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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 fourth consecutive year.


Adjusted Earnings Per Share




	Effective execution of our strategies has driven long-term earnings growth.

*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 business operations. Adjusted earnings per share excludes the following items, all on an after-tax per share basis: benefit of cellulosic biofuel production credits in 2010 of $0.50; acquisition and integration related costs aggregating $0.24, $0.04, $0.02, $0.03 and $0.19 in 2010 through 2006, respectively; alternative fuel mixture credits in 2009 of $2.09; gains from timberland sales and other asset sales in 2010 and 2008 through 2005 of $0.02, $0.24, $0.97, $0.20 and $0.25, respectively; shutdown, restructuring charges and asset writedowns of $(0.01) in 2008 and $0.79 and $0.02 in 2006 and 2005, 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

Glatfelter Value Drivers

Sustained Revenue Growth.

Exposure to global growth markets.

Tea and coffee markets growing at 5%.
Feminine Hygiene market growing at 6%.

Broad and diverse product lines.
Innovation leader in key markets driving revenue growth opportunities.

Expanding Margins.

Driving cost reduction and productivity improvement through structured Continuous Improvement initiatives.
Leveraging leading positions in niche segments.

Consistent cash flow and financial strength to fund future growth.

Strong focus on financial discipline will continue to enhance flexibility for capturing value creation opportunities.
Investments in Cap Ex will support growth opportunities and identify needs for asset upgrades.
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)


¹ The information set forth above for 2010 includes the financial information for Concert Industries Corp. prospectively from the February 12, 2010 acquisition date. ² During 2010, net income included a $23.2 million tax benefit from cellulosic biofuel production credits. ³ During 2009, we recognized $107.8 million

	Profitability and Other Information by Business Unit Year Ended December 31


*Prior to acquisition of Advanced Airlaid Business Unit in February 2010. Note: AFM was $107 million and is in “Cost of products sold” under “Other and Unallocated.”

	Selected Balance Sheet Items In Millions


Strong balance sheet provides financial flexibility to support growth investments.


Adjusted EBITDAP




	Glatfelter’s Adjusted EBITDAP has steadily increased since 2006, from over $88 million to over $150 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.

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