Buckeye Anticipates Decreased July-September Earnings, Reports Stabilizing Pulp Pricing, and Makes New Credit Arrangements.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)--Sept. 26, 2001 Buckeye 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 it expects to approximately break-even in the July-September quarter. The earnings decrease is the direct result of extremely low prices for fluff pulp and the soft worldwide economy which has been exacerbated by the recent terrorist attacks. Buckeye Chairman Robert E. Cannon commented that, "Our decline in profitability reflects the cumulative impact of eight consecutive months of commodity wood pulp wood pulp: see paper. price reductions. These price reductions appear to have ended during September, and many observers believe we have reached the bottom of the cycle. We see signs that pulp markets are firming, and a number of producers have announced price increases. Our current results also reflect normal start-up expenses related to our new airlaid nonwovens machine in North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. ." Mr. Cannon also said, "Buckeye continues to have adequate liquidity for its operations. Some of our credit arrangements have been amended and we have closed a Cdn. $20 million loan with Toronto-Dominion. The Company's current credit availability is in excess of $30 million and additional funding is expected to be finalized prior to December 31, 2001." Buckeye, a leading manufacturer and marketer of specialty cellulose 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, Germany, Canada, Ireland, and Brazil. Its products are sold worldwide to makers of consumer and industrial goods. Certain matters discussed in this press release may constitute forward-looking statements 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. |
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