Neenah Paper profit hits $14.7M
May 22, 2007 By Pulp & Paper Canada
ALPHARETTA, GA — Neenah Paper reported its net income skyrocketed in the first quarter, boosted by recent acquisit…
ALPHARETTA, GA — Neenah Paper reported its net income skyrocketed in the first quarter, boosted by recent acquisitions and a jump in sales.
The paper products company had net income of $14.7 million on $224.7 million in sales, compared with net income of $900,000 on $132.9 million in sales in the first quarter of 2006. Earnings were 98 cents a share, compared with earnings of 6 cents a share in the first quarter of 2006.
Results for the first quarter of 2007 include the company’s recent acquisitions of Neenah Germany and Fox River Paper Company.
Technical products net sales of $100.7 million in the first quarter of 2007 more than tripled from $33 million in the same period of 2006.
“The benefits of the strategic changes we have made over the past year are evident with our increased scale and more profitable and diversified businesses,” said Sean Erwin, chairman and CEO of Neenah Paper. “We are realizing gains with our expanded technical products platform and are excited about our ability to move forward as the leader in the premium fine paper market and take advantage of the opportunities and synergies available from the Fox River acquisition. Our results also reflect record operating performance at our Pictou pulp mill and ongoing strength in the pulp market.”
Source: Atlanta Business Chronicle
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