July 29, 2016 2:07 AM ET

Paper and Forest Products

Company Overview of Paperweight Development Corp.

Company Overview

Paperweight Development Corp., through its subsidiary, Appvion, Inc, manufactures and sells coated paper products in the United States and internationally. The company operates in two segments, Carbonless Papers and Thermal Papers. The Carbonless Papers segment produces and sells carbonless, security, and other specialty paper products to converters, 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 security technologies, including waterma...

825 East Wisconsin Avenue

PO Box 359

Appleton, WI 54912

United States

Founded in 1907

1,424 Employees

Phone:

920-734-9841

Key Executives for Paperweight Development Corp.

Chief Executive Officer, President, Director, Member of Corporate Governance Committee, Chief Executive Officer of Appvion Inc and President of Appvion
Age: 49
Chief Financial Officer, Senior Vice President of Finance and Treasurer
Age: 58
Senior Vice President of Administration, General Counsel and Secretary
Age: 44
Vice President of Thermal
Compensation as of Fiscal Year 2016.

Paperweight Development Corp. Key Developments

Paperweight Development Corp. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016

Paperweight Development Corp. announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported net loss of $0.4 million on net sales of $180.5 million compared to net loss of $5.8 million on net sales of $183.9 million reported in the same period last year. Operating income was $9.6 million against $4.3 million reported last year. Loss from continuing operations before income taxes was $0.3 million against $10.2 million reported last year. Loss from continuing operations was $0.4 million against $10.3 million reported last year. EBITDA was $16.3 million against $11.0 million reported last year. Adjusted EBITDA was $17.1 million against $13.6 million reported last year. First quarter 2016 earnings benefited from improved prices for the company's thermal products and a more than $7 million reduction in manufacturing and raw materials spending resulting from strong operational performance.

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.

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