Home / Knowledge / News / Textiles / Nonwovens shipment volume up 7% at Buckeye
Nonwovens shipment volume up 7% at Buckeye
04
Aug '10
Buckeye Technologies Inc. announced fourth quarter net income of $9.7 million or $0.24 per share. This compared to net income of $46.5 million or $1.20 per share in the prior year comparable period, which included net income of $39.6 million, or $1.02 per share, from alternative fuel mixture credits (“AFMC”).

Adjusted net income for the quarter (excluding certain items described below) was $10.6 million, or $0.26 per share versus fourth quarter fiscal 2009 adjusted net income $6.8 million, or $0.18 per share. Net sales were $205 million for the fourth quarter of fiscal 2010, up 16% versus net sales of $177 million in the fourth quarter of fiscal 2009.

Operating income for our specialty fibers segment was up $7.9 million in the fourth quarter compared to the same quarter a year ago, largely due to the return to profitability of our Memphis cotton specialty fibers plant. Our wood specialty fibers business benefited from higher fluff pulp prices, a favorable sales mix and lower input costs, but these improvements were offset by the impact of the June power outage ($4.2 million pre-tax or $0.07 per share) and other scheduled maintenance outages that took place during the quarter.

Operating income for the nonwovens segment was down $0.6 million despite a 3% increase in shipment volume due to rising fluff pulp costs and unfavorable currency movements. Interest expense was down almost 50% year over year, but this benefit was offset by a return to a more normal effective tax rate in Q4 of this year compared to an unusually low tax rate in Q4 of last year.

Comparing the fourth quarter to the third quarter, adjusted EPS was down $0.02, which was again impacted by the power outage. Shipment volume overall was flat, with nonwovens shipment volume up 7% and specialty fibers volume off 1%. Higher overall selling prices outweighed input cost increases driven by higher prices for cotton linters and purchased fluff pulp. Foley production volume was off approximately 8,000 tons versus the third quarter, 5,000 tons of which was due to the June power outage.

For fiscal year 2010, net sales were $756 million, up slightly from $755 million in fiscal 2009. Net income for the 2010 fiscal year was a record $115 million or $2.90 per share, which included income from AFMC of $1.94 per share. Excluding AFMC, goodwill impairment charges, and other special items, adjusted net income* for the entire fiscal year was $34.9 million, or $0.88 per share, compared to $22.6 million, or $0.58 per share in fiscal 2009.

Chairman and Chief Executive Officer John B. Crowe said, “Buckeye's fourth quarter results were good, showing improvement compared to the same quarter a year ago. While earnings were down from the third quarter, I was pleased with the overall performance given the negative impact of the June 17th power failure and resulting voltage surge at our Florida facility.

It is times like this when you see the strength and can-do attitude of your organization, which succeeded in holding the outage to a total of five days. Strong customer demand and increased selling prices were not enough to offset the $4.2 million in lost absorption and expenses associated with the outage and recovery during the quarter.”


Must ReadView All

Courtesy: Nine West

Fashion | On 17th Jun 2018

ABG wins bid in Nine West Holdings auction

Authentic Brands Group (ABG), owner of a global portfolio of...

Courtesy: Kreussler

Textiles | On 17th Jun 2018

USDA certifies Kreussler's solvent as biobased

The US Department of Agriculture (USDA) has certified Kreussler's...

Courtesy: ITUC

Textiles | On 17th Jun 2018

Democratic space shrink & corporate greed are rising: ITUC

Shrinking democratic space for working people and unchecked corporate ...

Interviews View All

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

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...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search