Operating income of $61 million for the 2Q 2015 decreased by $24 million, or 28%, compared to the 2Q 2014.
Roger W. Stone, Chairman and CEO, stated, "KapStone's mill operations performed very well this quarter, delivering record 2Q production despite the loss of 10,400 tons due to the planned Roanoke Rapids mill outage. Our corrugated products shipments year-to-date were up 4% on an average weekly basis over the same period in 2014. The stronger dollar, however, negatively impacted our export sales, resulting in lower sales prices for saturating kraft, export containerboard, and extensible grade kraft paper and a less favorable product mix.
"We closed on the Victory Packaging acquisition on June 1, 2015, and our quarterly results include Victory's operations for 30 days. Victory's results for June were very positive, with revenues of $93 million and adjusted EBITDA of $7 million. We are aggressively working on realizing the benefits of increased integration that Victory provides."
KapStone Paper and Packaging Corporation is the fifth largest producer of containerboard and corrugated packaging products and is the largest kraft paper producer in the United States.
