Exhibit 99.1

 

 

 

 

 

NEWS RELEASE

 

Corporate Headquarters

 

96 South George Street

 

York, Pennsylvania 17401 U.S.A.

 

www.glatfelter.com

 

 

For Immediate Release

Contacts:

 

 

Investors:

Media:

 

John P. Jacunski

Eileen L. Beck

 

(717) 225-2794

(717) 225-2793

 

 

GLATFELTER REPORTS FOURTH QUARTER 2017 RESULTS

~ Announces plan to explore strategic alternatives for Specialty Papers Business Unit ~

 

YORK, Pennsylvania – February 6, 2018 – Glatfelter (NYSE: GLT)

today reported a net loss of $10.1 million, or $0.23 per share for the fourth quarter of 2017 compared with a net loss of $16.2 million, or $0.37 per share in the fourth quarter of 2016.  Adjusted earnings for the fourth quarter of 2017 was $15.0 million, or $0.34 per diluted share compared with $17.6 million, or $0.40 per diluted share, for the same period a year ago.

 

On an adjusted basis, earnings before interest, taxes, depreciation and amortization and excluding pension expense (“Adjusted EBITDA”) for the three months ended December 31, 2017 and 2016, totaled $41.5 million and $41.7 million, respectively.  Adjusted earnings and Adjusted EBITDA are non-GAAP financials measures for which reconciliations to the nearest GAAP-based measure are provided within this release.  Consolidated net sales totaled $399.9 million and $390.9 million for the three months ended December 31, 2017 and 2016, respectively.  Composite Fibers’ and Advanced Airlaid Materials’ net sales increased, on a constant currency basis, by 7.7% and 3.1%, respectively.  Specialty Papers’ net sales declined 6.9% in the quarter-over-quarter comparison.

 

“Our fourth-quarter operating performance reflects continued strength of our engineered materials businesses,” said Dante C. Parrini, Chairman and Chief Executive Officer.  “Composite Fibers delivered a 22% increase in operating income compared with the fourth quarter of 2016.  Earnings were driven by strong volume growth of 18%, as well as improved operating efficiencies and cost optimization initiatives.  Advanced Airlaid Materials grew operating profit by 9% over the fourth quarter a year ago with shipments up 2%.  Demand for our airlaid products remains strong as this business brings new capacity to the market, with shipments from Fort Smith, Arkansas on schedule for the first quarter.  Our fourth quarter’s results, on an adjusted earnings basis, also benefited from an unusually low effective tax rate of 6.7%.

 

Mr. Parrini said, “Our Specialty Papers business continued to face challenging market conditions which, when coupled with operating inefficiencies, led to lower profitability during the quarter.  We are encouraged by recent announcements of price increases and additional industry capacity being taken out of the market which should be constructive for the business going forward.  Our focus remains on aggressively pursuing cost efficiencies and process improvements to improve profitability.

 

“As we look ahead into 2018, we expect our cash flow profile to improve significantly with the completion of our major capital programs.  For our Airlaid business, we are in the process of completing customer qualifications and product testing for our new Fort Smith facility which is on schedule for commercial shipments later in the first quarter.  We expect to deliver 10% to 15% volume growth in 2018 as a result of this new capacity.  For Composite Fibers, we expect solid shipment growth as demand remains strong.  For Specialty Papers, we are encouraged by recently announced price increases in uncoated free sheet and carbonless products while we remain focused on operational factors that are in our control.”


The following information was filed by Glatfelter P H Co (GLT) on Tuesday, February 6, 2018 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.

View differences made from one year to another to evaluate Glatfelter P H Co's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Glatfelter P H Co.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account