During fiscal year 2006, Buckeye earned $2 million after tax including restructuring and impairment expenses of $3.6 million. This compares to fiscal year 2005 earnings of $20.2 million including restructuring, impairment, financing costs, special asset sales and a favorable tax ruling.
According to Buckeye chairman John Crowe, fiscal year 2006 was highlighted by the completion of the company’s restructuring programs that began three years ago. “The closure of the Glueckstadt, Germany cotton cellulose pulp plant and the start of market pulp production at our Americana, Brazil cotton cellulose pulp plant completed the planned consolidation necessary to improve our cost structure.”
Mr. Crowe added that while the Americana ramp-up has been slower than expected, the facility is building revenue and is expected to improve financial performance in fiscal 2007. “With the restructuring program completed, we are positioned for growth in fiscal year 2007," he said.