29.10.09. Wausau Paper Corp. said that earnings increased more than sixfold in the 3Q, as two years of restructuring measures helped the Mosinee-based paper manufacturer bounce back after a weak 2008, as Milwaukee Journal Sentinel reported.
Net income rose to $14.6 million, or 30 cents a share, from $2.3 million, or 5 cents, in the year-earlier quarter. Sales decreased 12% to $273.4 million.
"The strength of our third-quarter results reflects the success of the value-driven growth strategy of our towel and tissue business and the extensive restructuring initiatives undertaken in our paper businesses over the last two years," CEO Thomas Howatt said in the report.
Results in the first nine months reflected the turnaround as the company swung to a profit of $11.4 million, or 23 cents a share, from a prior-year loss of $14.1 million, or 29 cents, a year ago.
Wausau Paper, with 2008 revenue of $1.2 billion, makes fine printing and writing papers, technical specialty papers, and towel and tissue products. It recently merged its specialty products and its printing and writing businesses into a single operating unit.
Fuente: Lesprom
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