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RKT > SEC Filings for RKT > Form 10-Q on 7-Feb-2014All Recent SEC Filings

Show all filings for ROCK-TENN CO

Form 10-Q for ROCK-TENN CO


7-Feb-2014

Quarterly Report


Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements and Notes thereto included herein and our audited Consolidated Financial Statements and Notes thereto for the fiscal year ended September 30, 2013, as well as the information under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" that are part of our Fiscal 2013 Form 10-K. The table in "Note 14. Segment Information" of the Notes to Condensed Consolidated Financial Statements included herein shows certain operating data for our segments. See our reconciliations of Non-GAAP measures in the "Non-GAAP Financial Measures" section below.

Overview

Net sales of $2,362.6 million for the first quarter of fiscal 2014 increased $75.5 million, or 3.3%, over the first quarter of fiscal 2013, primarily as a result of increased containerboard and corrugated boxes and sheet selling prices, higher paperboard and market pulp prices and higher volume in the Consumer Packaging and Merchandising Displays segments which were partially offset by lower volume in the Corrugated Packaging and Recycling segments. Total segment income increased $26.1 million or 12.5% to $234.7 million in the first quarter of fiscal 2014 compared to the prior year quarter primarily as a result of the impact of the increase in net sales, increased productivity improvements and increased synergies from acquisitions which were partially offset by increased commodity costs.

Net income in the first quarter of fiscal 2014 was $109.7 million compared to $86.0 million in the first quarter of last year. Adjusted Net Income (as hereinafter defined) in the first quarter of fiscal 2014 increased $23.8 million over the first quarter of last year to $121.9 million. Adjusted Earnings Per Diluted Share (as hereinafter defined) in the first quarter of fiscal 2014 were $1.66 per share as compared to $1.35 per share in the first quarter of last year. In the first quarter of fiscal 2014, Cash Generated for Net Debt Repayment, Dividends, Acquisitions/Investments, Stock Repurchases and Pension Funding in Excess of Expense (as hereinafter defined) was $253.5 million.

In the first quarter of fiscal 2014, our restructuring and other costs and operating losses and transition costs due to plant closures were $0.16 per diluted share and consisted primarily of $11.7 million of pre-tax facility closure and related operating losses and transition costs primarily related to consolidating corrugated container plants and recycled collection facilities and $7.5 million of pre-tax integration and acquisition costs.

In the first quarter of fiscal 2013, our restructuring and other costs and operating losses and transition costs due to plant closures were $0.17 per diluted share and consisted primarily of $11.2 million of pre-tax facility closure and related operating losses and transition costs primarily related to consolidating corrugated container plants and $7.1 million of pre-tax integration costs.

We discuss the restructuring and other costs in more detail in "Note 6. Restructuring and Other Costs, Net" of the Notes to Condensed Consolidated Financial Statements included herein.

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