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Document Preview Chesapeake Reports Fourth Quarter Net Income of $0.75 per Share and Full-Year 2002 Net Income of $1.44 per Share |
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Title: |
Chesapeake Reports Fourth Quarter Net Income of $0.75 per Share and Full-Year 2002 Net Income of $1.44 per Share |
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Date: |
2003 |
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Preview shows 2KB of 16KB total |
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$38 |
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#203962 |
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January 28, 2003
CHESAPEAKE REPORTS FOURTH QUARTER NET INCOME OF $0.75 PER SHARE AND FULL-YEAR 2002 NET INCOME OF $1.44 PER SHARE
RICHMOND, Va. - Chesapeake Corporation (NYSE:CSK) today announced fourth quarter and full-year results for 2002. Net sales in 2002 of $240.3 million for the fourth quarter and $822.2 million for the full year increased 19 percent and 4 percent, respectively, over the comparable periods in 2001. Net income for the fourth quarter of 2002 was $11.4 million, or $0.75 per share, compared to $9.7 million, or $0.63 per share, for the fourth quarter of 2001. Net income for the full-year 2002 was $21.9 million, or $1.44 per share, compared to $123.5 million, or $8.12 per share, for the full-year 2001.
To enhance comparability of the company's financial results, the table below reconciles net income to income from continuing operations before amortization and restructuring charges. The table shows the effect of eliminating the gains on the sales of discontinued operations and restructuring charges. Additionally, because the company adopted new goodwill accounting rules beginning with fiscal 2002, the table shows the effect of excluding goodwill amortization in 2001. All adjustments are presented on an after-tax basis. The company believes that these financial measures provide additional information useful in analyzing its results.
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