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February 06, 2016 8:37 PM ET

Paper and Forest Products

Company Overview of Paperweight Development Corp.

Company Overview

Paperweight Development Corp., through its subsidiary, Appleton Papers Inc., manufactures and sells coated paper products in the United States and internationally. The company operates in three segments: Carbonless Papers, Thermal Papers, and Encapsys. The Carbonless Papers segment produces and sells carbonless, security, and other specialty paper products to converters, business forms printers, and merchant distributors. This segment offers carbonless roll and sheet products under the NCR PAPER brand for use in government, retail, financial, insurance, and manufacturing markets; and security papers with features that resist forgery, tampering, and counterfeiting, as well as incorporate secu...

825 East Wisconsin Avenue

PO Box 359

Appleton, WI 54912

United States

Founded in 1907

1,565 Employees

Phone:

920-734-9841

Key Executives for Paperweight Development Corp.

Chief Executive Officer and Chief Executive Officer of Appvion Inc
Age: 48
Chief Financial Officer, Senior Vice President of Finance and Treasurer
Age: 57
Senior Vice President of Administration and General Counsel
Age: 43
Senior Manager of Corporate Communications
Vice President of Thermal Research and Development
Age: 58
Compensation as of Fiscal Year 2015.

Paperweight Development Corp. Key Developments

Paperweight Development Corp. Announces Earnings Results for the Quarter Ended October 4, 2015

Paperweight Development Corp. announced earnings results for the quarter ended October 4, 2015. For the quarter, the company reported net sales of $180.6 million compared with $187.9 million for the same period a year ago. Operating income was $4.2 million compared with operating loss of $14.7 million for the same period a year ago. Loss from continuing operations was $11.0 million compared with $28.1 million for the same period a year ago. Net income was $180.9 million compared with net loss of $23.2 million for the same period a year ago. Adjusted EBITDA was $11.3 million compared with $18.8 million for the same period a year ago. For the nine months, the company reported net sales of $530.6 million compared with $579.9 million for the same period a year ago. Operating income was $7.0 million compared with $3.3 million for the same period a year ago. Loss from continuing operations before income taxes was $35.2 million compared with $34.4 million for the same period a year ago. Loss from continuing operations was $35.4 million compared with $34.5 million for the same period a year ago. Net income was $165.3 million compared with net loss of $22.3 million for the same period a year ago. Adjusted EBITDA was $31.8 million compared with $51.7 million for the same period a year ago. Year-to-date results benefitted from improved manufacturing operations and lower SG&A spending. Those improvements were offset by unfavorable pricing, lower shipment volumes and extended downtime costs. In addition, 2014 results included a $24.0 million charge related to the Fox River Funding Agreement.

Paperweight Development Corp. Announces Auditor Changes

On September 17, 2015, the Audit Committee of the Board of Directors of Paperweight Development Corp. approved the appointment of McGladrey LLP as the new independent registered public accounting firm of the company and its subsidiaries, including Appvion Inc., and the dismissal of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm, each effective September 18, 2015. The appointment and dismissal was a result of a competitive bidding process involving several accounting firms, including PwC.

Paperweight Development Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended April 5, 2015

Paperweight Development Corp. reported unaudited consolidated earnings results for the first quarter ended April 5, 2015. For the quarter, the company reported net sales of $195.6 million compared to $203.8 million a year ago. Operating income was $8.8 million compared to $14.5 million a year ago. Loss before income taxes was $5.7 million compared to income before income taxes of $2.1 million a year ago. Net loss was $5.8 million compared to net income of $2.0 million a year ago. Adjusted EBITDA was $19.1 million compared to $20.1 million a year ago. Current quarter operating income was adversely impacted by unfavorable pricing for thermal receipt paper due to competition from international producers.

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