KapStone Paper and Packaging Corp. reported 1Q net income of $11.1 million

May 11, 2009. /Lesprom Network/. KapStone Paper and Packaging Corp. reported 1Q net income of $11.1 million or $0.39 per share, compared to $7.2 million or $0.21 per share in the same quarter last year. Consolidated net sales of $140.6 million in the first quarter of 2009 increased from $67.1 million for the 2008 first quarter, up 109 percent, due to $85.8 million of sales from the Charleston acquisition. Operating income of $26.2 million for the 2009 quarter increased by $14.6 million, or 125 percent compared to the 2008 quarter primarily due to a $17.4 million pre-tax gain on the sale of the dunnage bag business and a $5.4 million benefit from the alternative fuel mixture tax incentive. KapStone Paper and Packaging Corporation is a leading North American producer of unbleached kraft paper products, and linerboard. The Company is the parent company of KapStone Kraft Paper Corporation which includes paper mills in Roanoke Rapids, NC and North Charleston, SC, a lumber mill in Summerville, SC, and five chip mills in South Carolina.