Wausau - Mosinee Announces Earnings, Loss In Line with Expectations
Press release from the issuing company
Mosinee, WI-April 24, 2001- Wausau-Mosinee Paper Corporation (NYSE:WMO) today reported a net loss of $4.7 million, or $0.09 per share, for the quarter ending March 31, 2001, as compared to a loss of $12.9 million, or $0.25 per share, for the first quarter of 2000. Adjusted for non-recurring items, the 2001 first quarter loss was $0.06 per share compared to earnings of $0.11 per share in 2000.
Net sales for the first quarter of 2001 were $224.6 million as compared to $243.6 million in 2000.
"First quarter results were impacted most notably by weak market conditions and high energy costs," stated Thomas J. Howatt, President and Chief Executive Officer. "We experienced significant volume weakness in most of our core businesses with the exception of towel and tissue which grew by 8% for the quarter. And while natural gas prices have declined from peak levels, total energy costs increased by more than $7 million over the first quarter of last year."
"Declining pulp costs provided some offset to current market conditions, as did gains from our internal initiatives," Howatt continued, "but with no improvement in business immediately apparent, we will continue to bring intense focus to our efforts to improve productivity, reduce capital expenditures, control working capital and reduce costs."
Wausau-Mosinee's first quarter conference call is scheduled for 11:00 a.m. EDT on April 25, 2001 and can be accessed through the company's website at www.wausaumosinee.com under "Investor Information." A replay of the webcast will be available at the same site through May 2, 2001.
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