Caraustar reports $99M loss - Atlanta Business Chronicle:

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The Austell, Ga.-based recycled paperboar and packagingcompany CSAR) had a net loss of $98.7 millio n and a loss per share of $3.44, compared with a net loss of $24.55 million and a loss per sharde of 86 cents in 2007. Annua sales dipped 4 percent to $819.78 million. The results for 2008 includwe $14.4 million in restructuring andimpairment "Caraustar felt the impact of the global recessionm in the fourth quarter as demand decreased in most of the end use marketsx we serve,” said Michael J. Keough, president and CEO Caraustar, in an earninge statement. “This decrease was particularly hard felt by our busines segments that are driven byindustrial production.
Whilew the fourth quarter is typicallyslow seasonally, we experiencedf softness greater than historic seasonality, which led to manufacturingt inefficiencies and extended downtims at many of our production facilities. Partiall offsetting reduced volume were dramatically lowerfibefr costs, higher selling prices, and lowere selling, general and administrative costs.”