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Jump to full article: Atlanta Business Chronicle, 2006-07-27
Intro: Schweitzer-Mauduit International Inc.'s profit plunged in the second quarter, reflecting the negative impact of restructuring costs and lower sales.
The Alpharetta, Ga.-based specialty papers company (NYSE: SWM) posted net income of $700,000 on $162.1 million in sales, compared with net income of $5.8 million on $168.2 million in sales in the second quarter of 2005. Earnings were 4 cents a share, compared with earnings of 38 cents a share in the second quarter of 2005.
In the second quarter, the company had $3.4 million in restructuring expenses related to reduced demand for conventional tobacco-related papers, the ending of production and sale of decor papers in the United States and the shutdown of certain production equipment in both the United States and France.
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