Glatfelter loses $4.4 million

April 15, 1993

P. H. Glatfelter Co., the Spring Grove, Pa.-based paper company, reported a first-quarter loss yesterday of $4.4 million, compared with a profit of $14.9 million in the same three months last year. Sales declined 11.6 percent.

The company attributed the loss to a number of factors. They included a $16.4 million charge related to a company restructuring that included an early retirement plan offered to about 160 workers and the adoption of new accounting standards.

The loss of a major customer, Philip Morris Cos., also had "a significant negative impact on operations during the first quarter," M. A. Johnson II, chief financial officer, said in a statement. The cigarette company canceled its business with Glatfelter in November after deciding to buy its tobacco papers from a single source.

Also, excess capacity in the printing paper industry continues to hold selling prices at depressed levels.

P. H. Glatfelter Co.

UE

. .. .. .. .. .. .. Ticker.. .. .. .. .. .. .. .. ..Yesterday's .. .. .. .. .. .. .. .. Symbol.. .. .. .. .. .. .. .. .. Cls.. .. .. .. Chg.

.. .. .. .. .. .. .. GLT .. .. .. .. .. .. .. .. .. ..16 5/8 .. .. .,. .... 5/8

Period ended

3/31/93 .. .. .. .. .. 1st qtr.. .. .. .. .. ..Year ago.. ... .. .. .. Chg. Revenue .. .. .. .. .. $122,529.. .. .. .. .. $138,653 .. .. .. .. .. 11.6%

Net Income .. .. .. .. $ (4,392).. .. .. .. .. $14,932 .. .. .. .. .. .. -- Primary EPS .. .. .. .. .$(0.10) .. .. .. .. .. $0.33 .. .. .. .. .. .. --

Figures in thousands (except per share data)

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