Clearwater Paper Corporation · NYSE:CLW
Clearwater Paper — Q1 2013 Earnings Presentation
17 slides from Clearwater Paper's earnings presentation, Apr 24, 2013
Slide 1: First Quarter 2013 Supplemental Information
Clearwater Paper Corporation First Quarter 2013 Supplemental Information Linda Massman President, Chief Executive Officer and Director John Hertz Senior Vice President, Finance and Chief Financial Officer
Slide 2: Forward-Looking Statements
Forward-Looking Statements 1 This supplemental information contains, in addition to historical information, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding outlook for 2013, production, product volumes ship
Slide 3: Financial Summary (Unaudited)
Financial Summary (Unaudited) 2 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Net sales $ 457,798 $ 473,572 $ 480,233 $ 462,701 $ 460,824 Adjusted operating income (loss) 1 Consumer Products 26,271 26,710 18,453 22,927 10,307 Pulp and Paperboard 11,658 32,001 34,449 25,802 17,553 Corporate and eliminations (11,708)
Slide 4: Q1-13 vs. Q4-12 Consolidated Adjusted EBITDA Bridge
Q1-13 vs. Q4-12 Consolidated Adjusted EBITDA1 Bridge 3 Price/Mix Higher mix of retail tissue shipments Volume Paperboard and non-retail tissue down largely offset by higher retail tissue shipments Pulp Higher external pricing Transitional Costs • Purchased paper 3,300 tons higher • TAD bathroom tiss
Slide 5: Q1-13 vs. Q1-12 Consolidated Adjusted EBITDA Bridge
Q1-13 vs. Q1-12 Consolidated Adjusted EBITDA1 Bridge 4 Price/Mix Lower paperboard and nonretail tissue pricing partially offset by higher retail tissue pricing and paperboard mix Volume Higher tissue and paperboard shipments Wood/Fiber Lower costs in Idaho partially offset by higher costs in Arkansa
Slide 6: Shipments and Sales Price/Unit (Unaudited) Consumer Products
Shipments and Sales Price/Unit (Unaudited) 5 Consumer ProductsQ1 2012Q2 2012Q3 2012Q4 2012Q1 2013 Shipments Consumer ProductsNon-Retail (short tons) 153,343 60,481 64,731 59,100 55,235 Retail (short tons) 75,425 72,497 74,117 71,633 77,361 Total Tissue Tons128,768 132,978 138,848 130,733 132,596 Con
Slide 7: Q1-13 vs. Q4-12 Consumer Products Adjusted EBITDA Bridge
Q1-13 vs. Q4-12 Consumer Products Adjusted EBITDA1 Bridge 6 Price/Mix Favorable mix shift to higher percentage of retail Volume Increased retail sales partially offset by lower nonretail shipments Pulp Higher external pricing partially offset by lower internal pricing Transitional Costs • Purchased
Slide 8: Shipments and Sales Price/Unit (Unaudited) Pulp & Paperboard
Shipments and Sales Price/Unit (Unaudited) 7 Pulp & PaperboardQ1 2012Q2 2012Q3 2012Q4 2012Q1 2013 Shipments Paperboard (short tons)182,198 193,285 195,097 190,339 186,350 Sales PricePaperboard ($/short ton)$ 968$ 975$ 948$ 936$ 935
Slide 9: Q1-13 vs. Q4-12 Pulp and Paperboard Adjusted EBITDA Bridge
Q1-13 vs. Q4-12 Pulp and Paperboard Adjusted EBITDA1 Bridge 8 Price/Mix Lower initial pricing more than offset by richer product mix for folding Volume Lower paperboard due to planned consignment inventory build Maintenance Outage Costs Arkansas major outage with higher than anticipated operational
Slide 10: Second Quarter 2013 Outlook (Compared to Q1-13)
Second Quarter 2013 Outlook (Compared to Q1-13)1 Consumer Products Pulp and Paperboard Production volumes Expecting Shelby paper and converting production up as transition progresses No Arkansas outage Shipment volumes Stable – Retail down slightly offset by higher non-retail Higher with completion
Slide 11: Bridge to Pro Forma $75 Million Quarterly Run Rate
Bridge to Pro Forma $75 Million Quarterly Run Rate2 10 1 Non-GAAP measure – See definition and reconciliation to GAAP. 2 Assumes no change in prices or input costs from Q1-13. This information is based upon management’s current expectations and estimates, which are in part based on market and indust
Slide 12: Adjusted Operating Income Reconciliation from Non-GAAP Measures
Adjusted Operating Income Reconciliation from Non-GAAP Measures (Unaudited) 11 (Dollars in thousands)Q1'12Q2'12Q3'12Q4'12Q1'13Consumer Products Operating income$ 26,271$ 25,696$ 18,453$ 22,927$ 10,124 Costs associated with announced Thomaston facility closure- - - - 183 Loss on sale of foam assets-
Slide 13: Adjusted Taxes Reconciliation from Non-GAAP Measures
Adjusted Taxes Reconciliation from Non-GAAP Measures (Unaudited) 12 (Dollars in thousands - except per-share amounts) Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 GAAP income tax provision (12,194) $ (13,861) $ (12,798) $ (8,607) $ $ 14,675 Special items, tax impact: Loss on sale of foam assets - (356) - - - Expen
Slide 14: Adjusted Earnings Reconciliation from Non-GAAP Measures
Adjusted Earnings Reconciliation from Non-GAAP Measures (Unaudited) 13 (Dollars in thousands - except per-share amounts)Q1'12Q2'12Q3'12Q4'12Q1'13 GAAP net earnings (loss)$ 3,726$ 21,489$ 19,064$ 19,852(882)$ Special items, after tax: 1 Loss on sale of foam assets- 658 - - - Expenses associated with
Slide 15: Reconciliation from Non-GAAP Measures
Reconciliation from Non-GAAP Measures (Unaudited) 12 (Dollars in thousands)Q1'12Q2'12Q3'12Q4'12Q1'13 Earnings before interest, income taxes, and depreciation & amortization (EBITDA)1 GAAP net earnings (loss)$ 3,726$ 21,489$ 19,064$ 19,852(882)$ Interest expense, net 29,7289,1477,9007,02128,040 Incom
Slide 16: Segment Reconciliation from Non-GAAP Measures
Segment Reconciliation from Non-GAAP Measures (Unaudited) 14 (Dollars in thousands)Q1'12Q2'12Q3'12Q4'12Q1'13Consumer Products Operating Income$ 26,271$ 25,696$ 18,453$ 22,927$ 10,124 Depreciation and amortization expense13,165 13,252 13,275 14,855 16,092 Segment EBITDA1$ 39,436$ 38,948$ 31,728$ 37,7
Slide 17: For more information: www.clearwaterpaper.com
For more information: www.clearwaterpaper.com