Badger Paper Mills announces third quarter results.PESHTIGO, Wis.--(BUSINESS WIRE)--Oct. 29, 1996--Badger Paper Mills Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Symbol BPMI BPMI Business Process Management Initiative (HP, Nortel, Sun, Sybase, Etc.) BPMI British Profile Management Initiative ) announces the third quarter and year-to-date results. Claude L. Van Hefty, president, announced results for the third quarter and year-to-date 1996 compared to the same periods in 1995. Sales for the third quarter 1996 totaled $19,458,000 compared to $24,374,000 reported in 1995. Net income of $429,000 or 22 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the third quarter 1996, compares to net income of $1,032,000, or 53 cents per share for the same period a year ago. For the nine months ending Sept. 30, 1996, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $58,690,000, compared to $70,899,000 a year earlier. A net loss of $1,401,000, or 72 cents per share, compares to net income of $2,398,000 or $1.23 per share, for the nine months of 1996 and 1995 respectively. The nine months ending Sept. 30, 1996 include a $7,430,000 charge due to the closure of the company's pulp mill A pulp mill is a manufacturing facility that converts wood chips or other plant fiber source into a thick fiber board which can be shipped to a paper mill for further processing. in the second quarter 1996. It is expected that the closure of the pulp mill will result in reduced raw material costs, as well as operational efficiencies. The charge includes the write-off of pulp mill fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → and inventories, cost associated with the early retirement or severance of certain workers and a provision for ongoing maintenance and security costs. The charge for the discontinued pulp operations was partially offset by a gain in the amount of $4,873,000 from the sale during the second and third quarter 1996 of certain timberlands located in northern Wisconsin and the Upper Peninsula of Michigan The Upper Peninsula of Michigan is the northern of the two major land masses that comprise the U.S. state of Michigan. It is commonly referred to simply as the Upper Peninsula, the U.P., or Upper Michigan, and more casually as the land "above the Bridge". . These timberlands were no longer compatible with the company's fiber requirements. Proceeds from the sale of the timberlands were used to retire debt. The company's board of directors have declared a 6 cents per share cash dividend payable Dec. 12, 1996, to shareholders of record at the close of business Nov. 29, 1996. Badger Paper Mills Inc. produces fine and specialty products, including printing and writing papers, xerographic xe·rog·ra·phy n. A dry photographic or photocopying process in which a negative image formed by a resinous powder on an electrically charged plate is electrically transferred to and thermally fixed as positive on a paper or other copying surface. , recycled papers, MG laminating lam·i·nate v. lam·i·nat·ed, lam·i·nat·ing, lam·i·nates v.tr. 1. To beat or compress into a thin plate or sheet. 2. To divide into thin layers. 3. grades, plain and printed waxed papers and various other specialty products and its manufacturing and converting divisions in Peshtigo and Oconto Falls, Wis. Badger-produced products are marketed under the tradenames Ta-Non-Ka(R), COPYrite(R), BPM, ENVIROGRAPHIC(R), and FRESHrap(R). -0-
Badger Paper Mills Inc. and Subsidiary
Three Months Ended Nine Months Ended
(thousands, except Sept. 30, Sept. 30, Sept. 30, Sept. 30,
per share amounts) 1996 1995 1996 1995
Net sales $19,458 $24,374 $58,690 $70,899
Income (loss) before taxes 651 1,563 (2,124) 3,632
Net income (loss) 429 1,032 (1,401) 2,398
Net income (loss) per
share 0.22 0.53 (0.72) 1.23
Weighted average common
shares outstanding 1,945,130 1,953,997 1,944,570 1,956,230
CONTACT: Badger Paper Mills Inc., Peshtigo Miles L. Kresl Jr., 715/582-4551, Fax: 715/582-4280 |
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