Boise Inc.s net income was $52.2 million for the year ended 2012, down 30 percent from the previous year.
Quarterly earnings were $13.5 million, down 17 percent from the same quarter in 2011. The company, which manufactures paper and packaging products, faced some price declines as supply outpaced demand. It also got little immediate benefit from a $50 per ton price increase for some of its products that went into effect in the fourth quarter.
Declining prices factored heavily into our decision to cease paper production at our mill in St. Helens, Ore., said Alexander Toeldte, president and CEO. Boise Inc. announced the plant closure, which cost 100 jobs, last October.
The company also reduced costs and returned two special cash dividends totaling $1.20 per share. "We are pleased with our overall 2012 operating results," Toeldte said.