Clearwater Paper Corporation recently reported financial results for the first quarter of 2014. The company reported net sales of $484.9 million for the first quarter of 2014, up 5% compared to net sales of $460.8 million for the first quarter of 2013.
Net earnings determined in accordance with generally accepted accounting principles, or GAAP, for the first quarter of 2014 were $6.2 million, or $0.29 per diluted share, compared to a net loss of ($0.9) million, or ($0.04) per diluted share, for the first quarter of 2013. The 2014 first quarter GAAP net earnings include $1.8 million of after-tax expense associated with the mark-to-market impact of directors' equity-based compensation and $5.9 million of after-tax expense associated with the closure of the company's Thomaston, Georgia, and Long Island, New York, converting and distribution facilities. Excluding those items, first quarter 2014 adjusted net earnings were $13.9 million, or $0.66 per diluted share, compared to first quarter 2013 adjusted net earnings of $2.4 million, or $0.11 per diluted share.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $42.7 million for the first quarter of 2014. Adjusted EBITDA for the quarter was $54.7 million, up 43.0% compared to first quarter 2013 Adjusted EBITDA of $38.3 million. The increase in EBITDA and Adjusted EBITDA was due primarily to increased paperboard volumes and pricing and approximately $7 million of contribution from the company's through-air-dried, or TAD, expansion.
"The Pulp and Paperboard division delivered another solid quarter for Clearwater Paper," said president and chief executive officer Linda Massman. "With the Consumer Products division, we saw a highly-competitive tissue market and cold-weather related costs negatively impact the business. Moving forward, we are focused on continuing to build strong customer relationships and take important steps to bring efficiencies to every part of our operation."
Clearwater Paper is the largest provider of private label tissue to retail grocery chains in the US and a world-class manufacturer of high-quality bleached paperboard.
