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Financial Performance

Glatfelter PEOPLE combine their passion for excellence with effective strategic execution to generate solid financial performance.

Glatfelter's strategies deliver results and lead to sustainable value creation. Our financial performance supports the strength of the Glatfelter business model and demonstrates our success in converting business strategy into shareholder value.

A Top Performer in the Paper Industry


Net Sales




	Despite an economic recession in 2009, net sales exceeded $1 billion for the third consecutive year.

Results for 2009 do not include data related to Concert Industries acquisition.


Adjusted Earnings Per Share




	Effective execution of our strategies drove the 36% CAGR in adjusted earnings per share from 2004 to 2008. Despite the recession, 2009 earnings remained strong.

*Adjusted earnings per share is a non-GAAP financial measure as it excludes the impact of certain items. It is used by the Company to evaluate the performance of its core paper making operations. Adjusted earnings per share excludes the following items, all on an after-tax per share basis: Alternative fuel mixture (AFM) credits in 2009 of $2.09; gains from timberland sales and other asset sales in 2008 through 2005 of $0.24, $0.97, $0.20 and $0.25, respectively; shutdown, restructuring charges and asset writedowns in 2008 of $(0.01) and $0.79 and $0.02, in 2006 and 2005, respectively; acquisition integration costs of $0.04, $0.02, $0.03 and $0.19 in 2009 through 2006, respectively; reserves for environmental matters of $0.35 in 2007; insurance recoveries of $0.29 in 2005; and debt redemption costs of $0.04 in 2006.
†CAGR: Compounded Annual Growth Rate

Results for 2009 do not include data related to Concert Industries acquisition.

Glatfelter Value Drivers

Broad and diverse product line.
Leading positions in growing or niche markets.

Composite Fibers market expected to return to growth.
Steady cash flow expected from Specialty Papers.

Proven business strategy

Strong organic growth engine fueled by innovation.
Additional growth through acquisition.

Concert Industries added in 2010; expect EPS accretion of $0.20 - $0.25 in 2011.

Flexible operating platform.
Financial strength to fund future growth.

Expect strong 2010 cash flow including $50 million from AFM.
Cap Ex forecast at $45MM - $50MM (including Concert).
Timberland holdings of 32,000 acres.
Strong balance sheet to fund growth opportunities.

	Selected Consolidated Financial Data (In thousands, except per share data and tons sold)


During 2009, we recognized $107.8 million of alternative fuel mixture credits.

Results for 2009 do not include data related to Concert Industries acquisition.

	Profitability and Other Information by Business Unit Year Ended December 31


AFM was $107 million and is in “Cost of products sold” under “Other and Unallocated.”

Results for 2009 do not include data related to Concert Industries acquisition.

	SELECTED BALANCE SHEET ITEMS In Millions


Strong balance sheet provides financial flexibility to support growth investments.

Results for 2009 do not include data related to Concert Industries acquisition.


Adjusted EBITDAP




	Glatfelter’s adjusted EBITDAP has steadily increased since 2005, from over $65 million to over $125 million.

*Adjusted EBITDAP is calculated by deducting one-time income and expenses that do not form a part of the company’s core business. Some of these one-time items include: (1) Alternative fuel mixture (AFM) credits (2) gains from timberland sales, (3) insurance recoveries, (4) reserves for environmental matters, (5) debt redemption charges, (6) acquisition and integration costs, and (7) shutdown and restructuring costs.

Results for 2009 do not include data related to Concert Industries acquisition.

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