SPOKANE, Wash.--(BUSINESS WIRE)--
Clearwater Paper Corporation (NYSE:CLW) today announced that its
board of directors has authorized the repurchase of up to $100 million
of the company's common stock, demonstrating the company's strong
balance sheet and positive outlook on its business. This authorization
follows the successful completion of the company's previous $100 million
stock repurchase authorization, which was implemented by the board in
February 2014. Clearwater Paper expects to fund the repurchase through
available cash resources.
"Today's announcement of a new stock repurchase program reflects our
confidence in future cash generation capabilities and commitment to
return capital to shareholders," said Linda K. Massman, president and
chief executive officer. "At the same time, we are committed to
maintaining a strong balance sheet and financial position. Since
beginning our stock repurchase programs in 2011, we have returned $230
million to our shareholders."
The repurchase program authorizes the company to purchase its common
stock, on occasion, through open market purchases, negotiated
transactions or other means (including accelerated stock repurchases and
10b5-1 trading plans in accordance with applicable securities laws and
other restrictions). The company has no obligation to repurchase stock
under this program and may suspend or terminate the program at any time.
ABOUT CLEARWATER PAPER
Clearwater Paper manufactures quality consumer tissue and bleached
paperboard and pulp at 13 manufacturing locations in the U.S. and
Canada. The company is a premier supplier of private label tissue to
major retailers and wholesale distributors. This includes grocery, drug,
mass merchants and discount stores. The company also produces bleached
paperboard used by quality-conscious printers and packaging converters.
Clearwater Paper's employees build shareholder value by developing
strong customer partnerships through quality and service.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995, as
amended, including statements regarding the aggregate dollar value of
shares authorized to be repurchased pursuant to the stock repurchase
program, the long-term prospects for the company, the condition of the
company's balance sheet and financial condition, uses and sufficiency of
the company's cash, the company's future generation of cash flow, and
the expected amount of the additional return of capital to shareholders.
These forward-looking statements are based on current expectations,
estimates, assumptions and projections that are subject to change, and
actual results may differ materially from the forward-looking
statements. Factors that could cause actual results to differ materially
include, but are not limited to, limitations on stock repurchases
pursuant to Rule 10b-18 under the Securities Exchange Act of 1934;
fluctuations and volatility in the company's stock price; customer
acceptance and quantity and timing of purchases of the company's new TAD
products; competitive pricing pressures for the company's products,
including as a result of increased capacity as additional manufacturing
facilities are operated by the company's competitors; difficulties with
the optimization and realization of the benefits expected from the
company's new TAD paper machine and converting lines in North Carolina;
the loss of or changes in prices in regards to a significant customer;
manufacturing or operating disruptions, including IT system failures,
equipment malfunction and damage to the company's manufacturing
facilities; changes in the cost and availability of wood fiber and wood
pulp; changes in transportation costs and disruptions in transportation
services; labor disruptions; changes in costs for and availability of
packaging supplies, chemicals, energy, and maintenance and repairs;
changes in customer product preferences and competitors' product
offerings; changes in expenses and required contributions associated
with the company's pension plans; environmental liabilities or
expenditures; changes in the U.S. and international economies and in
general economic conditions in the regions and industries in which the
company operates; increased supply and pricing pressures resulting from
increasing Asian paper production capabilities; cyclical industry
conditions; reliance on a limited number of third-party suppliers for
raw materials; inability to successfully implement the company's
expansion strategies; the company's qualification to retain, or ability
to utilize, tax credits associated with alternative fuels or cellulosic
biofuels; and other risks and uncertainties described from time to time
in the company's public filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year ended
December 31, 2013. These forward-looking statements are made as of the
date of this press release and the company does not undertake to update
any forward-looking statements.
For additional information on Clearwater Paper, please visit our
website at www.clearwaterpaper.com.
Clearwater Paper Corporation
Investors:
Robin Yim,
509-344-5906
Vice President, Investor Relations
robin.yim@clearwaterpaper.com
or
News
media:
Shannon Myers, 509-344-5967
Director, Corporate
Communications
shannon.myers@clearwaterpaper.com
Source: Clearwater Paper Corporation
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