The 2013 4Q GAAP net earnings included a $59.7 million net benefit, comprised of a $62.8 million benefit from the release of reserves for uncertain tax positions, $1 million of after-tax expense associated with the mark-to-market impact of directors’ equity-based compensation and $2.1 million of after-tax expense associated with the closing of the company’s Thomaston, Georgia, converting and distribution facility. Excluding those items, 4Q 2013 adjusted net earnings were $23.1 million, or $1.09 per diluted share, compared to 4Q 2012 adjusted net earnings of $19.4 million, or $0.82 per diluted share.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $61 million for the 4Q 2013. Adjusted EBITDA of $65.4 million was up 16.7% compared to 4Q 2012 Adjusted EBITDA of $56.1 million. The increase in EBITDA and Adjusted EBITDA was due primarily to approximately $7 million of contribution from its through-air-dried, or TAD, expansion.
"Strong 4Q performance reflects the strength of the company’s team to succeed despite the high level of competition in the marketplace,” said president and CEO Linda Massman. "The Pulp and Paperboard division also generated a record $43.2 million in Adjusted EBITDA.”
During the 4Q, the company completed its $100 million share buyback program. Under the program, the company repurchased 2.1 million shares at an average cost of $48.31 per share.
Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, parent roll tissue, machine-glazed tissue, bleached paperboard and pulp at 14 manufacturing locations in the U.S. and Canada.