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Buckeye announces Oct - Dec results

31
Jan '07
Buckeye Technologies Inc announced that it earned $3.8 million after tax (10 cents per share) in the quarter ended December 31, 2006.

During the same quarter of the prior year, the Company earned $1.9 million after tax (5 cents per share) which included $0.7 million after tax in restructuring expenses associated with last year's closure of the Glueckstadt, Germany cotton linter pulp plant.

Net sales in the just completed quarter were $184.7 million, 2% lower than $188.3 million achieved in the same quarter of the prior year. Net sales for the first six months of fiscal year 2007 were $376.1 million, 6% higher than net sales of $353.7 million for the same period last year.

Buckeye Chairman John B. Crowe commented, “Demand for our products is strong and we have implemented price increases in January. Operational issues early in the October-December quarter at our Florida wood specialty fibers facility limited our sales."

"With low inventories, our sales are closely matched to production. The Florida facility has returned to full production rates. Going forward our focus on operational reliability will help maximize sales.”

Mr. Crowe went on to say, “Continued strong cash flow generation enabled us to reduce debt by $13 million during the quarter even with two large semi-annual bond interest payments, our annual employee retirement plan contribution and our annual Florida property tax payment.”

Click here to view report:

Buckeye Technologies Inc


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