SPOKANE, Wash.--(BUSINESS WIRE)--
Clearwater Paper Corporation (NYSE:CLW) today reported financial
results for the fourth quarter and full year of 2015.
The company reported net sales of $431.6 million for the fourth quarter
of 2015, down 8.6% compared to net sales of $472.3 million for the
fourth quarter of 2014 due primarily to the sale of the company's
specialty mills in December 2014. Net earnings determined in accordance
with generally accepted accounting principles, or GAAP, for the fourth
quarter of 2015 were $11.6 million, or $0.65 per diluted share, compared
to a net loss of $27.2 million, or ($1.39) per diluted share, for the
fourth quarter of 2014. Excluding $1.8 million of adjustments for
non-core items, after tax, listed in the accompanying schedules, fourth
quarter 2015 adjusted net earnings were $13.3 million, or $0.75 per
diluted share, compared to fourth quarter 2014 adjusted net earnings of
$15.0 million, or $0.77 per diluted share.
Earnings before interest, taxes, depreciation and amortization, or
EBITDA, was $58.2 million for the fourth quarter of 2015. Adjusted
EBITDA of $58.9 million was up 8.0% compared to fourth quarter 2014
Adjusted EBITDA of $54.5 million. Excluding the specialty mills
contribution to adjusted EBITDA in the fourth quarter of 2014, the
increase in EBITDA and Adjusted EBITDA was due primarily to higher
paperboard shipment volumes, lower manufacturing input costs and lower
planned maintenance, all of which were partially offset by lower
paperboard pricing and increases in wages and benefits.
"We delivered solid performance in 2015 with $211 million of Adjusted
EBITDA," said Linda Massman, president and chief executive officer.
"These results were achieved by aggressively managing costs and driving
operational efficiencies throughout our manufacturing and distribution
network, in a year that included planned major maintenance and no sales
from the specialty mills."
"Our 2016 priorities are a continued focus on optimizing efficiency in
the tissue business and expanding our customer mix for paperboard while
leveraging our investments to improve operations, investing in our team
and exceeding customer expectations," said Massman.
On December 15, 2015, the company announced that the Board of Directors
had approved a new stock repurchase program authorizing the repurchase
of up to $100.0 million of the company's common stock.
FOURTH QUARTER 2015 SEGMENT PERFORMANCE
Consumer Products
Net sales in the Consumer Products segment were $238.3 million for the
fourth quarter of 2015, 18.3% lower than fourth quarter 2014 segment net
sales of $291.6 million. This decrease was primarily due to the sale of
the specialty mills in December 2014.
The segment had operating income of $10.8 million compared to an
operating loss of $30.7 million in the fourth quarter of 2014, which
included a $40.2 million loss on the sale of the specialty mills.
Adjusted operating income of $11.5 million for the fourth quarter of
2015 was down $1.8 million compared to $13.3 million for the prior year
period, after adjusting for pre-tax non-core items, listed in the
accompanying schedules, in the fourth quarters of 2015 and 2014.
Adjusted operating margin improved slightly to 4.8% in the fourth
quarter, up from 4.6% for the same period in 2014.
-
Total tissue sales volumes of 96,081 tons in the fourth quarter of
2015 were down 26.2% and converted product cases shipped were 12,624
million, down 7.2% compared to the fourth quarter of 2014 primarily
due to the sale of the specialty mills.
-
Average net selling prices increased 10.8% to $2,479 per ton in the
fourth quarter of 2015, compared to the fourth quarter of 2014, due to
improved product mix resulting from the sale of the specialty mills.
Pulp and Paperboard
Net sales in the Pulp and Paperboard segment were $193.3 million for the
fourth quarter of 2015, up 6.5% compared to fourth quarter 2014 net
sales of $180.7 million. The increase was primarily due to customer
inventory restocking and the absence of labor issues at West Coast
shipping ports that occurred in the fourth quarter of 2014. Operating
income for the quarter increased $11.3 million or 40.2% to $39.5
million, compared to $28.2 million for the fourth quarter of 2014.
Adjusted operating income of $39.6 million for the fourth quarter of
2015 was up $8.4 million or 26.9% from the same period in 2014 after
adjusting for pre-tax non-core items listed in the accompanying
schedules.
-
Paperboard sales volumes increased 14.2% to 201,580 tons in the fourth
quarter of 2015, compared to 176,467 tons in the fourth quarter of
2014.
-
Paperboard net selling prices decreased 6.0% to $956 per ton compared
to the fourth quarter of 2014 as a result of price decreases in
commodity grade solid bleached sulfate, or SBS, during the second half
of 2015.
Taxes
The company's GAAP tax rate for the fourth quarter of 2015 was 59.5%,
compared to 5.1% in the fourth quarter of 2014. The fourth quarter tax
rate was negatively impacted 21.1% by a number of discrete items,
including a decrease in the value of foreign tax credits due to
logistical changes in foreign shipments, a decrease in the value of
state tax credits and a reduction in the benefit from the manufacturing
deduction due to the passage of the tax extenders law in December 2015,
and tax provision to tax return adjustments related to prior year state
returns filed or amended in the fourth quarter. The annual tax rate for
2015 on an adjusted basis was 37.9%. On an adjusted basis, the fourth
quarter 2015 tax rate was 54.4% compared to 34.2% for the fourth quarter
of 2014.
Note Regarding Use of Non-GAAP Financial Measures
In this press release, the company presents certain non-GAAP financial
information for the fourth quarters of 2015 and 2014, including adjusted
net earnings, adjusted net earnings per diluted share, EBITDA, Adjusted
EBITDA, adjusted operating income, adjusted operating margin, and
adjusted tax rate. Because these amounts are not in accordance with
GAAP, reconciliations to operating income, net earnings (loss) and net
earnings (loss) per diluted share as determined in accordance with GAAP
are included at the end of this press release. The company presents
these non-GAAP amounts because management believes they assist investors
and analysts in comparing the company's performance across reporting
periods on a consistent basis by excluding items that the company
believes are not indicative of its core operating performance.
WEBCAST INFORMATION
Clearwater Paper Corporation will discuss these results during an
earnings conference call that begins at 2:00 p.m. Pacific Time today. A
live webcast and accompanying supplemental information, which provide
certain outlook information, will be available on the company's website
at http://ir.clearwaterpaper.com.
A replay of today's conference call will be available on the website at http://ir.clearwaterpaper.com/results.cfm
beginning at 5:00 p.m. Pacific Time today.
ABOUT CLEARWATER PAPER
Clearwater Paper manufactures quality consumer tissue, away-from-home
tissue, parent roll tissue, bleached paperboard and pulp at
manufacturing facilities across the nation. The company is a premier
supplier of private label tissue to major retailers and wholesale
distributors, including grocery, drug, mass merchants and discount
stores. In addition, the company 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, as to 2016 priorities, efficiency optimization, customer mix,
investments, operations and operational efficiencies and customer
expectations. 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, 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; changes in the U.S. and international economies
and in general economic conditions in the regions and industries in
which the company operates; customer acceptance, timing and quantity of
purchases of the company's tissue products; changes in customer product
preferences and competitors' product offerings; the loss of or changes
in prices in regards to a significant customer; announced price
increases may not be accepted in whole or part; changes in
transportation costs and disruptions in transportation services;
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; cyclical industry conditions; labor disruptions; changes in costs
for and availability of packaging supplies, chemicals, energy and
maintenance and repairs; environmental liabilities or expenditures;
changes in expenses and required contributions associated with the
company's pension plans; reliance on a limited number of third-party
suppliers for raw materials; inability to successfully implement the
company's operational efficiencies and expansion strategies; 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, 2014. The
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 based on new developments or changes in the company's
expectations.
For additional information on Clearwater Paper, please visit the
company's website at www.clearwaterpaper.com.
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Clearwater Paper Corporation |
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Consolidated Statements of Operations
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Unaudited (Dollars in thousands - except per-share amounts)
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|
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|
|
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Three Months Ended
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Twelve Months Ended
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December 31,
|
|
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December 31,
|
|
|
|
|
|
|
2015
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|
|
|
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2014
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
2014
|
|
|
|
|
Net sales
|
|
|
|
$
|
431,595
|
|
|
|
100
|
%
|
|
|
|
$
|
472,318
|
|
|
|
100
|
%
|
|
|
$
|
1,752,401
|
|
|
|
100
|
%
|
|
|
|
$
|
1,967,139
|
|
|
|
100
|
%
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
|
(364,778
|
)
|
|
|
85
|
%
|
|
|
|
|
(413,643
|
)
|
|
|
88
|
%
|
|
|
|
(1,512,849
|
)
|
|
|
86
|
%
|
|
|
|
|
(1,708,840
|
)
|
|
|
87
|
%
|
|
|
Selling, general and administrative expenses
|
|
|
|
|
(30,308
|
)
|
|
|
7
|
%
|
|
|
|
|
(33,206
|
)
|
|
|
7
|
%
|
|
|
|
(117,149
|
)
|
|
|
7
|
%
|
|
|
|
|
(130,102
|
)
|
|
|
7
|
%
|
|
|
(Loss) gain on divested assets
|
|
|
|
|
(195
|
)
|
|
|
—
|
%
|
|
|
|
|
(40,159
|
)
|
|
|
9
|
%
|
|
|
|
1,267
|
|
|
|
—
|
%
|
|
|
|
|
(40,159
|
)
|
|
|
2
|
%
|
|
|
Impairment of assets
|
|
|
|
|
—
|
|
|
|
—
|
%
|
|
|
|
|
(3,078
|
)
|
|
|
1
|
%
|
|
|
|
—
|
|
|
|
—
|
%
|
|
|
|
|
(8,227
|
)
|
|
|
—
|
%
|
|
Total operating costs and expenses
|
|
|
|
|
(395,281
|
)
|
|
|
92
|
%
|
|
|
|
|
(490,086
|
)
|
|
|
104
|
%
|
|
|
|
(1,628,731
|
)
|
|
|
93
|
%
|
|
|
|
|
(1,887,328
|
)
|
|
|
96
|
%
|
|
Income (loss) from operations
|
|
|
|
|
36,314
|
|
|
|
8
|
%
|
|
|
|
|
(17,768
|
)
|
|
|
4
|
%
|
|
|
|
123,670
|
|
|
|
7
|
%
|
|
|
|
|
79,811
|
|
|
|
4
|
%
|
|
Interest expense, net
|
|
|
|
|
(7,744
|
)
|
|
|
2
|
%
|
|
|
|
|
(8,158
|
)
|
|
|
2
|
%
|
|
|
|
(31,182
|
)
|
|
|
2
|
%
|
|
|
|
|
(39,150
|
)
|
|
|
2
|
%
|
|
Debt retirement costs
|
|
|
|
|
—
|
|
|
|
—
|
%
|
|
|
|
|
—
|
|
|
|
—
|
%
|
|
|
|
—
|
|
|
|
—
|
%
|
|
|
|
|
(24,420
|
)
|
|
|
1
|
%
|
|
Earnings (loss) before income taxes
|
|
|
|
|
28,570
|
|
|
|
7
|
%
|
|
|
|
|
(25,926
|
)
|
|
|
5
|
%
|
|
|
|
92,488
|
|
|
|
5
|
%
|
|
|
|
|
16,241
|
|
|
|
1
|
%
|
|
Income tax provision
|
|
|
|
|
(17,005
|
)
|
|
|
4
|
%
|
|
|
|
|
(1,321
|
)
|
|
|
—
|
%
|
|
|
|
(36,505
|
)
|
|
|
2
|
%
|
|
|
|
|
(18,556
|
)
|
|
|
1
|
%
|
|
Net earnings (loss)
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|
|
|
$
|
11,565
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|
|
|
3
|
%
|
|
|
|
$
|
(27,247
|
)
|
|
|
6
|
%
|
|
|
$
|
55,983
|
|
|
|
3
|
%
|
|
|
|
$
|
(2,315
|
)
|
|
|
—
|
%
|
|
Net earnings (loss) per common share:
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|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
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|
|
|
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|
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Basic
|
|
|
|
$
|
0.65
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|
|
|
|
|
|
$
|
(1.39
|
)
|
|
|
|
|
|
$
|
2.98
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|
|
|
|
|
|
|
|
(0.11
|
)
|
|
|
|
|
|
Diluted
|
|
|
|
|
0.65
|
|
|
|
|
|
|
|
|
(1.39
|
)
|
|
|
|
|
|
|
2.97
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|
|
|
|
|
|
|
|
(0.11
|
)
|
|
|
|
|
Average shares outstanding (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
17,800
|
|
|
|
|
|
|
|
|
19,565
|
|
|
|
|
|
|
|
18,762
|
|
|
|
|
|
|
|
|
20,130
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
17,891
|
|
|
|
|
|
|
|
|
19,565
|
|
|
|
|
|
|
|
18,820
|
|
|
|
|
|
|
|
|
20,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clearwater Paper Corporation |
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Condensed Consolidated Balance Sheets
|
|
Unaudited (Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
|
$
|
5,610
|
|
|
|
|
|
|
|
|
|
$
|
27,331
|
|
|
|
Restricted cash
|
|
|
|
|
2,270
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
|
Short-term investments
|
|
|
|
|
250
|
|
|
|
|
|
|
|
|
|
|
50,000
|
|
|
|
Receivables, net
|
|
|
|
|
139,052
|
|
|
|
|
|
|
|
|
|
|
133,914
|
|
|
|
Taxes receivable
|
|
|
|
|
14,851
|
|
|
|
|
|
|
|
|
|
|
1,255
|
|
|
|
Inventories
|
|
|
|
|
255,573
|
|
|
|
|
|
|
|
|
|
|
286,626
|
|
|
|
Deferred tax assets1 |
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
21,760
|
|
|
|
Other current assets2 |
|
|
|
|
9,331
|
|
|
|
|
|
|
|
|
|
|
3,424
|
|
|
Total current assets
|
|
|
|
|
426,937
|
|
|
|
|
|
|
|
|
|
|
525,810
|
|
|
Property, plant and equipment, net
|
|
|
|
|
866,538
|
|
|
|
|
|
|
|
|
|
|
810,987
|
|
|
Goodwill |
|
|
|
|
209,087
|
|
|
|
|
|
|
|
|
|
|
209,087
|
|
|
Intangible assets, net
|
|
|
|
|
19,990
|
|
|
|
|
|
|
|
|
|
|
24,956
|
|
|
Pension assets
|
|
|
|
|
596
|
|
|
|
|
|
|
|
|
|
|
4,738
|
|
|
Other assets, net2 |
|
|
|
|
4,221
|
|
|
|
|
|
|
|
|
|
|
3,571
|
|
|
TOTAL ASSETS
|
|
|
|
$
|
1,527,369
|
|
|
|
|
|
|
|
|
|
$
|
1,579,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
$
|
220,368
|
|
|
|
|
|
|
|
|
|
$
|
215,826
|
|
|
|
Current liability for pensions and other postretirement employee
benefits
|
|
|
|
|
7,559
|
|
|
|
|
|
|
|
|
|
|
7,915
|
|
|
Total current liabilities
|
|
|
|
|
227,927
|
|
|
|
|
|
|
|
|
|
|
223,741
|
|
|
Long-term debt2 |
|
|
|
|
568,987
|
|
|
|
|
|
|
|
|
|
|
568,221
|
|
|
Liability for pensions and other postretirement employee benefits
|
|
|
|
|
89,057
|
|
|
|
|
|
|
|
|
|
|
118,464
|
|
|
Other long-term obligations
|
|
|
|
|
46,738
|
|
|
|
|
|
|
|
|
|
|
56,856
|
|
|
Accrued taxes
|
|
|
|
|
1,676
|
|
|
|
|
|
|
|
|
|
|
2,696
|
|
|
Deferred tax liabilities
|
|
|
|
|
118,118
|
|
|
|
|
|
|
|
|
|
|
111,634
|
|
|
Stockholders' equity, excluding accumulated other comprehensive
loss, net of tax
|
|
|
|
|
530,414
|
|
|
|
|
|
|
|
|
|
|
568,400
|
|
|
Accumulated other comprehensive loss, net of tax
|
|
|
|
|
(55,548
|
)
|
|
|
|
|
|
|
|
|
|
(70,863
|
)
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
$
|
1,527,369
|
|
|
|
|
|
|
|
|
|
$
|
1,579,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
Current deferred tax assets were classified as noncurrent in 2015
due to the adoption of ASU 2015-17.
|
|
2
|
|
|
Due to the adoption of ASU 2015-03, debt issuance costs in 2014
were reclassified to conform with the 2015 presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clearwater Paper Corporation |
|
Consolidated Statements of Cash Flows
|
|
Unaudited (Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31,
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
|
|
$
|
55,983
|
|
|
|
|
|
|
|
|
|
$
|
(2,315
|
)
|
|
Adjustments to reconcile net earnings (loss) to net cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
84,732
|
|
|
|
|
|
|
|
|
|
|
90,145
|
|
|
|
Equity-based compensation expense
|
|
|
|
|
4,557
|
|
|
|
|
|
|
|
|
|
|
12,790
|
|
|
|
Impairment of assets
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
8,227
|
|
|
|
Deferred tax provision
|
|
|
|
|
16,081
|
|
|
|
|
|
|
|
|
|
|
13,813
|
|
|
|
Employee benefit plans
|
|
|
|
|
3,011
|
|
|
|
|
|
|
|
|
|
|
2,115
|
|
|
|
Deferred issuance costs and discounts on long-term debt
|
|
|
|
|
928
|
|
|
|
|
|
|
|
|
|
|
6,141
|
|
|
|
Loss on divestiture of assets
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
29,059
|
|
|
|
Disposal of plant and equipment, net
|
|
|
|
|
1,492
|
|
|
|
|
|
|
|
|
|
|
959
|
|
|
|
Non-cash adjustments to unrecognized taxes
|
|
|
|
|
(1,020
|
)
|
|
|
|
|
|
|
|
|
|
328
|
|
|
Changes in working capital, net
|
|
|
|
|
14,841
|
|
|
|
|
|
|
|
|
|
|
(12,248
|
)
|
|
Changes in taxes receivable, net
|
|
|
|
|
(13,596
|
)
|
|
|
|
|
|
|
|
|
|
9,248
|
|
|
Excess tax benefits from equity-based payment arrangements
|
|
|
|
|
(1,433
|
)
|
|
|
|
|
|
|
|
|
|
(864
|
)
|
|
Funding of qualified pension plans
|
|
|
|
|
(3,179
|
)
|
|
|
|
|
|
|
|
|
|
(16,955
|
)
|
|
Other, net
|
|
|
|
|
(2,722
|
)
|
|
|
|
|
|
|
|
|
|
(1,343
|
)
|
|
Net cash flows from operating activities
|
|
|
|
|
159,675
|
|
|
|
|
|
|
|
|
|
|
139,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in short-term investments, net
|
|
|
|
|
49,750
|
|
|
|
|
|
|
|
|
|
|
20,000
|
|
|
Additions to plant and equipment
|
|
|
|
|
(128,902
|
)
|
|
|
|
|
|
|
|
|
|
(93,028
|
)
|
|
Net proceeds from divested assets
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
107,740
|
|
|
Proceeds from sale of assets
|
|
|
|
|
604
|
|
|
|
|
|
|
|
|
|
|
975
|
|
|
Net cash flows from investing activities
|
|
|
|
|
(78,548
|
)
|
|
|
|
|
|
|
|
|
|
35,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from long-term debt
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
300,000
|
|
|
Repayment of long-term debt
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
(375,000
|
)
|
|
Purchase of treasury stock
|
|
|
|
|
(99,990
|
)
|
|
|
|
|
|
|
|
|
|
(100,000
|
)
|
|
Payments for long-term debt issuance costs
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
(3,002
|
)
|
|
Payment of tax withholdings on equity-based payment arrangements
|
|
|
|
|
(4,152
|
)
|
|
|
|
|
|
|
|
|
|
(1,523
|
)
|
|
Excess tax benefits from equity-based payment arrangements
|
|
|
|
|
1,433
|
|
|
|
|
|
|
|
|
|
|
864
|
|
|
Other, net
|
|
|
|
|
(139
|
)
|
|
|
|
|
|
|
|
|
|
7,530
|
|
|
Net cash flows from financing activities
|
|
|
|
|
(102,848
|
)
|
|
|
|
|
|
|
|
|
|
(171,131
|
)
|
|
(Decrease) increase in cash
|
|
|
|
|
(21,721
|
)
|
|
|
|
|
|
|
|
|
|
3,656
|
|
|
Cash at beginning of period
|
|
|
|
|
27,331
|
|
|
|
|
|
|
|
|
|
|
23,675
|
|
|
Cash at end of period
|
|
|
|
$
|
5,610
|
|
|
|
|
|
|
|
|
|
$
|
27,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clearwater Paper Corporation |
|
Segment Information
|
|
Unaudited (Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
2014
|
|
|
|
|
|
2015
|
|
|
|
|
|
2014
|
|
|
|
|
Segment net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Products
|
|
|
|
$
|
238,288
|
|
|
|
55
|
%
|
|
|
$
|
291,643
|
|
|
|
62
|
%
|
|
|
$
|
959,894
|
|
|
|
55
|
%
|
|
|
$
|
1,183,385
|
|
|
|
60
|
%
|
|
|
Pulp and Paperboard
|
|
|
|
|
193,307
|
|
|
|
45
|
%
|
|
|
|
180,675
|
|
|
|
38
|
%
|
|
|
|
792,507
|
|
|
|
45
|
%
|
|
|
|
783,754
|
|
|
|
40
|
%
|
|
Total segment net sales
|
|
|
|
$
|
431,595
|
|
|
|
100
|
%
|
|
|
$
|
472,318
|
|
|
|
100
|
%
|
|
|
$
|
1,752,401
|
|
|
|
100
|
%
|
|
|
$
|
1,967,139
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Products
|
|
|
|
$
|
10,951
|
|
|
|
30
|
%
|
|
|
$
|
9,414
|
|
|
|
53
|
%
|
|
|
$
|
54,437
|
|
|
|
44
|
%
|
|
|
$
|
34,131
|
|
|
|
43
|
%
|
|
|
|
(Loss) gain on divested assets
|
|
|
|
|
(195
|
)
|
|
|
1
|
%
|
|
|
|
(40,159
|
)
|
|
|
226
|
%
|
|
|
|
1,267
|
|
|
|
1
|
%
|
|
|
|
(40,159
|
)
|
|
|
50
|
%
|
|
|
Pulp and Paperboard
|
|
|
|
|
39,467
|
|
|
|
109
|
%
|
|
|
|
28,158
|
|
|
|
158
|
%
|
|
|
|
120,861
|
|
|
|
98
|
%
|
|
|
|
144,171
|
|
|
|
181
|
%
|
|
|
|
|
|
|
|
|
50,223
|
|
|
|
|
|
|
|
(2,587
|
)
|
|
|
|
|
|
|
176,565
|
|
|
|
|
|
|
|
138,143
|
|
|
|
|
|
|
Corporate
|
|
|
|
|
(13,909
|
)
|
|
|
38
|
%
|
|
|
|
(15,181
|
)
|
|
|
85
|
%
|
|
|
|
(52,895
|
)
|
|
|
43
|
%
|
|
|
|
(58,332
|
)
|
|
|
73
|
%
|
|
Income (loss) from operations
|
|
|
|
$
|
36,314
|
|
|
|
100
|
%
|
|
|
$
|
(17,768
|
)
|
|
|
100
|
%
|
|
|
$
|
123,670
|
|
|
|
100
|
%
|
|
|
$
|
79,811
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clearwater Paper Corporation |
|
Reconciliation of Consolidated Net Earnings to EBITDA and Adjusted
EBITDA
|
|
Unaudited (Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
Net earnings (loss)
|
|
|
|
$
|
11,565
|
|
|
|
|
$
|
(27,247
|
)
|
|
|
|
$
|
55,983
|
|
|
|
|
$
|
(2,315
|
)
|
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net1 |
|
|
|
|
7,744
|
|
|
|
|
|
8,158
|
|
|
|
|
|
31,182
|
|
|
|
|
|
63,570
|
|
|
|
|
Income tax provision
|
|
|
|
|
17,005
|
|
|
|
|
|
1,321
|
|
|
|
|
|
36,505
|
|
|
|
|
|
18,556
|
|
|
|
|
Depreciation and amortization expense
|
|
|
|
|
21,888
|
|
|
|
|
|
23,606
|
|
|
|
|
|
84,732
|
|
|
|
|
|
90,145
|
|
|
EBITDA2 |
|
|
|
$
|
58,202
|
|
|
|
|
$
|
5,838
|
|
|
|
|
$
|
208,402
|
|
|
|
|
$
|
169,956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors' equity-based compensation (benefit) expense
|
|
|
|
$
|
(232
|
)
|
|
|
|
$
|
2,010
|
|
|
|
|
$
|
(4,073
|
)
|
|
|
|
$
|
4,606
|
|
|
|
|
Costs associated with Long Island facility closure
|
|
|
|
|
446
|
|
|
|
|
|
3,771
|
|
|
|
|
|
2,463
|
|
|
|
|
|
18,813
|
|
|
|
|
Legal expenses and settlement costs
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
1,972
|
|
|
|
|
|
—
|
|
|
|
|
Costs associated with labor agreement
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
1,730
|
|
|
|
|
|
—
|
|
|
|
|
Reorganization related expenses
|
|
|
|
|
285
|
|
|
|
|
|
—
|
|
|
|
|
|
1,470
|
|
|
|
|
|
—
|
|
|
|
|
Loss (gain) associated with optimization and sale of the specialty
mills
|
|
|
|
|
195
|
|
|
|
|
|
39,735
|
|
|
|
|
|
(1,267
|
)
|
|
|
|
|
40,801
|
|
|
|
|
Costs associated with Thomaston facility closure
|
|
|
|
|
—
|
|
|
|
|
|
91
|
|
|
|
|
|
—
|
|
|
|
|
|
1,257
|
|
|
|
|
Loss on impairment of Clearwater Fiber intangible asset
|
|
|
|
|
—
|
|
|
|
|
|
3,078
|
|
|
|
|
|
—
|
|
|
|
|
|
3,078
|
|
|
Adjusted EBITDA3 |
|
|
|
$
|
58,896
|
|
|
|
|
$
|
54,523
|
|
|
|
|
$
|
210,697
|
|
|
|
|
$
|
238,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
Interest expense, net for the twelve months ended December 31, 2014
includes debt retirement costs of $24.4 million.
|
|
|
|
|
|
|
|
|
2 |
|
|
EBITDA is a non-GAAP measure that management uses to evaluate
the cash generating capacity of the company. The most directly
comparable GAAP measure is net earnings. EBITDA is net earnings
adjusted for net interest expense, income taxes, and depreciation
and amortization. It should not be considered as an alternative to
net earnings computed under GAAP.
|
|
|
|
|
|
|
|
|
3 |
|
|
Adjusted EBITDA excludes the impact of the items listed that
we do not believe are indicative of our core operating performance.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clearwater Paper Corporation |
|
Reconciliation of Non-GAAP Financial Measures
|
|
Unaudited (Dollars in thousands, except per-share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net earnings (loss)
|
|
|
|
$
|
11,565
|
|
|
|
|
$
|
(27,247
|
)
|
|
|
|
$
|
55,983
|
|
|
|
|
$
|
(2,315
|
)
|
|
Special items, after-tax1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors' equity-based compensation (benefit) expense
|
|
|
|
|
(155
|
)
|
|
|
|
|
1,322
|
|
|
|
|
|
(2,785
|
)
|
|
|
|
|
2,981
|
|
|
|
Costs associated with Long Island facility closure
|
|
|
|
|
299
|
|
|
|
|
|
2,480
|
|
|
|
|
|
1,683
|
|
|
|
|
|
12,136
|
|
|
|
Legal expenses and settlement costs
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
1,346
|
|
|
|
|
|
—
|
|
|
|
Costs associated with labor agreement
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
1,197
|
|
|
|
|
|
—
|
|
|
|
Reorganization related expenses
|
|
|
|
|
191
|
|
|
|
|
|
—
|
|
|
|
|
|
1,000
|
|
|
|
|
|
—
|
|
|
|
Loss (gain) associated with optimization and sale of the specialty
mills
|
|
|
|
|
131
|
|
|
|
|
|
36,338
|
|
|
|
|
|
(872
|
)
|
|
|
|
|
37,027
|
|
|
|
Discrete tax items related to foreign tax credits
|
|
|
|
|
1,309
|
|
|
|
|
|
—
|
|
|
|
|
|
1,309
|
|
|
|
|
|
—
|
|
|
|
Debt retirement costs
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
15,777
|
|
|
|
Costs associated with Thomaston facility closure
|
|
|
|
|
—
|
|
|
|
|
|
60
|
|
|
|
|
|
—
|
|
|
|
|
|
809
|
|
|
|
Loss on impairment of Clearwater Fiber intangible asset
|
|
|
|
|
—
|
|
|
|
|
|
2,024
|
|
|
|
|
|
—
|
|
|
|
|
|
2,024
|
|
|
|
Discrete tax items related to New York |
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
1,388
|
|
|
Adjusted net earnings2 |
|
|
|
$
|
13,340
|
|
|
|
|
$
|
14,977
|
|
|
|
|
$
|
58,861
|
|
|
|
|
$
|
69,827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net earnings (loss) per diluted share
|
|
|
|
$
|
0.65
|
|
|
|
|
$
|
(1.39
|
)
|
|
|
|
$
|
2.97
|
|
|
|
|
$
|
(0.11
|
)
|
|
Special items, after-tax1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors' equity-based compensation (benefit) expense
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
0.07
|
|
|
|
|
|
(0.15
|
)
|
|
|
|
|
0.15
|
|
|
|
Costs associated with Long Island facility closure
|
|
|
|
|
0.02
|
|
|
|
|
|
0.13
|
|
|
|
|
|
0.09
|
|
|
|
|
|
0.60
|
|
|
|
Legal expenses and settlement costs
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
0.07
|
|
|
|
|
|
—
|
|
|
|
Costs associated with labor agreement
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
0.06
|
|
|
|
|
|
—
|
|
|
|
Reorganization related expenses
|
|
|
|
|
0.01
|
|
|
|
|
|
—
|
|
|
|
|
|
0.05
|
|
|
|
|
|
—
|
|
|
|
Loss (gain) associated with optimization and sale of the specialty
mills
|
|
|
|
|
0.01
|
|
|
|
|
|
1.86
|
|
|
|
|
|
(0.05
|
)
|
|
|
|
|
1.84
|
|
|
|
Discrete tax items related to foreign tax credits
|
|
|
|
|
0.07
|
|
|
|
|
|
—
|
|
|
|
|
|
0.07
|
|
|
|
|
|
—
|
|
|
|
Debt retirement costs
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
0.78
|
|
|
|
Costs associated with Thomaston facility closure
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
0.04
|
|
|
|
Loss on impairment of Clearwater Fiber intangible asset
|
|
|
|
|
—
|
|
|
|
|
|
0.10
|
|
|
|
|
|
—
|
|
|
|
|
|
0.10
|
|
|
|
Discrete tax items related to New York |
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
0.07
|
|
|
Adjusted net earnings per diluted share2 |
|
|
|
$
|
0.75
|
|
|
|
|
$
|
0.77
|
|
|
|
|
$
|
3.13
|
|
|
|
|
$
|
3.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
Tax effect was calculated using the estimated annual effective tax
rate for the period presented.
|
|
|
|
|
|
|
|
|
2 |
|
|
Adjusted net earnings and Adjusted net earnings per
diluted share exclude the impact of the items listed that we do not
believe are indicative of our core operating performance.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clearwater Paper Corporation |
|
Reconciliation of Non-GAAP Financial Measures
|
|
Unaudited (Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
Consumer Products:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
$
|
238,288
|
|
|
|
|
$
|
291,643
|
|
|
|
|
$
|
959,894
|
|
|
|
|
$
|
1,183,385
|
|
|
GAAP operating income (loss)
|
|
|
|
|
10,756
|
|
|
|
|
|
(30,745
|
)
|
|
|
|
|
55,704
|
|
|
|
|
|
(6,028
|
)
|
|
|
Costs associated with Long Island facility closure
|
|
|
|
|
446
|
|
|
|
|
|
3,771
|
|
|
|
|
|
2,463
|
|
|
|
|
|
18,813
|
|
|
|
Costs associated with labor agreement
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
814
|
|
|
|
|
|
—
|
|
|
|
Reorganization related expenses
|
|
|
|
|
62
|
|
|
|
|
|
—
|
|
|
|
|
|
556
|
|
|
|
|
|
—
|
|
|
|
Loss (gain) associated with optimization and sale of the specialty
mills
|
|
|
|
|
195
|
|
|
|
|
|
40,222
|
|
|
|
|
|
(1,267
|
)
|
|
|
|
|
40,801
|
|
|
|
Costs associated with Thomaston facility closure
|
|
|
|
|
—
|
|
|
|
|
|
91
|
|
|
|
|
|
—
|
|
|
|
|
|
1,257
|
|
|
Adjusted Consumer Products operating income1 |
|
|
|
$
|
11,459
|
|
|
|
|
$
|
13,339
|
|
|
|
|
$
|
58,270
|
|
|
|
|
$
|
54,843
|
|
|
Consumer Products operating margin
|
|
|
|
|
4.5
|
%
|
|
|
|
|
(10.5
|
)%
|
|
|
|
|
5.8
|
%
|
|
|
|
|
(0.5
|
)%
|
|
Adjusted Consumer Products operating margin2 |
|
|
|
|
4.8
|
%
|
|
|
|
|
4.6
|
%
|
|
|
|
|
6.1
|
%
|
|
|
|
|
4.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulp and Paperboard:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
$
|
193,307
|
|
|
|
|
$
|
180,675
|
|
|
|
|
$
|
792,507
|
|
|
|
|
$
|
783,754
|
|
|
GAAP operating income
|
|
|
|
|
39,467
|
|
|
|
|
|
28,158
|
|
|
|
|
|
120,861
|
|
|
|
|
|
144,171
|
|
|
|
Costs associated with labor agreement
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
916
|
|
|
|
|
|
—
|
|
|
|
Reorganization related expenses
|
|
|
|
|
180
|
|
|
|
|
|
—
|
|
|
|
|
|
419
|
|
|
|
|
|
—
|
|
|
|
Loss on impairment of Clearwater Fiber intangible asset
|
|
|
|
|
—
|
|
|
|
|
|
3,078
|
|
|
|
|
|
—
|
|
|
|
|
|
3,078
|
|
|
Adjusted Pulp and Paperboard operating income1 |
|
|
|
$
|
39,647
|
|
|
|
|
$
|
31,236
|
|
|
|
|
$
|
122,196
|
|
|
|
|
$
|
147,249
|
|
|
Pulp and Paperboard operating margin
|
|
|
|
|
20.4
|
%
|
|
|
|
|
15.6
|
%
|
|
|
|
|
15.3
|
%
|
|
|
|
|
18.4
|
%
|
|
Adjusted Pulp and Paperboard operating margin2 |
|
|
|
|
20.5
|
%
|
|
|
|
|
17.3
|
%
|
|
|
|
|
15.4
|
%
|
|
|
|
|
18.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
Adjusted operating income excludes the impact of the items listed
that we do not believe are indicative of our core operating
performance.
|
|
|
|
|
|
|
2
|
|
|
Adjusted operating margin is defined as Adjusted operating income
divided by Net sales.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clearwater Paper Corporation |
|
Reconciliation of Non-GAAP Financial Measures
|
|
Unaudited (Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income tax provision
|
|
|
|
$
|
(17,005
|
)
|
|
|
|
$
|
(1,321
|
)
|
|
|
|
$
|
(36,505
|
)
|
|
|
|
$
|
(18,556
|
)
|
|
Special items, after-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors' equity-based compensation benefit (expense)
|
|
|
|
|
77
|
|
|
|
|
|
(688
|
)
|
|
|
|
|
1,288
|
|
|
|
|
|
(1,625
|
)
|
|
|
Costs associated with Long Island facility closure
|
|
|
|
|
(147
|
)
|
|
|
|
|
(1,291
|
)
|
|
|
|
|
(780
|
)
|
|
|
|
|
(6,677
|
)
|
|
|
Legal expenses and settlement costs
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
(626
|
)
|
|
|
|
|
—
|
|
|
|
Costs associated with labor agreement
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
(533
|
)
|
|
|
|
|
—
|
|
|
|
Reorganization related expenses
|
|
|
|
|
(94
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(470
|
)
|
|
|
|
|
—
|
|
|
|
(Loss) gain associated with optimization and sale of the specialty
mills
|
|
|
|
|
(64
|
)
|
|
|
|
|
(3,397
|
)
|
|
|
|
|
395
|
|
|
|
|
|
(3,774
|
)
|
|
|
Discrete tax items related to foreign tax credits
|
|
|
|
|
1,309
|
|
|
|
|
|
—
|
|
|
|
|
|
1,309
|
|
|
|
|
|
—
|
|
|
|
Debt retirement costs
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
(8,643
|
)
|
|
|
Costs associated with Thomaston facility closure
|
|
|
|
|
—
|
|
|
|
|
|
(31
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(448
|
)
|
|
|
Loss on impairment of Clearwater Fiber intangible asset
|
|
|
|
|
—
|
|
|
|
|
|
(1,054
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(1,054
|
)
|
|
|
Discrete tax items related to New York |
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
1,388
|
|
|
Adjusted income tax provision1 |
|
|
|
$
|
(15,924
|
)
|
|
|
|
$
|
(7,782
|
)
|
|
|
|
$
|
(35,922
|
)
|
|
|
|
$
|
(39,389
|
)
|
|
|
Adjusted income tax provision rate1,2 |
|
|
|
|
54.4
|
%
|
|
|
|
|
34.2
|
%
|
|
|
|
|
37.9
|
%
|
|
|
|
|
36.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
Adjusted income tax provision and Adjusted income tax
provision rate exclude the impact of the items listed that we do
not believe are indicative of our core operating performance.
|
|
|
|
|
|
|
|
|
2 |
|
|
The Adjusted income tax provision rate is defined as
[Adjusted income tax provision / (Adjusted income tax provision +
Adjusted net earnings)].
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160210006237/en/
Clearwater Paper Corporation
News media:
Matt Van Vleet,
509.344.5912
or
Investors:
Robin S. Yim, 509.344.5906
Source: Clearwater Paper Corporation
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