Business
Neenah Paper Reports Third Quarter Results
Neenah Paper Reports Third Quarter Results.
About this update from Northpalm Capital Corp.
[{"type":"text","content":"\n\n\n\n\nALPHARETTA, Ga., Nov. 8 /CNW/ -- Neenah Paper, Inc. (NYSE: NP) today\nreported income from continuing operations for the third quarter 2006 of $4.6\nmillion, or $0.31 per diluted common share, compared with income from\ncontinuing operations of $7.0 million, or $0.47 per diluted common share, for\nthe third quarter of 2005. While profits increased in each of the company's\npaper segments, hedging and currency effects related to pulp operations\nresulted in lower total income. Net sales for the third quarter 2006 increased\n11 percent versus the prior year to $141.4 million, with increases occurring\nin all business segments.\nCommenting on results, Sean Erwin, Chairman and Chief Executive Officer\nsaid, \"We are pleased that during a quarter in which we had a significant\namount of strategic activity, each of our paper segments and our Pictou pulp\nmill delivered year-on-year growth in volume, net sales and profits versus the\nprior year. Our operational cash flows in the quarter allowed us to fund the\nTerrace Bay transaction and minimize external financing needs for the\nFiberMark Germany acquisition. With these strategic actions now complete, we\nare focused on delivering value through growth in our paper businesses,\nintegration of the German operations and continued improvements in Pictou's\ncost position.\"\nFine Paper third quarter 2006 net sales increased three percent compared\nwith the third quarter 2005, to $53.8 million. The increase was due to three\npercent higher volumes and improved selling prices. Operating income for the\ncurrent quarter increased four percent, to $12.8 million, compared to the\nthird quarter 2005. The higher operating income resulted from increased\nvolumes, higher selling prices and lower selling and administrative expenses,\nall of which offset increased pulp costs. As in 2005, third quarter results\nreflected seasonally lower volumes and scheduled mill downtime.\nTechnical Products net sales of $33.5 million in the third quarter of\n2006 increased 17 percent compared with the same period of 2005. The higher\nsales resulted from a 12 percent increase in volumes, including growth in\nhigher value products, and improved selling prices. Operating income for the\nquarter of $0.9 million compared with $0.2 million in the third quarter of\n2005. The improved operating income resulted fro...