Schweitzer Reports Quarterly Loss

Source from:  www.tobaccoreporter.com 02/09/2009

Feb 6, 2009-Schweitzer-Mauduit International reported a fourth quarter 2008 net loss of $6.8 million compared with net income of $2.5 million during the fourth quarter of 2007. Restructuring and impairment expenses decreased earnings during the fourth quarter of 2008 by $13.8 million before taxes. "Schweitzer-Mauduit's results for the fourth quarter of 2008 contained items that offset the underlying continued improvement in our business," said Frederic Villoutreix, chairman and CEO. "These items included asset impairment charges, which are included with restructuring expenses, a deferred income tax effect from a reorganization of legal entities and severance expenses associated with management changes primarily in France. "We continued to realize earnings improvement from increased sales volumes for reconstituted tobacco leaf and cigarette paper for lower ignition propensity cigarettes, and we began to realize favorable foreign currency impacts and a lower level of inflationary cost increases." Enditem