Shipment volumes during 2015 fell approximately 4% compared to 2014. Thermal papers net sales of $372.8 million were $42.5 million, or 10.2%, lower than full-year 2014 and shipment volumes declined approximately 2%. Carbonless papers net sales of $327.2 million were $22.2 million, or 6.4%, lower than 2014, with shipment volumes down approximately 6%.
Kevin Gilligan, Appvion's CEO, said the Company's improved manufacturing operations and successful cost reduction initiatives of $30.1 million, as well as a $9.7 million reduction in selling, general and administrative (SG&A) spending, did much to counter the significant challenges Appvion faced during 2015. Those challenges included the negative impact of unfavorable prices and product mix, lower shipment volumes, and the strength of the U.S. dollar.
Appvion reported operating income of $10.5 million for 2015 compared to an operating loss of $56.9 million in 2014, which included a $24 million charge related to the Fox River Funding Agreement.
Current-year operating income includes a $3.5 million mark-to-market loss related to the Company's retiree benefit plans, of which $1.1 million was included in SG&A. The prior-year operating loss included a $63.2 million mark-to-market loss, of which $18.6 million was included in SG&A.
Appvion's 4Q 2015 net sales of $169.4 million decreased $15.4 million, or 8.3%, compared to 4Q 2014.
Appvion produces thermal, carbonless, security, inkjet, digital specialty and colored papers.
