Buckeye Technologies Inc announced that it earned $3.8 million after tax (10 cents per share) in the quarter ended September 30, 2006.
During the same quarter of the prior year, the Company incurred a net loss of $0.3 million after tax (1 cent per share) which included $1.2 million after tax (3 cents per share) in restructuring expenses associated with last year's closure of our Glueckstadt, Germany cotton linter pulp plant.
Net sales in the just completed quarter were $191.4 million, 16 percent above the $165.5 million achieved in the same quarter of the prior year.
Buckeye Chairman, John B. Crowe, commented, “Our sales of nonwoven materials and specialty fibers products were strong during the quarter as we continued to see market conditions like we did in the April-June quarter."
"The biggest driver of the increase in sales over a weak July-September quarter last year was higher shipment volume, but our sales also benefited from increased pricing and improved shipment mix.Particularly pleasing were the record sales, volumes and operating income delivered by our nonwovens segment.”
Mr. Crowe went on to say, “Strong operating results, working capital reduction and low capital spending allowed us to reduce debt by $24 million during the quarter. We now have less than $500 million of debt on the balance sheet, which is a milestone for us.”
marketing@alchempro.com
