The adoption date of FASB Staff Position APB14-1 was January 1 2009
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The adoption date of FASB Staff Position APB14-1 was January 1, 2009.The adoption of FASB Staff Position APB14-1also required a retroactive restatement of Cogent's 2007 and 2008operating results.Conference Call and Website InformationCogent will host a conference call with financial analysts at 8:30 a.m. Core-Mark servicestraditional convenience retailers, grocers, drug, liquor and specialtystores, and other stores that carry consumer packaged goods. For moreinformation, please visit .SEC Regulation G - Non-GAAP InformationThis press release includes non-GAAP diluted earnings per share. Webelieve this non-GAAP financial measure provides meaningful supplementalinformation for investors regarding the performance of our business andfacilitates a meaningful evaluation of our diluted earnings per share forthe first quarter of 2009 on a comparable basis with the same periods in2008. Our management uses this non-GAAP financial measure in order to havecomparable financial results to analyze changes in our underlyingbusiness.
This non-GAAP measure should be considered as a supplement to,and not as a substitute for, or superior to, financial measurescalculated in accordance with GAAP.Safe HarborExcept for historical information, the statements made in this pressrelease are forward-looking statements made pursuant to the safe-harborprovisions of the Private Securities Litigation Reform Act of 1995.Forward-looking statements are based on certain assumptions or estimates,discuss future expectations, describe future plans and strategies, containprojections of results of operations or of financial condition or stateother forward-looking information. Our ability to predict results or theactual effect of future plans or strategies is inherently uncertain.Although we believe that the expectations reflected in suchforward-looking statements are based on reasonable assumptions, actualresults and performance could differ materially from those set forth inthe forward-looking statements. Forward-looking statements in some casescan be identified by the use of words such as "may," "will," "should,""potential," "intend," "expect," "seek," "anticipate," "estimate,""believe," "could," "would," "project," "predict," "continue," "plan,""propose" or other similar words or expressions. See the "Risk Factors" sectionincluded in our Form 10-K, our most recent Form 10-Q and all otherinformation discussed in our filings with the Securities and ExchangeCommission for a discussion of risks and uncertainties that may affectour business. Except as provided by law, we undertake no obligation topublicly update or revise any forward-looking statements, whether as aresult of new information, future events or otherwise CORE-MARK HOLDING COMPANY, INC. Included in the provision for IncomeTaxes for the three months ended March 31, 2008 was $.2 million of aftertax interest expense related to our uncertain tax positions.(4) Non-GAAP Diluted EPSThe diluted earnings per share impacts of the above items were calculatedusing a tax rate of approximately 39.30% for 2009 and 39.32% for 2008,except for the tax items(3) which are based on their applicable tax rate.(a) Amounts and percentages have been rounded for presentation purposes andmight differ from unrounded results.Contact:Ms.
Milton Gray DraperDirector of Investor Relations650-589-9445 x Copyright 2009, Market Wire, All rights reserved.-0-. ALPHARETTA, Ga., May 8 /PRNewswire-FirstCall/ -- Neenah Paper (NYSE: NP) todayannounced plans to permanently close its fine paper mill located in Ripon,California. Operations at the mill, which has one paper machine with an annualcapacity of approximately 35,000 tons, will be phased out in an orderly mannerover the next two months. Production previously made at Ripon will be absorbedby the company's other premium fine paper mills."This decision is consistent with our strategy to drive consolidation in thepremium fine paper category through leading brands and a cost efficientmanufacturing platform. Closing the Ripon mill allows us to significantlyreduce costs and simplify our supply chain without compromising our ability toserve our customers," said John O'Donnell, President - Fine Paper. "Theemployees at Ripon have done an outstanding job this year, working safely andefficiently despite reduced schedules that have resulted from lower marketdemand. We will now focus on assisting these employees through this difficulttransition as well as marketing the site to potential buyers." The closure is expected to result in a pre-tax charge to earnings ofapproximately $17 million in the second quarter comprised of $6 million innon-cash charges, primarily for the write-down of production assets at theRipon facility, and $11 million related to cash payments for contractterminations, severances and other employee costs.
Approximately $7 millionwould be paid in 2009, with remaining payments in 2010 and beyond. In addition to future proceeds from selling the Ripon site, expected benefitsinclude annual cash savings of over $7 million as a result of reductions infixed costs and improved distribution and manufacturing efficiencies About Neenah Paper, Inc. Neenah Paper is a leading global manufacturer of premium, performance-basedpapers and specialty products used in a variety of applications includingfiltration, printing and writing, and as backing and component materials formany specialized industrial and consumer applications. Products are marketedunder well-known brands such as CLASSIC(R), ENVIRONMENT(R), STARWHITE(R),Gessner(R), JET-PRO(R) SofStretch(TM) and varitess(R). Based in Alpharetta,Georgia, the company has paper manufacturing operations in the United Statesand Germany and owns approximately 500,000 acres of timberlands in NovaScotia, Canada. Additional information about Neenah Paper can be found at thecompany's web site, Cautionary Note Regarding Forward-Looking StatementsCertain statements in this press release may constitute "forward-looking"statements as defined in Section 27A of the Securities Act of 1933 (the"Securities Act"), Section 21E of the Securities Exchange Act of 1934 (the"Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the"PSLRA"), or in releases made by the Securities and Exchange Commission, allas may be amended from time to time.
Statements contained in this pressrelease that are not historical facts may be forward-looking statements withinthe meaning of the PSLRA. Any such forward-looking statements reflect ourbeliefs and assumptions and are based on information currently available to usand are subject to risks and uncertainties that could cause actual results todiffer materially including, but not limited to: (i) worldwide economicconditions, which have deteriorated significantly in the U.S., Germany andmany other countries and regions, (ii) significant capital and credit marketvolatility and deterioration, (iii) U.S. dollar/Euro and other exchange rates,(iv) changes in prices for pulp, energy, latex and other raw materials, (v)the cost or availability of raw materials, (vi) unanticipated expendituresrelated to the cost of compliance with environmental and other governmentalregulations and (vii) the ability of the company to realize anticipated costsavings. These and other factors that could cause or contribute to actualresults differing materially from any forward-looking statements are discussedin more detail in our other filings with the Securities and ExchangeCommission.Forward-looking statements are only predictions and involve knownand unknown risks, uncertainties and other factors that may cause our actualresults, performance or achievements, or industry results, to be materiallydifferent from any future results, performance or achievements expressed orimplied by such forward-looking statements.

