Buckeye Technologies has announced third quarter net income of $28.7 million compared to net income of $19.3 million in the same period of last year.
Net sales were $237.8 million for the third quarter of fiscal 2011, up 25% versus net sales of $190.7 million in the third quarter of fiscal 2010 due to higher selling prices and improved mix.
In the Nonwovens segment, sales for the three months ended March 31, 2011 were $64.5 million compared to $60 million for the same period of 2010.
Chairman and CEO John Crowe said, "We were very pleased with our record third quarter financial results. Both sales revenue and earnings showed strong improvement compared both to the same quarter a year ago and to the immediately preceding quarter. During the quarter, strong cash flow generation allowed us to reduce our long-term debt by another $27.5 million to $136.6 million. We continue to be encouraged about our outlook and ability to further increase shareholder value. We are focused on generating returns above our cost of capital and continuing our balanced approach to the allocation of capital."