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Guarantor Financial Statements (Tables)

3 Months Ended

Mar. 31, 2013

Guarantor Financial Statements [Abstract]

Condensed Consolidating Statements of Income and Comprehensive Income

Condensed Consolidating Statements of Income and Comprehensive Income for the

three months ended March 31, 2013

In thousands

Parent
Company

Guarantors

Non
Guarantors

Adjustments/
Eliminations

Consolidated

Net sales

$

227,116

$

15,016

$

178,072

$

(15,015

)

$

405,189

Energy and related sales, net

1,101

—

—

—

1,101

Total revenues

228,217

15,016

178,072

(15,015

)

406,290

Costs of products sold

200,469

13,407

149,968

(14,929

)

348,915

Gross profit

27,748

1,609

28,104

(86

)

57,375

Selling, general and administrative expenses

20,602

540

12,345

—

33,487

Gains on dispositions of plant, equipment and timberlands, net

—

(73

)

—

—

(73

)

Operating income

7,146

1,142

15,759

(86

)

23,961

Other non-operating income (expense)

Interest expense

(3,841

)

—

—

—

(3,841

)

Interest income

(760

)

1,658

(796

)

—

102

Other, net

12,934

60

740

(13,487

)

247

Total other non-operating income (expense)

8,333

1,718

(56

)

(13,487

)

(3,492

)

Income (loss) before income taxes

15,479

2,860

15,703

(13,573

)

20,469

Income tax provision (benefit)

(150

)

772

4,255

(37

)

4,840

Net income (loss)

15,629

2,088

11,448

(13,536

)

15,629

Other comprehensive income

(7,689

)

(4,608

)

(7,978

)

12,586

(7,689

)

Comprehensive income

$

7,940

$

(2,520

)

$

3,470

$

(950

)

$

7,940

Condensed Consolidating Statements of Income and Comprehensive Income for the

three months ended March 31, 2012


In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated

Net sales		$	223,802			$	15,370			$	173,561			$	(15,381	)		$	397,352
Energy and related sales, net			1,861				—				—				—				1,861

Total revenues			225,663				15,370				173,561				(15,381	)			399,213
Costs of products sold			192,876				13,948				146,742				(15,323	)			338,243

Gross profit			32,787				1,422				26,819				(58	)			60,970
Selling, general and administrative expenses			17,036				739				12,192				—				29,967
Gains on dispositions of plant, equipment and timberlands, net			(26	)			—				(11	)			—				(37	)

Operating income			15,777				683				14,638				(58	)			31,040
Other non-operating income (expense)
Interest expense			(4,305	)			—				36				—				(4,269	)
Interest income			(650	)			1,642				(869	)			—				123
Other, net			11,189				89				473				(11,555	)			196

Total other non-operating income (expense)			6,234				1,731				(360	)			(11,555	)			(3,950	)

Income (loss) before income taxes			22,011				2,414				14,278				(11,613	)			27,090
Income tax provision (benefit)			3,133				1,093				4,011				(25	)			8,212

Net income (loss)			18,878				1,321				10,267				(11,588	)			18,878
Other comprehensive income			11,651				—				8,634				(8,634	)			11,651

Comprehensive income		$	30,529			$	1,321			$	18,901			$	(20,222	)		$	30,529

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet as of

March 31, 2013

In thousands

Parent
Company

Guarantors

Non
Guarantors

Adjustments/
Eliminations

Consolidated

Assets

Cash and cash equivalents

$

40,149

$

5,786

$

30,505

$

—

$

76,440

Other current assets

237,981

401,248

227,565

(442,455

)

424,339

Plant, equipment and timberlands, net

240,695

6,089

370,871

—

617,655

Other assets

793,462

158,225

44,005

(889,505

)

106,187

Total assets

$

1,312,287

$

571,348

$

672,946

$

(1,331,960

)

$

1,224,621

Liabilities and Shareholders’ Equity

Current liabilities

$

359,376

$

27,364

$

279,633

$

(437,252

)

$

229,121

Long-term debt

250,000

—

—

—

250,000

Deferred income taxes

36,734

2,207

39,976

(19,664

)

59,253

Other long-term liabilities

121,554

6,442

10,105

3,523

141,624

Total liabilities

767,664

36,013

329,714

(453,393

)

679,998

Shareholders’ equity

544,623

535,335

343,232

(878,567

)

544,623

Total liabilities and shareholders’ equity

$

1,312,287

$

571,348

$

672,946

$

(1,331,960

)

$

1,224,621

Condensed Consolidating Balance Sheet as of

December 31, 2012


In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated

Assets

Cash and cash equivalents		$	43,748			$	4,311			$	49,620			$	—			$	97,679
Other current assets			204,961				387,627				214,568				(385,977	)			421,179
Plant, equipment and timberlands, net			241,969				6,204				373,013				—				621,186
Other assets			787,348				160,741				45,133				(890,281	)			102,941

Total assets		$	1,278,026			$	558,883			$	682,334			$	(1,276,258	)		$	1,242,985


Liabilities and Shareholders’ Equity
Current liabilities		$	337,761			$	6,041			$	291,547			$	(384,441	)		$	250,908
Long-term debt			250,000				—				—				—				250,000
Deferred income taxes			34,604				3,691				40,972				(17,221	)			62,046
Other long-term liabilities			115,982				10,602				11,093				2,675				140,352

Total liabilities			738,347				20,334				343,612				(398,987	)			703,306
Shareholders’ equity			539,679				538,549				338,722				(877,271	)			539,679

Total liabilities and shareholders’ equity		$	1,278,026			$	558,883			$	682,334			$	(1,276,258	)		$	1,242,985

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows for the three

months ended March 31, 2013


In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated

Net cash provided (used) by
Operating activities		$	7,688			$	1,713			$	6,394			$	—			$	15,795
Investing activities
Expenditures for plant, equipment and timberlands			(11,763	)			(57	)			(19,571	)			—				(31,391	)
Proceeds from disposal plant, equipment and timberlands, net			—				73				—				—				73
Repayments from (advances of) intercompany loans, net and other			(1,100	)			(1,264	)			—				2,364				—
Intercompany capital contributed			—				(90	)			—				90				—
Other			(175	)			—				—				—				(175	)

Total investing activities			(13,038	)			(1,338	)			(19,571	)			2,454				(31,493	)
Financing activities
Payments of note offering costs			(108	)			—				—				—				(108	)
Payment of dividends to shareholders			(3,905	)			—				—				—				(3,905	)
(Repayments) borrowings of intercompany loans, net			6,350				1,100				(5,086	)			(2,364	)			—
Intercompany capital received			—				—				90				(90	)			—
Payments for share based compensation awards and other			(586	)			—				—				—				(586	)

Total financing activities			1,751				1,100				(4,996	)			(2,454	)			(4,599	)
Effect of exchange rate on cash			—				—				(942	)			—				(942	)

Net increase (decrease) in cash			(3,599	)			1,475				(19,115	)			—				(21,239	)
Cash at the beginning of period			43,748				4,311				49,620				—				97,679

Cash at the end of period		$	40,149			$	5,786			$	30,505			$	—			$	76,440

Condensed Consolidating Statement of Cash Flows for the three

months ended March 31, 2012


In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated

Net cash provided (used) by
Operating activities		$	(2,148	)		$	1,797			$	10,094			$	—			$	9,743
Investing activities
Expenditures for plant, equipment and timberlands			(4,597	)			—				(9,555	)			—				(14,152	)
Proceeds from disposal plant, equipment and timberlands, net			26				—				23				—				49
Repayments from (advances of) intercompany loans, net			3,373				(1,383	)			—				(1,990	)			—

Total investing activities			(1,198	)			(1,383	)			(9,532	)			(1,990	)			(14,103	)
Financing activities
Net (repayments of) proceeds from indebtedness			(5,000	)			—				—				—				(5,000	)
Payment of dividends to shareholders			(3,898	)			—				—				—				(3,898	)
Repurchases of common stock			(1,204	)			—				—				—				(1,204	)
(Repayments) borrowings of intercompany loans, net			10,400				—				(12,390	)			1,990				—
Proceeds from stock options exercised and other			602				—				27				—				629

Total financing activities			900				—				(12,363	)			1,990				(9,473	)
Effect of exchange rate on cash			—				—				455				—				455

Net increase (decrease) in cash			(2,446	)			414				(11,346	)			—				(13,378	)
Cash at the beginning of period			3,007				2,894				32,376				—				38,277

Cash at the end of period		$	561			$	3,308			$	21,030				—			$	24,899