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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): January 27, 1997
P. H. Glatfelter Company
(Exact name of registrant as specified in its charter)
Pennsylvania 1-3560 23-0628360
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.
incorporation)
Spring Grove, Pennsylvania 17362
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (717) 225-4711
Not Applicable
(Former name or former address, if changed since last report)
This document contains four (4) pages.
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Item 5. Other Events.
On January 27, 1997, the Registrant issued the following press
release:
SPRING GROVE, PA JANUARY 27, 1997: P.H. Glatfelter Company's earnings per common
share for the fourth quarter of 1996 were $.40 compared to $.39 for the same
period in 1995. Net income for the quarter was $16,916,000, slightly below the
$17,186,000 recorded for the like period in 1995. Earnings per share for the
1996 period were about 3% above the 1995 period due to fewer shares outstanding
as a result of the Company continuing to buy back common stock under its share
repurchase program. The Company's results are outstanding when considering the
poor condition of the paper markets in general during the past quarter. Net
sales for the fourth quarter of 1996 were $141,314,000 compared to $141,022,000
experienced in the 1995 period as higher volume was offset by lower prices for
printing papers.
For the year 1996, net income and earnings per common share were $60,399,000 and
$1.41, respectively, as compared to $65,828,000 and $1.49 for 1995. Net sales
decreased 9% to $566,084,000 from $623,709,000 in 1995. The Company is pleased
with the financial results for 1996 as compared to 1995 as they compare most
favorably to those of its competitors. The results again show how the specialty
nature of the Company's products distinguishes P.H. Glatfelter from other paper
companies.
Many challenges were presented in 1996 for companies that participate in the
printing paper portion of the industry. Demand for printing paper products was
slow early in the year, improved in the second and third quarters, and then
slowed again in the fourth quarter. Pricing for printing papers declined during
the year. Demand and pricing for the Company's printing papers, specifically,
papers sold to the book publishing industry, held up better than the rest of the
printing paper market. Demand and pricing for tobacco and other specialty
products were not impacted by the softer printing paper market and remained
relatively constant during the year.
As the Company looks into the first part of 1997, it sees continued slow demand
and pricing pressure within the printing paper markets. The Company believes
demand will improve during the second half of the year and that some price
relief may occur during the last six months. Demand and pricing for tobacco and
other specialty papers is expected to remain relatively stable throughout the
year. The Company is well positioned to capitalize on an improving printing
paper market; its focus on
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niche markets and specialized products will continue to set it apart from other
paper companies.
<TABLE>
<CAPTION>
Three Months Ended
December 31 Year Ended December 31
1996 1995 1996 1995
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net Sales $141,314,000 $141,022,000 $566,084,000 $623,709,000
Net Income $ 16,916,000 $ 17,186,000 $ 60,399,000 $ 65,828,000
Earnings per
Common Share $ .40 $ .39 $ 1.41 $ 1.49
</TABLE>
SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION
(in thousands except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended
December 31 Year Ended December 31
1996 1995 1996 1995
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net Sales $141,314 $141,022 $566,084 $623,709
Income before
income taxes 26,571 27,641 97,905 107,612
Income taxes -
current and
deferred 9,655 10,455 37,506 41,784
Net Income 16,916 17,186 60,399 65,828
Earnings per
common share $ .40 $ .39 $ 1.41 $ 1.49
Number of shares
used in per
share calculation 42,708 43,863 42,910 44,259
</TABLE>
The Board of Directors has authorized the repurchase in the open market or in
privately negotiated transactions of up to 12,000,000 shares of the Company's
common stock in the aggregate. Under these authorizations, as of December 31,
1996, the Company had repurchased 11,085,303 shares.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
P. H. GLATFELTER COMPANY
--------------------------------------
(Registrant)
Date: February 18, 1997 By /s/ R. P. Newcomer
-----------------------------------
R. P. Newcomer
Senior Vice President,
Treasurer and Chief
Financial Officer
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