Business
Neenah Paper Reports 2006 Fourth Quarter and Full Year Results
Neenah Paper Reports 2006 Fourth Quarter and Full Year Results.
About this update from Northpalm Capital Corp.
[{"type":"text","content":"\n\n\n\nALPHARETTA, Ga., March 7 /CNW/ -- (NYSE: NP) -- Neenah Paper, Inc. today\nreported income from continuing operations for the fourth quarter 2006 of $3.2\nmillion, or $0.21 per diluted common share, compared with a loss from\ncontinuing operations of $2.7 million, or $0.18 per diluted common share, for\nthe fourth quarter of 2005. Net sales for the fourth quarter 2006 increased 30\npercent versus the prior year to $177.2 million, while operating income\nincreased from $0.6 million in the fourth quarter 2005 to $9.0 million in the\ncurrent quarter. Fourth quarter 2006 results reflect the inclusion of Neenah's\nGerman operations, which were acquired from FiberMark on October 11, 2006.\n\n\nCommenting on the performance, Sean Erwin, Chairman and Chief Executive\nOfficer said, "Results for the fourth quarter were well ahead of last year,\nreflecting significant improvement in pulp operations resulting from both\nhigher selling prices and improved costs, a more favorable pricing environment\nin our paper segments, and growth in Technical Products. Our businesses\ncontinued to generate strong cash flows, providing us with sound financial\nfooting and flexibility to act on attractive opportunities like the Fox River\nacquisition. We made good progress during the quarter toward integrating our\nGerman operations and look forward to being able to deliver even more\nefficiencies as we consolidate Fox River with our fine paper business."\n\n\nFine Paper net sales of $54.7 million in the fourth quarter 2006 compared\nwith $55.4 million in the fourth quarter 2005. Volumes in the current quarter\nwere less than one percent below the same quarter in 2005. Operating income of\n$12.3 million in the fourth quarter of 2006 declined from $13.1 million in the\nfourth quarter of 2005. The change resulted from lower sales and increased\nmanufacturing costs, including significantly higher prices for hardwood pulp.\n\n\nTechnical Products net sales of $82.8 million in the fourth quarter of\n2006 include Neenah Germany and increased from $31.6 million in the same\nperiod of 2005. Net sales for the fourth quarter without Germany grew five\npercent versus the prior year due to higher selling prices and an improved\nmix. Operating income for the fourth quarter of 2006 of $3.4 million compared\nto $2.5 million in the fourth quarter of 2005. ...