Exhibit 99.1

 

NEWS RELEASE

 

Corporate Headquarters

 

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

 

 

For Immediate Release

Contacts:

 

 

Investors:

Media:

 

Ramesh Shettigar

Eileen L. Beck

 

(717) 225-2746

(717) 225-2793

 

ramesh.shettigar@glatfelter.com

eileen.beck@glatfelter.com

 

GLATFELTER REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS

~ Strong financial performance in the midst of the pandemic ~

~ Progressing transformation with recent announcement to acquire Georgia-Pacific’s U.S. nonwovens business ~

 

CHARLOTTE, North Carolina –

February 4, 2021: Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today reported its results for the fourth quarter of 2020, which are summarized in the following table:

 

 

 

Three months ended December 31

 

 

 

2020

 

 

2019

 

In thousands, except per share

 

Amount

 

 

EPS

 

 

Amount

 

 

EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

9,781

 

 

$

0.21

 

 

$

(44,882

)

 

$

(1.01

)

Income (loss) from discontinued operations, net of tax

 

 

650

 

 

 

0.01

 

 

 

(132

)

 

 

 

Income (loss) from continuing operations

 

 

9,131

 

 

 

0.20

 

 

 

(44,750

)

 

 

(1.01

)

Adjusted earnings from continuing operations

 

 

9,645

 

 

 

0.22

 

 

 

7,684

 

 

 

0.17

 

 

On an adjusted basis, earnings from continuing operations for the three months ended December 31, 2020 and 2019, were $9.6 million, or $0.22 per share, compared with $7.7 million, or $0.17 per share, respectively. 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 for the three months ended December 31, 2020 totaled $235.3 million compared with $231.0 million during the same period in 2019. On a constant currency basis, Composite Fibers’ and Airlaid Materials’ net sales decreased by 1.4% and 5.2%, respectively.

 

“Glatfelter delivered robust earnings in the fourth quarter, further contributing to a strong year amid unforeseen global economic challenges resulting from the pandemic,” said Dante C. Parrini, Chairman and Chief Executive Officer. “As businesses across the globe faced unprecedented volatility, Glatfelter continued to make progress by focusing on employee health and safety and overall operational excellence while ensuring uninterrupted supply of critical products to our customers, thereby achieving full-year adjusted EBITDA growth of 12%. We continued to realize operational and strategic benefits of our transformation that included an optimized portfolio comprised of over 85% essential consumer staples, and an improved cost structure from a flatter and more agile operating model. Also, we generated significant cash flow that translated into meaningful debt reduction, resulting in a very healthy balance sheet.”

 

Mr. Parrini continued, “In Composite Fibers, strong demand across nearly all product categories drove an increase in total shipments during the quarter compared to prior year. This volume increase and improved mix, combined with elevated production, enabled the segment to deliver an operating profit margin of nearly 11% for the fourth quarter. In Airlaid Materials, shipments during the quarter were above the prior year in all product categories except tabletop, which was negatively affected by the pandemic. As a result, we took more downtime in our Airlaid facilities to manage tabletop inventory, which impacted profitability. For the year, the Airlaid segment delivered an operating profit margin of approximately 12%, exceeding our guidance range.”

 

“As we start the new year, we remain focused on managing through the ongoing pandemic by keeping our employees safe and facilities operational. Equally important will be accelerating growth through diligent commercial execution and strategic investments such as our recently announced acquisition of Georgia-Pacific’s U.S. nonwovens operations. We believe this business is an excellent


Glatfelter Reports Fourth Quarter and Full Year 2020 Results

page 2

 

fit for Glatfelter and, given our strong balance sheet and stable cash flows, we are financially well positioned to invest in a variety of opportunities that further enhance the enterprise and align with our long-term growth strategy,” concluded Mr. Parrini.  

 

 

Environmental, Social and Governance (ESG) Update

 

Over its 157-year history, Glatfelter has been committed to sustainability and being a responsible corporate citizen. In 2020, the Company made important strides in its ESG initiatives by formalizing sustainability priorities and publishing an ESG report. In addition, Glatfelter received special recognition for several of its high-performing sustainable engineered materials solutions. As part of Unilever’s “Partner with Purpose” program, Glatfelter was named a Top 3 finalist in the Climate and Nature Impact category for its DYNAGREEN plant-based, heat-sealable tea bag product. The Company was also awarded the “Fine to Flush” certificate from Water UK (a trade association representing major water companies in the United Kingdom) for its improved nonwoven substrate used in dispersible wipes and moist toilet tissues.

 

 

Fourth Quarter Results

 

The following table sets forth a reconciliation of results on a GAAP basis to an adjusted earnings basis, a non-GAAP measure:

 

 

 

Three months ended December 31

 

 

 

2020

 

 

2019

 

In thousands, except per share

 

Amount

 

 

EPS

 

 

Amount

 

 

EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

9,781

 

 

$

0.21

 

 

$

(44,882

)

 

$

(1.01

)

Exclude: (Income) loss from discontinued operations, net of tax

 

 

(650

)

 

 

(0.01

)

 

 

132

 

 

 

-

 

Income (loss) from continuing operations

 

 

9,131

 

 

 

0.20

 

 

 

(44,750

)

 

 

(1.01

)

Adjustments (pre-tax)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost optimization actions

 

 

1,612

 

 

 

 

 

 

 

940

 

 

 

 

 

Corporate headquarters relocation

 

 

443

 

 

 

 

 

 

 

 

 

 

 

 

Pension settlement expenses, net

 

 

(638

)

 

 

 

 

 

 

75,326

 

 

 

 

 

COVID-19 incremental costs

 

 

949

 

 

 

 

 

 

 

 

 

 

 

 

Strategic initiatives

 

 

724

 

 

 

 

 

 

 

 

 

 

 

 

Timberland sales and related costs

 

 

(369

)

 

 

 

 

 

 

(458

)

 

 

 

 

Total adjustments (pre-tax)

 

 

2,721

 

 

 

 

 

 

 

75,808

 

 

 

 

 

Income taxes (1)

 

 

(1,148

)

 

 

 

 

 

 

(23,374

)

 

 

 

 

CARES Act of 2020 tax benefit (2)

 

 

(1,059

)

 

 

 

 

 

 

 

 

 

 

 

Total after-tax adjustments

 

 

514

 

 

 

0.01

 

 

 

52,434

 

 

 

1.19

 

Adjusted earnings from continuing operations

 

$

9,645

 

 

 

0.22

 

 

$

7,684

 

 

$

0.17

 

 

 

(1)

Tax effect on adjustments calculated based on the incremental effective tax rate of the jurisdiction in which each adjustment originated.

 

(2)

Tax benefit recorded in connection with passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES”) related to provisions that modified the “net operating loss” provisions of previous law to allow certain losses to be carried back five years.

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

A description of each of the adjustments presented above is included later in this release.

 

 

Composite Fibers

 

 

Three months ended December 31

 

Dollars in thousands

 

2020

 

 

2019

 

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tons shipped (metric)

 

 

34,734

 

 

 

34,027

 

 

 

707

 

 

 

2.1

%

Net sales

 

$

137,822

 

 

$

132,664

 

 

$

5,158

 

 

 

3.9

%

Operating income

 

 

15,041

 

 

 

12,422

 

 

 

2,619

 

 

 

21.1

%

Operating margin

 

 

10.9

%

 

 

9.4

%

 

 

 

 

 

 

 

 

 

Composite Fibers’ net sales increased $5.2 million or 3.9%, compared to the year-ago quarter driven by higher shipments in all product categories except metallized, which was restructured earlier in the year. These increases and favorable currency translation of $7.0 million were partially offset by lower selling prices of $3.7 million.

 


Glatfelter Reports Fourth Quarter and Full Year 2020 Results

page 3

 

Composite Fibers’ operating income of $15.0 million was $2.6 million higher, or approximately 21% favorable, compared to the fourth quarter of 2019. Stronger shipping volumes in nearly all product categories and improved mix favorably impacted operating profit by $2.5 million. Lower selling prices of $3.7 million were partially offset by lower input prices of $1.3 million, primarily wood pulp. Higher production in most of our facilities to meet the elevated demand, coupled with strong operations, favorably impacted results by $3.4 million. Currency unfavorably impacted results by $0.9 million, reflecting hedging instruments that matured this quarter being lower versus a year ago and more than offsetting the stronger Euro translation rate.

 

 

Airlaid Materials

 

 

Three months ended December 31

 

Dollars in thousands

 

2020

 

 

2019

 

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tons shipped (metric)

 

 

33,593

 

 

 

34,470

 

 

 

(877

)

 

 

(2.5

)%

Net sales

 

$

97,460

 

 

$

98,308

 

 

$

(848

)

 

 

(0.9

)%

Operating income

 

 

9,073

 

 

 

9,123

 

 

 

(50

)

 

 

(0.5

)%

Operating margin

 

 

9.3

%

 

 

9.3

%

 

 

 

 

 

 

 

 

 

Airlaid Materials’ quarterly net sales decreased $0.9 million in the year-over-year comparison. Shipping volumes decreased 2.5% compared to the prior year quarter and selling prices were $0.8 million lower, reflecting the contractual pass-through of lower raw material prices. Currency translation was $4.2 million favorable.

 

Airlaid Materials’ fourth quarter 2020 operating income of $9.1 million was consistent with the fourth quarter of 2019. Lower shipping volumes unfavorably impacted results by $0.6 million, while lower raw material and energy prices of $1.2 million more than offset selling price declines of $0.8 million, adding net $0.4 million. Operations were $0.7 million unfavorable, mainly driven by lower production in response to the pandemic-driven decline in demand for tabletop products compared to the prior year. Currency translation was $0.9 million favorable.

 

 

Other Financial Information

 

The amount of “Other and Unallocated” operating expense in the table of Segment Financial Information totaled $10.4 million in the fourth quarter of 2020 compared with $8.2 million in the same period a year ago. Excluding the items identified to present “adjusted earnings,” unallocated expenses for the fourth quarter of 2020 decreased $0.7 million compared to the fourth quarter of 2019.

 

In the fourth quarter of 2020, income from continuing operations totaled $11.9 million and income tax expense totaled $2.8 million. On adjusted pre-tax income of $14.7 million, income tax expense was $5.0 million in the fourth quarter of 2020. The comparable amounts in the same quarter of 2019 were $11.2 million and $3.5 million, respectively. The effective tax rate on adjusted earnings was 34% in the fourth quarter of 2020.

 


Glatfelter Reports Fourth Quarter and Full Year 2020 Results

page 4

 

Full Year Results

 

The following table sets forth a reconciliation of results on a GAAP basis to an adjusted earnings basis, a non-GAAP measure:

 

 

 

Year ended

December 31

 

 

 

2020

 

 

2019

 

In thousands, except per share

 

Amount

 

 

EPS

 

 

Amount

 

 

EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

21,298

 

 

$

0.48

 

 

$

(21,541

)

 

$

(0.49

)

Exclude:  Income from discontinued operations, net of tax

 

 

(515

)

 

 

(0.01

)

 

 

(3,670

)

 

 

(0.08

)

Income (loss) from continuing operations

 

 

20,783

 

 

 

0.47

 

 

 

(25,211

)

 

 

(0.57

)

Adjustments (pre-tax)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring charge - Metallized operations

 

 

11,111

 

 

 

 

 

 

 

 

 

 

 

 

Cost optimization actions

 

 

5,979

 

 

 

 

 

 

 

8,583

 

 

 

 

 

Corporate headquarters relocation

 

 

1,053

 

 

 

 

 

 

 

 

 

 

 

 

Pension settlement expenses, net

 

 

6,154

 

 

 

 

 

 

 

75,326

 

 

 

 

 

COVID-19 incremental costs

 

 

2,715

 

 

 

 

 

 

 

 

 

 

 

 

Asset impairment charge

 

 

900

 

 

 

 

 

 

 

 

 

 

 

 

Airlaid capacity expansion costs

 

 

 

 

 

 

 

 

 

1,014

 

 

 

 

 

Debt refinancing

 

 

 

 

 

 

 

 

 

992

 

 

 

 

 

Strategic initiatives

 

 

1,567

 

 

 

 

 

 

 

249

 

 

 

 

 

Fox River environmental matter

 

 

 

 

 

 

 

 

 

(2,509

)

 

 

 

 

Timberland sales and related costs

 

 

(1,382

)

 

 

 

 

 

 

(1,572

)

 

 

 

 

Total adjustments (pre-tax)

 

 

28,097

 

 

 

 

 

 

 

82,083

 

 

 

 

 

Income taxes (1)

 

 

(5,405

)

 

 

 

 

 

 

(23,722

)

 

 

 

 

CARES Act of 2020 tax benefit (2)

 

 

(6,082

)

 

 

 

 

 

 

 

 

 

 

 

Total after-tax adjustments

 

 

16,610

 

 

 

0.37

 

 

 

58,361

 

 

 

1.32

 

Adjusted earnings from continuing operations

 

$

37,393

 

 

$

0.84

 

 

$

33,150

 

 

$

0.75

 

 

(1)

Tax effect on adjustments calculated based on the incremental effective tax rate of the jurisdiction in which each adjustment originated.

 

(2)

Tax benefit recorded in connection with passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES”) related to provisions that modified the “net operating loss” provisions of previous law to allow certain losses to be carried back five years.

 

Balance Sheet and Other Information

 

Cash and cash equivalents totaled $99.6 million as of December 31, 2020, and net debt was $213.9 million compared with $233.7 million at the end of 2019. Net leverage on December 31, 2020 and December 31, 2019 was 1.8 times and 2.2 times, respectively. (Refer to the calculation of this measure provided in the tables at the end of this release.)  

 

Capital expenditures during 2020 and 2019 totaled $28.1 million and $27.8 million, respectively. Adjusted free cash flow for the twelve months ended December 31, 2020 was $80.3 million compared with $51.2 million in the prior year period. (Refer to the calculation of measure provided in the tables at the end of this release.)

 

 

 


Glatfelter Reports Fourth Quarter and Full Year 2020 Results

page 5

 

Conference Call

 

As previously announced, the Company will hold a conference call today at 11:00 a.m. (Eastern) to discuss its fourth quarter results. The Company will make available on its Investor Relations website this quarter’s earnings release and an accompanying financial presentation which includes significant financial information to be discussed on the conference call including the Company’s outlook pertaining to financial performance. Information related to the conference call is as follows:

 

What:

Glatfelter’s 4th Quarter 2020 Earnings Release Conference Call

 

 

When:

Thursday, February 4, 2021, 11:00 a.m. (ET)

 

 

Number:

US dial 888.335.5539

 

 

 

International dial 973.582.2857

 

 

Conference ID:

7096056

 

 

Webcast:

https://www.glatfelter.com/investors/webcasts-and-presentations/

 

 

Rebroadcast Dates:

February 4, 2021, 2:00 p.m. through February 18, 12:00 p.m.

 

 

Rebroadcast Number:

Within US dial 855.859.2056

 

 

 

International dial 404.537.3406

 

 

Conference ID:

7096056

 

Interested persons who wish to hear the live webcast should go to the website prior to the starting time to register and ensure any necessary audio software is installed.

 

 

 

 

 

 


Glatfelter Reports Fourth Quarter and Full Year 2020 Results

page 6

 

Glatfelter Corporation and subsidiaries

Consolidated Statements of Income

(unaudited)

 

 

 

Three months ended

December 31

 

 

Year ended

December 31

 

In thousands, except per share

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

235,282

 

 

$

230,972

 

 

$

916,498

 

 

$

927,673

 

Costs of products sold

 

 

194,529

 

 

 

194,568

 

 

 

768,629

 

 

 

780,131

 

Gross profit

 

 

40,753

 

 

 

36,404

 

 

 

147,869

 

 

 

147,542

 

Selling, general and administrative expenses

 

 

27,338

 

 

 

23,824

 

 

 

100,045

 

 

 

94,967

 

Gains on dispositions of plant, equipment and timberlands, net

 

 

(322

)

 

 

(733

)

 

 

(1,332

)

 

 

(2,060

)

Operating income

 

 

13,737

 

 

 

13,313

 

 

 

49,156

 

 

 

54,635

 

Non-operating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,675

)

 

 

(1,895

)

 

 

(7,022

)

 

 

(10,408

)

Interest income

 

 

9

 

 

 

192

 

 

 

399

 

 

 

1,123

 

Pension settlement expenses, net

 

 

638

 

 

 

(75,326

)

 

 

(6,154

)

 

 

(75,326

)

Other, net

 

 

(777

)

 

 

(930

)

 

 

(4,020

)

 

 

(4,477

)

Total non-operating expense

 

 

(1,805

)

 

 

(77,959

)

 

 

(16,797

)

 

 

(89,088

)

Income (loss) from continuing operations before income taxes

 

 

11,932

 

 

 

(64,646

)

 

 

32,359

 

 

 

(34,453

)

Income tax provision (benefit)

 

 

2,801

 

 

 

(19,896

)

 

 

11,576

 

 

 

(9,242

)

Income (loss) from continuing operations

 

 

9,131

 

 

 

(44,750

)

 

 

20,783

 

 

 

(25,211

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

679

 

 

 

(7

)

 

 

544

 

 

 

1,284

 

Income tax provision (benefit)

 

 

29

 

 

 

125

 

 

 

29

 

 

 

(2,386

)

Income (loss) from discontinued operations

 

 

650

 

 

 

(132

)

 

 

515

 

 

 

3,670

 

Net income (loss)

 

$

9,781

 

 

$

(44,882

)

 

$

21,298

 

 

$

(21,541

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.21

 

 

$

(1.01

)

 

$

0.47

 

 

$

(0.57

)

Income from discontinued operations

 

 

0.01

 

 

 

 

 

 

0.01

 

 

 

0.08

 

Basic earnings (loss) per share

 

$

0.22

 

 

$

(1.01

)

 

$

0.48

 

 

$

(0.49

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.20

 

 

$

(1.01

)

 

$

0.47

 

 

$

(0.57

)

Income from discontinued operations

 

 

0.01

 

 

 

-

 

 

 

0.01

 

 

 

0.08

 

Diluted earnings (loss) per share

 

$

0.21

 

 

$

(1.01

)

 

$

0.48

 

 

$

(0.49

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividend declared per common share

 

$

0.135

 

 

$

0.13

 

 

$

0.535

 

 

$

0.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

44,368

 

 

 

44,189

 

 

 

44,339

 

 

 

44,132

 

Diluted

 

 

44,714

 

 

 

44,189

 

 

 

44,614

 

 

 

44,132

 

 

 

 


Glatfelter Reports Fourth Quarter and Full Year 2020 Results

page 7

 

Segment Financial Information

(unaudited)

 

Three months ended December 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollars in thousands

 

Composite Fibers

 

 

Airlaid Materials

 

 

Other and Unallocated

 

 

Total

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

 

$

137,822

 

 

$

132,664

 

 

$

97,460

 

 

$

98,308

 

 

$

 

 

$

 

 

$

235,282

 

 

$

230,972

 

Costs of products sold

 

 

111,017

 

 

 

110,002

 

 

 

83,283

 

 

 

84,312

 

 

 

229

 

 

 

254

 

 

 

194,529

 

 

 

194,568

 

Gross profit (loss)

 

 

26,805

 

 

 

22,662

 

 

 

14,177

 

 

 

13,996

 

 

 

(229

)

 

 

(254

)

 

 

40,753

 

 

 

36,404

 

SG&A

 

 

11,764

 

 

 

10,241

 

 

 

5,104

 

 

 

4,873

 

 

 

10,470

 

 

 

8,710

 

 

 

27,338

 

 

 

23,824

 

Gains on dispositions of plant, equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   and timberlands, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(322

)

 

 

(733

)

 

 

(322

)

 

 

(733

)

Total operating income (loss)

 

 

15,041

 

 

 

12,421

 

 

 

9,073

 

 

 

9,123

 

 

 

(10,377

)

 

 

(8,231

)

 

 

13,737

 

 

 

13,313

 

Non operating expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,805

)

 

 

(77,959

)

 

 

(1,805

)

 

 

(77,959

)

Income (loss) before income taxes

 

$

15,041

 

 

$

12,421

 

 

$

9,073

 

 

$

9,123

 

 

$

(12,182

)

 

$

(86,190

)

 

$

11,932

 

 

$

(64,646

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplementary Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metric tons sold

 

 

34,734

 

 

 

34,027

 

 

 

33,593

 

 

 

34,470

 

 

 

 

 

 

 

 

 

68,327

 

 

 

68,497

 

Depreciation, depletion and amortization

 

$

6,523

 

 

$

6,433

 

 

$

5,818

 

 

$

5,304

 

 

$

949

 

 

$

969

 

 

$

13,290

 

 

$

12,706

 

Capital expenditures

 

 

4,141

 

 

 

3,273

 

 

 

2,705

 

 

 

5,785

 

 

 

1,125

 

 

 

690

 

 

 

7,971

 

 

 

9,748

 

 

 

Year ended

December 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollars in thousands

 

Composite Fibers

 

 

Airlaid Materials

 

 

Other and Unallocated

 

 

Total

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

 

$

525,089

 

 

$

521,666

 

 

$

391,409

 

 

$

406,007

 

 

$

 

 

$

 

 

$

916,498

 

 

$

927,673

 

Costs of products sold

 

 

430,420

 

 

 

432,154

 

 

 

326,809

 

 

 

346,568

 

 

 

11,400

 

 

 

1,409

 

 

 

768,629

 

 

 

780,131

 

Gross profit (loss)

 

 

94,669

 

 

 

89,512

 

 

 

64,600

 

 

 

59,439

 

 

 

(11,400

)

 

 

(1,409

)

 

 

147,869

 

 

 

147,542

 

SG&A

 

 

42,575

 

 

 

41,629

 

 

 

18,296

 

 

 

18,321

 

 

 

39,174

 

 

 

35,017

 

 

 

100,045

 

 

 

94,967

 

Gains on dispositions of plant, equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   and timberlands, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,332

)

 

 

(2,060

)

 

 

(1,332

)

 

 

(2,060

)

Total operating income (loss)