Glatfelter P H Company (GLT) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $16.18 million, or $ 0.37 a share in the quarter, against a net profit of $34.30 million, or $0.78 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $17.64 million, or $0.40 a share compared with $22.90 million or $0.52 a share, a year ago.
Revenue during the quarter dropped 5.21 percent to $392.99 million from $414.58 million in the previous year period. Gross margin for the quarter expanded 45 basis points over the previous year period to 14.47 percent. Operating margin for the quarter stood at negative 7.43 percent as compared to a positive 11.78 percent for the previous year period.
Operating loss for the quarter was $29.22 million, compared with an operating income of $48.84 million in the previous year period.
“As we expected, this quarter’s results reflect the challenging market conditions we faced throughout much of the year,” said Dante C. Parrini, chairman and chief executive officer. “Our Composite Fibers’ and Specialty Papers’ results were affected by excess capacity in certain key markets and its impact on product pricing. In addition, both business units were impacted by machine downtime due to lower shipments and to reduce inventory levels. On a positive note, our continuous improvement initiatives are generating significant cost savings allowing us to offset much of the market impacts and our Advanced Airlaid Materials business continued to deliver solid results with record production levels and growth across nearly every product segment.”
Operating cash flow declines
Glatfelter P H Company has generated cash of $116.11 million from operating activities during the year, down 13.18 percent or $17.63 million, when compared with the last year.
The company has spent $160.89 million cash to meet investing activities during the year as against cash outgo of $77.25 million in the last year.
The company has spent $3.02 million cash to carry out financing activities during the year as against cash outgo of $48.02 million in the last year period.
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