ALPHARETTA, Ga., Aug. 5 /PRNewswire-FirstCall/ --
Schweitzer-Mauduit International, Inc. (NYSE:SWM)
("Schweitzer-Mauduit" or "the company") today reported second
quarter 2009 earnings results for the period ended June 30, 2009.
Second Quarter/Year-To-Date Financial Highlights: -- Second quarter
net income of $7.1 million; $20.4 million year-to-date -- Second
quarter net sales of $183.3 million; $367.4 million year-to-date --
Second quarter adjusted EBITDA of $33.4 million (excluding
restructuring and impairment expenses); $64.1 million year-to-date
-- Free cash flow of $6.1 million and $11.9 million year-to-date --
Diluted net income per share of $0.45, compared to $0.13 per share
in second quarter 2008; excluding per share restructuring and
impairment expense of $0.57 and $0.15, respectively, adjusted net
income per share of $1.02 compared to $0.28 per share in the second
quarter of 2008 -- Net debt decreased to $156.7 million from $167.9
at December 31, 2008 Second Quarter Operational Highlights: --
Continued strong growth in high-value products -- Expanding demand
for Low Ignition Propensity (LIP) in North America and beyond --
Growing demand for Reconstituted Tobacco Leaf (RTL) products helped
drive gains from this high-value product -- Improved operational
performance, primarily from rebuilt paper machine in France --
Achieved additional savings from ongoing cost reduction initiatives
Frederic Villoutreix, Chairman of the Board and Chief Executive
Officer, commented, "Our second quarter results further build on
our first quarter earnings improvement and are indicative of the
successful implementation of our operating and financial strategy.
We are benefiting from restructuring initiatives aimed at
transforming our core manufacturing operations toward higher-value
products. We drove strong results in the second quarter, exceeding
our own expectations for operating profit margin gains and free
cash flow." Mr. Villoutreix continued, "Our year-to-date
performance gives us confidence in both our plan and in our ability
to execute that plan. Our near term strategy will continue to focus
on our ongoing transformation that better positions us to
effectively manage through these uncertain economic times. We are
focused on cost control, operational efficiency and the delivery of
earnings growth from our high value LIP and reconstituted tobacco
products. As a result of our record-level second quarter results,
coupled with a less uncertain general economic outlook for the
balance of the year, we now expect to achieve full-year earnings
better than $3.50 per share, excluding restructuring and impairment
expenses but including expected incremental operating losses
ranging from $0.42 to $0.47 per share related to the closure of the
Malaucene facility." Second Quarter 2009 Results Net sales were
$183.3 million in the three month period ended June 30, 2009, a 9%
decrease over the prior-year quarter. Net sales decreased $18.7
million as a result of $19.4 million from a 15% decrease in unit
sales volumes, $17.1 million in unfavorable foreign currency
exchange rate impacts and $3.1 million sales losses at our
Malaucene facility which is pending closure. These declines were
partially offset by a $20.9 million improvement in the mix of
products sold and higher average selling prices. Operating profit
was $12.0 million in the three month period ended June 30, 2009
versus an operating profit of $4.8 million in the prior-year
quarter. Excluding pre-tax restructuring and impairment expenses,
operating profit was $25.3 million during the second quarter of
2009 compared with $8.5 million during the second quarter of 2008.
The higher operating profit was primarily due to $16.4 million from
an improved mix of products sold and higher average selling prices
and $6.6 million in cost saving programs and operating
efficiencies. These favorable impacts were partially offset by $3.6
million in higher non-manufacturing expenses, reflecting an
increase in incentive compensation accruals due to improved results
as well as consulting expenses related to strategic planning
activities, and $2.0 million from decreased sales volumes.
Operating losses at the Malaucene facility, excluding pre-tax
restructuring and impairment expenses, totaled $3.4 million during
the quarter resulting in a $0.7 million negative impact on gross
profit compared to the prior year quarter. Operational Trends
(Volume, Pricing and Cost) Volume weakness throughout the quarter
supports Schweitzer-Mauduit's view of a continued challenging
business environment. Schweitzer-Mauduit was able to offset the
impact of the second-quarter volume decline on its financial
results due to the actions of the last several years to decrease
higher cost capacity, especially in the U.S. and France.
Schweitzer-Mauduit's volume decline during the quarter primarily
reflects the exit of certain non-tobacco paper products in Brazil,
reduced base tipping paper sales following the shutdown of the Lee
Mills in the U.S. combined with decreased demand in the North
American markets, especially the U.S. which was impacted by a
tripling of the U.S. federal excise tax on cigarettes and cigars in
April. During the second quarter, Schweitzer-Mauduit continued to
benefit from favorable pricing and currency impacts. Sales volume
declines, operating losses at the company's China joint venture and
increasing losses at Malaucene are still the company's biggest
challenges for the balance of the year. Unit sales volume of
tobacco-related papers declined 10%, including the impact from
shifting production of certain papers to our China joint venture.
This rate of volume decline is roughly in-line with
Schweitzer-Mauduit's major U.S. customers' reported changes in
units of cigarettes produced which reflects lower consumption as a
result of the poor global economic conditions and tax increases.
The 49% rate of LIP regulation in effect in the North American
market throughout the second quarter caused a doubling of sales
volume, as compared to the prior year quarter, of this high value
product. Sales volume growth at the company's new paper joint
venture in China accelerated during the second quarter and
Schweitzer-Mauduit expects further progress through the year. The
company remains confident of the long-term success of this
investment despite the continued expectation of a loss for the full
year 2009. Increases in inflationary costs of energy, labor and
materials during the quarter were mostly offset by lower wood pulp
costs compared to the second quarter of 2008. Despite $3.9 million
in lower wood pulp costs, inflationary cost increases in total
caused an overall $0.5 million negative impact on operating profit
compared to the prior year. Year-to-Date Cash Flow and Quarterly
Dividend Net cash provided by operations totaled $22.9 million for
the first six months of 2009, compared with $12.3 million in the
prior-year period. Net debt at June 30, 2009, was $156.7 million
compared with $167.9 million at December 31, 2008. Total debt was
34.2% of capital. Capital spending was $4.6 million and $24.0
million during the six month periods ended June 30, 2009 and 2008,
respectively. The decrease in capital spending was primarily due to
expenditures of $11.0 million in the 2008 period for a paper
machine rebuild. Capital spending for 2009 is now projected to
range from $10 to $15 million. Other cash needs, including pension
funding, employee severance payments associated with restructuring
actions and capitalized software spending, are now projected to
range from $25 to $30 million during 2009. Net debt is expected to
decrease in the third quarter of 2009. Schweitzer-Mauduit announced
today a quarterly common stock dividend of $0.15 per share. The
dividend will be payable on September 28, 2009 to stockholders of
record on August 24, 2009. Restructuring and Impairment Expenses
During April 2009, the company announced plans to close its
finished tipping paper production facility in Malaucene, France.
Consultations with the Work's Council were concluded on July 22,
2009 and, as a result, management expects to reduce employment by
approximately 210 people by the fourth quarter of 2009. These
actions resulted in restructuring expense of $12.2 million during
the second quarter of 2009 mostly related to employee severance
accruals. We expect to record approximately $13 million of
restructuring expenses during the remainder of 2009 related to this
plan. The decision to close the Malaucene facility reflects that
previous efforts to improve operating results for this location
were not successful and highlights Schweitzer-Mauduit's strategy to
rationalize its global manufacturing footprint and refocus
resources to achieve leading positions in core product categories
that provide opportunity for competitive advantage. Following the
divestiture of this finished tipping paper facility in France, all
of Schweitzer-Mauduit's focus will be on product lines that
represent core technologies and in which we hold a number one or
two world-wide market position. In the second quarter, the company
also recorded $1.0 million of restructuring expense related to
severance accruals in connection with general staff reductions in
France. In the quarters ended June 30, 2009 and 2008, the company
incurred $13.3 million and $3.7 million in expenses related to all
restructuring actions. Conference Call Schweitzer-Mauduit will hold
a conference call to review second quarter 2009 results with
investors and analysts at 10:30 a.m. eastern time on Thursday,
August 6, 2009. The conference call will be simultaneously
broadcast over the Internet at http://www.schweitzer-mauduit.com/.
To listen to the call, please go to the Web site at least 15
minutes prior to the call to register and to download and install
any necessary audio software. For those unable to listen to the
live broadcast, a replay will be available on the Web site shortly
after the call. Schweitzer-Mauduit will use a presentation in
conjunction with its conference call. The presentation can be found
on the company's Web site in advance of the earnings conference
call. The presentation can also be accessed via the earnings
conference call webcast. About Schweitzer-Mauduit International
Schweitzer-Mauduit International, Inc. is a diversified producer of
premium specialty papers and the world's largest supplier of fine
papers to the tobacco industry. It also manufactures specialty
papers for other applications. Schweitzer-Mauduit and its
subsidiaries conduct business in over 90 countries and employ 3,100
people worldwide, with operations in the United States, France,
Brazil, the Philippines, Indonesia, Canada and a joint venture in
China. For further information, please visit the company's Web site
at http://www.schweitzer-mauduit.com/. Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
concerning its projected future earnings, expected restructuring
costs and incremental operating losses at its Malaucene mill that
are subject to the safe harbor created by that Act. Actual results
may differ materially from the results suggested by these
statements for a number of reasons, including the following: --
Schweitzer-Mauduit has manufacturing facilities in 6 countries and
sells products in over 90 countries. As a result, it is subject to
a variety of import and export, tax, foreign currency, labor and
other regulations within these countries. Changes in these
regulations, or adverse interpretations or applications, as well as
changes in currency exchange rates, could adversely impact the
company's business in a variety of ways, including increasing
expenses, decreasing sales, limiting its ability to repatriate
funds and generally limiting its ability to conduct business. --
The company's sales are concentrated to a limited number of
customers. In 2008, 60% of sales were to its five largest
customers. The loss of one or more of these customers, or a
significant reduction in one or more of these customers' purchases,
could have a material adverse effect on the company's results of
operations. -- The company's financial performance is materially
impacted by sales of both reconstituted tobacco products and
cigarette paper for lower ignition propensity cigarettes. A
significant change in sales or production volumes, pricing or
manufacturing costs of these products could have a material impact
on future financial results. -- As a result of excess capacity in
the tobacco-related papers industry and increased operating costs,
competitive levels of selling prices for certain of the company's
products are not sufficient to cover those costs with a margin that
the company considers reasonable. Such competitive pressures have
resulted in downtime of certain paper machines and, in some cases,
accelerated depreciation or impairment charges for certain
equipment and employee severance expenses associated with
downsizing activities. The company's decision to close its finished
tipping paper business in Malaucene, France will result in
recording additional restructuring expenses through expected
completion of the actions by the end of 2009. Further, the
Malaucene operations are expected to realize increased operating
losses during the remainder of 2009 as customer orders decline and
the shutdown process is completed. The amount of operating losses
and the restructuring costs estimates by the company could change
due to actions by the Work's Council to contest the closing,
productivity different than anticipated and unexpected changes in
order volumes. Management continues to evaluate how to operate its
production facilities more effectively with reduced production
volumes. Therefore, additional restructuring actions and asset
impairment charges are likely in 2009. The company will continue to
disclose any such actions as they are announced to affected
employees or otherwise become certain and will continue to provide
updates to any previously disclosed expectations of expenses
associated with such actions. -- In recent years, governmental
entities around the world, particularly in the United States and
western Europe, have taken or have proposed actions that may have
the effect of reducing consumption of tobacco products. Reports
with respect to the possible harmful physical effects of cigarette
smoking and use of tobacco products have been publicized for many
years and, together with actions to restrict or prohibit
advertising and promotion of cigarettes or other tobacco products,
to limit smoking in public places and to increase taxes on such
products, are intended to discourage the consumption of cigarettes
and other such products. Also in recent years, certain governmental
entities, particularly in North America, have enacted, considered
or proposed actions that would require cigarettes to meet
specifications aimed at reducing their likelihood of igniting fires
when the cigarettes are not actively being smoked. Furthermore, it
is not possible to predict what additional legislation or
regulations relating to tobacco products will be enacted, or to
what extent, if any, such legislation or regulations might affect
our business. For additional factors and further discussion of
these factors, please see Schweitzer-Mauduit's Annual Report on
Form 10-K for the year ended December 31, 2008. Non-GAAP Financial
Measures Certain financial measures and comments contained in this
press release exclude restructuring and impairment expenses.
Financial measures which exclude these items have not been
determined in accordance with accounting principles generally
accepted in the United States and are therefore "non-GAAP"
financial measures. Reconciliations of these non-GAAP financial
measures to the most closely analogous measure determined in
accordance with accounting principles generally accepted in the
United States are included in the document. Schweitzer-Mauduit
management believes that investors' understanding of the company's
performance is enhanced by disclosing these non-GAAP financial
measures as a reasonable basis for comparison of the company's
ongoing results of operations. By providing the non-GAAP financial
measures, together with the reconciliations and comments,
management believes it is enhancing investors' understanding of the
company's business results. SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED JUNE
30, (U.S. $ IN MILLIONS, EXCEPT PER SHARE AMOUNTS) Unaudited 2009
2008 Change --------- ---- ---- ------ Net Sales $183.3 $202.0
(9.3)% Cost of products sold 138.7 177.8 (22.0) ----- ----- Gross
Profit 44.6 24.2 84.3 Selling expense 5.5 5.8 (5.2) Research
expense 2.2 2.5 (12.0) General expense 11.6 7.4 56.8 ---- --- Total
nonmanufacturing expenses 19.3 15.7 22.9 Restructuring and
impairment expense 13.3 3.7 N.M. ---- --- Operating Profit 12.0 4.8
N.M. Interest expense 1.3 2.8 (53.6) Other income (expense), net
(0.6) 0.6 N.M. ---- --- Income Before Income Taxes and Net Loss
from Equity Affiliates 10.1 2.6 N.M. Provision for income taxes 1.9
- N.M. Loss from equity affiliates 1.1 0.6 83.3 --- --- Net Income
7.1 2.0 N.M. Less: Net income attributable to noncontrolling
interest - - --- --- Net Income Attributable to SWM $7.1 $2.0 N.M.%
==== ==== Net Income Per Share: Basic $0.46 $0.13 N.M.% ===== =====
Diluted $0.45 $0.13 N.M.% ===== ===== Dividends Declared Per Share
$0.15 $0.15 ===== ===== Average Common Shares Outstanding: Basic
15,175,600 15,395,900 ========== ========== Diluted, including
Common Share Equivalents 15,433,700 15,431,000 ==========
========== N.M. - Not Meaningful SCHWEITZER-MAUDUIT INTERNATIONAL,
INC. CONSOLIDATED STATEMENTS OF INCOME FOR THE SIX MONTHS ENDED
JUNE 30, (U.S. $ IN MILLIONS, EXCEPT PER SHARE AMOUNTS) Unaudited
2009 2008 Change --------- ---- ---- ------ Net Sales $367.4 $391.8
(6.2)% Cost of products sold 281.2 347.6 (19.1) ----- ----- Gross
Profit 86.2 44.2 95.0 Selling expense 10.7 12.2 (12.3) Research
expense 4.0 4.5 (11.1) General expense 23.1 17.0 35.9 ---- ----
Total nonmanufacturing expenses 37.8 33.7 12.2 Restructuring and
impairment expense 13.6 5.7 N.M. ---- --- Operating Profit 34.8 4.8
N.M. Interest expense 3.1 5.2 (40.4) Other expense, net 0.4 1.0
(60.0) --- --- Income (Loss) Before Income Taxes and Net Loss from
Equity Affiliates 31.3 (1.4) N.M. Provision (benefit) for income
taxes 8.5 (2.6) N.M. Loss from equity affiliates 2.4 0.2 N.M. ---
--- Net Income 20.4 1.0 N.M. Less: Net income attributable to
noncontrolling interest - 0.2 N.M. --- --- Net Income Attributable
to SWM $20.4 $0.8 N.M.% ===== ==== Net Income Per Share: Basic
$1.33 $0.05 N.M.% ===== ===== Diluted $1.32 $0.05 N.M.% ===== =====
Dividends Declared Per Share $0.30 $0.30 ===== ===== Average Common
Shares Outstanding: Basic 15,137,400 15,402,000 ==========
========== Diluted, including Common Share Equivalents 15,299,300
15,426,000 ========== ========== N.M. Not Meaningful
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. CONDENSED CONSOLIDATED
BALANCE SHEETS (U.S. $ IN MILLIONS) June 30, December 31, Unaudited
2009 2008 --------- ---- ---- ASSETS Cash and cash equivalents $6.3
$11.9 Accounts receivable 88.6 87.0 Inventories 122.7 118.4 Other
current assets 22.2 11.1 Net property, plant and equipment 407.4
407.8 Other noncurrent assets 85.4 92.5 ---- ---- Total Assets
$732.6 $728.7 ====== ====== LIABILITIES & STOCKHOLDERS' EQUITY
Current debt $26.9 $34.9 Other current liabilities 153.2 162.2
Long-term debt 136.1 144.9 Pension and other postretirement
benefits 62.2 67.3 Deferred income tax liabilities 12.6 11.0
Deferred revenue 8.9 12.3 Other noncurrent liabilities 19.6 18.7
Stockholders' equity 313.1 277.4 ----- ----- Total Liabilities and
Stockholders' Equity $732.6 $728.7 ====== ====== SCHWEITZER-MAUDUIT
INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
FOR THE SIX MONTHS ENDED JUNE 30, (U.S. $ IN MILLIONS) Unaudited
2009 2008 --------- ---- ---- Net income $20.4 $1.0 Depreciation
and amortization 21.9 23.8 Restructuring accelerated depreciation
and impairment - 3.0 Amortization of deferred revenue (3.4) (3.1)
Deferred income tax provision (benefit) 5.4 (11.8) Pension and
other postretirement benefits (3.4) 0.7 Stock-based employee
compensation expense 3.5 0.6 Loss from equity affiliate 2.4 0.2
Other items 0.2 - Net changes in operating working capital (24.1)
(2.1) ----- ---- Cash Provided by Operations 22.9 12.3 ---- ----
Capital spending (4.6) (24.0) Capitalized software costs (1.8)
(2.2) Acquisition of noncontrolling interests - (51.3) Equity
investment in foreign subsidiaries - (1.9) Other investing 0.3
(3.7) --- ---- Cash Used for Investing (6.1) (83.1) ---- ----- Cash
dividends paid to SWM stockholders (4.6) (4.7) Changes in debt
(17.2) 82.1 Purchases of treasury stock (0.8) (1.2) Other financing
(0.1) 0.1 ---- --- Cash Provided (Used) by Financing (22.7) 76.3
----- ---- Effect of Exchange Rate Changes on Cash 0.3 (0.1) ---
---- Increase (Decrease) in Cash and Cash Equivalents $(5.6) $5.4
===== ==== SCHWEITZER-MAUDUIT INTERNATIONAL, INC. BUSINESS SEGMENT
REPORTING (U.S. $ IN MILLIONS) The Company is operated and managed
based on the geographical location of its manufacturing operations:
the United States, France and Brazil. For purposes of the segment
disclosure in the following tables, the term "United States"
includes operations in the United States and Canada. The Canadian
operations only produce flax fiber used as a raw material in the
U.S. operations. The term "France" includes operations in France,
the Philippines and Indonesia because the results of the Philippine
and Indonesian operations are not material for segment reporting
purposes and their sales are integrated with sales of the Company's
French operations in southeast Asia. Sales of products between
segments are made at market prices and elimination of these sales
are referred to in the following tables as intersegment sales.
Expense amounts not associated with segments are referred to as
unallocated expenses. Net Sales --------- For the three months
ended June 30, For the six months ended June 30,
---------------------------------- --------------------------------
2009 2008 % Change 2009 2008 % Change ---- ---- -------- ---- ----
-------- France $111.9 $129.2 (13.4)% $223.5 $250.0 (10.6)% United
States 63.9 57.7 10.7 129.8 113.2 14.7 Brazil 19.0 20.3 (6.4) 37.1
38.2 (2.9) ---- ---- ---- ---- Subtotal 194.8 207.2 (6.0) 390.4
401.4 (2.7) Intersegment sales by: France (5.5) (0.7) (8.9) (1.3)
United States - (1.6) (1.2) (2.3) Brazil (6.0) (2.9) (12.9) (6.0)
---- ---- ----- ---- Consoli- dated $183.3 $202.0 (9.3)% $367.4
$391.8 (6.2)% ====== ====== ====== ====== Operating Profit (Loss)
----------------------- For the three months ended June 30, For the
six months ended June 30, ----------------------------------
-------------------------------- Return on Return on Net Sales Net
Sales --------- --------- 2009 2008 2009 2008 2009 2008 2009 2008
---- ---- ---- ---- ---- ---- ---- ---- France $1.2 $6.5 1.1% 5.0%
$14.2 $5.6 6.4% 2.2% United States 12.5 3.9 19.6 6.8 25.5 9.3 19.6
8.2 Brazil 2.8 (4.4) 14.7 (21.7) 5.4 (6.1) 14.6 (16.0) Unallocated
expenses (4.5) (1.2) (10.3) (4.0) ---- ---- ----- ---- Consoli-
dated $12.0 $4.8 6.5% 2.4% $34.8 $4.8 9.5% 1.2% ===== ==== =====
==== Restructuring & Impairment Expense
---------------------------------- For the three months ended June
30, For the six months ended June 30,
---------------------------------- --------------------------------
2009 2008 % Change 2009 2008 % Change ---- ---- -------- ---- ----
-------- France $13.2 $1.0 N.M.% $13.5 $2.6 N.M.% United States 0.1
0.8 (87.5) 0.1 1.2 (91.7) Brazil - 1.9 N.M. - 1.9 N.M. --- --- ---
--- Consoli- dated $13.3 $3.7 N.M.% $13.6 $5.7 N.M.% ===== ====
===== ==== Operating Profit (Loss) Excluding Restructuring &
Impairment Expense*
---------------------------------------------------------------------
For the three months ended June 30, For the six months ended June
30, ----------------------------------
-------------------------------- Return on Return on Net Sales Net
Sales --------- --------- 2009 2008 2009 2008 2009 2008 2009 2008
---- ---- ---- ---- ---- ---- ---- ---- France $14.4 $7.5 12.9%
5.8% $27.7 $8.2 12.4% 3.3% United States 12.6 4.7 19.7 8.1 25.6
10.5 19.7 9.3 Brazil 2.8 (2.5) 14.7 (12.3) 5.4 (4.2) 14.6 (11.0)
Unallocated expenses (4.5) (1.2) (10.3) (4.0) ---- ---- ----- ----
Consoli- Dated $25.3 $8.5 13.8% 4.2% $48.4 $10.5 13.2% 2.7% =====
==== ===== ===== * Operating Profit (Loss) Excluding Restructuring
& Impairment Expense is a non-GAAP financial measure that is
calculated by adding Restructuring and Impairment Expense to
Operating Profit (Loss). N.M. - Not Meaningful SCHWEITZER-MAUDUIT
INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(U.S. $ IN MILLIONS, EXCEPT PER SHARE AMOUNTS) Three months ended
June 30, Six months ended June 30, ---------------------------
------------------------- 2009 2008 2009 2008 ---- ---- ---- ----
Net income per share $0.45 $0.13 $1.32 $0.05 Plus: Restructuring
& impairment expense per share 0.57 0.15 0.58 0.24 ---- ----
---- ---- Adjusted Net Income Per Share $1.02 $0.28 $1.90 $0.29
===== ===== ===== ===== Net income $7.1 $2.0 $20.4 $0.8 Plus:
Interest expense 1.3 2.8 3.1 5.2 Plus: Tax provision (benefit) 1.9
- 8.5 (2.6) Plus: Depreciation & amortization 11.4 12.1 21.9
23.8 Less: Amortization of deferred revenue (1.6) (1.4) (3.4) (3.1)
---- ---- ---- ---- EBITDA $20.1 $15.5 $50.5 $24.1 Plus:
Restructuring & impairment expense 13.3 3.7 13.6 5.7 ---- ---
---- --- Adjusted EBITDA $33.4 $19.2 $64.1 $29.8 ===== ===== =====
===== Cash provided by operations $11.1 $20.3 $22.9 $12.3 Less:
Capital spending (2.0) (5.4) (4.6) (24.0) Less: Capitalized
software costs (0.7) (1.5) (1.8) (2.2) Less: Cash dividends paid
(2.3) (2.4) (4.6) (4.7) ---- ---- ---- ---- Free Cash Flow $6.1
$11.0 $11.9 $(18.6) ==== ===== ===== ====== June 30, 2009 December
31, 2008 ------------- ----------------- Total Debt $163.0 $179.8
Less: Cash 6.3 11.9 --- ---- Net Debt $156.7 $167.9 ====== ======
CONTACT: Bill Foust +1-770-569-4203 or Pete Thompson
+1-770-569-4277 both of Schweitzer-Mauduit International, Inc. Web
Site: http://www.schweitzer-mauduit.com/ DATASOURCE:
Schweitzer-Mauduit International, Inc. CONTACT: Bill Foust,
+1-770-569-4203, or Pete Thompson, +1-770-569-4277, both of
Schweitzer-Mauduit International, Inc. Web Site:
http://www.schweitzer-mauduit.com/
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