The first half of 2013, excluding special items, resulted in an adjusted net loss of $6.2 million, or $0.12 per share, compared to prior-year first half net earnings, excluding special items, of $5.5 million, or $0.11 per share.
On a continuing operations basis, adjusted EBITDA and EBITDA margin for the second quarters of 2013 and 2012 were $8.8 million, or a 10.1%, and $13 million, or a 14.7%, respectively.
On a year-to-date basis, adjusted EBITDA and EBITDA margin was $14.8 million, or a 8.9% in 2013 compared to $25.2 million, or a 14.8% in 2012. The Company is targeting an adjusted EBITDA margin on a consolidated basis between 16% and 18% by the end of the 4Q 2013.
2Q net sales for 2013 were $87.6 million, a decrease of approximately 1% compared to $88.6 million reported for the 2Q 2012. On a year-to-date basis, net sales were down nearly 3% in 2013 at $165.8 million compared to $170.4 million in 2012.
After a relatively flat first quarter, case shipment volume in the 2Q improved 2.4% over the prior-year period resulting in year-to-date growth of 1.3%. Volume in the support product categories continued to be strong, increasing approximately 4% over the prior-year’s 2Q and first half. Volume in strategic product categories was relatively flat over the prior-year 2Q after declining by approximately 3% in the 1Q comparison.
Henry C. Newell, president and CEO, commented, "Completing the sale of the specialty paper business represents significant progress on our strategic repositioning efforts as a company focused on tissue. We launched a new family of towel and tissue products in the second quarter and will introduce a range of new ATMOS-based product additions over the coming quarters. We remain committed to our growth expectations, delivering 6% case shipment growth in our tissue business by the 4Q 2013."
Wausau Paper produces and markets a complete line of away-from-home towel and tissue products.