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Financial Performance

Glatfelter PEOPLE combine their passion for excellence with effective strategic execution to generate solid financial performance.

Glatfelter's strategies deliver results and lead to sustainable value creation. Our financial performance supports the strength of the Glatfelter business model and demonstrates our success in converting business strategy into shareholder value.

A Top Performer in the Paper Industry

 
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Net Sales
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spacer Net sales increased 9.2%, or $144.8 million, which was led by our growth businesses, Composite Fibers and Advanced Airlaid Materials. spacer
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Adjusted Earnings Per Share
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spacer Effective execution of our strategies has driven long-term earnings growth. spacer
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*Adjusted earnings per share is a non-GAAP financial measure as it excludes the impact of certain items. It is used by the Company to evaluate the performance of its core business operations. Adjusted earnings per share excludes the following items, all on an after-tax per share basis: benefits from cellulosic biofuel production/alternative fuel mixture credits of $0.23, $0.09, $0.50 and $2.09 in 2013, 2012, 2010 and 2009, respectively; gains from timberland sales and other asset sales of $0.04, $0.12, $0.09 and $0.02 in 2013 through 2010, respectively; acquisition and integration related costs of $0.14, $0.02, $0.24, and $0.04 in 2013 and 2011 through 2009, respectively; debt redemption costs of $0.11 and $0.13 in 2012 and 2011, respectively; international legal entity restructuring costs of $0.01 in 2013; and a charge for workforce efficiencies of $0.01 in 2011.
†CAGR: Compounded Annual Growth Rate

 

Glatfelter Value Drivers

  • Strong revenue growth.
    • 5-year CAGR of 6.6%
  • Leading positions in global growth markets.
    • Tea and coffee markets growing at 5%.
    • Feminine Hygiene market growing at 6%.
    • Innovation leadership in key markets drives revenue growth opportunities.
  • Expanding Margins.
    • Driving cost reduction and productivity improvements.
    • Leveraging leading positions in niche segments.
  • Track record of profitable growth.
    • 5-year EPS (excluding pension) CAGR of 17.3%.
    • Improving returns on invested capital.
  • Strong cash flow and financial strength to fund future growth.
    • Strong balance sheet to fund growth opportunities.
    • Pension plan overfunded.
 
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Summary of Selected Consolidated Financial Data
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1 On April 30, 2013, we acquired Dresden Papier GmbH, the results of which are included prospectively from the acquisition date, including $101.8 million of net sales and $18.3 million of operating profit.
2 During 2012, we recorded after-tax charges totaling $4.8 million related to the write-off of unamortized deferred issuance costs and the early redemption premium in connection with the refinancing of $200 million of bonds. In addition, net income includes a $4.0 million benefit from the conversion of alternative fuel mixture credits for cellulosic biofuel production credits.
3 During 2011, we recorded after-tax charges totaling $6.1 million related to the write-off of unamortized deferred issuance costs and original issue discount and the redemption premium in connection with the early redemption of $100 million of bonds.
4 The information set forth above for 2010 includes the financial information for Concert Industries Corp. prospectively from the February 12, 2010 acquisition date.
5 During 2010, net income included a $23.2 million tax benefit from cellulosic biofuel production credits.
6 During 2009, we recognized $107.8 million of alternative fuel mixture credits, all of which were recorded as a reduction to cost of products sold.
 


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Profitability and Other Information by Business Unit
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The sum of individual amounts set forth above may not agree to the consolidated financial statements included herein due to rounding. 
 


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Strong balance sheet provides financial flexibility to support growth investments. 
 
 


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Adjusted EBITDAP
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spacer Glatfelter’s Adjusted EBITDAP has steadily increased since 2009 to over $177 million in 2013. spacer
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*Adjusted EBITDAP is calculated by deducting one-time income and expenses that do not form a part of the company’s core business. These one-time items include: (1) Alternative fuel mixture (AFM) credits (2) gains from timberland sales, (3) debt redemption charges, (4) acquisition and integration costs and (5) environmental remediation changes.
 


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New Product Development as % of Gross Revenue
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spacer Innovation drives volume growth, mix and margin improvements, as well as market share gains and geographic expansion. spacer
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Adjusted Earnings
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spacer Effective strategic execution has driven long-term earnings growth. spacer
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*Adjusted earnings is equal to Net Income, excluding early bond redemption costs, acquisition and integration expenses, other one-time charges, gains on sale of timberlands, insurance recoveries, alternative fuel mixture and cellulosic biofuel tax credits.
†CAGR: Compounded Annual Growth Rate
 


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Capital Expenditures
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spacer We continue to reinvest in our business to maintain a high level of operating efficiency, to meet our environmental responsibility and to position the company for long-term growth. spacer
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Sustainability