Glatfelter 1Q profit jumps on timberland sale gain

YORK, Pa.—Paper maker P.H. Glatfelter Co. said Tuesday its first-quarter profit soared on a hefty one-time gain related to the sale of timberland.

For the quarter ended March 31, Glatfelter earned $19.7 million, or 43 cents per share, compared with $3.3 million, or 7 cents per share, for the same quarter in 2007.

The recent quarter's results included $8.7 million of gains on timberland sales and $400,000 of acquisition integration costs.

The year-ago period included $1.9 million in gains from the sale of timberlands, a $3.7 million charge to increase the company's reserve, $100,000 in shutdown and restructuring charges, and $400,000 in acquisition integration costs.

Excluding those items, the company said it posted an adjusted profit of 25 cents per share, compared with an adjusted 12 cents per share in the first quarter of 2007.

Revenue rose 8.6 percent to $307.5 million from $283.2 million in the year-ago period.

Sales at the company's specialty papers business unit rose 2.1 percent to $200.9 million, while sales of composite fibers increased 24 percent to $104.6 million largely as a result of an acquisition and foreign currency translation.

Glatfelter shares fell 14 cents to $14.75 in morning trading.