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Buckeye Technologies sales down 10% in Q3 FY'13

01 May '13

4 min read

Free cash flow was $38.5 million for the quarter. Capital expenditures, at $27.2 million, remained at a high level as Buckeye continues work on the specialty conversion and oxygen delignification projects at its Foley Mill. Proceeds from the sale of assets were $19.9 million as we completed the sale of the land and building at our Delta, B.C., Canada site in February. Long-term debt has decreased by 37.0 million since December 31.

Chairman and Chief Executive Officer John B. Crowe said, “Our third quarter fiscal 2013 earnings were better than expected, with adjusted EPS exceeding our guidance by $0.04. Our nonwovens segment results were better than expected and SRA spending was lower than expected for the quarter.”

Buckeye and Georgia-Pacific LLC announced on April 24, 2013 that they have reached a definitive agreement for Georgia-Pacific to acquire all of the outstanding shares of Buckeye’s common stock for $37.50 per share in cash.

The transaction, subject to completion, is valued at approximately $1.5 billion, including debt. Buckeye, a leading manufacturer and marketer of specialty fibers and nonwoven materials, is headquartered in Memphis, Tennessee, USA. The Company currently operates facilities in the United States, Germany, and Canada. Its products are sold worldwide to makers of consumer and industrial goods.

Buckeye Technologies