Consolidated net sales of
Cash flow from operations in the first quarter of 2009 totaled
Commenting on results,
Quarterly Segment and Other Financial Results
Fine Paper first quarter 2009 net sales of
Technical Products net sales of
Unallocated corporate expense was
Consolidated selling, general and administrative (SG&A) expense of
Cash provided by operating activities was
Discontinued Operations
Discontinued operations include results from the Company's divested pulp mills and its remaining timberlands operation. Net income of
Conference Call
Neenah Paper will hold a webcast to discuss first quarter earnings and other matters of interest at
About Neenah Paper, Inc.
Neenah Paper is a leading global manufacturer of premium, performance-based papers and specialty products used in a variety of applications including filtration, printing and writing, and as backing and component materials for many specialized industrial and consumer applications. Products are marketed under well-known brands such as CLASSIC(R), ENVIRONMENT(R), STARWHITE(R), Gessner(R), JET-PRO(R) SofStretch(TM) and varitess(R). Based in
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute 'forward-looking' statements as defined in Section 27A of the Securities Act of 1933 (the 'Securities Act'), Section 21E of the Securities Exchange Act of 1934 (the 'Exchange Act'), the Private Securities Litigation Reform Act of 1995 (the 'PSLRA'), or in releases made by the Securities and Exchange Commission, all as may be amended from time to time. Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of the PSLRA. Any such forward-looking statements reflect our beliefs and assumptions and are based on information currently available to us and are subject to risks and uncertainties that could cause actual results to differ materially including, but not limited to: (i) worldwide economic conditions, which have deteriorated significantly in the U.S.,
NEENAH PAPER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
(Unaudited)
Three Months Ended
March 31,
2009 2008
Net Sales $134.1 $205.6
Cost of products sold 113.6 171.4
Gross Profit 20.5 34.2
Selling, general and administrative expenses 16.3 21.2
Other income - net (0.7) (4.9)
Operating Income 4.9 17.9
Interest expense-net 5.7 6.2
Income (loss) From Continuing Operations (0.8) 11.7
Before Income Taxes
Provision (benefit) for income taxes (0.1) 3.2
Income (loss) From Continuing Operations (0.7) 8.5
Income (loss) From Discontinued 0.1 (81.4)
Operations, net of income taxes
Net Loss $(0.6) $(72.9)
Earnings (Loss) Per Common Share:
Basic
Continuing Operations $(0.05) $0.57
Discontinued Operations 0.01 (5.50)
$(0.04) $(4.93)
Diluted
Continuing Operations $(0.05) $0.57
Discontinued Operations 0.01 (5.45)
$(0.04) $(4.88)
Weighted Average Common
Shares Outstanding (000s)
Basic 14,672 14,798
Diluted 14,672 14,932
NEENAH PAPER, INC. AND SUBSIDIARIES
BUSINESS SEGMENT DATA
(In millions)
(Unaudited)
Three Months Ended
March 31,
2009 2008
Net Sales:
Fine Paper $64.8 $97.0
Technical Products 69.3 108.6
Consolidated $134.1 $205.6
Operating Income (Loss):
Fine Paper $8.6 $10.0
Technical Products (0.6) 8.1
Corporate and other (3.1) (0.2)
Consolidated $4.9 $17.9
NEENAH PAPER, INC. AND SUBSIDIARIES
SELECTED BALANCE SHEET DATA
(In millions)
(Unaudited)
March 31, 2009 December 31, 2008
-------------- -----------------
ASSETS
Cash and cash equivalents $6.1 $3.3
Accounts receivable - net 60.9 63.2
Inventories 79.5 88.6
Deferred income taxes 53.2 53.3
Prepaid and other current assets 15.3 30.2
Assets held for sale -
discontinued operations 3.2 3.3
--- ---
Total current assets 218.2 241.9
Property, plant and equipment -
net 299.9 316.2
Deferred income taxes 41.3 42.0
Goodwill and other intangibles -
net 68.4 72.5
Other non-current assets 11.6 12.0
---- ----
Total assets $639.4 $684.6
====== ======
LIABILITIES AND STOCKHOLDERS' EQUITY
Debt payable within one year $18.0 $24.1
Accounts payable 34.2 40.6
Accrued expenses 34.0 32.3
---- ----
Total current liabilities 86.2 97.0
Long-term debt 322.6 340.5
Deferred income taxes 23.2 25.4
Non-current employee benefits 104.9 107.8
Other noncurrent obligations 3.3 3.5
--- ---
Total liabilities 540.2 574.2
Stockholders' equity 99.2 110.4
---- -----
Total liabilities and
stockholders' equity $639.4 $684.6
====== ======
NEENAH PAPER, INC. AND SUBSIDIARIES
SELECTED CASH FLOW DATA
(In millions)
(Unaudited)
Three Months Ended March 31,
----------------------------
2009 2008
---- ----
Operating Activities
Net loss $(0.6) $(72.9)
Depreciation and amortization 8.4 11.6
Stock-based compensation 1.0 1.3
Deferred income tax benefit (0.4) (29.9)
Asset impairment loss - 90.5
Estimated loss on disposal - transfer
of Pictou Mill - 39.5
(Gain) loss on asset dispositions 0.3 (0.1)
Decrease (increase) in working capital 21.3 (37.5)
Net cash used for postretirement benefit
related activities (0.3) (12.1)
Other (0.3) (0.8)
---- ----
Cash provided by (used in) operating
activities 29.4 (10.4)
---- -----
Investing Activities
Capital expenditures (2.8) (7.1)
Other (0.2) 1.0
---- ----
Cash used in investing activities (3.0) (6.1)
---- ----
Financing Activities
Short and long-term borrowings 0.6 26.7
Repayment of debt (22.7) -
Share purchases - (9.6)
Cash dividends paid (1.5) (1.5)
Cash provided by (used in) financing
activities (23.6) 15.6
----- ----
Increase (decrease) in cash and cash
equivalents $2.8 $(0.9)
==== =====
SOURCE Neenah Paper, Inc
