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Demand for Buckeye products continues to be strong - John Crowe

25
Apr '07
Buckeye Technologies Inc announced that it earned $6.6 million after tax (17 cents per share) in the quarter ended March 31, 2007.

This included $0.8 million after tax in restructuring expenses associated with consolidations made in our European Sales Offices, Product and Market Development, and corporate overhead.

During the same quarter of the prior year, the Company lost $0.8 million after tax (2 cents per share) which included $1.1 million after tax in restructuring and impairment expenses associated with the closure of the Glueckstadt, Germany cotton linter pulp plant in December, 2005.

Net sales in the just completed quarter were $193 million, 6% higher than $181 million achieved in the same quarter of the prior year. Net sales for the first nine months of fiscal year 2007 were $569 million, also 6% higher than net sales of $535 million for the same period last year.

Buckeye Chairman John B. Crowe commented, “Demand for our products continues to be strong, and our operations are responding to the challenge of matching production and sales. Good cash flow generation enabled us to reduce debt by $13 million during the quarter.”

Mr. Crowe went on to say, “The consolidations in our European Sales Offices, Product and Market Development and corporate overhead complement the operations consolidations we completed during the last several years and will provide annual savings of over $2 million.”

Buckeye Technologies Inc


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