BRIEF: Glatfelter announces jump in net income

Wed. November 04, 2009; Posted: 01:22 PM

Nov 04, 2009 (The York Dispatch - McClatchy-Tribune Information Services via COMTEX) -- GLT | Quote | Chart | News | PowerRating -- Glatfelter announced Tuesday its net income more than doubled when the third quarter of 2009 is compared to the same period of 2008.

Net income was $46 million, or $1 per diluted share, compared with $21.7 million, or 47 cents per diluted share in 2008.

Third-quarter 2009 adjusted earnings were $13.1 million, or 29 cents per diluted share, compared with adjusted earnings of $19.5 million, or 43 cents per diluted share, for the same period of 2008.

George H. Glatfelter II, chairman and chief executive officer, said the company has improved its financial strength despite a period of "severe economic challenges."

He said the of the company's specialty papers business has grown by 17 percent, compared with the second quarter of 2009.

The company's composite fibers business is still being adversely affected by the economy, but it has also improved its performance when compared with the second quarter, he said.

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For full details on Glatfelter (GLT) click here. Glatfelter (GLT) has Short Term PowerRatings of 4. Details on Glatfelter (GLT) Short Term PowerRatings is available at This Link.

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