Wausau Paper Sales from Continuing Operations Down 1% in 2Q

The company completed the sale of its specialty paper business during the quarter.

Wausau Paper (NYSE: WPP), Mosinee, WI, reported sales from continuing operations for the second quarter of $87.6 million, a decrease of 1 percent compared to the second quarter of 2012. Loss from continuing operations was $4.6 million, compared to a year-ago profit of $299 million.

The company completed the sale of its specialty paper business on June 26, resulting in net cash proceeds of about $105 million. Proceeds were used to eliminate the then approximately $67 million outstanding balance on the company’s revolving-credit facility.

Henry C. Newell, president and CEO, said, "Completing the sale of the specialty paper business represents significant progress on our strategic repositioning efforts as a company focused on tissue. We launched a new family of towel and tissue products in the second quarter and will introduce a range of new ATMOS-based product additions over the coming quarters."

On a year-to-date basis, sales from continuing operations were down 3 percent at $165.8 million compared to the same period a year ago. Loss from continuing operations was $18.3 million, compared to a year-ago loss of $194 million.

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