Wausau Paper recently reported that:
Second-quarter net earnings of $0.07 per share compared with a first-quarter net loss of $0.03 per share and prior-year net earnings of $0.11 per share.
Excluding special items, second-quarter adjusted net earnings of $0.08 per share increased from first-quarter and prior-year earnings of $0.03 per share and $0.07 per share, respectively.
Product trials on the Paper segment's rebuilt Brainerd, Minnesota, paper machine were successfully completed with commercialization underway.
Tissue segment's $220 million expansion is advancing according to plan - groundbreaking at the Harrodsburg, Kentucky, site is scheduled for early August.
The company reported second-quarter net earnings of $3.2 million, or $0.07 per share, compared with net earnings of $5.6 million, or $0.11 per share, in the prior year. Net sales increased 1 percent to $267.1 million, as shipments decreased 3 percent to 162,000 tons, due primarily to volume reductions associated with a reduced operating schedule at the Paper segment's mill in Brokaw, Wisconsin.
Second-quarter results included after-tax capital-related expenses of $0.7 million, or $0.01 per share, associated with the Brainerd machine rebuild and the Tissue segment expansion at Harrodsburg. Second-quarter results also included after-tax timberland sales gains of $0.2 million, or less than $0.01 per share, in the current year and $2.3 million, or $0.05 per share, in the prior year. Excluding capital-related expenses and timberland sales gains, second-quarter adjusted net earnings were $3.7 million, or $0.08 per share, compared with adjusted earnings of $3.3 million, or $0.07 per share, last year. Adjusted net earnings for the first six months of 2011 were $5.0 million, or $0.10 per share, compared with prior-year earnings of $7.4 million, or $0.15 per share.
