Clearwater Paper Corp
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Subsequent Events
NOTE 19 Subsequent Event
In January of 2025, we implemented plans to reduce our cost structure across operations and selling, general and administrative expenses. We are targeting $30 million to $40 million in cost savings in 2025. In connection with these activities, we expect to record severance cost of $5.0 million to $7.0 million over the next 12 months.
Financial Results by Quarter (Unaudited)
| Three Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| March 31, | June 30, | September 30, | December 31, | |||||
| (In millions - except per-share amounts) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Net Sales | $258.8 | $297.2 | $344.4 | $291.3 | $393.3 | $278.9 | $387.1 | $268.6 |
| Gross profit | 33.3 | 64.2 | (2.0) | 49.9 | 30.1 | 50.7 | 14.7 | 35.9 |
| Income (loss) from continuing operations | (2.1) | 24.5 | (41.6) | 11.9 | (10.7) | 14.9 | (19.6) | (2.5) |
| Net income (loss) | 17.2 | 23.8 | (25.8) | 29.7 | 5.8 | 36.6 | 199.1 | 17.6 |
| Net income (loss) per common share: | ||||||||
| Income (loss) from continuing operations | $(0.12) | $1.46 | $(2.50) | $0.71 | $(0.64) | $0.89 | $(1.17) | $(0.15) |
| Income (loss) from discontinued operations | 1.16 | (0.05) | 0.95 | 1.05 | 1.00 | 1.31 | 13.08 | 1.21 |
| Total basic earnings per share | 1.03 | 1.41 | (1.55) | 1.76 | 0.35 | 2.20 | 11.91 | 1.06 |
| Diluted net income (loss) per share: | ||||||||
| Income (loss) from continuing operations | (0.12) | 1.44 | (2.50) | 0.70 | (0.64) | 0.88 | (1.17) | (0.15) |
| Income (loss) from discontinued operations | 1.16 | (0.04) | 0.95 | 1.05 | 1.00 | 1.29 | 13.08 | 1.21 |
| Total diluted earnings per share | $1.03 | $1.40 | $(1.55) | $1.75 | $0.35 | $2.17 | $11.91 | $1.06 |
| Shares used in per share computation | ||||||||
| Basic | 16,607 | 16,834 | 16,661 | 16,865 | 16,620 | 16,682 | 16,724 | 16,638 |
| Diluted | 16,607 | 17,036 | 16,661 | 16,958 | 16,620 | 16,895 | 16,724 | 16,638 |
| Adjusted EBITDA Reconciliation | ||||||||
| Net income (loss) | $17.2 | $23.8 | $(25.8) | $29.7 | $5.8 | $36.6 | $199.1 | $17.6 |
| Add (deduct): | ||||||||
| Income from discontinued operations, net of tax | 19.3 | (0.8) | 15.7 | 17.8 | 16.6 | 21.8 | 218.8 | 20.2 |
| Income (loss) from continuing operations | (2.1) | 24.5 | (41.6) | 11.9 | (10.7) | 14.9 | (19.6) | (2.5) |
| Income tax provision (benefit) | 0.5 | 8.7 | (14.6) | 4.3 | (3.3) | 3.7 | (9.7) | 0.2 |
| Interest expense, net | 1.2 | 2.8 | 9.6 | 2.9 | 13.1 | 2.2 | 5.3 | 1.6 |
| Depreciation and amortization | 9.0 | 10.0 | 17.0 | 10.2 | 22.4 | 10.1 | 21.5 | 10.3 |
| Inventory revaluation on acquired business | — | — | 6.8 | — | — | — | — | — |
| Debt extinguishment costs | — | — | — | — | — | — | 9.1 | 3.1 |
| Other operating charges, net | 6.0 | (0.4) | 14.6 | (0.1) | (0.3) | 1.6 | 3.7 | 2.1 |
| Other non-operating income | (0.3) | (0.1) | (0.3) | (0.1) | (0.3) | (0.1) | (0.7) | 0.2 |
| Adjusted EBITDA from continuing operations | $14.2 | $45.6 | $(8.5) | $29.0 | $20.9 | $32.5 | $9.5 | $14.9 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.