WAUSAU PAPER CORP.

CIK:0000105076|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net sales	$ 95,446	$ 95,423	$ 270,521	$ 262,144
Cost of sales	76,470	80,013	221,258	226,965
Gross profit	18,976	15,410	49,263	35,179
Selling and administrative	13,540	13,041	32,643	40,966
Operating profit (loss)	5,436	2,369	16,620	(5,787)
Interest expense	(3,258)	(2,894)	(9,774)	(7,473)
Loss on early extinguishment of debt		(14,350)		(14,350)
Other (expense) income, net	(17)	(14)	(31)	(11)
Earnings (loss) from continuing operations before income taxes	2,161	(14,889)	6,815	(27,621)
Provision (credit) for income taxes	456	(5,734)	2,453	(10,299)
Earnings (loss) from continuing operations	1,705	(9,155)	4,362	(17,322)
Loss from discontinued operations, net of taxes	(105)	(321)	(229)	(882)
Net earnings (loss)	$ 1,600	$ (9,476)	$ 4,133	$ (18,204)
Net earnings (loss) per share-basic and diluted:
Continuing operations (in dollars per share)	$ 0.03	$ (0.18)	$ 0.09	$ (0.35)
Discontinued operations (in dollars per share)	0.00	(0.01)	0.00	(0.02)
Net earnings (loss) (in dollars per share)	$ 0.03	$ (0.19)	$ 0.08	$ (0.36)
Weighted average shares outstanding - basic (in shares)	50,376	50,433	50,383	50,099
Weighted average shares outstanding - diluted (in shares)	50,378	50,433	50,408	50,099
Other comprehensive income (loss)
Retirement and other post-retirement plans, net of tax of $80 and $(58) for the three months ended September 30, 2015 and 2014, respectively, and $430 and $168 for the nine months ended September 30, 2015 and 2014, respectively	$ 133	$ (96)	$ 717	$ 281
Other comprehensive income (loss)	133	(96)	717	281
Comprehensive income (loss)	$ 1,733	$ (9,572)	$ 4,850	$ (17,923)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net earnings (loss)	$ 4,133	$ (18,204)
Provision for depreciation, depletion, and amortization	31,168	30,788
Gain on sale of assets	(698)	(227)
Loss on early extinguishment of debt		14,350
Non-cash inventory, spare parts and other writedowns	69	211
Deferred income taxes	2,875	(10,628)
Other non-cash items	2,126	2,588
Changes in operating assets and liabilities
Receivables	(6,412)	3,808
Inventories	4,353	4,957
Other assets	(13,133)	(17,130)
Accounts payable and other	(12,510)	(20,619)
Net cash provided by (used in) operating activities	11,971	(10,106)
Cash flows from investing activities:
Capital expenditures	(6,622)	(12,831)
Proceeds from sale of assets	1,019	7,056
Net cash used in investing activities	(5,603)	(5,775)
Cash flows from financing activities:
Borrowings under credit agreements	11,500	171,500
Payments under credit agreements	(13,227)	(150,437)
Payments of debt issuance costs		(3,544)
Payments of premium on early extinguishment of debt		(13,833)
Proceeds from stock option exercises		1,450
Dividends paid	(4,505)	(4,482)
Net cash (used in) provided by financing activities	(6,232)	654
Net increase (decrease) in cash and cash equivalents	136	(15,227)
Cash and cash equivalents, beginning of period	2,675	19,594
Cash and cash equivalents, end of period	$ 2,811	$ 4,367

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 2,811	$ 2,675
Receivables, net	29,562	23,198
Refundable income taxes	804	1,487
Inventories	27,471	31,824
Spare parts	12,047	11,729
Other current assets	2,438	1,576
Assets of discontinued operations-current	1,044	1,050
Total current assets	76,177	73,539
Property, plant, and equipment, net	277,417	289,840
Deferred income taxes	40,348	43,386
Other assets	54,616	57,097
Total Assets	448,558	463,862
Current liabilities:
Accounts payable	19,313	22,740
Deferred income taxes	12,306	11,844
Accrued and other liabilities	31,599	35,556
Liabilities of discontinued operations - current	2,757	2,791
Total current liabilities	65,975	72,931
Long-term debt	169,579	170,868
Post-retirement benefits	22,966	21,647
Pension	48,554	55,075
Other noncurrent liabilities	11,615	15,829
Total liabilities	318,689	336,350
Stockholders' equity	129,869	127,512
Total Liabilities and Stockholders' Equity	$ 448,558	$ 463,862