Breaking News

Buckeye reports record fiscal 2011

August 31, 2011

Buckeye Technologies Inc., the Memphis-based manufacturer of specialty fibers and nonwovens, set sales and earnings records for its fiscal year 2011.

For the year ending June 30, the company's sales were $905.3 million, up 20% from sales of $756.4 million in the fiscal year 2010.

Adjusted net income for fiscal year 2011 was $90.8 million, or $2.23 per share, up from $34.9 million, or 91 cents, in the prior year. For the fourth quarter, adjusted net income was $27.8 million, or 68 cents per share, on net sales of $255.9 million. That compared favorably to $10.6 million, or 26 cents, on sales of $205.1 million in the year-earlier fourth quarter.

"We were pleased with our fourth quarter and our record fiscal year 2011 financial results," says John Crowe, Buckeye chairman and CEO.
"Continued excellent free cash flow generation, which amounted to $50 million for the quarter, allowed us to reduce our long-term debt during the quarter by $40 million to $97 million on June 30. At the same time, we repurchased 400,000 shares of Buckeye stock under our outstanding 5.6 million-share authorizations, representing a return of cash to our shareholders of approximately $10 million. We enter our new fiscal year 2012 with solid momentum."

Buckeye Technologies incurred a non-cash, after-tax impairment charge of $13 million in the fourth quarter related to the closing of a Canadian nonwovens plant expected by the end of 2012. The move will eliminate 95 jobs in British Columbia.

  • Meltblown Nonwovens Report

    Meltblown Nonwovens Report

    Karen McIntyre, editor||November 11, 2015
    Often overshadowed by its older brother, spunbond, meltblown nonwovens continue to expand in a number of areas.

  • Filtration  Market Update

    Filtration Market Update

    Karen McIntyre||November 11, 2015
    Growth continues to be robust across all categories as new products and investments boost innovation.

  • The Feminine Hygiene Market

    The Feminine Hygiene Market

    Tara Olivo, associate editor||November 11, 2015
    Manufacturers of femcare products are overcoming growth challenges with marketing, education and new technologies.