Displaying items by tag: KapStone Paper and Packaging

KapStone Paper and Packaging Corporation will release its 2012 first quarter earnings on Wednesday, May 2, 2012, after the market closes.

The Company will host a conference call on Thursday, May 3, 2012 at 11:00 a.m. ET (10:00 a.m. CT) to review the results for the quarter. All interested parties are invited to listen and may do so by either accessing a simultaneous broadcast webcast on KapStone's website, http://www.kapstonepaper.com, or for those unable to access the webcast, the following dial-in numbers are available:

Domestic: 888.396.2356
International: 617.847.8709
Participant Passcode: 36367235
A presentation to be viewed in conjunction with the call will also be available on our website, http://www.kapstonepaper.com, in the "Investors" section.

The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at http://earnings.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (https://www.streetevents.com) a password-protected event management site. A replay of the webcast will also be on the website beginning at approximately 2:00 p.m. ET the same day.

KapStone Paper and Packaging Corporation (NYSE: KS) ("KapStone") announced that the Internal Revenue Service ("IRS") has notified the company that the Joint Committee on Taxation approved KapStone's 2007-2009 examination reports as filed. As a result of the finalization of the IRS examination, KapStone will reverse in the fourth quarter $63.6 million of gross unrecognized tax benefits and accrued interest expense related to the company's position on alternative fuel mixture tax credits.

Upon reversal of this liability, KapStone's net income and diluted earnings per share for the fourth quarter of 2011 will reflect an increase of $63.6 million and $1.34, respectively.

SOURCE KapStone Paper and Packaging Corporation

KapStone Paper and Packaging Corporation has announced that it has completed the acquisition of U.S. Corrugated, Inc. ("USC"). Under the terms of the sale, KapStone acquired USC, including a 240,000 ton recycled containerboard paper mill in Cowpens, SC and 14 converting facilities in the eastern and mid-western United States. USC has been successful in creating strong, long-term customer relationships resulting from outstanding service, quality and innovation.

"Today we are welcoming USC's team as the newest members of KapStone," stated Roger W. Stone, Chairman and Chief Executive Officer. "We look forward to building on their momentum. The acquisition of USC now transforms KapStone into a much more profitable and stronger company."

Funding for the acquisition came from cash on hand and borrowing under a new $525 million senior secured credit facility led by Bank of America Merrill Lynch and Barclays Capital. The new facility consists of a $375 million term loan maturing over five years and a $150 million revolving credit facility. At closing, KapStone's previously existing $101 million term loan was repaid. KapStone now has a $375 million 5 year term loan at an initial interest rate of 2.25%. The revolver was unused and is available for working capital requirements. 

SOURCE KapStone Paper and Packaging Corporation 

KapStone Paper and Packaging Corporation ("KapStone") announced that they have ranked 10th overall on Forbes's annual list of the 100 Best Small Companies according to the rankings included in the November 5, 2011 issue. Forbes determined the rankings based upon return on equity, growth of earnings and sales, and the relative stock performance of each company as compared with that of its peers over the past 12 months and over 5 years.

Roger Stone, Chief Executive Officer, commented, "We are very pleased with the recognition from Forbes as the 10th best small company in America, and we will strive to maintain the quality and momentum of our growth with the completion of our latest acquisition of U.S. Corrugated."

About the Company

Headquartered in Northbrook, IL, KapStone Paper and Packaging Corporation is a leading North American producer of unbleached kraft paper products and linerboard. The Company is the parent company of KapStone Kraft Paper Corporation which includes paper mills in Roanoke Rapids, NC, and North Charleston, SC, a lumber mill in Summerville, SC, and five chipping mills in South Carolina. The business currently employs approximately 1600 people. The Company has recently announced plans to acquire U.S. Corrugated for $330 million.

SOURCE KapStone Paper and Packaging Corporation

KapStone Paper and Packaging Corporation announced that they have ranked 20th overall on Fortune's annual list of the 100 Fastest Growing Companies and were ranked the 2nd fastest in the Industrial category. The ranking, from the September 26, 2011 issue of Fortune, is based on revenue growth rate, EPS growth rate, and three-year annualized total return to investors.

Roger Stone, Chief Executive Officer, commented, "This is the second year we have placed in the top 20 of the 100 fastest growing companies as ranked by Fortune. We are diligently working to maintain our profitable growth rate."

About the Company

Headquartered in Northbrook, IL, KapStone Paper and Packaging Corporation is a leading North American producer of unbleached kraft paper products and linerboard. The Company is the parent company of KapStone Kraft Paper Corporation which includes paper mills in Roanoke Rapids, NC, and North Charleston, SC, a lumber mill in Summerville, SC, and five chipping mills in South Carolina. The business employs approximately 1600 people.

SOURCE KapStone Paper and Packaging Corporation

KapStone Paper and Packaging Corporation (NYSE: KS) ("KapStone" or "the Company"), a leading North American producer of unbleached kraft paper products and linerboard, today reported that the Company prepaid the balance of earn-outs due to International Paper Company ("IP"). The earn-out obligations arose from the June 23, 2006 agreement for the Company's purchase from IP of the kraft paper business assets, including a paper mill located in Roanoke Rapids, NC, and a dunnage bag manufacturing facility located in Fordyce, AR. A portion of the earn-out obligations was paid to IP upon the sale of the dunnage bag business in March of 2009, leaving a potential $55.0 million payment in April of 2012.

KapStone could not foresee any realistic scenario that would result in a reduction of the $55.0 million obligation. However, the early payment allowed KapStone to take advantage of an 8 percent annualized discount reducing the obligation from $55.0 million to $49.7 million, a savings of $5.3 million. The earn-out payment will be accounted for as goodwill.

"We have been very pleased with the outstanding performance of the Roanoke Rapids operation, and we look forward to continued excellent results. Quite frankly, I would have been very disappointed if this payment had not been earned," said Roger W. Stone, Chairman and Chief Executive Officer.

About the Company

Headquartered in Northbrook, IL, KapStone Paper and Packaging Corporation is a leading North American producer of unbleached kraft paper products and linerboard. The Company is the parent company of KapStone Kraft Paper Corporation which includes paper mills in Roanoke Rapids, NC and North Charleston, SC, a lumber mill in Summerville, SC, and five chipping mills in South Carolina. The business employs approximately 1,600 people.

SOURCE KapStone Paper and Packaging Corporation

KapStone Paper and Packaging Corporation (NYSE: KS) ("KapStone") announced that the Company was notified that its registration as a producer of cellulosic biofuel for the tax year 2009 has been approved. With this registration, KapStone may apply for a nonrefundable income tax credit of $1.01 per gallon of qualified cellulosic biofuel for the black liquor burned in early 2009 when the Company did not claim the alternative fuel mixture tax credit. KapStone estimates that a net $22 million benefit related to cellulosic biofuel will be reflected in the Company's third quarter 2010 income tax provision. There is no certainty the full benefit will be utilized to offset future taxes payable as it will be dependent on future taxable income.

About the Company

Headquartered in Northbrook, IL, KapStone Paper and Packaging Corporation is a leading North American producer of unbleached kraft paper products and linerboard. The Company is the parent company of KapStone Kraft Paper Corporation which includes paper mills in Roanoke Rapids, NC and North Charleston, SC, a lumber mill in Summerville, SC, and five chipping mills in South Carolina. The business employs approximately 1600 people.

Safe Harbor

This press release contains forward looking statements. These statements reflect management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Information on the risks and uncertainties is provided under Item 1A "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2009, which is incorporated herein by reference, and elsewhere in reports that the Company files or furnishes with the SEC. These filings can be found on the Company's Web site at www.kapstonepaper.com. Forward looking statements included herein speak only as the date hereof and the Company disclaims any obligation to revise or update such statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances.

SOURCE KapStone Paper and Packaging Corporation

KapStone Paper and Packaging Corporation (NYSE: KS) ("KapStone") announced that they have ranked 5th on Fortune's annual list of the 100 Fastest-Growing Companies. The ranking, from the September 6, 2010 issue of Fortune, is based on revenue growth rate, EPS growth rate, and three-year annualized total return to investors.

Roger Stone, Chief Executive Officer, commented, "We are pleased to be recognized by Fortune as one of the top growing companies. We are encouraged by the trends we see in the marketplace and believe we are strategically well positioned for continued growth."

About the Company

Headquartered in Northbrook, IL, KapStone Paper and Packaging Corporation is a leading North American producer of unbleached kraft paper products and linerboard. The Company is the parent company of KapStone Kraft Paper Corporation which includes paper mills in Roanoke Rapids, NC, and North Charleston, SC, a lumber mill in Summerville, SC, and five chipping mills in South Carolina. The business employs approximately 1600 people.

SOURCE KapStone Paper and Packaging Corporation

KapStone Paper and Packaging Corporation (NYSE: KS) ("KapStone")  today announced that on July 28, 2010, the Board of Directors elected Matthew H. Paull as a Director of the Company. Mr. Paull was elected as a Class C director with a term expiring in 2012.

Mr. Paull, age 59, was Senior Executive Vice President and Chief Financial Officer of McDonald's Corporation from July 2001 until he retired from that position in January 2008. He was named to Best Buy Co., Inc., Board of Directors in September 2003 and in June 2010 was elected the Lead Independent Director of the Best Buy Board of Directors.

Mr. Paull also serves as an Advisory Director of Pershing Square Capital and on the Advisory Board of the One Acre Fund, a charity focused on improving the productivity of family farms in Africa. Previously Mr. Paull served as a board member of the Loyola Ronald McDonald House and as an advisory council member for the Federal Reserve Board of Chicago. Mr. Paull earned his Bachelor of Arts degree and his Master's degree in accounting at the University of Illinois.

About the Company

Headquartered in Northbrook, IL, KapStone Paper and Packaging Corporation is a leading North American producer of unbleached kraft paper products and linerboard. The Company is the parent company of KapStone Kraft Paper Corporation which includes paper mills in Roanoke Rapids, NC, and North Charleston, SC, a lumber mill in Summerville, SC, and five chipping mills in South Carolina. The business employs approximately 1600 people.

SOURCE KapStone Paper and Packaging Corporation

As part of their continuing commitment to balancing environmental responsibility and corporate growth, KapStone Charleston Kraft LLC, an unbleached Kraft paper and lumber producer, announced today it has upgraded its SFI fiber sourcing certification to the Sustainable Forestry Initiative(R) SFI 2010-2014 Standard across its five chip mills, Summerville Lumber Mill and Charleston Kraft paper mill. KapStone was previously certified to the SFI(R) 2005-2009 fiber sourcing standard and continues its SFI certification in chain-of-custody (CoC). KapStone Charleston Kraft LLC is wholly owned by KapStone Paper and Packaging Corporation (NYSE: KS).

"With the SFI 2010-2014 fiber sourcing certification, KapStone Charleston Kraft is strengthening our environmental commitment, and helping our customers to source responsible forest products," said Bruce Hoffman, Vice President and General Manager. "SFI fiber sourcing and chain-of-custody certifications are key components of our sustainability program and ensure our customers that the fiber in their products is sourced from well-managed forests."

An SFI fiber sourcing label tells consumers the fiber in a product is from a legal and responsible source, regardless of whether the forest is certified. In the United States and Canada, there must be an auditable procurement process in place showing that, among other things, participants are supporting landowners in promoting reforestation, protecting threatened and endangered species, and strengthening best management practices to protect water quality. When sourcing fiber from outside of North America, program participants must perform risk assessments to avoid controversial sources such as illegal harvesting operations or areas of civil unrest, and must promote the conservation of biological diversity.

As part of its certification, KapStone Charleston Kraft is required to undergo annual surveillance audits as well as full certification to the SFI Standard every five years, conducted by an independent, accredited certification body. All audit reports are published on the SFI program website at www.sfiprogram.org.

"At a time when just 10 percent of the world's forests are independently certified, KapStone Charleston Kraft is part of a growing number of companies who have demonstrated their environmental commitment and leadership by certifying their operations to the SFI Standard," said SFI Inc. President and CEO Kathy Abusow.

"Economic growth and environmental responsibility go hand in hand," said Terry Jenkins, Vice President of Global Sales, and Specialty Products. "Certification to the new SFI 2010-2014 Standard is good for our customers, our business and our forests."

About KapStone Paper and Packaging Corporation

Headquartered in Northbrook, Ill., KapStone Paper and Packaging Corporation is a leading North American producer of unbleached Kraft paper products and linerboard. The Company is the parent company of KapStone Kraft Paper Corporation, which includes paper mills in Roanoke Rapids, N.C., and North Charleston, S.C., a lumber mill in Summerville, S.C., and five chip mills in South Carolina. The business employs approximately 1,550 people.

About SFI Inc.

SFI Inc. is an independent 501(c)(3) non-profit charitable organization, and is solely responsible for maintaining, overseeing and improving the internationally recognized Sustainable Forestry Initiative (SFI) program (www.sfiprogram.org). Across North America, more than 190 million acres are certified to the SFI forest management standard, making it the largest single standard in the world. The SFI program's unique fiber sourcing requirements promote responsible forest management on all suppliers' lands. SFI Inc. is governed by a three-chamber board of directors representing environmental, social and economic sectors equally.

SOURCE KapStone Paper and Packaging Corporation