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FORM 8-K
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FiberMark, Inc. |
Delaware |
001-12865 |
82-0429330 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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FiberMark | |
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Date: May 18, 2004 |
By: |
/s/ John E. Hanley |
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John E. Hanley | |
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Vice President and Chief Financial Officer |
Exhibit No. |
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Description |
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99.1 |
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Press release dated May 17, 2004 |
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FOR IMMEDIATE RELEASE |
Contact: |
Janice C. Warren | |
Director of Investor Relations and Corporate Communications | |||
802 257 5981 |
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FIBERMARK, INC. |
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Condensed Consolidated Statements of Operations | |||||||
Three Months Ended March 31, 2004 and 2003 |
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(In thousands, except per share amounts) |
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Unaudited |
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2004 |
2003 |
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Net sales |
$ |
112,428 |
$ |
105,270 |
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Cost of sales |
90,212 |
84,536 |
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Gross profit |
22,216 |
20,734 |
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Selling, general and administrative expenses |
12,088 |
12,238 |
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Income from operations |
10,128 |
8,496 |
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Foreign exchange transaction loss |
745 |
533 |
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Other (income) expense, net |
736 |
(43 |
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Interest expense, net (excluding post-petition contractual interest of $92 in 2004) |
8,948 |
8,699 |
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Reorganization expense |
11,985 |
- |
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Loss before income taxes |
(12,286 |
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(693 |
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Income tax expense |
4,564 |
4,710 |
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Net loss |
$ |
(16,850 |
) |
$ |
(5,403 |
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Basic loss per share |
$ |
(2.38 |
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$ |
(0.76 |
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Diluted loss per share |
$ |
(2.38 |
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$ |
(0.76 |
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Weighted average basic shares outstanding |
7,066 |
7,066 |
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Weighted average diluted shares outstanding |
7,066 |
7,066 |
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FIBERMARK, INC. |
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Condensed Consolidated Balance Sheets |
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(In thousands, except share and per share amounts) |
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Unaudited |
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March 31, |
December 31, |
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ASSETS |
2004 |
2003 |
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Current assets: |
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Cash |
$ |
14,025 |
$ |
6,111 |
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Accounts receivable, net of allowances |
61,784 |
53,752 |
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Inventories |
66,129 |
63,443 |
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Prepaid expenses |
2,443 |
1,671 |
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Total current assets |
144,381 |
124,977 |
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Property, plant and equipment, net |
243,617 |
248,194 |
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Goodwill |
8,440 |
8,602 |
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Other intangible assets, net |
3,630 |
12,745 |
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Other long-term assets |
1,548 |
1,601 |
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Other pension assets |
3,457 |
3,588 |
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Total assets |
$ |
405,073 |
$ |
399,707 |
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LIABILITIES AND STOCKHOLDERS' DEFICIT |
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Current liabilities: |
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Revolving credit line |
$ |
23,966 |
$ |
5,906 |
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Current portion of long-term debt |
- |
3,955 |
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Accounts payable |
18,823 |
23,168 |
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Accrued liabilities |
16,708 |
22,013 |
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Accrued income taxes payable |
5,833 |
9,930 |
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Deferred income taxes |
639 |
656 |
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Total current liabilities not subject to compromise |
65,969 |
65,628 |
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Long-term liabilities: |
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Long-term debt |
- |
338,749 |
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Deferred income taxes |
15,134 |
15,528 |
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Other long-term liabilities |
44,654 |
48,654 |
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Total long-term liabilities not subject to compromise |
59,788 |
402,931 |
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Liabilities subject to compromise |
367,521 |
- |
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Total liabilities |
493,278 |
468,559 |
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Stockholders' deficit |
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Preferred stock, par value $.001 per share; |
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2,000,000 shares authorized, and none issued |
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- |
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Series A Junior participatory preferred stock, par value $.001; |
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7,066 shares authorized, and none issued |
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- |
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Common stock, par value $.001 per share; 20,000,000 shares authorized |
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7,070,026 and 7,066,226 shares issued and outstanding in 2004 and 2003 |
7 |
7 |
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Additional paid-in capital |
65,496 |
65,496 |
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Accumulated deficit |
(165,961 |
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(149,111 |
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Accumulated other comprehensive income |
12,288 |
14,791 |
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Less treasury stock, 3,800 shares at cost in 2004 and 2003 |
(35 |
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(35 |
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Total stockholders' deficit |
(88,205 |
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(68,852 |
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Total liabilities and stockholders' deficit |
$ |
405,073 |
$ |
399,707 |
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Three Months Ended March 31, |
Variance |
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2004 |
2003 |
$ |
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% |
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Net Loss |
(16,850 |
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(5,403 |
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(11,447 |
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-212 |
% | |||||
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Adjustments to reconcile to EBITDAR |
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Income taxes |
4,564 |
4,710 |
(146 |
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Net interest |
8,948 |
8,699 |
249 |
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Chapter 11 reorganization expense |
11,985 |
- |
11,985 |
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Depreciation and amortization |
4,706 |
4,193 |
513 |
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30,203 |
17,602 |
12,601 |
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EBITDAR |
13,353 |
12,199 |
1,154 |
9 |
% | ||||||||
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EBITDAR defined as earnings before interest, taxes, depreciation, amortization and reorganization expenses |