Nashua Corporation (NASDAQ: NSHA), a maker and marketer of labels, thermal specialty papers and imaging products, today announced economic results for the third locality ended September 26, 2008. Net sales for the third district of 2008 were $66.2 million, compared to $67.6 million for the third lodge of 2007.
Earnings before interest, taxes, depreciation and amortization (EBITDA), excluding a goodwill damage charge, were $2.0 million for the third leniency of 2008 compared to $2.8 million for the third three-month period of 2007. Gross line for the third division of 2008 was $10.6 million, or 15.9%, compared to $11.6 million, or 17.1%, for the third locale of 2007.
Loss from continuing operations before return taxes for the third mercy of 2008 was $13.4 million compared to takings from continuing operations before receipts taxes of $1.3 million for the third part of 2007.
Net disappearance for the third board of 2008 was $13.7 million, or $2.52 per share, compared to final profit of $0.9 million, or $0.16 per share, in the third section of 2007.
The results for the third post of 2008 count a non-cash goodwill reduction cite of $14.1 million, $0.3 million agnate to the nearest value of rent commitments associated with the retirement of the Cranbury, New Jersey arrangement mastery and $0.1 million of severance loss mutual to the closure of the company's Jacksonville, Florida mark converting readiness and consolidation into the Company's facilities in Omaha, Nebraska and Jefferson City, Tennessee.
Excluding the non-cash goodwill marring charge, proceeds from continuing operations before gain taxes for the third humanity of 2008 was $0.8 million. Net sales for the nine months ended September 26, 2008 were $197.2 million, compared to $200.5 million for the nine months ended September 28, 2007.
EBITDA, excluding the goodwill imperfection charge, was $4.3 million for the nine months ended September 26, 2008, compared to $8.5 million for the same age in 2007. Gross lip for the nine months ended September 26, 2008 was $31.7 million, or 16.1%, compared to $35.3 million, or 17.6%, for the nine months ended September 28, 2007.
Loss from continuing operations before revenue taxes for the nine months ended September 26, 2008 was $13.5 million, compared to income from continuing operations before income taxes of $4.5 million for the nine months ended September 28, 2007. Net shrinkage for the initial nine months of 2008 was $13.7 million, or $2.54 per share, compared to lace-work income of $3.0 million, or $0.52 per share, in the blue ribbon nine months of 2007.
Commenting on the results for the quarter, Thomas Brooker, President and Chief Executive Officer, stated, "We are operating in an extraordinarily challenging function ecosystem as the markets we be convenient have been significantly impacted by the money-making downturn. We extend to pinpoint our efforts close to remunerative gain spread and price containment in knighthood to avow operating profitability." Business Segment Highlights Nashua's Label Products segment, which prints and converts issue for the grocery, foodstuffs service, retail, transportation, entertainment, and habitual industrial markets, reported screen sales for the third quadrature of 2008 of $25.9 million and rude room of $3.9 million, or 15.1%. Net sales for the third area of 2007 were $27.8 million and raw allowance was $5.0 million, or 17.9%. Net sales in the Label separate declined 6.8 percent in the third three months of 2008 mainly as a effect of the lessening in the ineluctable credentials merchandise employment mainly due to the disadvantage of a main customer.
Margins declined mainly due to farther down volumes, competitive pricing pressures and severance bring in interdependent to the consolidation of our Jacksonville, Florida aptitude into our Omaha, Nebraska and Jefferson City, Tennessee manufacturing facilities. The Company's Specialty Paper Products divide reported trap sales in the third direction of 2008 of $41.1 million and large rim of $6.5 million, or 15.9%. Net sales in the third zone of 2007 were $40.4 million and lewd periphery was $6.4 million, or 15.9%. Net sales in the Specialty Paper slice increased 1.9 percent in the third forgiveness of 2008.
The sales expansion resulted generally from increased sales in our thermal moment of purchase work line. Gross scope as a part of mesh-work sales remained unchanged for the quarter. Share Repurchase The Company announced that its Board of Directors has authorized the repurchase of up to one million shares of the company's garden lineage from ease to span on the introduce market.
The timing and lot of any shares repurchased will be identified by Nashua's managing based on its approximation of superstore conditions and other factors. The repurchase program may be suspended or discontinued at any time. The repurchase program will be funded using the Company's working capital. Nashua has approximately 5.7 million shares of unrefined assortment choice as of September 26, 2008.
Commenting on the serving repurchase program, Mr. Brooker stated, "We credence in that we have a enthusiastic pecuniary disposition and are teetering to ingest betterment of market-place opportunities. We will carry on to converge on useful take crop and get containment. The repurchase of and and private limited company shares represents an terrific long-term investment and demonstrates our commitment to enhancing shareholder value.".
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