Clearwater Paper Corporation recently reported financial results for the third quarter ended September 30, 2010. Third quarter net sales increased 6.5% to $352.9 million from $331.5 million in the third quarter of 2009. Net earnings for the third quarter of 2010 were $15.0 million, or $1.27 per diluted share compared to net earnings of $46.2 million, or $3.92 per diluted share, for the third quarter of 2009. Third quarter 2009 results included income of $2.52 per diluted share for the alternative fuel mixture tax credit. Excluding the alternative fuel mixture tax credit, third quarter 2009 net earnings would have been $16.5 million or $1.40 per diluted share. After adjusting for $3.1 million in pre-tax transaction costs related to the pending acquisition of Cellu Tissue Holdings, Inc., third quarter 2010 net earnings were $16.9 million or $1.43 per diluted share. Additionally, the company had scheduled major maintenance costs of $4.0 million in the third quarter of 2010 compared to $1.1 million in the third quarter of 2009, representing an increase of $2.9 million or an estimated after-tax $0.15 per diluted share impact on third quarter results.
"We continued to experience sales growth in our Consumer Products and Pulp and Paperboard businesses and we have made progress on executing our growth initiatives. We recently completed the debt financing in anticipation of the Cellu Tissue acquisition at very attractive borrowing rates, and we continue to make good progress and remain on schedule with the construction of our new facilities in Shelby, North Carolina," said Gordon Jones, chairman, president and chief executive officer.
