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Buckeye Marks Highest Quarterly Revenue Ever

January 30, 2008

The fiber and roll goods producer had an exceptional quarter.

Buckeye Technologies, Memphis, TN, has released earnings for the October-December quarter. According to chairman and CEO John Crowe, the fiber and roll goods producer had an exceptional quarter. Second quarter net sales were up 14% compared to the same period last year. Sales of $211 million represent Buckeye’s highest revenue quarter ever. “The earnings improvement is a combination of higher pricing, higher specialty wood volume and cost control,” commented Mr. Crowe.

Net sales for nonwoven materials during the three-month period ending December 2007 reached $72 million, up from $62.5 during the year-earlier quarter. Net sales for nonwoven materials during the last half of 2007 hit $143.6 million compared to $127 million during the same six-month period of 2006.

In its specialty fiber segment, net sales grew from $130 million during the final quarter of 2006 to $148 million during the three-month period ending December 2007. For the six-month period ending December 2007, specialty fiber net sales were $284 million, up from $265 during the second half of 2006.

Mr. Crowe went on to say, "We are pleased with the quarter and year-to-date revenue and income growth. Our markets remain solid and we will benefit from price increases that we implemented in January. In the current quarter, we anticipate lower nonwovens production and revenue due to our previously announced volume reduction from our Delta nonwovens facility. Additionally, we expect higher manufacturing costs at our Florida specialty wood facility due to planned maintenance inspections.” He added that while the just-completed quarter's earnings performance will be difficult to repeat, the company does anticipate strong performance in the January-March quarter 2008.

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