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Buckeye Technologies Inc. (BKI) filed Quarterly Report for the period ended 2011-09-30.
Buckeye Technologies Inc. has a market cap of $1.24 billion; its shares were traded at around $31.08 with a P/E ratio of 11.77 and P/S ratio of 1.37. The dividend yield of Buckeye Technologies Inc. stocks is 0.77%. Buckeye Technologies Inc. had an annual average earning growth of 16% over the past 10 years.
This is the annual revenues and earnings per share of BKI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BKI.
Highlight of Business Operations:
Net sales for the three months ended September 30, 2011 were $240 million, an increase of $38 million or 19% versus net sales of $202 million during the same period in 2010 due to higher selling prices and increased shipment volume in our Specialty Fibers segment. Average selling prices were up more than 20% on our high-end wood and cotton dissolving pulp and customized fiber products compared to the year-ago quarter while fluff pulp prices increased by $23 per ton between these two periods. Shipment volume was up 51% at our two cotton linter pulp plants as we entered the quarter in a much stronger inventory position in cotton linters than we did a year ago.Operating income for the three months ended September 30, 2011 was $44.0 million, which was $20.4 million higher than the same period in 2010. This improvement was largely driven by higher selling prices and increased cotton linter pulp shipment volume. Aside from cotton linter costs, which have increased significantly in North America versus the same period a year ago, cost inflation for chemicals, transportation, wood and other raw materials was modest while energy prices were stable. Gross margin improved from 18.0% to 23.7% as a percentage of sales.
Net earnings for the three months ended September 30, 2011 of $41.1 million or $1.02 per diluted share were $23.3 million or $0.57 per diluted share less than the same period a year ago. The improvement in operating income was offset by a reduction in the net benefit from the cellulosic biofuel credit (“CBC”), which decreased by $40.1 million or $1.01 per diluted share compared to $11.2 million or $0.28 per diluted share in the just completed quarter.
Net cash provided by operating activities for the three months ended September 30, 2011of $28.5 million decreased by $53.6 million compared to the same period a year ago. In July 2010, we received our fiscal 2010 tax refund of $67.1 million, of which most was attributable to AFMC credits. Excluding the impact of these tax refunds, cash flow from operations was $13.5 million higher than in the same period last year due to increased earnings. Net cash used in investing activities decreased $1.2 million compared to the same period last year. Strong cash flow during the quarter enabled us to reduce debt by $6.6 million, increase our quarterly cash dividend to $2.4 million and repurchase $8.6 million of our common stock. We also paid a record bonus to all of our employees reflecting our record 2011 performance.
Net sales were up substantially for the three months ended September 30, 2011 versus the comparable prior year period. Higher pricing for the specialty fibers segment compared to the same period a year ago and increased shipment volumes for specialty cotton fibers were the main drivers of this improvement. For the three months ended September 30, 2011 versus the same period in 2010, fluff pulp pricing increased by $23 per ton and prices for high-end specialty wood grades were up 23%, reflecting strong market conditions. Prices for specialty cotton grades were up 26% as higher costs for cotton linters were passed through based on provisions included in our long-term sales agreements. As of September 30, 2011, more than 90% of our Memphis Plant s specialty cotton fibers business is committed to contracts that allow us to commit to longer procurement agreements for cotton linters. This has provided improved control of cost and flow of products to our customers.
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