Net sales were $177 million for the first quarter of 2010 compared to a record $221 million in the first quarter of 2009. First quarter earnings included net income of $35.1 million.
Compared to the fourth quarter, sales were up slightly as shipment volumes were up about 4% but this was offset by lower pricing and a less favorable grade mix.
Net sales in the nonwovens sector totaled $67.7 million for the three months ending September 30, 2009.
John Crowe, chairman and CEO said, “While our sales and earnings, excluding alternative fuel mixture credits, continue to be down significantly compared to the year- ago quarter, we are encouraged that our shipment volume has increased sequentially in each of the past two quarters. In the just completed quarter, shipment volumes were up for both wood and cotton specialty fibers and for nonwovens. Capacity utilization at our cotton cellulose plants in Memphis and Americana improved over the preceding quarter, but was still below 50% at both facilities. We further reduced staffing at our Memphis plant during the quarter to better align staffing levels with current market conditions. Increased demand for our high-end wood specialty fibers is expected to yield an improved admix in the current quarter.”