KapStone Paper and Packaging Corporation recently reported preliminary results for the fourth quarter and year ended December 31, 2010.
For the fourth quarter ended December 31, 2010:
Record net sales of $200 million, up 21% versus 2009
Diluted EPS of $0.28, down $0.27 per share versus prior year
Record adjusted diluted EPS of $0.28, up $0.45 per share versus prior year
For the year ended December 31, 2010:
Record net sales of $783 million, up 24% versus 2009
Diluted EPS of $1.38, down $0.91 per share versus prior year
Record adjusted diluted EPS of $0.67, up $1.48 versus prior year
Net debt (total debt less cash) reduced by $102 million in the year to $48 million
Roger W. Stone, Chairman and Chief Executive Officer, stated, "This past year was an excellent period for our company. Strong price recovery during the year pushed our average revenue per ton up from $503 per ton in the fourth quarter of 2009 to $611 per ton in the fourth quarter of 2010. Higher selling prices helped to generate record sales of $783 million. Our full year operating rate of 98.5 percent resulted in record production of 1.27 million tons of paper. Continued strong cash flows from operations of $136 million enabled us to slash our net debt from over $470 million just 30 months ago to $48 million at year end."
"Early in the fourth quarter of 2010 our Roanoke Rapids mill completed its annual planned maintenance outage at a cost of $6.6 million. In January 2011, we successfully negotiated a lower earn-out payment of $49.7 million with International Paper Company relating to our 2007 kraft paper business acquisition and saved over $5 million."
