KapStone Paper and Packaging Corporation reported unaudited condensed consolidated earnings results for the third quarter and nine months ended Sep. 30, 2009. Consolidated net sales decreased $37.4 million to $170.3 million compared to $207.7 million from the same quarter a year ago. Lower selling prices and less favorable product mix on a higher percentage of linerboard sales reduced revenues by $39.8 million. Net sales for third quarter of 2009 also compare unfavorably to the same period of 2008 due the inclusion in 2008's net sales of $8.9 million from the dunnage bag business which was sold on March 31, 2009. For the quarter, the company reported operating income of $46,499,000, income before provision for income taxes of $41,321,000 and net income of $25,672,000 or $0.69 per diluted share against operating income of $14,146,000, income before provision for income taxes of $4,818,000 and net income of $2,305,000 or $0.06 per diluted share for the same period a year ago. Operating income increased 229% compared to the 2008 quarter primarily due to $53.5 million of alternative fuel mixture tax credits, $7.1 million from lower costs on materials, energy and transportation, and $6.0 million due to a change in the timing of the annual cold mill outage in North Carolina. Cash flow for the 2009 third quarter reflects $61.0 million provided by operating activities. The company reported EBITDA of $60,338,000, adjusted EBITDA of $9,615,000 and adjusted net loss of $3,157,000 or $0.10 per diluted share against EBITDA of $26,492,000, adjusted EBITDA of $33,455,000 and adjusted net income of $6,726,000 or $0.19 per diluted share for the same period a year ago. For the nine months, the company reported operating income of $106,104,000, income before provision for income taxes of $90,056,000 and net income of $54,896,000 or $1.75 per diluted share on net sales of $467,412,000 against operating income of $39,017,000, income before provision for income taxes of $29,316,000 and net income of $17,786,000 or $0.49 per diluted share on net sales of $342,962,000 for the same period a year ago. Total cash provided by operating activities was $123,790,000 against $28,004,000 for the same period a year ago. The company reported EBITDA of $146,913,000, adjusted EBITDA of $25,674,000 and adjusted net loss of $13,402,000 or $0.43 per diluted share against EBITDA of $56,791,000, adjusted EBITDA of $61,815,000 and adjusted net income of $22,220,000 or $0.62 per diluted share for the same period a year ago.

KapStone Paper and Packaging Corporation expected to Report Fiscal Year 2009 Results on March 15, 2010. This event was calculated by Capital IQ (Created on November 4, 2009).

KapStone Paper and Packaging Corporation, Q3 2009 Earnings Call, Nov-05 2009