Aug 07, 2012. /Lesprom Network/. Buckeye Technologies Inc. announced record sales and earnings for fiscal year 2012. Net sales for the year (adjusted to exclude discontinued Americana operations) were $895 million, a new record and up $14 million or 2% compared to fiscal 2011, as higher selling prices offset a $10 million sales reduction due to the divestiture of our King converting business and lower shipment volumes from both Foley wood specialty mill and nonwovens business, as the company said in the press release received by Lesprom Network. Adjusted net income for the 2012 fiscal year was a record $111 million, or $2.76 per share, compared to $91 million or $2.23 per share in fiscal 2011. The growth in adjusted net income was due to significantly higher selling prices for our high-end specialty wood and cotton fiber products which more than offset the impact of lower fluff pulp prices. Net income also benefited in fiscal year 2012 from reduced selling, research and administrative expenses and lower interest expense. 4Q adjusted net income was $26.2 million or $0.66 per share. This excludes net after-tax charges of $2.8 million, or $0.08 per share, primarily relating to the sale of Americana, Brazil cotton linter pulp plant and adjustments relating to the cellulosic biofuel credit. Adjusted net income was off slightly compared to the prior year period’s $27.8 million or $0.68 per share, which excluded an after-tax non-cash asset impairment charge of $13.0 million, or $0.32 per share, relating to plans to close our Canadian nonwovens plant by the end of December 2012 as well as other special items of $0.6 million or $0.01 per share. Net sales were $225 million for the 4Q of fiscal 2012, down $24 million or 10% versus record net sales of $249 million in the 4Q of fiscal 2011 (which have been adjusted to exclude discontinued Americana operations). Comparing the 4Q to the 3Q of fiscal 2012, sales were up $8 million or 4% primarily due to a 20% increase in shipment volume in our nonwovens segment. Adjusted EPS of $0.66 was down $0.01 versus the 3Q as increased shipment volume, favorable shipment mix, and falling cotton linter prices mostly offset the $0.06 negative impact of the June outage at Foley. Chairman and CEO John B. Crowe said, “Fiscal year 2012 was another year of record sales and earnings. During the year, we continued to generate significant cash flow, allowing us to invest in high rate of return capital projects, return cash to our shareholders through dividends and share repurchases, and essentially eliminate our debt. With a strong operating performance and actions taken to address underperforming assets, we delivered a return on invested capital (ROIC) in fiscal year 2012 of 16.5%, well above our cost of capital. While Buckeye is well positioned to continue to increase shareholder value, we believe that global economic uncertainty may generate a headwind for us in fiscal 2013.” “Our 4Q results were significantly impacted by the steam drum failure and resulting production outage at our Foley facility in late June. Returning both lines to operation in just 17 days was a remarkable accomplishment by our organization.” 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, Canada, and Brazil.