Buckeye Technologies Inc announced that it earned $15.9 million after tax ($.41 per share) in the quarter ended June 30, 2007. The Company's results included a $2.0 million pre-tax benefit from a water conservation partnership payment, a $2.1 million pre-tax benefit from reversal of accrued interest related to cancellation of a contingent note owed to Stac-Pac Technologies Inc and a $3.3 million tax benefit from adjustments relating to federal and state valuation allowances and credits. The combined benefit of these three items on our Q4 earnings was $.15 per share.
During the same quarter of the prior year the Company earned $1.2 million after tax ($.03 per share) which included a $0.8 million tax benefit ($.02 per share) related to a reduction in Canadian federal and provincial tax rates and restructuring and impairment expenses of $0.5 million after tax ($.01 per share) primarily associated with equipment sales at the closed operations in Lumberton, North Carolina and Glueckstadt, Germany.
During the 2007 fiscal year, the Company earned $30.1 million after tax ($.79 per share) which included the benefit of $5.7 million after tax ($.15 per share) discussed above and restructuring charges of $0.8 million after tax ($.02 per share). This compares to fiscal year 2006 earnings of $2.0 million after tax ($.05 per share), including restructuring and impairment expenses of $3.6 million after tax ($.10 per share).
Net sales for the April-June quarter were $200 million, 3.5% above the $193 million achieved in the same quarter of the prior year. Net sales for fiscal year 2007 were $769 million, 5.6% above the $728 million achieved in the prior year.
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