At Buckeye Technologies Inc., Memphis, TN, net sales in the just-completed quarter were $193 million, 6% higher than the $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.
In Buckeye’s nonwovens business segment, net sales for the third quarter were $65 million compared to $61 million during the previous year’s third quarter. Year-to-date sales for the nonwovens business were $193, a jump from $177 million in the year-earlier nine-month period.
Buckeye earned $6.6 million after tax in the quarter ended March 31, 2007. This included $0.8 million after tax in restructuring expenses associated with consolidations made in its 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, 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.
Buckeye chairman John 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."