Appleton Reports Strong Third Quarter Results
Balance Sheet
At the end of third quarter 2010, the company held cash balances totaling $9.9 million compared to cash balances of $10.0 million at year-end 2009. At Oct. 3, 2010, total debt decreased to $547.1 million compared to $550.1 million at year-end 2009. In comparison to second quarter 2010, total debt decreased by $56.2 million. By current quarter-end, all outstanding borrowings against the revolving credit facility had been repaid. During the first nine months of 2010, the company used $22.7 million of cash in operations largely as a result of a $20.0 million increase in working capital as well as a $15.0 million pension payment made during third quarter for the 2009 plan year. In comparison to the end of second quarter 2010, working capital decreased $13.2 million. At the end of the third quarter, the company had approximately $93.0 million of liquidity. Appleton invested $11.5 million on capital projects and used $23.0 million of cash for financing activities, including mandatory repayments of debt, repayment of the revolving credit facility and net redemption of common stock. Also during third quarter 2010, the company received $56.0 million in cash proceeds for the July 2010 sale of American Plastics Company, Inc. and New England Extrusion Inc.
- Companies:
- Appleton