Net earnings determined in accordance with generally accepted accounting principles, or GAAP, for the 1Q 2015 were $5.8 million, or $0.30 per diluted share, compared to $6.2 million, or $0.29 per diluted share, for the 1Q 2014.
The 2015 1Q GAAP net earnings included $0.3 million of after-tax benefit associated with the mark-to-market impact of directors' equity-based compensation, $0.4 million of after-tax expense associated with the closure of the company's Long Island, New York, converting and distribution facility, and $1.2 million of after tax non-recurring costs associated with a new labor agreement.
Excluding special items, 1Q 2015 adjusted net earnings were $6.9 million, or $0.36 per diluted share, compared to 1Q 2014 adjusted net earnings of $13.9 million, or $0.66 per diluted share.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $36.2 million for the 1Q 2015. Adjusted EBITDA for the quarter was $37.9 million, down 30.7% compared to 1Q 2014 Adjusted EBITDA of $54.7 million.
The decrease in EBITDA and Adjusted EBITDA was due primarily to scheduled major maintenance at the company's Lewiston, Idaho, pulp and paperboard facility, lower paperboard shipment volume due to the labor slowdowns at the West Coast shipping ports, and the sale of the company's specialty mills, which were partially offset by improved pricing for paperboard and higher sales of through-air-dried, or TAD products.
"Clearwater Paper delivered solid results that were in line with the updated outlook for the 1Q 2015," said president and ceo Linda Massman. "We saw an increase in paperboard volumes off of seasonal levels and improvement to the cost structure of our Consumer Products business as a result of the supply chain optimization work that we started in 2014. Overall, we are starting to see positive results in our businesses with the increased focus on bringing efficiencies to every part of our operation."
Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, parent roll tissue, bleached paperboard and pulp at manufacturing facilities across the nation.
