Clearwater Paper Cp has a market cap of $703.8 million; its shares were traded at around $61.32 with a P/E ratio of 12.8 and P/S ratio of 0.6. CLW is in the portfolios of John Keeley of Keeley Fund Management, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:In March 2010, a scheduled eight day major maintenance downtime at our Lewiston, Idaho pulp and paperboard mill was completed as planned at the expected cost of approximately $16.9 million. This quarters major maintenance spending represents an increase of $15.4 million over the first quarter of 2009. We expect to spend an additional $5 million to $6 million on major maintenance in the third and fourth quarters of 2010.
Maintenance and repairs. We regularly incur significant costs to maintain our manufacturing equipment. We perform routine maintenance on our machines and periodically replace a variety of parts such as motors, pumps, pipes and electrical parts. During the first quarter of 2010, equipment maintenance and repair costs, including labor and the major maintenance costs discussed below, were $4.1 million in our Consumer Products segment and $26.7 million in our Pulp and Paperboard segment for a total of $30.8 million, or 10.2% of our cost of sales.
Major equipment maintenance and repair in our Pulp and Paperboard segment also requires maintenance shutdowns generally lasting up to one week per year at our Idaho facility and up to one week approximately every 18 months at our Arkansas facility, which increases costs and may reduce net sales in the quarters in which the major maintenance shutdowns occur. Major maintenance and repair costs for 2010 are expected to be approximately $20-25 million. As discussed above, in March 2010 we had machine downtime of eight days at our Idaho pulp and paperboard mill due to scheduled major maintenance costing $16.9 million. We expect to spend an additional $5 million to $6 million on major maintenance in the third and fourth quarters of 2010.
In addition to ongoing maintenance and repair costs, we make capital expenditures to increase our operating efficiency, improve our safety and to comply with environmental laws. During the three months ended March 31, 2010, we spent $5.3 million on capital expenditures compared to $3.6 million in the same period in 2009. Our estimated capital expenditures for 2010 are expected to be between $40 million and $45 million, including an estimated $12 million for our new converting facility expected to be located in the Southeastern United States.
For the three months ended March 31, 2010, net cash used for investing activities was $50.3 million, compared to $5.7 million for the first three months of 2009. The increase from 2009 to 2010 was due to an increase of $45.1 million in short-term investments reflecting the investment of our cash assets, including cash generated from operations and alternative fuel mixture tax credits. Capital expenditures were $5.3 million during the first quarter of 2010, compared to $3.6 million in the same period of 2009.
Net cash used for financing activities was $6.2 million for the three months ended March 31, 2010, compared with $29.4 million of cash used for financing activities during the same period in 2009. Cash used for financing activities in the first three months of 2010 primarily consisted of the change in book overdrafts and cash used to pay employee minimum withholding requirements associated with shares issued in settlement of vested restricted stock units during the quarter, partially offset by the excess tax benefits from the share based payment issuance. Cash used for financing activities in the first three months of 2009 primarily consisted of a decrease in payables to Potlatch and the repayment of $10 million in borrowings under our revolving credit facility.
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