Buckeye Announces January-March Results.Business Editors MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--April 24, 2002 Buckeye buckeye: see horse chestnut. buckeye Any of about 13 trees and shrubs of the genus Aesculus (family Hippocastanaceae), native to North America, southeastern Europe, and eastern Asia. Technologies Inc. (NYSE NYSE See: New York Stock Exchange :BKI BKI Babbar Khalsa International BKI Kota Kinabalu, Sabah, Malaysia - Kota Kinabalu (Airport Code) BKI Bible Knowledge Institute BKI Brasil Kaffe Import (Danish Coffee Importer) ) today announced that its 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 in the quarter ended March 31, 2002, were $164.2 million, 5.5% above the immediately preceding quarter, but 9.7% below the comparable quarter of the prior year. During the January-March quarter, the Company incurred a loss of $0.10 per share (net loss of $3.4 million), excluding a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. . The restructuring charge of $965,000 pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta relates to the elimination of engineering and manufacturing positions, primarily in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . The Company's results are in line with its March 19, 2002,
earnings warning.
As previously disclosed, the Company has recorded a goodwill impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of $11.5 million as of July July: see month. 1, 2001. This charge relates to the small, single-site converting operation which was part of our purchase of the Merfin nonwovens Nonwoven textiles are those which are neither woven nor knit, for example felt. General use hyphenates the word, but industrial use spells it as one word. Non-wovens are typically not strong (unless reinforced by a backing or densified). business. Buckeye Chairman Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. E. Cannon commented that, "Improving unit shipments led to a $14 million inventory reduction during the quarter just ended. Our cash and cash equivalents totaled approximately $49 million at March 31. We are confident that we have adequate liquidity." Mr. Cannon added, "We said on March 19 that there were some signs that the pulp market may be turning around. This has been confirmed by a number of price increases in commodity grades announced during April. Nevertheless, the pulp and paper industry The global pulp and paper industry is dominated by North American (United States, Canada), northern European (Finland, Sweden) and East Asian countries (such as Japan). Australasia and Latin America also have significant pulp and paper industries. has a long way to go before its profitability is back to an acceptable level." Buckeye, a leading manufacturer and marketer of specialty cellulose cellulose, chief constituent of the cell walls of plants. Chemically, it is a carbohydrate that is a high molecular weight polysaccharide. Raw cotton is composed of 91% pure cellulose; other important natural sources are flax, hemp, jute, straw, and wood. and absorbent absorbent /ab·sor·bent/ (-sor´bent) 1. able to take in, or suck up and incorporate. 2. a tissue structure involved in absorption. 3. a substance that absorbs or promotes absorption. products, is headquartered in Memphis, Tennessee For the ancient Egyptian capital, see . Memphis is a city in the southwest corner of Tennessee, and the county seat of Shelby County. Memphis rises above the Mississippi River on the 4th Chickasaw Bluff just below the mouth of the Wolf River. , USA. The Company has facilities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Germany, Canada, Ireland, and Brazil. Its products are sold worldwide to makers of consumer and industrial goods industrial goods npl → bienes mpl de producción . Certain matters discussed in this press release may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the federal securities laws that involve risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting the Company's operations, markets, products, services and prices, and other factors. For further information on factors which could impact the Company and the statements contained herein, please refer to public filings with the Securities and Exchange Commission.
BUCKEYE TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEET
(in $000)
March 31, June 30,
2002 2001
---------- ----------
Assets
Current Assets:
Cash and cash equivalents $48,872 $12,932
Cash, restricted 3,375 --
Accounts receivable, net 99,028 104,589
Inventories 145,074 136,780
Deferred income taxes and other 14,904 16,288
---------- ----------
Total current assets 311,253 270,589
Property, plant and equipment, net 625,756 629,551
Goodwill 117,791 131,688
Intellectual property and other, net 45,397 45,150
---------- ----------
Total Assets $1,100,197 $1,076,978
========== ==========
Liabilities and shareholders' equity
Current liabilities:
Trade accounts payable $36,242 $52,645
Accrued expenses 47,165 51,457
Current portion of long-term debt 24,045 21,895
---------- ----------
Total current liabilities 107,452 125,997
Long-term debt 683,571 632,784
Deferred income taxes 70,000 65,781
Other liabilities 23,380 22,394
Shareholders' equity 215,794 230,022
---------- ----------
Total liabilities and shareholders' equity $1,100,197 $1,076,978
========== ==========
BUCKEYE TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(in $000)
Quarter Ended Nine Months Ended
March 31, March 31,
--------------------- ------------------------
2002 2001 2002 2001
---------- ---------- ---------- ----------
Net sales $164,225 $181,933 $475,090 $556,538
Cost of goods sold 146,279 144,259 418,163 427,194
---------- ---------- ---------- ----------
Gross margin 17,946 37,674 56,927 129,344
Selling, research &
administrative
expenses 9,551 10,332 26,652 36,167
Restructuring costs 965 -- 965 --
---------- ---------- ---------- ----------
Operating income 7,430 27,342 29,310 93,177
Net interest expense &
amortization of debt
costs 12,261 11,677 35,641 34,236
Other 682 1,492 1,203 2,052
---------- ---------- ---------- ----------
Income (loss) before
income taxes and
cumulative effect of
change in accounting (5,513) 14,173 (7,534) 56,889
Income taxes (1,344) 4,883 (2,529) 18,745
---------- ---------- ---------- ----------
Income (loss) before
cumulative effect of
change in accounting (4,169) 9,290 (5,005) 38,144
Cumulative effect of
change in accounting
(net of tax of $0 and
$1,286, respectively) -- -- (11,500)(a) 3,249(b)
---------- ---------- ---------- ----------
Net Income (Loss) $(4,169) $9,290 $(16,505) $41,393
========== ========== ========== ==========
Earnings per share
before cumulative
effect of change in
accounting
Basic earnings
per share $(0.12) $0.27 $(0.14) $1.10
Diluted earnings
per share $(0.12) $0.27 $(0.14) $1.07
Cumulative effect of
change in accounting
Basic earnings
per share $ -- $ -- $(0.33) $0.09
Diluted earnings
per share $ -- $ -- $(0.33)(a) $0.09(b)
Earnings per share
Basic earnings
per share $(0.12) $0.27 $(0.48) $1.19
Diluted earnings
per share $(0.12) $0.27 $(0.48) $1.16
Weighted average
shares for basic
earnings per share 34,762,090 34,398,190 34,626,231 34,649,809
Adjusted weighted
average shares for
diluted earnings
per share 34,762,090 34,902,995 34,626,231 35,541,874
EBITDA $19,590 $39,193 $63,754 $129,948
(a) This reflects the impairment of Goodwill in the Company's
converting business, in accordance with the Statement of
Financial Accounting Standards No. 142, Goodwill and Other
Intangible Assets.
(b) This reflects the change in accounting for depreciation of
Machinery and Equipment at the cotton cellulose and airlaid
nonwovens plants.
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