Neenah Paper Inc. (NP, Financial) filed Quarterly Report for the period ended 2010-03-31.
Neenah Paper Inc. has a market cap of $222.8 million; its shares were traded at around $15.15 with a P/E ratio of 19.18 and P/S ratio of 0.39. The dividend yield of Neenah Paper Inc. stocks is 2.64%.NP is in the portfolios of John Keeley of Keeley Fund Management.
For the three months ended March 31, 2010, timber sales to Northern Pulp pursuant to the Stumpage Agreement resulted in net sales from discontinued operations of $1.4 million compared to net sales of $0.8 million in the prior year period. For the three months ended March 31, 2010, pre-tax income from discontinued operations, excluding the gain on sale of the Woodlands, was $1.4 million compared to earnings from discontinued operations of $0.2 million in the prior year period.
· Cash provided by operating activities of $14.3 million for the three months ended March 31, 2010 was $15.1 million less than cash provided by operating activities of $29.4 million in the prior year period. Cash provided by operations in the prior year reflected a $21.3 million decrease in our investment in working capital, including the receipt of a refund of U.S. income taxes of approximately $10.9 million. For the three months ended March 31, 2010, our investment in working capital increased $2.3 million primarily due to an increase in accounts receivable reflecting improved sales. Excluding working capital changes, cash provided by operations for the current year increased $8.5 million from the prior year period primarily due to higher operating earnings in the current year.
· For the three months March 31, 2010, we made aggregate contributions to defined benefit pension trusts and paid of pension benefits for unfunded defined benefit pension plans of approximately $4.5 million. We expect to make aggregate contributions to defined benefit pension trusts and pay benefits for unfunded defined benefit pension plans of approximately $14 million (based on exchange rates at March 31, 2010) in calendar 2010. This compared to payments in 2009 of $2.1 million and $12.5 million for the first quarter and full year, respectively.
· For the three months ended March 31, 2010, cash provided by investing activities was $67.2 million, compared to cash used by operating activities of $3.0 million in the prior year period. Cash provided by investing activities for the three months ended March 31, 2010 includes net proceeds from the sale of the Woodlands of $78.0 million. As of March 31, 2010, approximately $9.5 million of proceeds from the sale of the Woodlands was restricted under the terms of the Bank Credit Agreement. Such restricted cash may be used for any purpose not specifically prohibited by the Bank Credit Agreement. We expect such restricted cash to be fully utilized during the second quarter of 2010.
· Capital expenditures for the three months ended March 31, 2010 were $2.3 million compared to spending of $2.8 million in the prior year. We have aggregate planned capital expenditures for 2010 of approximately $15 million to $20 million. The level of our capital expenditures for the next 12 months is not expected to have a material adverse effect on our financial condition, results of operations or liquidity.
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Neenah Paper Inc. has a market cap of $222.8 million; its shares were traded at around $15.15 with a P/E ratio of 19.18 and P/S ratio of 0.39. The dividend yield of Neenah Paper Inc. stocks is 2.64%.NP is in the portfolios of John Keeley of Keeley Fund Management.
Highlight of Business Operations:
In March 2010, Neenah Canada sold the Woodlands to Northern Pulp for C$82.5 million ($78.6 million). The sale of the Woodlands completed our transformation from an integrated pulp and paper company into a premium fine paper and technical products company. We used the proceeds from the sale to repay in full $40 million of outstanding Term Loan borrowings and repay approximately $26 million in outstanding Revolver borrowings which reduced the balance of outstanding Revolver borrowings to zero.For the three months ended March 31, 2010, timber sales to Northern Pulp pursuant to the Stumpage Agreement resulted in net sales from discontinued operations of $1.4 million compared to net sales of $0.8 million in the prior year period. For the three months ended March 31, 2010, pre-tax income from discontinued operations, excluding the gain on sale of the Woodlands, was $1.4 million compared to earnings from discontinued operations of $0.2 million in the prior year period.
· Cash provided by operating activities of $14.3 million for the three months ended March 31, 2010 was $15.1 million less than cash provided by operating activities of $29.4 million in the prior year period. Cash provided by operations in the prior year reflected a $21.3 million decrease in our investment in working capital, including the receipt of a refund of U.S. income taxes of approximately $10.9 million. For the three months ended March 31, 2010, our investment in working capital increased $2.3 million primarily due to an increase in accounts receivable reflecting improved sales. Excluding working capital changes, cash provided by operations for the current year increased $8.5 million from the prior year period primarily due to higher operating earnings in the current year.
· For the three months March 31, 2010, we made aggregate contributions to defined benefit pension trusts and paid of pension benefits for unfunded defined benefit pension plans of approximately $4.5 million. We expect to make aggregate contributions to defined benefit pension trusts and pay benefits for unfunded defined benefit pension plans of approximately $14 million (based on exchange rates at March 31, 2010) in calendar 2010. This compared to payments in 2009 of $2.1 million and $12.5 million for the first quarter and full year, respectively.
· For the three months ended March 31, 2010, cash provided by investing activities was $67.2 million, compared to cash used by operating activities of $3.0 million in the prior year period. Cash provided by investing activities for the three months ended March 31, 2010 includes net proceeds from the sale of the Woodlands of $78.0 million. As of March 31, 2010, approximately $9.5 million of proceeds from the sale of the Woodlands was restricted under the terms of the Bank Credit Agreement. Such restricted cash may be used for any purpose not specifically prohibited by the Bank Credit Agreement. We expect such restricted cash to be fully utilized during the second quarter of 2010.
· Capital expenditures for the three months ended March 31, 2010 were $2.3 million compared to spending of $2.8 million in the prior year. We have aggregate planned capital expenditures for 2010 of approximately $15 million to $20 million. The level of our capital expenditures for the next 12 months is not expected to have a material adverse effect on our financial condition, results of operations or liquidity.
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