The Navigator Company increases tissue prices by 8 to 10%

On September 19, 2017, the Receiver of Appleton Coated LLC conducted a going concern auction of the Company’s assets. The auction was the culmination of a comprehensive marketing effort to find a buyer. As part of the sale and marketing process, the Receiver requested that all potential buyers agree to hire substantially all of Appleton Coated’s employees as part of any purchase agreement. Unfortunately, none of the qualified bidders that attended the auction were in a position to agree to that request. The Receiver will ask the Court overseeing the receivership proceeding to approve the highest and best offer he received for the Company’s assets on Friday, September 22, 2017 in Outagamie County Circuit Court. Due to the auction results, the Receiver must immediately wind down the Company’s business operations beginning Wednesday September 20th and lay off substantially all of the employees of Appleton Coated. A limited number of employees will remain to ensure that the Company’s assets are properly maintained for the new owner until the proposed closing of the sale on September 29, 2017. Orders for stock product will continue to be accepted. Manufacturing orders that have been produced but not yet shipped, will be shipped. Manufacturing orders that have been accepted, but not yet produced, will be reviewed with new ownership to determine whether they will be produced and shipped. New manufacturing orders will not be accepted at this time.

Sustainable Development Technology Canada (SDTC) has awarded Red Leaf Pulp Ltd. $3.8 Million to commercialize an innovative and game-changing pulping technology using wheat straw and other sustainable agricultural resources along with wood-based pulp in traditional applications. With its technology, Red Leaf will enhance utilization of existing agricultural resources, support the agriculture industry, and lower the carbon intensity associated with producing paper and packaging materials. As demand for paper products rises due to the shift away from plastic and polystyrene use, Red Leaf’s technology offers a sustainable alternative to responding to this demand by using a fibre source that does not contribute to deforestation. This funding will also assist in co-product commercialization efforts that will potentially allow Red Leaf’s facility to become planet positive.

Fourth Quarter Highlights *Consolidated revenues of $206.9 million were 8 percent higher than the third quarter, but down 3 percent compared to the prior year. The sequential quarterly increase was due to a continued recovery in both segments with a pronounced rebound in Technical Products. *Technical Products revenues of $137.1 million were up 11 percent from the prior year, with record fourth quarter adjusted operating income of $18.0 million driven by record sales in the filtration business. *Consolidated operating income of $14.9 million compared with $22.1 million in the prior year. *Available liquidity of $176 million remained strong, with cash generated from operations of $13.0 million. *Quarterly cash dividends of $0.47 per share increased 4 percent compared to $0.45 per share in the prior year. Full Year Highlights *Revenues of $792.6 million decreased 16 percent compared to 2019, as a result of lower volumes due to the COVID-19 pandemic. *A loss per diluted common share in 2020 of ($0.96) compared to earnings of $3.26 per share in 2019. *In April, the Company published its annual Corporate Sustainability Report, highlighting initiatives and progress in addressing Environmental, Social and Governance matters. *In July, the Company successfully refinanced its Senior Notes and entered into a $200 million Term B Loan due in 2027. *The Company maintained strong liquidity throughout 2020 with careful management of working capital and spending, and ended the year with cash and equivalents of $37 million and no borrowings against its $175 million revolving credit facility.