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Maintenance, tax charge drag Clearwater Paper earnings

Clearwater Paper Corp., a Spokane-based company with major operations in Lewiston, on April 29 reported first quarter net earnings of $0.5 million or 4 cents per diluted common share compared to net earnings of $13.6 million or $1.19 per share a year earlier.

Scheduled major maintenance costs and a tax charge related to health care legislation dragged earnings in the recent quarter, Clearwater said in a release.

The Consumer Products segment had slightly higher net sales from a year earlier as lower net selling prices partly offset increased volume. Operating income was lower on significantly higher pulp costs.

The Pulp and Paperboard segment saw higher net sales mainly because of significant paperboard volume increases, and higher pulp prices and volumes, Clearwater said. An operating loss reflected planned major maintenance costs. The company is evaluating building a new paper machine. Wood products revenue increased.


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