Buckeye Technologies Inc. (BKI, Financial) filed Quarterly Report for the period ended 2011-12-31.
Buckeye Technologies Inc. has a market cap of $1.33 billion; its shares were traded at around $33.76 with a P/E ratio of 12 and P/S ratio of 1.4. The dividend yield of Buckeye Technologies Inc. stocks is 0.7%. Buckeye Technologies Inc. had an annual average earning growth of 16% over the past 10 years.
During the six months ended December 31, 2011, net sales were $467 million, an increase of $56 million, or 14%, versus the six months ended December 31, 2010. This increase was due to higher selling prices and shipment volume. Year-to-date shipment volume was up 3% compared to the same period a year ago, with specialty fibers shipments up 4% and nonwovens shipment volume reduced by 9%. On a year-to-date basis, average selling prices were up by more than 20% on our high-end wood and cotton high-end specialty pulp while fluff pulp prices decreased by $13 per ton compared to the same period a year ago. Nonwovens selling prices were up about 2% year over year.
We reported a net loss for the three months ended December 31, 2011 of $(5.4) million or $(0.14) per diluted share, compared to net income of $17.1 million or $0.42 per diluted share in the same period a year ago. The swing to a net loss for the quarter was driven by the $29.7 million negative impact of the non-cash asset and goodwill impairment charges, net of tax. Partially offsetting the impact of the impairment charges were increased sales and improved gross margin primarily driven by higher selling prices.
Net earnings for the six months ended December 31, 2011 of $35.7 million or $0.88 per diluted share, were down $45.8 million or $1.13 per diluted share compared to the six months ended December 31, 2010. The variation in the net benefit from the cellulosic biofuel credit (CBC) accounted for $43.3 million or $1.09 per diluted share of this reduction in net income, while the non-cash asset and goodwill impairment charges accounted for an additional $29.7 million, net of tax, or $0.74 per share reduction. The prior year period was negatively impacted by $3.4 million, net of tax, or $0.09 per share, by restructuring and early debt extinguishment costs. The remaining $23.8 million or $0.59 per share improvement in net income was the result of increased sales and improved gross margin primarily driven by higher selling prices.
Net cash provided by operating activities for the six months ended December 31, 2011 of $53.4 million was lower by $52.5 million compared to $105.9 million the same period a year ago. Cash taxes were $76.1 million higher compared to the same six month period a year ago when we received federal tax refunds totaling $72.6 million, mostly relating to alternative fuel mixture credits and cellulosic biofuel credits. The remaining $23.6 million year over year increase in cash flow from operations was driven by increased sales revenue, improved margins, and lower cash interest costs. Net cash used in investing activities decreased by $7.1 million compared to the same period last year as we spent $6.0 million in the prior year period to purchase about 8,000 acres of land adjacent to our Foley specialty wood pulp mill. Out of the $53 million in net cash provided by operating activities during the first six months of fiscal year 2012, $24 million was invested back into the business in the form of capital expenditures, $10 million was applied to debt reduction, and $15 million was returned to stockholders in the form of share repurchases and dividends.
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Buckeye Technologies Inc. has a market cap of $1.33 billion; its shares were traded at around $33.76 with a P/E ratio of 12 and P/S ratio of 1.4. The dividend yield of Buckeye Technologies Inc. stocks is 0.7%. Buckeye Technologies Inc. had an annual average earning growth of 16% over the past 10 years.
Highlight of Business Operations:
Net sales for the three months ended December 31, 2011 were $227 million, an increase of $17 million or 8% versus net sales of $210 million during the same period in 2010 due to higher selling prices and increased North American specialty fibers shipment volume. Average selling prices were up by about 20% on our high-end wood and cotton specialty pulp compared to the year-ago quarter while fluff pulp prices decreased by $47 per ton between these two periods. Overall, shipment volume was up 1.5% compared to the year ago quarter as increased shipments from our North American wood and cotton specialty fibers plants were partially offset by reduced shipments from our Americana, Brazil cotton linter pulp plant, as we wound down operations there, and from our Nonwovens segment.During the six months ended December 31, 2011, net sales were $467 million, an increase of $56 million, or 14%, versus the six months ended December 31, 2010. This increase was due to higher selling prices and shipment volume. Year-to-date shipment volume was up 3% compared to the same period a year ago, with specialty fibers shipments up 4% and nonwovens shipment volume reduced by 9%. On a year-to-date basis, average selling prices were up by more than 20% on our high-end wood and cotton high-end specialty pulp while fluff pulp prices decreased by $13 per ton compared to the same period a year ago. Nonwovens selling prices were up about 2% year over year.
We reported a net loss for the three months ended December 31, 2011 of $(5.4) million or $(0.14) per diluted share, compared to net income of $17.1 million or $0.42 per diluted share in the same period a year ago. The swing to a net loss for the quarter was driven by the $29.7 million negative impact of the non-cash asset and goodwill impairment charges, net of tax. Partially offsetting the impact of the impairment charges were increased sales and improved gross margin primarily driven by higher selling prices.
Net earnings for the six months ended December 31, 2011 of $35.7 million or $0.88 per diluted share, were down $45.8 million or $1.13 per diluted share compared to the six months ended December 31, 2010. The variation in the net benefit from the cellulosic biofuel credit (CBC) accounted for $43.3 million or $1.09 per diluted share of this reduction in net income, while the non-cash asset and goodwill impairment charges accounted for an additional $29.7 million, net of tax, or $0.74 per share reduction. The prior year period was negatively impacted by $3.4 million, net of tax, or $0.09 per share, by restructuring and early debt extinguishment costs. The remaining $23.8 million or $0.59 per share improvement in net income was the result of increased sales and improved gross margin primarily driven by higher selling prices.
Net cash provided by operating activities for the six months ended December 31, 2011 of $53.4 million was lower by $52.5 million compared to $105.9 million the same period a year ago. Cash taxes were $76.1 million higher compared to the same six month period a year ago when we received federal tax refunds totaling $72.6 million, mostly relating to alternative fuel mixture credits and cellulosic biofuel credits. The remaining $23.6 million year over year increase in cash flow from operations was driven by increased sales revenue, improved margins, and lower cash interest costs. Net cash used in investing activities decreased by $7.1 million compared to the same period last year as we spent $6.0 million in the prior year period to purchase about 8,000 acres of land adjacent to our Foley specialty wood pulp mill. Out of the $53 million in net cash provided by operating activities during the first six months of fiscal year 2012, $24 million was invested back into the business in the form of capital expenditures, $10 million was applied to debt reduction, and $15 million was returned to stockholders in the form of share repurchases and dividends.
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