Buckeye Reports First Quarter Results.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)--Oct. 26, 1999-- 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 July July: see month. , 1999 earnings per share of $0.37 up 3% from $0.36 in the comparable period last year. Net income of $13.4 million equaled the prior year. 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 of $153.4 million were 2% below the same quarter last year. 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. Cannon commented, "While our earnings are up only slightly versus the same period last year, they are considerably better than the intervening in·ter·vene intr.v. in·ter·vened, in·ter·ven·ing, in·ter·venes 1. To come, appear, or lie between two things: You can't see the lake from there because the house intervenes. 2. three quarters, which were $0.30, $0.32, and $0.34, respectively. Our earnings suffered in late 1998 and early 1999 due to depressed economies in Asia, Europe, and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . Our results have improved as these overseas markets have begun to recover and as we have reduced costs." Mr. Cannon added, "We closed the Walkisoft acquisition on October 1, 1999. This acquisition and the large new airlaid machine that we are constructing at a former Walkisoft plant 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. will make Buckeye the world's leading producer of nonwovens utilizing airlaid technology. This combination of initiatives should accelerate our revenue and earnings growth." Buckeye is 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. The Company operates 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. , Canada, Germany, and Ireland. 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. -0-
BUCKEYE TECHNOLOGIES INC.
CONSOLIDATED STATEMENT OF EARNINGS
in ($000)
Three Months Ended
Three Months Ended
September 30,
-------------------------
1999 1998
----------- -----------
Net sales $ 153,400 $ 156,177
Cost of goods sold 111,180 113,823
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Gross margin 42,220 42,354
Selling, research and
administrative expenses 12,230 11,828
----------- -----------
Operating income 29,990 30,526
Net interest expense and
amortization of debt costs 9,221 9,654
Other 1,129 389
----------- -----------
Income before income taxes 19,640 20,483
Income taxes 6,285 7,100
----------- -----------
Net income $ 13,355 $ 13,383
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Earnings per share $ 0.38 $ 0.37
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Earnings per share - assuming dilution $ 0.37 $ 0.36
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Weighted average shares outstanding 35,374,931 36,456,437
Weighted average shares
outstanding - assuming dilution 36,113,126 37,486,319
EBITDA $ 40,019 $ 39,860
BUCKEYE TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEET
in ($000)
September 30 June 30
1999 1999
----------- -----------
Assets
Current Assets:
Cash and short term investments $ 6,079 $ 403
Accounts receivable-net 82,759 81,648
Inventories 108,374 104,584
Other current assets 7,975 10,458
----------- -----------
Total current assets 205,187 197,093
Property, plant and equipment-net 412,180 412,231
Goodwill 127,448 127,409
Other assets 10,451 11,149
----------- -----------
Total assets $ 755,266 $ 747,882
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Liabilities and shareholders' equity
Current liabilities $ 64,758 $ 67,975
Long-term debt 432,860 441,214
Deferred income taxes 45,089 43,480
Other liabilities 18,078 17,794
Shareholders' equity 194,481 177,419
----------- -----------
Total liabilities and shareholders' equity $ 755,266 $ 747,882
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