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Profit was $5.2 million, compared to a year-ago profit of $13.2 million.
"While market conditions cause us to be cautious in our near-term earnings outlook, our focus remains on strategic execution and long-term shareholder value creation," said Thomas J. Howatt, president and CEO. "To that end, our Board of Directors approved the conditional sale of our remaining timberland assets and reaffirmed the company's initiatives to evaluate strategic alternatives for the print & color portion of our Paper business unit.
"These initiatives are entirely consistent with our approach to support investment in our highly successful Tissue business and narrow our Paper unit focus to growth-oriented technical markets."
For the first nine months of 2011, sales for the paper products manufacturer were $781.9 million, down 2 percent from the prior year period. Profit declined 68 percent to $7 million.
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