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Buckeye Nonwovens Trots Out Earnings

September 1, 2009

Buckeye Technologies Inc. has announced fourth quarter net income of $46.5 million. Fourth quarter earnings included net income of $39.6 million, from alternative fuel mixture credits for the period from February 12 to June 30. Net sales were $177 million for the fourth quarter compared to $215 million in the fourth quarter of fiscal 2008.

Compared to the third quarter, sales rose 3.1% and adjusted operating income, excluding the alternative fuel mixture credits, rose 11.5%. This improvement was driven by higher shipment volumes and lower input costs. This was partially offset by lower selling prices and mix.

Net sales for the fiscal year were $755 million, down 8.6% compared to record sales of $826 million in fiscal 2008. Net income for the fiscal year was a loss of $65 million or $1.69 per share, which included a non-cash goodwill impairment charge of $3.30 per share from the second quarter and income from alternative fuel mixture credits of $1.02 per share in the fourth quarter.

Net sales in the nonwovens segment totaled $59.7 million for the three months ending June 30, compared to $61.8 million for the same period last year. Net sales in the nonwovens segment amounted to $239.7 million for the year ending June 30, compared to $263.5 million in 2008.

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