Home / Knowledge / News / Textiles / FY'12 sales marginally up at Buckeye Technologies
FY'12 sales marginally up at Buckeye Technologies
08
Aug '12
Buckeye Technologies Inc. announced record sales and earnings for fiscal year 2012. Net sales for the year (adjusted to exclude discontinued Americana operations) were $895 million, a new record and up $14 million or 2% compared to fiscal 2011, as higher selling prices offset a $10MM sales reduction due to the divestiture of our King converting business and lower shipment volumes from both our Foley wood specialty mill and our nonwovens business.

Adjusted net income for the 2012 fiscal year was a record $111 million, or $2.76 per share, compared to $91 million or $2.23 per share in fiscal 2011.

The growth in adjusted net income was due to significantly higher selling prices for our high-end specialty wood and cotton fiber products which more than offset the impact of lower fluff pulp prices. Net income also benefited in fiscal year 2012 from reduced selling, research and administrative expenses and lower interest expense.

Fourth quarter adjusted net income was $26.2 million or $0.66 per share. This excludes net after-tax charges of $2.8 million, or $0.08 per share, primarily relating to the sale of our Americana, Brazil cotton linter pulp plant and adjustments relating to the cellulosic biofuel credit.

Adjusted net income was off slightly compared to the prior year period’s $27.8 million or $0.68 per share, which excluded an after-tax non-cash asset impairment charge of $13.0 million, or $0.32 per share, relating to plans to close our Canadian nonwovens plant by the end of December 2012 as well as other special items of $0.6 million or $0.01 per share.

Net sales were $225 million for the fourth quarter of fiscal 2012, down $24 million or 10% versus record net sales of $249 million in the fourth quarter of fiscal 2011 (which have been adjusted to exclude discontinued Americana operations). About $5 million of the reduction in sales was related to the divestiture of our King converting business. Sales from our Foley specialty wood plant were down $10 million due to lower shipment volume. Last year’s sales benefited from significant shipments from inventory.

Sales from the Memphis specialty cotton plant were off $5 million due to supply chain inventory corrections and lower growth projections in the LED TV market. In spite of the reduction in sales revenue and the $0.06 negative earnings impact of the June steam drum failure outage at Foley, adjusted EPS of $0.66 was only down by $0.02 per share compared to the year ago quarter.

Higher selling prices in Specialty Fibers, lower costs and the elimination of underperforming businesses offset most of the impact of lower sales revenue and the June production outage. We generated $50 million in free cash flow during the quarter, including $6 million in net proceeds from the sale of our Americana assets.

We repurchased 750,000 shares ($22 million) during the quarter, bringing total year repurchases to 1.2 million shares ($33 million), or 3% of outstanding shares at the beginning of the year. We also reduced debt by $12 million to $59 million. At the end of the quarter our cash and short term investments stood at $47 million.

Must ReadView All

Courtesy: BGMEA

Apparel/Garments | On 27th Feb 2017

'Brands & buyers should help Bangladeshi factory owners'

Brands and buyers should come forward to help factory owners in...

Apparel/Garments | On 27th Feb 2017

Myanmar sets up new committee to revise minimum wage

The Government of Myanmar has set up a new committee, replacing an...

Courtesy: PT Indonesia Taroko Textile

Textiles | On 27th Feb 2017

Taiwan's Lealea to buy Tarako textile plant in Indonesia

Taiwan based textile manufacturer Lealea Enterprise Company, one of...

Interviews View All

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search