Mr. Crowe continued, “We reduced total debt during the quarter to $238 million, which was significantly below our target of $250 million. During the 2010 fiscal year, we reduced our total debt by $90 million. Last week, we received a $67 million income tax refund for fiscal year 2010 and at the close of business on August 2nd, our total debt was less than $165 million.
“Buckeye is now well positioned to take a more balanced approach to the allocation of capital going forward, and to that end will begin paying a regular quarterly cash dividend of $0.04 per share, the first in the history of the Company, on September 15.”
Buckeye, a leading manufacturer and marketer of specialty fibers and nonwoven materials, is headquartered in Memphis, Tennessee, USA. The Company currently operates facilities in the United States, Germany, Canada, and Brazil. Its products are sold worldwide to makers of consumer and industrial goods.
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