Wasau Paper has reported its first quarter 2014 results. Net sales were relatively flat at $77.5 million in the first quarter compared to $78.2 million in the first quarter of 2013.
On a reported basis, first-quarter results from continuing operations were a net loss of $0.09 per share compared to a prior year first-quarter net loss of $0.08 per share.
First-quarter adjusted EBITDA was $5.6 million in 2014 compared to adjusted EBITDA of $5.9 million in the same period of 2013.
First-quarter case shipment volume increased 2.2 percent in 2014 compared to the same period in 2013, and represented a first-quarter Company shipment record with approximately 3,854,000 cases.
Strategic product shipments, that is, those products sold in conjunction with proprietary dispensing systems or produced from premium substrates, were up 3.9 percent in the first quarter compared to the same quarter in 2013.
Results of continuing operations in the first quarter were impacted by weather-related market and cost factors, competitive support product pricing, and unfavorable Canadian currency exchange rate trends. These unfavorable impacts were somewhat offset by continued momentum gain of the new DublNature® premium products, with shipment volumes improving approximately 40 percent over the prior-year first quarter.
Record overall first-quarter shipments and shipment growth of 2.2 percent achieved as first quarter industry demand declined approximately 1.0 percent.
