neenah paper inc (NP) Key Developments
Neenah Paper Seeks Acquisitions
Feb 18 15
Neenah Paper, Inc. (NYSE:NP) is looking for acquisition. John O'Donnell, Chief Executive Officer of Neenah Paper, states, "We expect to expand in these areas both organically and through acquisitions."
Neenah Paper, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for 2015
Feb 17 15
Neenah Paper, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net income of $26.9 million or $1.57 diluted per share from continuing operations compared with the prior-year period's $13.1 million or $0.78 diluted per share from continuing operations. Operating income was $16.5 million against $22.6 million a year ago. Income from continuing operations was $26.9 million against $13.1 million a year ago. Net sales were $216.6 million against $204.9 million a year ago. Adjusted operating income was $21.2 million compared with $22.6 million in the fourth quarter of 2013. Lower income in 2014 reflected higher costs related to the extended annual down at the German filtration plant, as well as higher SG&A and input costs that combined more than offset benefits of higher volumes and net prices. Cash provided from operations was $21.9 million compared with $19.0 million in the fourth quarter of 2013. Higher cash flow in 2014 resulted primarily from reductions in working capital achieved in 2014 compared to an increase in working capital the prior year. Capital spending was $12.7 million compared with $8.3 million in the prior year period. Higher spending in 2014 was partly due to the extended annual maintenance down at filtration plant in Germany. Net debt (debt less cash) was $161.7 million, decreased $0.7 million compared with the end of the third quarter of 2014. Adjusted Income was $12.8 million against $13.1 million a year ago. Adjusted earnings per share were $0.75 against $0.78 a year ago. Income from continuing operations before Income taxes was $13.8 million against $19.9 million a year ago.
For the full year, the company reported net income of $68.7 million or $4.03 diluted per share from continuing operations compared with the prior-year period's $52.0 million or $2.96 diluted per share from continuing operations. Operating income was $87.5 million against $83.8 million a year ago. Income from continuing operations was $68.7 million against $49.4 million a year ago. Net sales were $902.7 million against $844.5 million a year ago. Adjusted operating income was $94.1 million compared with $85.1 million in the fourth quarter of 2013. Adjusted Income was $55.9 million against $48.8 million a year ago. Adjusted earnings per share were $3.28 against $2.93 a year ago. Income from continuing operations before Income taxes was $76.4 million against $72.8 million a year ago. Cash provided by operating activities was $94.5 million against $83.5 million a year ago. Capital expenditures were $27.9 million against $28.7 million a year ago. Capital spending was $27.9 million in 2014 was relatively flat compared with $28.7 million in 2013. Net debt (debt less cash) in December increased $23.2 million compared with year end 2013. The increase in net debt in 2014 was used to finance the North American filtration acquisition acquired for $72 million in July 2014.
For the 2015, the company expects a weaker euro will result in lower translated USD from European operations. Compared with an average rate in 2014 of $1.33, every 10 cent decline in the euro reduces translated sales and pre-tax income by approximately $25 and $2.5 million, respectively. The effective tax rate is expected to be 37% until the tax law for 2015 R&D credits is renewed. If renewed, the full year rate including these credits is expected to be 35%. Capital spending will be maintained between 3% to 5% of net sales. In 2015, spending is expected to be at the high end of this range (around $45 million) as a result of a planned investment in advanced solvent-saturated transportation filtration capacity in North America.
Neenah Paper, Inc. Declares Regular Quarterly Cash Dividend, Payable on March 3, 2015
Jan 30 15
Neenah Paper, Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.30 per share on the company's common stock. The dividend will be payable on March 3, 2015 to stockholders of record as of close of business on February 13, 2015. The new dividend rate of $0.30 per share, announced on November 18, 2014, represents an increase of 11% compared to the prior dividend rate of $0.27 per share.
Mary Ann Leeper to Retire as Director of Neenah Paper, Inc., Effective May 21, 2015
Jan 29 15
On January 28, 2015, Mary Ann Leeper delivered notice of her intent to retire, for personal reasons, as a director of Neenah Paper, Inc., to be effective as of the company’s Annual Meeting of Shareholders on May 21, 2015. Dr. Leeper is chairperson of the company’s Nominating and Corporate Governance Committee.
Neenah Paper, Inc. to Report Q4, 2014 Results on Feb 17, 2015
Jan 28 15
Neenah Paper, Inc. announced that they will report Q4, 2014 results at 5:00 PM, Eastern Standard Time on Feb 17, 2015