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 AND FULL YEAR 2018 RESULTS

~ Fourth quarter caps pivotal year of transformation for the business ~

 

YORK, Pennsylvania – February 5, 2019 – Glatfelter (NYSE: GLT)

a leading global supplier of engineered materials, today reported its results for the fourth quarter of 2018.  The results include the acquisition of Georgia-Pacific’s European nonwovens business based in Steinfurt, Germany (“Steinfurt”) effective October 1, 2018, and the divestiture of the Company’s Specialty Papers business unit effective October 31, 2018.  Specialty Papers’ results are classified as discontinued operations for all periods presented in this release.  The Company’s fourth quarter 2018 and 2017 results are summarized in the following table:

 

  

 

Three months ended December 31

 

 

 

2018

 

 

2017

 

In thousands, except per share

 

Amount

 

 

EPS

 

 

Amount

 

 

EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(80,092

)

 

$

(1.83

)

 

$

(10,080

)

 

$

(0.23

)

Income (loss) from discontinued operations, net of tax

 

 

(76,803

)

 

 

 

 

 

 

4,619

 

 

 

 

 

Loss from continuing operations

 

 

(3,289

)

 

 

 

 

 

 

(14,699

)

 

 

 

 

Adjusted earnings from continuing operations

 

 

1,448

 

 

 

0.03

 

 

 

8,567

 

 

 

0.20

 

 

On an adjusted basis, earnings from continuing operations for the fourth quarter of 2018 were $1.4 million, or $0.03 per share compared with adjusted earnings of $8.6 million, or $0.20 per diluted share, for the same period a year ago.  Adjusted earnings is a non-GAAP financial measure for which a reconciliation to the nearest GAAP-based measure is provided within this release.  

 

Consolidated net sales totaled $229.5 million and $209.3 million for the three months ended December 31, 2018 and 2017, respectively.  Excluding Steinfurt and on a constant currency basis, Advanced Airlaid Materials’ net sales increased by 16.3% and Composite Fibers’ net sales decreased by 6.2%.

 

“The fourth quarter of 2018 was pivotal to the strategic transformation of Glatfelter,” said Dante C. Parrini, Chairman and Chief Executive Officer.  “I am proud of our team for the progress we made in reshaping our business – completing two significant transactions, as well as reaching an agreement to resolve the Fox River matter.”

 

Mr. Parrini continued, “During the fourth quarter, Advanced Airlaid Materials’ shipping volumes increased organically by 10% over the same quarter last year from the continued ramp-up of the Fort Smith facility and new customer qualifications.  We are also very pleased with the solid quarter delivered by Steinfurt.  With a combined production capacity of approximately 150,000 metric tons at four state-of-the-art airlaid facilities, we are well positioned to further capitalize on the growth opportunities in the attractive markets for hygiene, wipes and table top products.”

 

“Composite Fibers continued to face challenging market conditions and higher raw material and energy prices during the fourth quarter.  As we exited the year, we began to see some positive indicators resulting from our previously announced price increase and a moderation in pulp prices. To address the higher input costs, we began executing several cost optimization initiatives that we expect will improve results,” Mr. Parrini said.

 

 

 

 

 

 


The following information was filed by Glatfelter P H Co (GLT) on Tuesday, February 5, 2019 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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