FiberMark, Inc.

Delaware	001-12865	82-0429330
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

161 Wellington Road, P.O. Box 498, Brattleboro, Vermont	05302
(Address of principal executive offices)	(Zip Code)

(Former name or former address, if changed since last report)

Exhibit No.	Description
99.1	Press release dated August 6, 2003

 

 

 

FIBERMARK, INC.
Consolidated Statements of Operations
Six Months Ended June 30, 2003 and 2002
(In thousands, except per share amounts)
Unaudited
			2003			2002
Net sales		$	208,842		$	202,282
Cost of sales			173,888			159,869
Gross profit			34,954			42,413
Selling, general and administrative expenses			23,066			18,795
Income from operations			11,888			23,618
Other expense, net			261			743
Interest expense, net			17,473			17,515
Income (loss) before income taxes			(5,846	)		5,360
Income tax expense			8,073			2,410
Net income (loss)		$	(13,919	)	$	2,950
Basic earnings (loss) per share		$	(1.97	)	$	0.42
Diluted earnings (loss) per share		$	(1.97	)	$	0.42
Average Basic Shares Outstanding			7,066			6,978
Average Diluted Shares Outstanding			7,066			7,021

FIBERMARK, INC.
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
Unaudited
			June 30,			December 31,
ASSETS			2003			2002
Current assets:
Cash		$	14,926		$	35,567
Accounts receivable, net of allowances			56,915			50,386
Inventories			65,942			64,569
Prepaid expenses			1,253			1,591
Total current assets			139,036			152,113
Property, plant and equipment, net			239,067			225,506
Goodwill			99,020			98,460
Other intangible assets, net			10,628			11,478
Other long-term assets			1,477			1,347
Other pension assets			5,011			5,011
Total assets		$	494,239		$	493,915
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt		$	4,481		$	3,188
Accounts payable			23,430			27,344
Accrued liabilities			24,044			22,461
Accrued income taxes payable			7,118			4,330
Deferred income taxes			589			538
Total current liabilities			59,662			57,861
Long-term liabilities:
Revolving credit line			-			-
Long-term debt, less current portion			342,443			341,073
Deferred income taxes			16,476			14,952
Other long-term liabilities			45,144			43,800
Total long-term liabilities			404,063			399,825
Total liabilities			463,725			457,686
Stockholders' equity
Preferred stock, par value $.001 per share;
2,000,000 shares authorized, and none issued			-			-
Series A Junior participatory preferred stock, par value $.001;
7,066 shares authorized, and none issued			-			-
Common stock, par value $.001 per share; 20,000,000 shares authorized
7,070,026 and 7,066,226 shares issued and outstanding in 2003 and
6,911,058 and 6,907,258 shares issued and outstanding in 2002			7			7
Additional paid-in capital			65,496			65,496
Accumulated deficit			(43,850	)		(29,931	)
Accumulated other comprehensive income			8,896			692
Less treasury stock, 3,800 shares at cost in 2003 and 2002			(35	)		(35	)
Total stockholders' equity			30,514			36,229
Total liabilities and stockholders' equity		$	494,239		$	493,915