Chairman and Chief Executive Officer John B. Crowe said, “We are pleased with the improved results, both for the quarter and fiscal year. We credit the improved earnings to strong demand across all of our businesses and to the combination of higher prices, better mix and cost reductions. Reduced costs and higher volumes at our Americana plant also contributed to improved earnings, both for the quarter and total year."
"Our Nonwoven Materials Segment sales and earnings were strong for the total year, but even though sales were higher, operating income for the quarter was down compared to the January – March quarter due to higher corporate SRA allocations and special maintenance items. We continue to generate strong cash flow and we lowered our debt during the year by $76 million (from $521 million to $445 million), which includes the cancellation of the $5.0 million Stac-Pac note.”
Mr. Crowe went on to say, “With the anticipated improved fourth quarter results, we provided an earnings alert on July 25. Today we are releasing our results ahead of schedule and we will discuss fourth quarter and annual results at our conference call scheduled for 10:30 a.m. Eastern, Wednesday, August 8, 2007 following a review of our results with the Board of Directors at the previously scheduled August 7 meeting. We appreciate your understanding for the delay between today's announcement and our conference call.”
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