KapStone Paper and Packaging Corporation on Monday August 1 reported record results for the second quarter ended June 30, 2012.
•Net sales of $306 million up $91 million, or 43 percent, versus prior year
•Net income of $18.4 million up 1.3 percent versus 2011
•Adjusted EBITDA of $50 million up $6 million, or 13 percent, versus prior year
•Diluted EPS of $0.39 up $0.01 per share, or 3 percent, versus 2011
•Adjusted diluted EPS of $0.42 up $0.03 per share, or 8 percent, versus prior year
•Unfavorable foreign exchange rates impacted EPS by $0.03 versus prior year
•$50 million voluntary loan repayment made in second quarter of 2012
Roger W. Stone, Chairman and Chief Executive Officer, stated, "Our operations ran well during the quarter resulting in record second quarter results. Our mills produced a record 390,000 tons of paper for the quarter. The USC acquisition also performed well and added $10 million in adjusted EBITDA. Average selling prices of $623 per ton increased by $15 per ton compared to the first quarter of 2012, reflecting product mix improvements and a recovery of export containerboard prices as expected. Record free cash flow enabled us to make a $50 million voluntary loan repayment which will greatly reduce future interest charges. Finally in mid-July we announced a $50 per ton increase for containerboard effective with shipments beginning in mid-August."
