FiberMark Announces Sixth Consecutive Record Earnings For The Third
Quarter 1997
BRATTLEBORO, Vt.--(BUSINESS WIRE)--Oct. 23, 1997--FiberMark, Inc. (NYSE:FMK) today announced record
results for the quarter ended September 30, 1997.
Net earnings for the third quarter of 1997 were $3.2 million or $.51 per share--yielding the sixth consecutive quarter for
record company earnings. Third quarter results represent a 4% increase over the previous earnings record established in the
second quarter of 1997 and a 46% increase over the comparable quarter of 1996, during which the company earned $2.1
million or $.35 per share.
Net sales for the quarter were $57.8 million as compared to $26.8 million for the comparable quarter in 1996, an increase of
115%. $30.8 Million of this increase is attributable to the October 31, 1996 acquisitions of Custom Papers Group and Arcon
Coating Mills. Third quarter sales for the markets in which the Company was established prior to the acquisitions were $27.1
million, up 1.0% from the comparable quarter in 1996. Sales in the office products market decreased 3% to $13.5 million,
compared to $13.9 million in the third quarter of 1996. Durable specialty sales increased 12% to $9.4 million, from a level of
$8.4 million for the comparable 1996 quarter. The book cover component of technical specialty sales decreased 5% to $3.9
million as compared to $4.1 million in the third quarter of 1996.
For the nine-month period ended September 30, 1997, net sales were $176.7 million compared to $77.7 million for the first
nine months of 1996, an increase of 127%. $95.4 Million of this increase is attributable to the acquisitions of Custom Papers
Group and Arcon Coating Mills. Nine-month 1997 sales for the markets in which the Company was established prior to the
acquisition were up 4.5% compared to the comparable period in 1996. Earnings for the nine-month period were $9.0 million
or $1.43 per share compared to earnings of $5.0 million or $.82 per share for the comparable period in 1996, a 74%
increase.
''Earnings strength continued due to ongoing productivity gains at several facilities, favorable raw material costs, and steady
demand for our products,'' according to Alex Kwader, President and Chief Executive Officer. ''Although we experienced
slight increases on some pulp grades, the overall impact on earnings was minor,'' Kwader explained. ''Strong order levels in
September are providing sales momentum as we move into the fourth quarter.'' |
