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Article Excerpt
APPLETON, Wis. -- Appleton Papers Inc. today reported its results for the fourth quarter and full year ended December 29, 2001. Net sales for the fourth quarter ended December 29, 2001, were $227.2 million, a decrease of 15 percent from net sales of $266.3 million for the same quarter of 2000. However, due to strong cost controls and the benefits of a restructuring program begun in 1999, pro forma adjusted EBITDA for the fourth quarter of 2001 was $51.2 million, an increase of 1 percent from pro forma adjusted EBITDA for the same quarter of 2000. The Company's gross profit margins for the fourth quarter 2001 improved to 33 percent compared to 30 percent for the same quarter of 2000.
The Company improved its gross profits by 16 percent in the second half of 2001 compared to the first half of the year. Second half performance benefited from the completion of the eighteen-month restructuring project that included the closing of the Harrisburg plant and relocation of strategic pieces of manufacturing equipment to the Company's Appleton, Wis., plant and Roaring Spring, Pa., mill. The first half of 2001 experienced the forecasted impact of start-up costs related to the equipment transferred from the Harrisburg plant.
Doug Buth, chief executive officer, said the positive financial impact of closing the Harrisburg plant and the successful relocation of key pieces of equipment contributed significantly to the company's strong second half performance and leaves the Company well-positioned for the future. For the year, the West Carrollton, Ohio, mill produced record volumes from its paper machines and recycling plant which helped to increase manufacturing efficiencies and reduce external base stock purchases.
Net sales for the year ended December 29, 2001, decreased $124.2 million, or approximately 11 percent to $955.8 million, compared to $1.08 billion for 2000....
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