Clearwater Paper Corporation Announces Resignation of Jonathan D. Hunter as Controller and Principal Accounting Officer Effective April 10, 2015
Apr 3 15
On April 1, 2015, Clearwater Paper Corporation's controller and principal accounting officer, Jonathan D. Hunter, notified the company of his decision to resign effective April 10, 2015.
Clearwater Paper Corporation Announces Executive Changes
Mar 5 15
Clearwater Paper Corporation announced the retirement of Thomas A. Colgrove as president of the company's consumer products division. Mr. Colgrove will continue to serve as president of the division until the beginning of the second quarter. Patrick T. Burke, who currently serves as the company's vice president of supply chain, will assume the role of senior vice president and president of the company's consumer products division, when his successor for the supply chain function is appointed. Mr. Colgrove will also continue to serve the company until the end of 2015 to assist in the transition. Prior to joining Clearwater Paper, Mr. Burke spent nearly 30 years in manufacturing, warehouse operations and supply chain management leadership positions for PepsiCo, Quaker Oats and Ralston Foods.
Clearwater Paper Corporation Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Adjusted Tax Rate Guidance for the Year 2015
Feb 4 15
Clearwater Paper Corporation reported unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2014. The company reported net sales of $472.3 million for the fourth quarter of 2014, compared to net sales of $470.2 million for the fourth quarter of 2013. The net loss determined in accordance with generally accepted accounting principles, or GAAP, for the fourth quarter of 2014 was $27.2 million, or $1.39 per diluted share, compared to net earnings of $82.9 million, or $3.87 per diluted share, for the fourth quarter of 2013. The 2014 fourth quarter GAAP net loss included an after-tax loss of $36.3 million associated with the divestiture of the company’s Consumer Products specialty mills, $2.0 million of after-tax intangible asset impairment, $1.3 million of after-tax expense associated with the mark-to-market impact of directors equity-based compensation and $2.5 million of after-tax expense associated with the closing of the company’s Thomaston, Georgia, and Long Island, New York, converting and distribution facilities. Excluding those items, fourth quarter 2014 adjusted net earnings were $15.0 million, or $0.77 per diluted share, compared to fourth quarter 2013 adjusted net earnings of $23.1 million, or $1.09 per diluted share. Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $5.8 million for the fourth quarter of 2014. Adjusted EBITDA of $54.5 million was down 16.7% compared to fourth quarter 2013 Adjusted EBITDA of $65.4 million. The decrease in EBITDA and Adjusted EBITDA was due primarily to higher operating costs associated with fiber, transportation, energy and maintenance, more than offsetting increased average prices and volumes. Loss from operations was $17,768,000 against income of $38,289,000 a year ago. Loss before income taxes was $25,926,000 against earnings of $27,037,000 a year ago.
For the year, the company reported net sales of $1,967,139,000 against $1,889,830,000 a year ago. Income from operations was $79,811,000 against $99,328,000 a year ago. Earnings before income taxes were $16,241,000 against $38,234,000 a year ago. Net loss was $2,315,000 or $0.11 per diluted share against earnings of $106,955,000 or $4.80 per diluted share a year ago. Net cash flows from operating activities were $139,100,000 against $136,357,000 a year ago. Additions to plant and equipment were $93,028,000 against $90,593,000 a year ago. Adjusted EBITDA was $238,511,000 against $199,661,000 a year ago. Adjusted net earnings were $69,827,000 or $3.47 per diluted share against $43,581,000 or $1.96 per diluted share a year ago.
The company expects its annual GAAP and adjusted tax rates to be approximately 37% for 2015. For 2015, capital expenditures, the pursuit of the CPD cost structure improvements will require more capital investment than recent capital spending levels. So the outlook for capital investment in 2015 is $155 million. The plan includes a previously mentioned $85 million of strategic capital plus $70 million in base maintenance CapEx.