|
(state
or other jurisdiction of
incorporation)
|
Yes x
|
No ¨
|
Large
accelerated filer
¨
|
Accelerated
filer x
|
Non-accelerated
filer ¨
|
Yes ¨
|
No x
|
ITEM
|
|
PAGE
|
|
|
|
|
PART
I - FINANCIAL
INFORMATION
|
|
|
|
|
1.
|
Financial
Statements:
|
|
|
|
|
|
Condensed
Consolidated Statements
of Incomefor
the Three and Six Months
Ended December
31,
2007and
2006
|
3
|
|
|
|
|
Condensed
Consolidated Balance
Sheets as of December
31,
2007 and June
30,
2007
|
4
|
|
|
|
|
Condensed
Consolidated Statements
of Cash Flows for the SixMonths
Ended December
31,
2007and
2006
|
5
|
|
|
|
|
Notes
to Condensed Consolidated
Financial Statements
|
6
|
|
|
|
2.
|
Management’s
Discussion and
Analysis of Financial Condition and Results of
Operations
|
17
|
|
|
|
3.
|
Quantitative
and Qualitative
Disclosures About Market Risk
|
24
|
|
|
|
4.
|
Controls
and
Procedures
|
24
|
|
|
|
|
PART
II - OTHER
INFORMATION
|
|
|
|
|
|
|
|
1.
|
Legal
Proceedings
|
25
|
4.
|
Submission
of Matters to a Vote of
Security Holders
|
25
|
6.
|
Exhibits
|
25
|
|
|
|
|
SIGNATURES
|
26
|
|
|
|
Item
1.
|
Financial
Statements
|
|
Three
Months
Ended
December
31
|
|
SixMonths
Ended
December
31
|
|
|||||||||
|
2007
|
2006
|
|
2007
|
|
2006
|
|
||||||
Net
sales
|
$
|
210,922
|
$
|
184,730
|
|
$
|
408,321
|
|
$
|
376,136
|
|
||
Cost
of goods
sold
|
168,943
|
155,711
|
|
|
325,687
|
|
|
317,782
|
|
||||
Gross
margin
|
41,979
|
29,019
|
|
|
82,634
|
|
|
58,354
|
|
||||
|
|
|
|
|
|
||||||||
Selling,
research and
administrative expenses
|
11,796
|
11,163
|
|
|
23,270
|
|
|
22,367
|
|
||||
Amortization
of intangibles and
other
|
361
|
507
|
|
|
922
|
|
|
1,138
|
|
||||
Restructuring
costs
|
-
|
11
|
|
|
96
|
|
|
24
|
|
||||
Operating
income
|
29,822
|
17,338
|
|
|
58,346
|
|
|
34,825
|
|
||||
|
|
|
|
|
|
||||||||
Net
interest expense and
amortization of debt costs
|
(8,524
|
)
|
(10,440
|
)
|
|
(17,681
|
)
|
|
(21,191
|
)
|
|||
Gain
on sale of assets held for
sale
|
-
|
-
|
|
|
-
|
|
|
355
|
|
||||
Extinguishment
of
debt
|
251
|
(96
|
)
|
|
(535
|
)
|
|
(652
|
)
|
||||
Foreign
exchange and
other
|
(94
|
)
|
246
|
|
|
(262
|
)
|
|
252
|
||||
|
|
|
|
|
|
||||||||
Income
before income
taxes
|
21,455
|
7,048
|
|
|
39,868
|
|
|
13,589
|
|||||
Income
tax
expense
|
7,589
|
3,228
|
|
|
12,505
|
|
|
5,962
|
|||||
|
|
|
|
|
|
||||||||
Net
income
|
$
|
13,866
|
$
|
3,820
|
|
$
|
27,363
|
|
$
|
7,627
|
|||
|
|
|
|
|
|
|
|
||||||
Earnings
per
share
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
0.36
|
$
|
0.10
|
|
$
|
0.70
|
|
$
|
0.20
|
|||
Diluted
|
$
|
0.35
|
$
|
0.10
|
|
$
|
0.70
|
|
$
|
0.20
|
|||
Weighted
average shares for
earnings per share
|
|||||||||||||
Basic
|
38,953
|
37,702
|
|
|
38,848
|
|
|
37,682
|
|
||||
Effect
of diluted
shares
|
495
|
308
|
|
|
506
|
|
|
169
|
|
||||
Diluted
|
39,448
|
38,010
|
|
|
39,354
|
|
|
37,851
|
|
|
|
December
31
2007
|
|
June
30
2007
|
|
||
|
|
(Unaudited)
|
|
|
|
||
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash
and cash
equivalents
|
|
$
|
23,566
|
|
$
|
14,790
|
|
Accounts
receivable –net
|
|
|
120,413
|
|
|
116,865
|
|
Inventories–
net
|
|
|
92,140
|
|
|
86,777
|
|
Deferred
income taxes and
other
|
|
|
9,371
|
|
|
9,452
|
|
Total
current
assets
|
|
|
245,490
|
|
|
227,884
|
|
|
|
|
|
|
|
|
|
Property,
plant and
equipment
|
|
|
1,054,512
|
|
|
1,016,299
|
|
Less
accumulated
depreciation
|
|
|
(511,716
|
)
|
|
(478,644
|
)
|
|
|
|
542,796
|
|
|
537,655
|
|
Goodwill
|
|
|
164,251
|
|
|
155,937
|
|
Intellectual
property and other,
net
|
|
|
30,459
|
|
|
30,346
|
|
Total
assets
|
|
$
|
982,996
|
|
$
|
951,822
|
|
|
|
|
|
|
|
|
|
Liabilities
and stockholders’
equity
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Trade
accounts
payable
|
|
$
|
38,323
|
|
$
|
41,030
|
|
Accrued
expenses
|
|
|
48,636
|
|
|
49,532
|
|
Current
portion of capital lease
obligation
|
|
|
560
|
|
|
399
|
|
Short-term
debt
|
|
|
219
|
|
|
-
|
|
Total
current
liabilities
|
|
|
87,738
|
|
|
90,961
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
413,149
|
|
|
445,138
|
|
Accrued
postretirement
benefits
|
|
|
24,824
|
|
|
24,509
|
|
Deferred
income
taxes
|
|
|
53,223
|
|
|
41,761
|
|
Capital
lease
obligation
|
|
|
-
|
|
|
356
|
|
Other
liabilities
|
|
|
1,890
|
|
|
1,943
|
|
Stockholders’
equity
|
|
|
402,172
|
|
|
347,154
|
|
Total
liabilities and
stockholders’ equity
|
|
$
|
982,996
|
|
$
|
951,822
|
|
|
|
SixMonths
Ended
December
31
|
|
||||
|
|
2007
|
|
2006
|
|
||
Operating
activities
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
27,363
|
|
$
|
7,627
|
|
Adjustments
to reconcile net
income to net cash provided by operating
activities:
|
|
|
|
|
|
||
Depreciation
|
|
|
25,409
|
|
|
24,311
|
|
Amortization
|
|
|
1,126
|
|
|
1,648
|
|
Loss
on early extinguishment of
debt
|
|
|
535
|
|
|
652
|
|
Deferred
income taxes and
other
|
|
|
11,560
|
|
|
3,476
|
|
Gain
on sale of assets held for
sale
|
|
|
-
|
|
(355
|
)
|
|
Excess
tax benefit from stock
based compensation
|
(44
|
)
|
(5
|
)
|
|||
Changes
in operating assets and
liabilities:
|
|
|
|
|
|
||
Accounts
receivable
|
|
|
(775
|
)
|
|
6,860
|
|
Inventories
|
|
|
(3,405
|
)
|
|
12,392
|
|
Other
assets
|
|
|
336
|
|
(2,857
|
)
|
|
Accounts
payable and other current
liabilities
|
|
|
(7,970
|
)
|
|
334
|
|
Net
cash provided by operating
activities
|
|
|
54,135
|
|
|
54,083
|
|
Investing
activities
|
|
|
|
|
|
||
Purchases
of property, plant and
equipment
|
|
|
(18,692
|
)
|
|
(14,325
|
)
|
Proceeds
from sale of
assets
|
|
|
-
|
|
|
521
|
|
Other
|
|
|
(135
|
)
|
|
(280
|
)
|
Net
cash used in investing
activities
|
|
|
(18,827
|
)
|
|
(14,084
|
)
|
Financing
activities
|
|
|
|
|
|
||
Net
borrowings(payments)under
lines of
credit
|
|
|
82,000
|
|
(1,487
|
)
|
|
Payments
on long-term debt and
other
|
(113,817
|
)
|
(35,689
|
)
|
|||
Payments
for debt issuance
costs
|
|
|
(1,401
|
)
|
|
-
|
|
Net
proceeds from sale of equity
interests
|
5,742
|
1,099
|
|||||
Excess
tax benefit from stock
based compensation
|
44
|
5
|
|||||
Net
cash used in financing
activities
|
|
|
(27,432
|
)
|
|
(36,072
|
)
|
Effect
of foreign currency rate
fluctuations on cash
|
|
|
900
|
|
32
|
||
Increase
in cash and cash
equivalents
|
|
|
8,776
|
|
|
3,959
|
|
Cash
and cash equivalents at
beginning of period
|
|
|
14,790
|
|
|
8,734
|
|
Cash
and cash equivalents at end
of period
|
|
$
|
23,566
|
|
$
|
12,693
|
|
NOTE
1:
|
BASIS
OF
PRESENTATION
|
NOTE
2:
|
SEGMENT
INFORMATION
|
ThreeMonths
Ended
December
31
|
|
|
|
Specialty
Fibers
|
|
Nonwoven
Materials
|
|
Corporate
|
|
Total
|
|
|||||
Net
sales
|
|
|
2007
|
|
$
|
148,208
|
|
$
|
71,966
|
|
$
|
(9,252
|
)
|
$
|
210,922
|
|
|
|
|
2006
|
|
|
130,126
|
|
|
62,488
|
|
|
(7,884
|
)
|
|
184,730
|
|
Operating
income
(loss)
|
|
|
2007
|
|
|
25,889
|
|
|
5,273
|
|
|
(1,340
|
)
|
|
29,822
|
|
|
|
|
2006
|
|
|
13,194
|
|
|
4,846
|
|
|
(702
|
)
|
|
17,338
|
|
Depreciation
and amortization
of
|
|
|
2007
|
|
|
8,157
|
|
|
4,241
|
|
|
744
|
|
|
13,142
|
|
Intangibles
|
|
|
2006
|
|
|
7,859
|
|
|
3,965
|
|
|
851
|
|
|
12,675
|
|
Capital
expenditures
|
|
|
2007
|
|
|
8,468
|
|
|
737
|
|
|
497
|
|
|
9,702
|
|
|
|
|
2006
|
|
|
6,083
|
|
|
580
|
|
|
1,057
|
|
|
7,720
|
|
SixMonths
Ended
December
31
|
|
|
|
Specialty
Fibers
|
|
Nonwoven
Materials
|
|
Corporate
|
|
Total
|
|
|||||
Net
sales
|
|
|
2007
|
|
$
|
283,909
|
|
$
|
143,596
|
|
$
|
(19,184
|
)
|
$
|
408,321
|
|
|
|
|
2006
|
|
|
265,001
|
|
|
127,455
|
|
|
(16,320
|
)
|
|
376,136
|
|
Operating
income
(loss)
|
|
|
2007
|
|
|
47,955
|
|
|
13,227
|
|
|
(2,836
|
)
|
|
58,346
|
|
|
|
|
2006
|
|
|
25,482
|
|
|
10,825
|
|
|
(1,482
|
)
|
|
34,825
|
|
Depreciation
and amortization
of
|
|
|
2007
|
|
|
16,172
|
|
|
8,473
|
|
|
1,688
|
|
|
26,333
|
|
Intangibles
|
|
|
2006
|
|
|
15,557
|
|
|
8,136
|
|
|
1,805
|
|
|
25,498
|
|
Capital
expenditures
|
|
|
2007
|
|
|
16,388
|
|
|
1,444
|
|
|
860
|
|
|
18,692
|
|
|
|
|
2006
|
|
|
11,656
|
|
|
997
|
|
|
1,672
|
|
|
14,325
|
|
Period
Ended December 31, 2007
|
||||||||||||||||||||||||
Accrual
Balance
as of
September
30, 2007
|
Additional
Charges
|
Impact
of
Foreign
Currency
|
Payments
|
Accrual
Balance
as of
December
31, 2007
|
Program
Charges
to
Date
|
|||||||||||||||||||
2007
Restructuring Program
|
||||||||||||||||||||||||
Severance
and employee benefits
|
||||||||||||||||||||||||
Specialty
fibers
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
791
|
||||||||||||
Corporate
|
98
|
-
|
-
|
(98
|
)
|
-
|
432
|
|||||||||||||||||
Other
miscellaneous expenses
|
||||||||||||||||||||||||
Specialty
fibers
|
106
|
-
|
2
|
-
|
108
|
135
|
||||||||||||||||||
Total
2007 Program
|
$
|
204
|
$
|
-
|
$
|
2
|
$
|
(98
|
)
|
$
|
108
|
$
|
1,358
|
|
|
December
31
2007
|
|
June
30
2007
|
|
||
|
|
|
|
|
|
||
Raw
materials
|
|
$
|
26,194
|
|
$
|
25,816
|
|
Finished
goods
|
|
|
43,422
|
|
|
39,335
|
|
Storeroom
and other
supplies
|
|
|
22,524
|
|
|
21,626
|
|
|
|
$
|
92,140
|
|
$
|
86,777
|
|
|
|
December
31
2007
|
|
June
30
2007
|
|
||
Senior
Notes
due:
|
|
|
|
|
|
||
2013
|
|
$
|
200,000
|
|
$
|
200,000
|
|
Senior
Subordinated Notes
due:
|
|
|
|
|
|
|
|
2008
|
|
|
-
|
|
|
59,948
|
|
2010
|
|
|
131,149
|
|
|
151,568
|
|
Credit
facility
|
|
|
82,000
|
|
|
33,622
|
|
|
|
$
|
413,149
|
|
$
|
445,138
|
|
NOTE
6:
|
COMPREHENSIVE
INCOME
|
|
ThreeMonths
Ended
December
31
|
SixMonths
Ended
December
31
|
|
||||||||||
|
2007
|
2006
|
2007
|
|
2006
|
|
|||||||
|
|
|
|
|
|||||||||
Net
income
|
$
|
13,866
|
$
|
3,820
|
$
|
27,363
|
|
$
|
7,627
|
||||
Foreign
currency translation
adjustments –net
|
7,513
|
(2,632
|
)
|
|
22,422
|
|
(3,607
|
)
|
|||||
Unrealized
losses on hedging
activities
|
(485
|
)
|
-
|
(485
|
)
|
-
|
|||||||
Comprehensive
income
|
$
|
20,894
|
$
|
1,188
|
$
|
49,300
|
|
$
|
4,020
|
|
NOTE
7:
|
INCOME
TAXES
|
|
Three
Months
Ended
December
31
|
|
SixMonths
Ended
December
31
|
|
|||||||||
|
2007
|
2006
|
|
2007
|
|
2006
|
|
||||||
|
|
|
|
|
|
||||||||
Expected
tax expense at
35%
|
$
|
7,509
|
$
|
2,467
|
|
$
|
13,953
|
|
$
|
4,756
|
|||
German
tax rate
change
|
-
|
-
|
(2,245
|
)
|
-
|
||||||||
Effect
of foreign
operations
|
(397
|
)
|
200
|
|
|
(78
|
)
|
|
(390
|
)
|
|||
Extraterritorial
income
benefit
|
-
|
(117
|
)
|
-
|
(213
|
)
|
|||||||
Brazilian
valuation
allowance
|
404
|
700
|
847
|
2,139
|
|||||||||
Other
|
73
|
(22
|
)
|
|
28
|
|
(330
|
)
|
|||||
Income
tax
expense
|
$
|
7,589
|
$
|
3,228
|
|
$
|
12,505
|
|
$
|
5,962
|
|
Three
Months
Ended
December
31
|
|
SixMonths
Ended
December
31
|
|
|||||||||
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
|||||
Service
cost for benefits
earned
|
$
|
151
|
$
|
150
|
|
$
|
302
|
|
$
|
299
|
|
||
Interest
cost on benefit
obligation
|
350
|
352
|
|
|
700
|
|
|
704
|
|
||||
Amortization
of unrecognized prior
service cost
|
(250
|
)
|
(251
|
)
|
|
(501
|
)
|
|
(501
|
)
|
|||
Actuarial
loss
|
146
|
142
|
|
|
292
|
|
|
284
|
|
||||
Total
cost
|
$
|
397
|
$
|
393
|
|
$
|
793
|
|
$
|
786
|
|
|
|
Buckeye
Technologies
Inc.
|
|
Guarantors
US
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
|
|||||
Net
sales
|
|
$
|
28,124
|
|
$
|
138,312
|
|
$
|
54,866
|
|
$
|
(10,380
|
)
|
$
|
210,922
|
|
Cost
of goods
sold
|
|
|
24,815
|
|
|
105,566
|
|
|
48,989
|
|
|
(10,427
|
)
|
|
168,943
|
|
Gross
margin
|
|
|
3,309
|
|
|
32,746
|
|
|
5,877
|
|
|
47
|
|
41,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Selling,
research and
administrative expenses, and other
|
|
|
(5,271
|
)
|
|
14,271
|
|
|
3,157
|
|
|
-
|
|
|
12,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating
income
|
|
|
8,580
|
|
|
18,475
|
|
|
2,720
|
|
|
47
|
|
29,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other
income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net
interest income (expense) and
amortization of debt
|
|
|
(8,631
|
)
|
|
(48
|
)
|
|
155
|
|
|
-
|
|
|
(8,524
|
)
|
Other
income (expense), including
equity income (loss) in affiliates
|
|
|
10,866
|
|
|
21
|
|
|
(145
|
)
|
|
(10,585
|
)
|
|
157
|
|
Intercompany
interest income
(expense)
|
|
|
8,332
|
|
|
(6,468
|
)
|
|
(1,864
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income
(loss) before income
taxes
|
|
|
19,147
|
|
|
11,980
|
|
|
866
|
|
|
(10,538
|
)
|
|
21,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income
tax expense
(benefit)
|
|
|
5,281
|
|
4,297
|
|
|
530
|
|
(2,519
|
)
|
|
7,589
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net
income
(loss)
|
|
$
|
13,866
|
|
$
|
7,683
|
|
$
|
336
|
$
|
(8,019
|
)
|
$
|
13,866
|
|
|
|
Buckeye
Technologies
Inc.
|
|
Guarantors
US
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
|
|||||
Net
sales
|
|
$
|
55,727
|
|
$
|
266,039
|
|
$
|
108,094
|
|
$
|
(21,539
|
)
|
$
|
408,321
|
|
Cost
of goods
sold
|
|
|
47,848
|
|
|
204,252
|
|
|
95,128
|
|
|
(21,541
|
)
|
|
325,687
|
|
Gross
margin
|
|
|
7,879
|
|
|
61,787
|
|
|
12,966
|
|
|
2
|
|
82,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Selling,
research and
administrative expenses, and other
|
|
|
(9,517
|
)
|
|
27,453
|
|
|
6,256
|
|
|
-
|
|
|
24,192
|
|
Restructuring
and impairment
costs
|
|
|
69
|
|
|
-
|
|
|
27
|
|
|
-
|
|
|
96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating
income
|
|
|
17,327
|
|
|
34,334
|
|
|
6,683
|
|
|
2
|
|
58,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other
income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net
interest income (expense) and
amortization of debt
|
|
|
(17,770
|
)
|
|
(116
|
)
|
|
205
|
|
|
-
|
|
|
(17,681
|
)
|
Other
income (expense), including
equity income (loss) in affiliates
|
|
|
27,444
|
|
|
191
|
|
|
(640
|
)
|
|
(27,792
|
)
|
|
(797
|
)
|
Intercompany
interest income
(expense)
|
|
|
16,663
|
|
|
(13,014
|
)
|
|
(3,649
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income
(loss) before income
taxes
|
|
|
43,664
|
|
|
21,395
|
|
|
2,599
|
|
|
(27,790
|
)
|
|
39,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income
tax expense
(benefit)
|
|
|
16,301
|
|
7,294
|
|
|
(807
|
)
|
|
(10,283
|
)
|
|
12,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net
income
(loss)
|
|
$
|
27,363
|
|
$
|
14,101
|
|
$
|
3,406
|
$
|
(17,507
|
)
|
$
|
27,363
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Buckeye
Technologies
Inc.
|
|
Guarantors
US
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
|
|||||
Net
sales
|
|
$
|
29,563
|
$
|
116,259
|
|
$
|
47,737
|
|
$
|
(8,829
|
)
|
$
|
184,730
|
|
|
Cost
of goods
sold
|
|
|
24,660
|
|
96,826
|
|
|
42,898
|
|
|
(8,673
|
)
|
|
155,711
|
|
|
Gross
margin
|
|
|
4,903
|
|
19,433
|
|
|
4,839
|
|
|
(156
|
)
|
|
29,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Selling,
research and
administrative expenses, and other
|
|
|
1,898
|
|
7,879
|
|
|
1,893
|
|
|
-
|
|
|
11,670
|
|
|
Restructuring
and
impairment costs
|
|
|
-
|
|
-
|
|
|
11
|
|
|
-
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating
income (loss)
|
|
|
3,005
|
|
11,554
|
|
|
2,935
|
|
|
(156
|
)
|
|
17,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other
income
(expense):
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
interest
income (expense)
and amortization
ofdebt
|
|
|
(10,453
|
)
|
|
(37
|
)
|
|
50
|
|
|
-
|
|
|
(10,440
|
)
|
Other
income (expense),
including
equityincome
(loss)in
affiliates
|
|
|
14,717
|
|
(75
|
)
|
|
559
|
|
(15,051
|
)
|
|
150
|
|||
Intercompany
interest
income (expense)
|
|
|
7,092
|
|
(4,736
|
)
|
|
(2,356
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income (loss)
before income
taxes
|
|
|
14,361
|
|
6,706
|
|
|
1,188
|
|
|
(15,207
|
)
|
|
7,048
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||
Income
tax expense (benefit)
|
|
|
10,541
|
|
2,226
|
|
|
1,346
|
|
|
(10,885
|
)
|
|
3,228
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
income
(loss)
|
|
$
|
3,820
|
$
|
4,480
|
|
$
|
(158
|
)
|
$
|
(4,322
|
)
|
$
|
3,820
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Buckeye
Technologies
Inc.
|
|
Guarantors
US
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
|
|||||
Net
sales
|
|
$
|
60,706
|
|
$
|
239,442
|
|
$
|
94,010
|
|
$
|
(18,022
|
)
|
$
|
376,136
|
|
Cost
of goods
sold
|
|
|
50,144
|
|
|
200,230
|
|
|
85,292
|
|
|
(17,884
|
)
|
|
317,782
|
|
Gross
margin
|
|
|
10,562
|
|
|
39,212
|
|
|
8,718
|
|
|
(138
|
)
|
|
58,354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Selling,
research and
administrative expenses, and other
|
|
|
3,919
|
|
|
15,956
|
|
|
3,630
|
|
|
-
|
|
|
23,505
|
|
Restructuring
and
impairment costs
|
|
|
-
|
|
|
-
|
|
|
24
|
|
|
-
|
|
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating
income (loss)
|
|
|
6,643
|
|
|
23,256
|
|
|
5,064
|
|
|
(138
|
)
|
|
34,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other
income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net
interest
income (expense)
and amortization of
debt
|
|
|
(21,162
|
)
|
|
(99
|
)
|
|
70
|
|
|
-
|
|
|
(21,191
|
)
|
Other
income (expense),
including
equityincome
(loss)in
affiliates
|
|
|
16,506
|
|
|
(70
|
)
|
|
866
|
|
(17,347
|
)
|
|
(45
|
)
|
|
Intercompany
interest
income (expense)
|
|
|
14,312
|
|
|
(9,729
|
)
|
|
(4,583
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income (loss)
before income
taxes
|
|
|
16,299
|
|
13,358
|
|
|
1,417
|
|
|
(17,485
|
)
|
|
13,589
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income
tax expense (benefit)
|
|
|
8,672
|
|
4,432
|
|
|
2,125
|
|
|
(9,267
|
)
|
|
5,962
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net
income
(loss)
|
|
$
|
7,627
|
$
|
8,926
|
|
$
|
(708
|
)
|
$
|
(8,218
|
)
|
$
|
7,627
|
|
|
Buckeye
Technologies
Inc.
|
|
Guarantors
US
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
|
|||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current
assets
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash
and cash
equivalents
|
|
$
|
2,213
|
|
$
|
39
|
|
$
|
21,314
|
|
$
|
-
|
|
$
|
23,566
|
|
Accounts
receivable,
net
|
|
|
14,664
|
|
|
73,363
|
|
|
32,386
|
|
|
-
|
|
|
120,413
|
|
Inventories,
net
|
|
|
18,482
|
|
|
53,171
|
|
|
21,415
|
|
|
(928
|
)
|
|
92,140
|
|
Other
current
assets
|
|
|
3,415
|
|
|
5,287
|
|
|
669
|
|
|
-
|
|
9,371
|
|
|
Intercompany
accounts
receivable
|
|
|
-
|
|
|
85,203
|
|
|
-
|
|
|
(85,203
|
)
|
|
-
|
|
Total
current
assets
|
|
|
38,774
|
|
|
217,063
|
|
|
75,784
|
|
|
(86,131
|
)
|
|
245,490
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Property,
plant and equipment,
net
|
|
|
58,636
|
|
|
327,291
|
|
|
156,869
|
|
|
-
|
|
542,796
|
|
|
Goodwill
and intangibles,
net
|
|
|
37,459
|
|
|
27,347
|
|
|
116,675
|
|
|
-
|
|
181,481
|
|
|
Intercompany
notes
receivable
|
|
|
372,717
|
|
|
-
|
|
|
-
|
|
|
(372,717
|
)
|
|
-
|
|
Other
assets, including investment
in subsidiaries
|
|
|
387,245
|
|
|
260,328
|
|
|
108,380
|
|
|
(742,724
|
)
|
|
13,229
|
|
Total
assets
|
|
$
|
894,831
|
|
$
|
832,029
|
|
$
|
457,708
|
|
$
|
(1,201,572
|
)
|
$
|
982,996
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Liabilities
and stockholders’
equity
|
|
|
|
|
|
|
|
|
|
|
||||||
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||
Trade
accounts
payable
|
|
$
|
7,103
|
|
$
|
23,551
|
|
$
|
7,669
|
|
$
|
-
|
$
|
38,323
|
|
|
Other
current
liabilities
|
|
|
15,699
|
|
|
17,129
|
|
|
16,588
|
|
|
(1
|
)
|
|
49,415
|
|
Intercompany
accounts
payable
|
|
|
71,800
|
|
|
-
|
|
|
13,402
|
|
|
(85,202
|
)
|
|
-
|
|
Total
current
liabilities
|
|
|
94,602
|
|
|
40,680
|
|
|
37,659
|
|
|
(85,203
|
)
|
|
87,738
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Long-term
debt
|
|
|
413,149
|
|
|
-
|
|
|
-
|
|
|
-
|
|
413,149
|
|
|
Deferred
income
taxes
|
|
|
(23,381
|
)
|
|
59,523
|
|
|
17,081
|
|
|
-
|
|
53,223
|
|
|
Other
long-term
liabilities
|
|
|
8,289
|
|
|
16,551
|
|
|
1,874
|
|
|
-
|
|
26,714
|
|
|
Intercompany
notes
payable
|
|
|
-
|
|
|
256,171
|
|
|
116,546
|
|
|
(372,717
|
)
|
|
-
|
|
Stockholders’/invested
equity
|
|
|
402,172
|
|
|
459,104
|
|
|
284,548
|
|
|
(743,652
|
)
|
|
402,172
|
|
Total
liabilities and
stockholders’ equity
|
|
$
|
894,831
|
|
$
|
832,029
|
|
$
|
457,708
|
|
$
|
(1,201,572
|
)
|
$
|
982,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Buckeye
Technologies
Inc.
|
|
Guarantors
US
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
|
|||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash
equivalents
|
|
$
|
6,329
|
|
$
|
447
|
|
$
|
8,014
|
|
$
|
-
|
|
$
|
14,790
|
|
Accounts
receivable,
net
|
|
|
15,147
|
|
|
71,753
|
|
|
29,965
|
|
|
-
|
|
|
116,865
|
|
Inventories,
net
|
|
|
18,468
|
|
|
48,739
|
|
|
20,501
|
|
|
(931
|
)
|
|
86,777
|
|
Other
current
assets
|
|
|
2,724
|
|
|
5,690
|
|
|
1,038
|
|
|
-
|
|
|
9,452
|
|
Intercompany
accounts
receivable
|
|
|
-
|
|
|
96,305
|
|
|
-
|
|
|
(96,305
|
)
|
|
-
|
|
Total
current
assets
|
|
|
42,668
|
|
|
222,934
|
|
|
59,518
|
|
|
(97,236
|
)
|
|
227,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property,
plant and equipment,
net
|
|
|
58,941
|
|
|
328,480
|
|
|
150,234
|
|
|
-
|
|
|
537,655
|
|
Goodwill
and intangibles,
net
|
|
|
15,805
|
|
|
49,786
|
|
|
108,361
|
|
|
-
|
|
|
173,952
|
|
Intercompany
notes
receivable
|
|
|
304,310
|
|
|
-
|
|
|
-
|
|
|
(304,310
|
)
|
|
-
|
|
Other
assets, including investment
in subsidiaries
|
|
|
451,638
|
|
|
327,254
|
|
|
99,443
|
|
|
(866,004
|
)
|
|
12,331
|
|
Total
assets
|
|
$
|
873,362
|
|
$
|
928,454
|
|
$
|
417,556
|
|
$
|
(1,267,550
|
)
|
$
|
951,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and stockholders’
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
accounts
payable
|
|
$
|
7,799
|
|
$
|
25,473
|
|
$
|
7,758
|
|
$
|
-
|
|
$
|
41,030
|
|
Other
current
liabilities
|
|
|
18,843
|
|
|
17,684
|
|
|
13,409
|
|
|
(5
|
)
|
|
49,931
|
|
Intercompany
accounts
payable
|
|
|
84,733
|
|
|
-
|
|
|
11,571
|
|
|
(96,304
|
)
|
|
-
|
|
Total
current
liabilities
|
|
|
111,375
|
|
|
43,157
|
|
|
32,738
|
|
|
(96,309
|
)
|
|
90,961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
445,138
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
445,138
|
|
Deferred
income
taxes
|
|
|
(38,450
|
)
|
|
61,034
|
|
|
19,177
|
|
|
-
|
|
|
41,761
|
|
Other
long-term
liabilities
|
|
|
8,145
|
|
|
16,976
|
|
|
1,687
|
|
|
-
|
|
|
26,808
|
|
Intercompany
notes
payable
|
|
|
-
|
|
|
193,789
|
|
|
110,520
|
|
|
(304,309
|
)
|
|
-
|
|
Stockholders’/invested
equity
|
|
|
347,154
|
|
|
613,498
|
|
|
253,434
|
|
|
(866,932
|
)
|
|
347,154
|
|
Total
liabilities and
stockholders’ equity
|
|
$
|
873,362
|
|
$
|
928,454
|
|
$
|
417,556
|
|
$
|
(1,267,550
|
)
|
$
|
951,822
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Buckeye
Technologies
Inc.
|
|
Guarantors
US
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Consolidated
|
|
||||
Net
cash
provided by operations
|
|
$
|
25,912
|
|
$
|
15,374
|
|
$
|
12,849
|
$
|
54,135
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investing
activities:
|
|
|
|
|
|
|
|
|
|
||||
Purchases
of property, plant and
equipment
|
|
|
(2,286
|
)
|
|
(15,452
|
)
|
|
(954
|
)
|
|
(18,692
|
)
|
Other
|
|
|
-
|
|
|
(135
|
)
|
|
-
|
|
|
(135
|
)
|
Net
cash used
in investingactivities
|
|
|
(2,286
|
)
|
|
(15,587
|
)
|
|
(954
|
)
|
|
(18,827
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
Financing
activities
|
|
|
|
|
|
|
|
|
|
||||
Net
borrowingsunder
line of
credit
|
|
|
81,495
|
|
-
|
|
|
505
|
|
|
82,000
|
||
Net
payments on long-term debt and
other
|
(113,578
|
)
|
(195
|
)
|
(113,773
|
)
|
|||||||
Net
proceeds from sale of equity
interests
|
5,742
|
-
|
-
|
5,742
|
|||||||||
Payments
for debt issuance
costs
|
|
|
(1,401
|
)
|
|
-
|
|
-
|
|
|
(1,401
|
)
|
|
Net
cash provided by(used in)financing
activities
|
|
|
(27,742
|
)
|
|
(195
|
)
|
|
505
|
|
|
(27,432
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
Effect
of foreign currency rate
fluctuations on cash
|
|
|
-
|
|
|
-
|
|
|
900
|
|
900
|
||
|
|
|
|
|
|
|
|
|
|
||||
Increase
(decrease)
in
cash and cash
equivalents
|
|
|
(4,116
|
)
|
|
(408
|
)
|
|
13,300
|
|
|
8,776
|
|
Cash
and cash equivalents at
beginning of period
|
|
|
6,329
|
|
|
447
|
|
|
8,014
|
|
|
14,790
|
|
Cash
and cash equivalents at end
of period
|
|
$
|
2,213
|
|
$
|
39
|
|
$
|
21,314
|
|
$
|
23,566
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Buckeye
Technologies
Inc.
|
|
Guarantors
US
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Consolidated
|
|
||||
Net
cash provided by (used in)
operations
|
|
$
|
44,124
|
|
$
|
13,016
|
|
$
|
(3,057
|
)
|
$
|
54,083
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investing
activities:
|
|
|
|
|
|
|
|
|
|
||||
Purchases
of property, plant and
equipment
|
|
|
(2,828
|
)
|
|
(9,882
|
)
|
|
(1,615
|
)
|
|
(14,325
|
)
|
Other
|
|
|
-
|
|
|
(279
|
)
|
|
520
|
|
|
241
|
|
Net
cash used
in investing activities
|
|
|
(2,828
|
)
|
|
(10,161
|
)
|
|
(1,095
|
)
|
|
(14,084
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
Financing
activities
|
|
|
|
|
|
|
|
|
|
||||
Netpayments
under line of
credit
|
|
|
(1,487
|
)
|
|
-
|
|
|
-
|
|
|
(1,487
|
)
|
Net
borrowings
(payments)onlong-term
debt and
other
|
|
|
(41,901
|
)
|
|
(2,297
|
)
|
|
8,514
|
|
|
(35,684
|
)
|
Net
proceeds from sale of equity
interests
|
1,099
|
-
|
-
|
1,099
|
|||||||||
Net
cash provided by (used in)
financing activities
|
|
|
(42,289
|
)
|
|
(2,297
|
)
|
|
8,514
|
|
|
(36,072
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
Effect
of foreign currency rate
fluctuations on cash
|
|
|
-
|
|
|
-
|
|
|
32
|
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
||||
Increase(decrease)
in
cash and cash
equivalents
|
|
|
(993
|
)
|
|
558
|
|
4,394
|
|
|
3,959
|
|
|
Cash
and cash equivalents at
beginning of period
|
|
|
1,535
|
|
|
162
|
|
|
7,037
|
|
|
8,734
|
|
Cash
and cash equivalents at end
of period
|
|
$
|
542
|
|
$
|
720
|
|
$
|
11,431
|
|
$
|
12,693
|
|
Item
2.
|
Management’s
Discussion and
Analysis of Financial Condition and Results of
Operations
|
(millions)
|
Three
Months Ended December 31
|
|
SixMonths
Ended December 31
|
|
||||||||||||||||||||
|
2007
|
|
2006
|
|
Change
|
|
%
Change
|
|
2007
|
2006
|
|
Change
|
|
%
Change
|
|
|||||||||
Net
sales
|
$
|
210.9
|
$
|
184.7
|
$
|
26.2
|
14
|
%
|
$
|
408.3
|
|
$
|
376.1
|
|
$
|
32.2
|
|
|
9
|
%
|
||||
Cost
of goods
sold
|
168.9
|
155.7
|
13.2
|
8
|
%
|
|
325.7
|
|
|
317.8
|
|
|
7.9
|
|
|
2
|
%
|
|||||||
Gross
margin
|
42.0
|
29.0
|
13.0
|
45
|
%
|
82.6
|
|
|
58.3
|
|
|
24.3
|
|
|
42
|
%
|
||||||||
Selling,
research and
administrative expenses
|
11.8
|
11.2
|
0.6
|
5
|
%
|
|
23.3
|
|
|
22.4
|
|
|
0.8
|
|
4
|
%
|
||||||||
Restructuring
costs
|
-
|
-
|
-
|
-
|
|
0.1
|
|
|
-
|
|
|
0.1
|
|
*
|
|
|||||||||
Amortization
of intangibles and
other
|
0.4
|
0.5
|
(0.1
|
)
|
(20)
|
%
|
|
0.9
|
|
|
1.1
|
|
|
(0.2
|
)
|
|
(18
|
)%
|
||||||
Operating
income
|
$
|
29.8
|
$
|
17.3
|
$
|
12.5
|
72
|
%
|
$
|
58.3
|
|
$
|
34.8
|
|
$
|
23.6
|
|
|
68
|
%
|
(millions)
|
|
Three
Months Ended December 31
|
|
||||||||||
|
|
2007
|
|
2006
|
|
Change
|
|
%
Change
|
|
||||
Net
sales
|
|
$
|
148.2
|
|
$
|
130.1
|
|
$
|
18.1
|
|
|
14
|
%
|
Operating
income
|
|
|
25.9
|
|
|
13.2
|
|
|
12.7
|
|
|
96
|
%
|
(millions)
|
|
SixMonths
Ended December 31
|
|
||||||||||
|
|
2007
|
|
2006
|
|
Change
|
|
%
Change
|
|
||||
Net
sales
|
|
$
|
283.9
|
|
$
|
265.0
|
|
$
|
18.9
|
|
|
7
|
%
|
Operating
income
|
|
|
48.0
|
|
|
25.5
|
|
|
22.5
|
|
|
88
|
%
|
(millions)
|
|
Three
Months Ended December 31
|
|
||||||||||
|
|
2007
|
|
2006
|
|
Change
|
|
%
Change
|
|
||||
Net
sales
|
|
$
|
72.0
|
|
$
|
62.5
|
|
$
|
9.5
|
|
|
15
|
%
|
Operating
income
|
|
|
5.3
|
|
|
4.8
|
|
|
0.5
|
|
|
10
|
%
|
(millions)
|
|
SixMonths
Ended December 31
|
|
||||||||||
|
|
2007
|
|
2006
|
|
Change
|
|
%
Change
|
|
||||
Net
sales
|
|
$
|
143.6
|
|
$
|
127.5
|
|
$
|
16.1
|
|
|
13
|
%
|
Operating
income
|
|
|
13.2
|
|
|
10.8
|
|
|
2.4
|
|
|
22
|
%
|
(millions)
|
|
Three
Months Ended December 31
|
|
||||||||||
|
|
2007
|
|
2006
|
|
Change
|
|
%
Change
|
|
||||
Net
sales
|
|
$
|
(9.3
|
)
|
$
|
(7.9
|
)
|
$
|
(1.4
|
)
|
|
18
|
%
|
Operatingloss
|
|
|
(1.3
|
)
|
|
(0.7
|
)
|
|
(0.6
|
)
|
|
86
|
%
|
(millions)
|
|
SixMonths
Ended December 31
|
|
||||||||||
|
|
2007
|
|
2006
|
|
Change
|
|
%
Change
|
|
||||
Net
sales
|
|
$
|
(19.2
|
)
|
$
|
(16.3
|
)
|
$
|
(2.9
|
)
|
|
18
|
%
|
Operatingloss
|
|
|
(2.8
|
)
|
|
(1.5
|
)
|
|
(1.3
|
)
|
|
87
|
%
|
|
|
SixMonths
Ended
December
31
|
|
||||
(millions)
|
|
2007
|
|
2006
|
|
||
Operating
activities:
|
|
|
|
|
|
||
Net
income
|
|
$
|
27.4
|
|
$
|
7.6
|
|
Noncash
charges and credits,
net
|
|
|
38.5
|
|
|
29.8
|
|
Changes
in operating assets and
liabilities, net
|
|
|
(11.8
|
)
|
|
16.7
|
|
Net
cash provided by operating
activities
|
|
|
54.1
|
|
|
54.1
|
|
|
|
|
|
|
|
||
Investing
activities:
|
|
|
|
|
|
||
Purchases
of property, plant and
equipment
|
|
|
(18.7
|
)
|
|
(14.3
|
)
|
Other
investing
activities
|
|
|
(0.1
|
)
|
|
0.2
|
|
Net
cash used in investing
activities
|
|
|
(18.8
|
)
|
|
(14.1
|
)
|
|
|
|
|
|
|
||
Financing
activities:
|
|
|
|
|
|
||
Net
borrowings (payments)
under
lines of
credit
|
|
|
82.0
|
|
(1.5
|
)
|
|
Net
borrowings (payments) on
long-term debt and other
|
(113.7
|
)
|
(35.7
|
)
|
|||
Net
proceeds from sale of equity
interests
|
5.7
|
1.1
|
|||||
Payments
for debt issuance
costs
|
|
|
(1.4
|
)
|
|
-
|
|
Netcashused
in financing
activities
|
|
|
(27.4
|
)
|
|
(36.1
|
)
|
|
|
|
|
|
|
||
Effect
of foreign currency rate
fluctuations on cash
|
|
|
0.9
|
|
|
0.1
|
|
|
|
|
|
|
|
||
Net
increase in cash and cash
equivalents
|
|
$
|
8.8
|
|
$
|
4.0
|
|
|
Payments
Due by
Period
|
|
||||||||||||||
Contractual
Obligations
|
|
Total
|
|
Fiscal
2008 (1)
|
|
Fiscal
2009
and
2010
|
|
Fiscal
2011
and
2012
|
|
Thereafter
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Long-term
obligations (2)
|
|
$
|
549,410
|
|
$
|
18,912
|
|
$
|
65,224
|
|
$
|
174,774
|
|
$
|
290,500
|
|
Capital
lease
obligationsand
short-term debt (3)
|
|
|
812
|
|
|
443
|
|
|
369
|
|
|
-
|
|
|
-
|
|
Operating
lease
obligations
|
|
|
4,937
|
|
|
1,078
|
|
|
2,864
|
|
|
995
|
|
|
-
|
|
Timber
commitments
|
|
|
35,953
|
|
|
5,523
|
|
|
24,227
|
|
|
6,203
|
|
|
-
|
|
Linter
commitments(4)
|
|
|
19,733
|
|
|
19,733
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Other
purchase commitments
(5)
|
|
|
30,246
|
|
|
12,977
|
|
|
8,729
|
|
|
4,880
|
|
|
3,660
|
|
Total
contractual cash
obligations
|
|
$
|
641,091
|
|
$
|
58,666
|
|
$
|
101,413
|
|
$
|
186,852
|
|
$
|
294,160
|
|
(1)
|
Cash
obligations for the remainder
of fiscal 2008.
|
(2)
|
Amounts
include related interest
payments. Interest payments for variable debt of $82million
are based on the effective
rate as of December
31, 2007of
6.36%
per
annum.
|
(3)
|
Capital
lease and short-term
debt obligations
represent principal
and interest payments.
|
(4)
|
Linter
commitments are take-or-pay
contracts made in the ordinary course of business that usually are
less
than one year in length.
|
(5)
|
The
majority of other purchase
commitments are take-or-pay contracts made in the ordinary course
of
business related to utilities and raw material
purchases.
|
Note:
|
The
cash flow to fund
post-retirement
benefit obligations has
not materially
changed since June 30, 2007.These obligations
are not included
in the table above,as
the total obligation is based
on the present value of the payments and would not be consistent
with the
contractual cash obligations disclosures included in the table above.
See
Note 12,
Employee Benefit Plans, to the
Consolidated Financial Statementsin our fiscal
2007 Annual Report
on Form 10-Kfor
further information.
|
|
Critical
Accounting
Policies
|
Item
3.
|
Quantitative
and Qualitative
Disclosures About Market
Risk
|
Item
4.
|
Controls
and
Procedures
|
Item
1.
|
Legal
Proceedings
|
Item
4.
|
Submission
of Matters to a Vote of
Security Holders
|
Item
6.
|
Exhibits
|
31.1
|
Rule
13a-14(a)/15d-14(a)
Certification of Chief Executive Officer
|
31.2
|
Rule
13a-14(a)/15d-14(a)
Certification of Chief Financial Officer
|
32.1
|
Section
1350 Certification of
Chief Executive Officer
|
32.2
|
Section
1350 Certification of
Chief Financial Officer
|
BUCKEYE
TECHNOLOGIES
INC.
|
|
|
|
|
|
|
|
|
By:
|
/s/
John B. Crowe
|
|
|
|
|
John
B. Crowe, Chairman of
the Board and
Chief Executive
Officer
|
|
|
|
|
|
Date:
January
30,
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/
Steven G. Dean
|
|
|
|
|
Steven
G. Dean, Senior Vice
President and Chief Financial
Officer
|
|
|
|
|
|
Date:
January
30, 2008
|
|
|
|
|