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Net Income of $1.0 Million Diluted Earnings Per Share of $0.06 Excluding Pre-Tax Restructuring Expenses of $3.4 million, Diluted Earnings Per Share of $0.20
Jump to full article: PR Newswire, 2007-07-26
Author: SOURCE Schweitzer-Mauduit International, Inc.
Intro: Wayne H. Deitrich, Chairman of the Board and Chief Executive Officer,
commented that, "Schweitzer-Mauduit's net income for the second quarter of
2007 improved over the prior year due to increased earnings in
reconstituted tobacco products and cigarette paper used in lower ignition
propensity cigarettes. Increased demand and higher production capacity
utilization were experienced in reconstituted tobacco leaf products while
sales volume growth and improved manufacturing costs were achieved for
lower ignition propensity- related cigarette papers. Despite these
achievements, we did not sustain the rate of year-over-year earnings
improvement seen in the first quarter of 2007 because our traditional
tobacco-related papers business experienced greater earnings weakness
during the second quarter. This was caused by continuing cost inflation,
the unfavorable impact on earnings from reduced volumes, and further
strengthening of the Brazilian real. We again realized significant savings
during the second quarter from cost reduction activities across our
business, but not at the same level as during the first quarter of the
year."
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