,309   $ 199,629     $ (3,320 )     (1.7 )%
Energy and related sales, net
  7,139     1,752       5,387     n/m
Gross margin
  19.2 %   14.1 %  
Operating income
  $ 23,075   $ 15,578     $ 7,497       48.1 %

Specialty Papers’ net sales declined $3.3 million, or 1.7 percent, to $196.3 million in the fourth quarter of 2009, compared with approximately $199.6 million in the fourth quarter of 2008. While the total tons shipped in the quarter was 2.2 percent above 2008, the overall decline in net sales for the fourth quarter 2009 compared to 2008 was primarily driven by lower average selling prices, impacting sales by $2.2 million, and changes in product mix.

Specialty Papers’ 2009 fourth-quarter operating profit increased 48.1 percent to $23.1 million, compared with $15.6 million in the fourth quarter of 2008. Operating results benefited by $2.9 million from overall operating efficiencies, $2.7 million of inventory valuation adjustments and by $1.0 million from product mix. In addition, higher energy and related sales, net of costs, contributed $5.4 million to Specialty Papers’ operating profit in the 2009 fourth quarter compared with the year-earlier quarter primarily due to $5.1 million from the sales of renewable energy credits related to burning renewable energy sources such as black liquor and wood waste.

Composite Fibers

    For the quarter ended Dec 31    
Dollars in thousands   2009   2008   Change
Tons shipped
  20,619     20,374       245       1.2 %
Net sales
  $ 104,812   $ 98,678     $ 6,134       6.2 %
Gross margin percent
  15.8 %   13.0 %  
Operating income
  $ 7,075   $ 3,691     $ 3,384       91.7 %

Net sales in the Composite Fibers business unit increased $6.1 million, or 6.2 percent, to $104.8 million in the fourth quarter of 2009, compared with $98.7 million in the fourth quarter of 2008. On a constant currency basis, lower average selling prices adversely affected net sales by $1.0 million; however, the translation of foreign currencies favorably affected net sales by approximately $8.9 million.


The Composite Fibers business unit was favorably impacted by lower energy and net raw material costs, totaling approximately $2.0 million. In addition, this business unit’s results benefited from lower freight and other costs, as well as a $1.1 million net benefit from the translation of foreign currencies. As a result, Composite Fibers’ operating profit increased $3.4 million in the quarter-to-quarter comparison.

Other Financial Highlights

Pension expense totaled $1.5 million in the fourth quarter of 2009, compared with net pension income of $4.1 million in the same quarter a year ago. This decline negatively impacted earnings by $0.08 per share in the quarter-over-quarter comparison and is directly related to the decline in the value of the company’s pension assets during 2008. Cash contributions to the company’s qualified defined benefit pension plans were not required during 2009 and are not expected to be required during 2010.

For the fourth quarter of 2009, selling, general and administrative (“SG&A”) expenses totaled $29.9 million, a $6.3 million increase compared with the 2008 fourth quarter. The increase was primarily due to recording pension expense in 2009 compared with pension income in 2008 together with higher legal and professional fees, in part related to the agreement to acquire Concert Industries, which was announced in the company’s January 5, 2010 news release.

Results of operations for the fourth quarter of 2009 reflect an effective tax rate of 10.0 percent on pre-tax income of $51.2 million compared with 12.8 percent and $15.4 million, respectively, in the same period a year ago. The lower tax rate in 2009 was primarily due to $32.3 million of alternative fuel mixture credits included in pretax income that are not subject to income tax. On adjusted earnings, the effective tax rate was 25.4 percent for the fourth quarter of 2009 compared with 12.5 percent for the fourth quarter of 2008.

Alternative Fuel Credits

The U.S. Internal Revenue Code provides a tax credit for companies that use alternative fuel mixtures to produce energy to operate their businesses. The credit, equal to $0.50 per gallon of alternative fuel contained in the mixture, is refundable to the taxpayer and expired on December 31, 2009. On May 11, 2009, the company was notified by the Internal Revenue Service that its application to be registered as an alternative fuel mixer was approved. The company received a payment from the Internal Revenue Service on June 30, 2009 in the amount of $29.7 million for the alternative fuel mixture consumed at its Spring Grove, PA and Chillicothe, OH facilities during the period February 20, 2009 through May 17, 2009. For the fourth quarter of 2009, the company earned $32.3 million of alternative fuel mixture credits for which no cash was received as the company intends to claim a refundable income tax credit in connection with the filing of its 2009 federal corporate income tax return.

Since the company began mixing and burning eligible alternative fuels, the company has earned $107.8 million of alternative fuel mixture credits, of which $29.7 million has been received in cash, $20.1 million was used to reduce estimated interim tax payments, and $58.0 million will be claimed as refundable income tax credits and is expected to be realized in cash primarily during the first half of 2010. The company records all alternative fuel mixture credits as a reduction to cost of products sold.


Full-Year Results

For the full year ended December 31, 2009, the company’s net sales totaled $1,184 million compared to $1,264 million in 2008. Net income in 2009 totaled $123.4 million, or $2.70 per diluted share compared with $57.9 million and $1.27, respectively, in 2008. Adjusted earnings (a non-GAAP measure) for 2009 totaled $29.4 million, or $0.64 per diluted share, compared with $47.3 million, or $1.04 per diluted share in 2008. The 2009 full-year results include, on an after-tax basis, $95.8 million from alternative fuel mixture credits and $1.8 million, after tax, of costs related to the previously announced agreement to acquire Concert Industries. Reported results for 2008 included $11.0 million in gains from the sale of timberlands, and a $0.5 million benefit from the reversal of a reserve associated with the 2006 shutdown of the company’s Neenah facility, partially offset by $0.8 million in acquisition integration costs, all of which are after taxes.

Balance Sheet and Other Information

During the fourth quarter of 2009, capital expenditures declined to $9.6 million compared with $11.6 million in the fourth quarter of 2008, reflecting the decision to significantly reduce discretionary spending due to the economic environment. Capital expenditures totaled $26.3 million for 2009 compared with $52.5 million for the full-year 2008.

Net debt, excluding cash collateralized borrowings, was $82.5 million at December 31, 2009, a decrease of $127.9 million compared with December 31, 2008 and a decrease of $28.3 million compared with September 30, 2009.

At the end of the 2009, the company had $135.4 million in cash and $194.3 million available under its revolving credit agreement, which matures in April 2011.

On February 5, 2010, the company completed a private placement offering of $100.0 million of 7.125 percent senior unsecured notes issued at a 5 percent discount. The proceeds, net of underwriting and related fees, will be used to fund, in part, the Concert Industries acquisition, which is expected to close in the next few days subject to closing conditions.


For Specialty Papers, the company expects shipping volumes to increase approximately 4% in the first quarter of 2010 compared with the fourth quarter of 2009 and selling prices are expected to be stable to slightly higher in the same comparison. The company expects higher pulp and energy costs in the first quarter of 2010 compared to the fourth quarter of 2009 that will more than offset the impact of selling price increases.

Our long-term electricity sales agreement at the Spring Grove facility expires on March 31, 2010 after which time we will be selling electricity at market rates which are currently approximately 30% below the pricing in our expiring contract. The sale of renewable energy credits is expected to be approximately $7 million in 2010 which will more than offset lower net revenue from sales of excess electricity.

In the Composite Fibers business unit, the company anticipates shipping volumes in the first quarter of 2010 to be in line with the fourth quarter of 2009. Selling prices are expected to be slightly lower and input costs, primarily woodpulp, are expected to increase slightly compared with the fourth quarter of 2009.

On a pre-tax basis, pension expense for 2010 is expected to be $9.0 million, compared with $7.3 million in 2009.

In connection with its previously announced agreement to acquire Concert Industries, the company hedged the Canadian dollar purchase price and, as a result, expects to incur a charge to earnings of approximately $3.9 million in the first quarter of 2010 due to a stronger US dollar. In addition, we expect to incur other transaction related costs as a result of closing the acquisition and initiating integration activities.

Mr. Glatfelter commented, “Today’s earnings announcement confirms that our strategic direction is delivering results. After a strong conclusion in a very difficult economic environment, I believe we have created significant momentum and we are well positioned to continue generating value for our shareholders. In 2010, the company expects to maintain strong cash flows, deliver strong operating results, and realize the benefit of the Concert acquisition.”

Conference Call

As previously announced, the company will hold a conference call at 11:00 a.m. (Eastern) today to discuss its fourth-quarter results. The company’s earnings release and an accompanying financial supplement, which includes significant financial information to be discussed on the conference call, will be available on Glatfelter’s Investor Relations web site at the address indicated below. Information related to the conference call is as follows:

  Glatfelter’s 4th Quarter 2009 Earnings Release Conference Call
  Thursday, February 11, 2010, 11:00 a.m. Eastern Time
  US dial 888.335.5539
  International dial 973.582.2857
Conference ID:
Rebroadcast Dates:February 11, 2010 12:00 through February 25, 2010 23:59
Rebroadcast Number:Within US dial 800.642.1687
  International dial 706.645.9291
Conference ID:

Interested persons who wish to hear the live webcast should go to the website prior to the starting time to register, download and install any necessary audio software.


Caution Concerning Forward-Looking Statements

Any statements included in this press release which pertain to future financial and business matters, are “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to numerous risks, uncertainties and other unpredictable or uncontrollable factors which may cause actual results or performance to differ materially from the Company’s expectations. Various risks and factors that could cause future results to differ materially from those expressed in the forward-looking statements include, but are not limited to: changes in industry, business, market, political and economic conditions in the U.S. and other countries in which Glatfelter does business, demand for or pricing of its products, changes in tax legislation, governmental laws, regulations and policies, initiatives of regulatory authorities, acquisition integration risks, technological changes and innovations, market growth rates, cost reduction initiatives, and other factors. In light of these risks, uncertainties and other factors, the forward-looking events discussed in this press release may not occur and readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date of this press release and Glatfelter undertakes no obligation, and does not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release. More information about these factors is contained in Glatfelter’s filings with the U.S. Securities and Exchange Commission, which are available at

About Glatfelter

Headquartered in York, PA, Glatfelter is a global manufacturer of specialty papers and engineered products, offering over a century of experience, technical expertise and world-class service. U.S. operations include facilities in Spring Grove, PA and Chillicothe and Fremont, OH. International operations include facilities in Germany, France, the United Kingdom and the Philippines and a representative office in China and a sales and distribution office in Russia. Glatfelter’s sales approximate $1.2 billion annually and its common stock is traded on the New York Stock Exchange under the ticker symbol GLT. Additional information may be found at


P. H. Glatfelter Company and subsidiaries
Consolidated Statements of Income

    Three Months Ended   Year Ended December 31
    December 31        
In thousands, except per share   2009   2008   2009   2008
Net sales
  $ 301,121   $ 298,305   $ 1,184,010   $ 1,263,850
Energy and related sales – net
  7,138   1,752   13,332   9,364
Total revenues
  308,259   300,057   1,197,342   1,273,214
Costs of products sold
  223,275   256,103   927,578   1,095,432
Gross profit
  84,984   43,954   269,764   177,782
Selling, general and administrative expenses
  29,893   23,583   110,257   97,897
Shutdown and restructuring charges
(Gains)/losses on dispositions of plant, equipment and timberlands, net
  (217 )   9   (898 )   (18,468 )
Operating income
  55,308   20,362   160,405   99,209
Non-operating income (expense)
Interest expense
  (4,422 )   (5,534 )   (19,220 )   (23,160 )
Interest income
  303   844   1,886   4,975
Other – net
  (11 )   (315 )   75   2
Total other income (expense)
  (4,130 )   (5,005 )   (17,259 )   (18,183 )
Income before income taxes
  51,178   15,357   143,146   81,026
Income tax provision
  5,138   1,962   19,704   23,138
Net income
  $ 46,040   $ 13,395   $ 123,442   $ 57,888
Weighted average shares outstanding
  45,748   45,325   45,678   45,247
  46,062   45,574   45,774   45,572
Earnings Per Share
  $ 1.01   $ 0.30   $ 2.70   $ 1.28
  1.00   0.29   2.70   1.27


Business Unit Financial Information

Three months ended December 31                
In thousands   Specialty Papers   Composite Fibers   Other and Unallocated   Total
    2009   2008   2009   2008   2009   2008   2009   2008
Net sales
  $ 196,309     $ 199,629     $ 104,812     $ 98,678     $       ($2 )   $ 301,121     $ 298,305  
Energy and related sales, net
    7,139       1,752                   (1 )           7,138       1,752  
Total revenue
    203,448       201,381       104,812       98,678       (1 )     (2 )     308,259       300,057  
Cost of products sold
    165,742       173,147       88,256       85,819       (30,723 )     (2,863 )     223,275       256,103  
Gross profit
    37,706       28,234       16,556       12,859       30,722       2,861       84,984       43,954  
    14,631       12,656       9,481       9,168       5,781       1,759       29,893       23,583  
Shutdown and restructuring charges
(Gains)/losses on dispositions of plant, equipment and timberlands
                            (217 )     9       (217 )     9  
Total operating income (loss)
    23,075       15,578       7,075       3,691       25,158       1,093       55,308       20,362  
Non-operating income (expense)
                            (4,130 )     (5,005 )     (4,130 )     (5,005 )
Income (loss) before income taxes
  $ 23,075     $ 15,578     $ 7,075     $ 3,691     $ 21,028     $ (3,912 )   $ 51,178     $ 15,357  
Supplementary Data
Net tons sold
    182,627       178,772       20,619       20,374                   203,246       199,146  
Depreciation expense
  $ 9,148     $ 8,391     $ 6,285     $ 5,846     $     $     $ 15,433     $ 14,237  
Capital expenditures
    4,982       6,292       4,571       5,338                   9,553       11,630  
Year ended December 31                
In thousands   Specialty Papers   Composite Fibers   Other and Unallocated   Total
    2009   2008   2009   2008   2009   2008   2009   2008
Net sales
  $ 791,915     $ 833,899     $ 392,095     $ 429,952     $     $ (1 )   $ 1,184,010     $ 1,263,850  
Energy and related sales, net
    13,332       9,364                               13,332       9,364  
Total revenue
    805,247       843,263       392,095       429,952             (1 )     1,197,342       1,273,214  
Cost of products sold
    693,949       739,481       334,378       366,791       (100,749 )     (10,840 )     927,578       1,095,432  
Gross profit
    111,298       103,782       57,717       63,161       100,749       10,839       269,764       177,782  
    55,408       54,596       35,779       38,206       19,070       5,095       110,257       97,897  
Shutdown and restructuring charges
                                  (856 )           (856 )
Gains on dispositions of plant, equipment and timberlands
                            (898 )     (18,468 )     (898 )     (18,468 )
Total operating income
    55,890       49,186       21,938       24,955       82,577       25,068       160,405       99,209  
Nonoperating income (expense)
                            (17,259 )     (18,183 )     (17,259 )     (18,183 )
Income (loss) before income taxes
  $ 55,890     $ 49,186     $ 21,938     $ 24,955     $ 65,318     $ 6,885     $ 143,146     $ 81,026  
Supplementary Data
Net tons sold
    738,841       743,755       80,064       85,599                   818,905       829,354  
Depreciation expense
  $ 37,520     $ 35,010     $ 23,736     $ 25,601     $     $     $ 61,256     $ 60,611  
Capital expenditures
    14,077       20,878       12,080       31,591       100             26,257       52,469  


Selected Financial Information

    Year ended December 31
In thousands   2009   2008
Cash Flow Data
Cash provided (used) by:
Operating activities
  $ 163,868   $ 53,425
Investing activities
  12,544   (33,190 )
Financing activities
  (75,329 )   (12,879 )
Depreciation, depletion and amortization
  61,256   60,611
Capital expenditures
  26,257   52,469
    December 31,
    2009       2008  
Balance Sheet Data
Cash and cash equivalents
  $ 135,420   $ 32,234
Total assets
  1,188,641   1,057,309
Total debt
  254,582   313,285
Shareholders’ equity
  510,541   342,707

Reconciliation of GAAP Financial Information to Non-GAAP Financial Information

This press release includes a discussion of earnings before the effects of certain specifically identified items, which is referred to as adjusted earnings, a non-GAAP measure. The company uses non-GAAP adjusted earnings to supplement the understanding of its consolidated financial statements presented in accordance with GAAP. Non-GAAP adjusted earnings is meant to present the financial performance of the company’s core papermaking operation, which consists of the production and sale of specialty papers and composite fibers papers. Management and the company’s Board of Directors use non-GAAP adjusted earnings to evaluate the performance of the company’s fundamental business in relation to prior periods. The performance of the company’s papermaking operations is evaluated based upon numerous items such as tons sold, average selling prices, gross margins and overhead, among others. Gains on the sale of timberlands, charges for environmental reserves and shutdown and restructuring charges are excluded from the company’s calculation of non-GAAP adjusted earnings because management believes each of these items is unique and not part of the company’s core papermaking business, and will only impact the company’s financial results for a limited period of time. Gains from timberland sales are distinct from revenues generated from paper product sales. Unlike items such as cost of raw materials and overhead costs, shutdown and restructuring costs are unique items that do not represent direct costs incurred in the manufacture and sale of the company’s products.

Unlike net income determined in accordance with GAAP, non-GAAP adjusted earnings does not reflect all charges and gains recorded by the company for the applicable period and, therefore, does not present a complete picture of the company’s results of operations for the respective period. However, non-GAAP adjusted earnings provides a measure of how the company’s core papermaking operations are performing, which management believes is useful to investors because it allows comparison of such papermaking operations from period to period.

Non-GAAP adjusted earnings should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with GAAP. The following tables set forth a reconciliation of results determined in accordance with accounting principles generally accepted in the United States of America to non-GAAP adjusted earnings discussed herein.

    Three Months Ended December 31            
    2009           2008        
In thousands, except per share
  After tax income   Diluted EPS   After tax income   Diluted EPS
Net income
  $ 46,040   $ 1.00   $ 13,395   $ 0.29
Alternative fuel mixture credits
  (32,456 )   (0.70 )    
Acquisition and integration costs
  1,768   0.04   61  
Losses (gains) on sales of timberland
  (65 )     43  
Shutdown and restructuring charges
Adjusted earnings
  $ 15,287   $ 0.33   $ 13,509   $ 0.30
    Twelve Months Ended December 31            
    2009           2008        
In thousands, except per share
  After tax income   Diluted EPS   After tax income   Diluted EPS
Net income
  $ 123,442   $ 2.70   $ 57,888   $ 1.27
Alternative fuel mixture credits
  (95,764 )   (2.09 )    
Acquisition and integration
  1,768   0.04   889   0.02
Losses (gains) on sales of timberland
  3     (10,984 )   (0.24 )
Shutdown and restructuring charges
      (517)   (0.01 )
Adjusted earnings
  $ 29,449   $ 0.64   $ 47,276   $ 1.04

The sum of individual per share amounts set forth above may not agree to adjusted income per share due to rounding.

Free Cash Flows   Three months ended December 31
In thousands   2009   2008
Cash from operations
  $ 44,354   $ 35,666
Capital expenditures
  (9,553 )   (11,630 )
Free cash flows
  $ 34,801   $ 24,036
Calculation of Net Debt   December 31
In thousands   2009 2008
Short term debt
  $ 3,888   $ 5,866
Long term debt
  250,694   307,419
  254,582   313,285
Less: Cash
  (135,420 )   (32,234 )
Total debt less cash
  119,162   281,051
Less: Collateralized debt
  (36,695 )   (70,695 )
Net Debt
  $ 82,467   $ 210,356


The following information was filed by Glatfelter P H Co (GLT) on Friday, February 12, 2010 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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