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Clearwater Paper reports Q4, full year 2015 results
Clerwater Paper Corporation recently reported financial results for the fourth quarter and full year of 2015.
The company reported net sales of $431.6 million for the fourth quarter of 2015, down 8.6% compared to net sales of $472.3 million for the fourth quarter of 2014 due primarily to the sale of the company's specialty mills in December 2014. Net earnings determined in accordance with generally accepted accounting principles, or GAAP, for the fourth quarter of 2015 were $11.6 million, or $0.65 per diluted share, compared to a net loss of $27.2 million, or ($1.39) per diluted share, for the fourth quarter of 2014. Excluding $1.8 million of adjustments for non-core items, after tax, listed in the accompanying schedules, fourth quarter 2015 adjusted net earnings were $13.3 million, or $0.75 per diluted share, compared to fourth quarter 2014 adjusted net earnings of $15.0 million, or $0.77 per diluted share. Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $58.2 million for the fourth quarter of 2015. Adjusted EBITDA of $58.9 million was up 8.0% compared to fourth quarter 2014 Adjusted EBITDA of $54.5 million. Excluding the specialty mills contribution to adjusted EBITDA in the fourth quarter of 2014, the increase in EBITDA and Adjusted EBITDA was due primarily to higher paperboard shipment volumes, lower manufacturing input costs and lower planned maintenance, all of which were partially offset by lower paperboard pricing and increases in wages and benefits. "We delivered solid performance in 2015 with $211 million of Adjusted EBITDA," said Linda Massman, president and chief executive officer. "These results were achieved by aggressively managing costs and driving operational efficiencies throughout our manufacturing and distribution network, in a year that included planned major maintenance and no sales from the specialty mills." "Our 2016 priorities are a continued focus on optimizing efficiency in the tissue business and expanding our customer mix for paperboard while leveraging our investments to improve operations, investing in our team and exceeding customer expectations," said Massman. On December 15, 2015, the company announced that the Board of Directors had approved a new stock repurchase program authorizing the repurchase of up to $100.0 million of the company's common stock.