Neenah
Paper, Inc. (NP) today reported adjusted earnings from continuing operations of
$0.80 per diluted common share in the second quarter of 2013 compared with
$0.85 per share in the second quarter of 2012. Excluding adjustments, GAAP
earnings in the second quarter were $0.77 per diluted common share in both
periods. Adjusted earnings excluded costs of $0.03 per share in 2013 primarily
for refinancing the Company’s senior notes. In 2012, adjusted earnings excluded
costs of $0.08 per share to integrate acquired brands.
For
the second quarter, net sales of $212.3 million in 2013 were up slightly
compared to 2012 as increased Fine Paper sales offset lower sales of Other
products. Operating income of $22.6 million in 2013 compared to $22.0 million
in the prior year as increases in Fine Paper similarly offset lower operating
income from Other products. Net income of $12.8 million in 2013 compared to
$12.7 million in the prior year and reflected higher operating income and lower
interest expense partly offset by a higher effective tax rate.
