Novel Products, Steady Growth

If 'challenge' is the descriptor for 2011, 'caution' takes its place for 2012. "We remain cautious entering 2012 as global economic trends remain uncertain," observes DeLoach. "The first quarter is historically our weakest quarter due to slow seasonal demand. We do not expect any further decline in industrial-related volumes from the fourth quarter and believe capacity utilization at our paper mills will improve during the quarter. For 2012, we are adjusting our forecast to reflect changing business conditions, a negative shift in expected foreign currency exchange rates, and a higher than previously expected effective tax rate."