Schweitzer-Mauduit’s Income Surges

Source from:  Tobaccoreporter.com, July 29, 2004 07/30/2004

Schweitzer-Mauduit International has reported a 2004 second-quarter net income of US$8.7 million, compared with $7.5 million in the same period last year, an increase of 16 percent. The company’s net sales for the quarter increased to $161.6 million, compared with $141.7 million in the second quarter of 2003. Wayne H. Deitrich, chairman of the board and CEO, said, “Schweitzer-Mauduit’s financial results for the second quarter of 2004 benefited from increased sales volumes, an improved mix of products sold and higher average selling prices.” Deitrich added that the company’s financial results are beginning to reflect the benefits of recent capital investments. Earlier this year, Schweitzer-Mauduit France acquired a specialty paper manufacturer in Indonesia. Deitrich also said that sales of lower ignition propensity cigarette papers are contributing positively to the company’s financial results. “The company has begun limited production and sales of lower ignition propensity cigarette papers in support of the implementation of fire safety standards for cigarettes in the state of New York, USA, which were effective June 28, 2004. Sales of lower ignition propensity cigarette papers are expected to be higher during the second half of 2004 than during the first half of the year. We continue our efforts to support customers’ plans and requirements for lower ignition propensity papers to meet proposed fire safety standards for cigarettes in 2005 in Canada,” he said.