8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 5, 2015

P. H. Glatfelter Company

(Exact name of registrant as specified in its charter)

Pennsylvania	001-03560	23-0628360
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

96 S. George Street, Suite 520, York, Pennsylvania	17401
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (717) 225-4711

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On February 5, 2015, the Company reported its results of operations for the three months and year ended December 31, 2014. A copy of the press release issued by the Company is furnished herewith as Exhibit 99.1. The Company also held a teleconference call that same day, during which management discussed the Company’s financial performance for the fourth quarter of 2014 and other matters relating to its business. A copy of the teleconference transcript is furnished herewith as Exhibit 99.2.

The information furnished in this Current Report on Form 8-K and Exhibits 99.1 and 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	A copy of the press release dated February 5, 2015, to report results of operations for the three months and year ended December 31, 2014
99.2	A copy of the transcript from the Company’s teleconference held on February 5, 2015, to discuss its fourth quarter 2014 results of operations

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

P. H. Glatfelter Company
By:	/s/ David C. Elder
	Name:	David C. Elder
	Title:	Vice President, Finance

Date: February 6, 2015

Exhibit Index

Exhibit Number	Description
99.1	A copy of the press release dated February 5, 2015, to report results of operations for the three months and year ended December 31, 2014
99.2	A copy of the transcript from the Company’s teleconference held on February 5, 2015, to discuss its fourth quarter 2014 results of operations

EX-99.1

Exhibit 99.1

  Corporate Headquarters 96 South George Street York, Pennsylvania 17401 U.S.A. www.glatfelter.com

For Immediate Release	Contacts:
	Investors:	Media:
	John P. Jacunski	William T. Yanavitch
	(717) 225-2794	(717) 225-2747

GLATFELTER REPORTS FULL YEAR AND FOURTH QUARTER EARNINGS

YORK, Pennsylvania – February 5, 2015 – Glatfelter (NYSE: GLT) today reported 2014 full year adjusted earnings per diluted share of $1.55 (GAAP $1.57) compared with $1.40 per diluted share in 2013 (GAAP $1.52). For the 2014 fourth quarter Glatfelter reported adjusted earnings of $19.7 million, or $0.45 per diluted share, compared with $15.0 million, or $0.34 per diluted share, in the 2013 fourth quarter. On a GAAP basis, fourth quarter 2014 net income totaled $19.6 million, or $0.45 per diluted share, compared with $16.5 million, or $0.37 per diluted share, in the fourth quarter of 2013. Consolidated net sales totaled $436.3 million in the fourth quarter of 2014 compared with $434.8 million in the fourth quarter of 2013.

“Our fourth-quarter adjusted earnings were 32 percent higher than the same period a year ago, but fell short of our expectations,” said Dante C. Parrini, chairman and chief executive officer. “In Composite Fibers, near-term macro-level challenges, including the fluid economic and political situation in Russia and Ukraine, weak economic growth in Europe as well as increased competitive pressures, impacted results for the business. Specialty Papers reported improved performance over the same period a year ago, although its results were weaker than anticipated mainly due to production and medical costs being higher than expected. Advanced Airlaid Materials delivered another solid quarter, and we continue to evaluate capacity expansion opportunities for this business.”

Mr. Parrini continued, “Looking ahead in 2015, we expect to see strong performance and growth opportunities in Advanced Airlaid Materials. However, Composite Fibers, in particular the wallcovering business, is likely to continue to face economic headwinds in Europe and Russia, where weaker currencies and political uncertainty are impacting our business. We expect Specialty Papers to again outperform the uncoated free-sheet market and we continue to focus our efforts to improve the reliability and efficiency of our pulp and paper operations.

“We remain confident in our long-term business strategy and opportunities in targeted growth markets. We are focused on solid execution in key areas such as operational excellence, continuous improvement, innovation and customer service – all of which will help advance our strategic objectives. With the near term headwinds the business is facing, we are also committed to significantly reducing costs throughout our organization by accelerating our continuous improvement initiatives and implementing a number of cost cutting measures including broad based workforce reductions of approximately 3 percent to 5 percent of our global workforce. These continuous improvement and cost reduction efforts are expected to improve operating profit by $25 million to $30 million in 2015,” Mr. Parrini concluded.

- more -

Glatfelter Reports 2014 Full-Year and Fourth-Quarter Results page 2

The following table sets forth a reconciliation of net income on a GAAP basis to adjusted earnings, a non-GAAP measure:

	Three months ended December 31
	2014						2013
In thousands, except per share	After tax amounts			Diluted EPS			After tax amounts			Diluted EPS
Net income	$	19,557		$	0.45		$	16,478		$	0.37
Timberland sales and related costs		(612	)		(0.01	)		(1,301	)		(0.03	)
Acquisition and integration related costs		487			0.01			194			—
Workforce efficiency charges		373			0.01			—			—
International legal entity restructuring		—			—			60			—
Alternative fuel mixture/Cellulosic biofuel credits		(81	)		—			(450	)		(0.01	)
Adjusted earnings	$	19,724		$	0.45		$	14,981		$	0.34

The sum of individual per share amounts set forth above may not agree to adjusted earnings per share due to rounding.

Fourth-Quarter Business Unit Results

Composite Fibers

	Three months ended December 31
Dollars in thousands	2014			2013			Change
Tons shipped		37,849			35,654			2,195		6.2	%
Net sales	$	147,763		$	150,503		$	(2,740	)	(1.8	)%
Operating income		13,578			15,492			(1,914	)	(12.4	)%
Operating margin		9.2	%		10.3	%

Net sales for this business unit declined $2.7 million, or 1.8 percent, as the benefits of higher shipping volumes primarily from the Spezialpapierfabrik Oberschmitten (SPO) acquisition were more than offset by $8.9 million of unfavorable currency translation and $3.6 million from lower selling prices.

Composite Fibers’ fourth-quarter 2014 operating income decreased $1.9 million to $13.6 million compared to the year-ago period. The decline primarily reflects the impact of lower selling prices and a $2.9 million impact from machine downtime to reduce inventory levels. This was partially offset by $1.7 million of credits for energy efficiency improvements and by lower maintenance spending.

- more -

Glatfelter Reports 2014 Full-Year and Fourth-Quarter Results page 3

Advanced Airlaid Materials

	Three months ended December 31
Dollars in thousands	2014			2013			Change
Tons shipped		23,642			23,650			(8	)	0.0	%
Net sales	$	65,483		$	66,240		$	(757	)	(1.1	)%
Operating income		5,772			7,767			(1,995	)	(25.7	)%
Operating margin		8.8	%		11.7	%

On a year-over-year basis, Advanced Airlaid Materials’ net sales decreased $0.8 million largely due to unfavorable foreign currency translation which more than offset the impact of higher selling prices.

Fourth-quarter 2014 operating income declined $2.0 million compared to the same quarter a year. This was primarily due to recognizing a full year of energy related rebates in the fourth quarter of 2013 resulting in a $1.4 million reduction in operating profit in the comparison. In addition, the business incurred $0.5 million of costs in the fourth quarter of 2014 associated with temporarily taking a line down to complete a project to increase production capacity.

Specialty Papers

	Three months ended December 31
Dollars in thousands	2014			2013			Change
Tons shipped		201,552			198,594			2,958	1.5	%
Net sales	$	223,014		$	218,067		$	4,947	2.3	%
Energy and related sales, net		1,015			432			583	135.0	%
Operating income		15,618			7,259			8,359	115.2	%
Operating margin		7.0	%		3.3	%

On a year-over-year basis, Specialty Papers’ net sales increased $4.9 million, or 2.3 percent due to a $5.7 million benefit from higher average selling prices together with higher shipping volumes. Shipping volumes were up 1.5 percent in the quarter, again outperforming the broader uncoated free-sheet market which was down 9.1 percent compared to the fourth quarter of 2013.

Operating income increased $8.4 million, and was more than double the year ago quarter. The improvement was primarily due to the impact of higher selling prices and $4.7 million from improved pulp mill operations in the year over year comparison.

Other Financial Information

Pension expense totaled $1.6 million and $3.6 million for the fourth quarters of 2014 and 2013, respectively. The decline reflects the benefit of higher discount rates and the amortization of deferred actuarial gains related to higher returns on assets in 2013. For 2015, the Company expects full year pension expense to increase to approximately $11.5 million largely due to lower discount rates and a change in mortality assumptions. Because the Company’s qualified plan remains overfunded, a cash contribution was not required to be made in 2014 nor is a contribution expected in the foreseeable future.

The Company completed the sale of 723 acres of timberlands during the fourth quarter of 2014 for $1.1 million and realized an after-tax gain of $0.6 million.

- more -

Glatfelter Reports 2014 Full-Year and Fourth-Quarter Results page 4

2014 Full Year Results

Net income for 2014 totaled $69.2 million, or $1.57 per diluted share, compared with $67.2 million, or $1.52 per diluted share, in the same period of 2013. Adjusted earnings totaled $68.5 million, or $1.55 per diluted share, compared with $61.8 million, or $1.40 per diluted share, in 2013. The following table sets forth a reconciliation of results determined on a GAAP basis to adjusted earnings, a non-GAAP measure:

	Year ended December 31
	2014						2013
In thousands, except per share	After tax amounts			Diluted EPS			After tax amounts			Diluted EPS
Net income	$	69,246		$	1.57		$	67,158		$	1.52
Acquisition and integration related costs		603			0.01			6,079			0.14
Workforce efficiency charges		373			—			—			—
Asset impairment charge		2,356			0.05			—			—
International legal entity restructuring		—			—			630			0.01
Timberland sales and related costs		(2,995	)		(0.07	)		(1,725	)		(0.04	)
Alternative fuel mixture/Cellulosic biofuel credits		(1,115	)		(0.03	)		(10,316	)		(0.23	)
Adjusted earnings	$	68,468		$	1.55		$	61,826		$	1.40

The sum of individual per share amounts set forth above may not agree to adjusted earnings per share due to rounding.

Consolidated net sales for year ended December 31, 2014 were $1,802.4 million, a 4.6 percent increase compared with $1,722.6 million for 2013.

Balance Sheet and Other Information

Cash and cash equivalents totaled $99.8 million as of December 31, 2014, and net debt was $304.8 million compared with $319.4 million at the end of 2013. (Refer to the calculation of this measure provided in the tables at the end of this release.)

Capital expenditures totaled $66.0 million in 2014 compared with $103.0 million in 2013 which included $33.6 million for Composite Fibers’ capacity expansion project. For 2015, total capital expenditures are estimated at $120 million to $130 million, including approximately $40 million related to Specialty Papers’ environmental compliance projects.

Adjusted free cash flow for the fourth quarter of 2014 was $61.0 million compared with $62.6 million in the same quarter of 2013. For the full year of 2014, adjusted free cash flow declined to $38.2 million compared with $94.3 million in 2013 due to an increase in working capital and cash paid for income taxes. (Refer to the calculation of these measures provided in this release.)

During 2014, the Company repurchased 464,190 shares of common stock for $12.2 million under its share repurchase program. On May 1, 2014, the Company announced that its Board of Directors approved a $25 million increase to the share repurchase program and extended the expiration date to May 1, 2016. Under the revised program, the Company may repurchase up to $50 million of its outstanding common stock, of which $16.6 million had been utilized through December 31, 2014.

- more -

Glatfelter Reports 2014 Full-Year and Fourth-Quarter Results page 5

Outlook

In the first quarter of 2015, Composite Fibers’ shipping volumes are expected to be approximately 5 percent higher than the fourth quarter of 2014 primarily due to seasonality. Selling prices and raw material and energy prices are expected to be in-line with the fourth quarter. The impact of lower downtime in the first quarter is expected to be largely offset by lower energy efficiency credits realized in the first quarter of 2015 than in the fourth quarter of 2014.

Shipping volumes for Advanced Airlaid Materials in the first quarter of 2015 are expected to increase slightly compared with the fourth quarter. Average raw material prices and selling prices are expected to be in-line with the fourth quarter.

For Specialty Papers, the Company expects shipping volumes in the first quarter of 2015 to be in-line with the fourth quarter. Overall selling prices are expected to be in-line with the fourth quarter of 2014 and input costs are expected to decrease slightly. First quarter operating profit will be negatively impacted by approximately $10 million primarily from a significant boiler outage at its Spring Grove, Pennsylvania facility.

Conference Call

As previously announced, the Company will hold a conference call at 11:00 a.m. (Eastern) today to discuss its fourth-quarter results. The Company’s earnings release and an accompanying financial supplement, which includes significant financial information to be discussed on the conference call, will be available on Glatfelter’s Investor Relations website at the address indicated below. Information related to the conference call is as follows:

What:	Glatfelter’s 4th Quarter 2014 Earnings Release Conference Call
When:	Thursday, February 5, 2015, 11:00 a.m. (ET)
Number:	US dial 888.335.5539
	International dial 973.582.2857
Conference ID:	63220722
Webcast:	http://www.glatfelter.com/about_us/investor_relations/default.aspx
Rebroadcast Dates:	February 5, 2015 through February 19, 2015
Rebroadcast Number:	Within US dial 855.859.2056
	International dial 404.537.3406
Conference ID:	63220722

Interested persons who wish to hear the live webcast should go to the website prior to the starting time to register, download and install any necessary audio software.

- more -

Glatfelter Reports 2014 Full-Year and Fourth-Quarter Results page 6

Caution Concerning Forward-Looking Statements

Any statements included in this press release which pertain to future financial and business matters are “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. The Company uses words such as “anticipates”, “believes”, “expects”, “future”, “intends” and similar expressions to identify forward-looking statements. Any such statements are based on management’s current expectations and are subject to numerous risks, uncertainties and other unpredictable or uncontrollable factors that could cause future results to differ materially from those expressed in the forward-looking statements including, but not limited to: changes in industry, business, market, political and economic conditions in the U.S. and other countries in which the Company does business, ability to successfully integrate Spezialpapierfabrik Oberschmitten Gmbh (SPO) and achieve the expected results of it’s the acquisition, including, without limitation, the acquisition being accretive, demand for or pricing of its products, changes in tax legislation, governmental laws, regulations and policies, initiatives of regulatory authorities, technological changes and innovations, market growth rates, and cost reduction initiatives. In light of these risks, uncertainties and other factors, the forward-looking matters discussed in this press release may not occur and readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date of this press release and Glatfelter undertakes no obligation, and does not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release. More information about these factors is contained in Glatfelter’s filings with the U.S. Securities and Exchange Commission, which are available at www.glatfelter.com.

About Glatfelter

Glatfelter is a global supplier of specialty papers and fiber-based engineered materials, offering innovation, technical expertise, and world-class service. Headquartered in York, PA, U.S. operations include facilities in Spring Grove, PA and Chillicothe and Fremont, OH. International operations include facilities in Canada, Germany, France, the United Kingdom and the Philippines, and sales and distribution offices in Russia and China. Glatfelter’s sales approximate $1.8 billion annually and its common stock is traded on the New York Stock Exchange under the ticker symbol GLT. Additional information may be found at www.glatfelter.com.

- more -

page 7

P. H. Glatfelter Company and subsidiaries

Consolidated Statements of Income

(unaudited)

	Three months ended December 31						Year ended December 31
In thousands, except per share	2014			2013			2014			2013
Net sales	$	436,261		$	434,811		$	1,802,415		$	1,722,615
Energy and related sales, net		1,015			432			7,927			3,153
Total revenues		437,276			435,243			1,810,342			1,725,768
Costs of products sold		379,112			380,837			1,575,188			1,507,108
Gross profit		58,164			54,406			235,154			218,660
Selling, general and administrative expenses		29,484			31,372			133,235			133,867
Gains on dispositions of plant, equipment and timberlands, net		(980	)		(1,352	)		(4,861	)		(1,726	)
Operating income		29,660			24,386			106,780			86,519
Non-operating income (expense)
Interest expense		(4,676	)		(4,821	)		(18,921	)		(17,965	)
Interest income		16			70			159			310
Other, net		(740	)		(51	)		(635	)		337
Total other expense		(5,400	)		(4,802	)		(19,397	)		(17,318	)
Income before income taxes		24,260			19,584			87,383			69,201
Income tax provision		4,703			3,106			18,137			2,043
Net income	$	19,557		$	16,478		$	69,246		$	67,158
Earnings per share
Basic	$	0.45		$	0.38		$	1.60		$	1.56
Diluted		0.45			0.37			1.57			1.52
Cash dividends declared per common share	$	0.11		$	0.10		$	0.44		$	0.40
Weighted average shares outstanding
Basic		43,107			43,278			43,201			43,158
Diluted		43,943			44,423			44,066			44,299

page 8

Business Unit Financial Information

(unaudited)

Three months ended December 31
Dollars in millions	Composite Fibers				Advanced Airlaid Materials				Specialty Papers				Other and Unallocated						Total
	2014		2013		2014		2013		2014		2013		2014			2013			2014			2013
Net sales	$	147.8	$	150.5	$	65.5	$	66.2	$	223.0	$	218.1	$	—		$	—		$	436.3		$	434.8
Energy and related sales, net		—		—		—		—		1.0		0.4		—			—			1.0			0.4
Total revenue		147.8		150.5		65.5		66.2		224		218.5		—			—			437.3			435.2
Costs of products sold		121.3		122.0		57.7		56.0		197.5		199.5		2.6			3.3			379.1			380.8
Gross profit (loss)		26.5		28.5		7.8		10.2		26.5		19.0		(2.6	)		(3.3	)		58.2			54.4
SG&A		12.9		13.0		2.0		2.4		10.9		11.7		3.7			4.2			29.5			31.4
Gains on dispositions of plant, equipment and timberlands, net		—		—		—		—		—		—		(1.0	)		(1.4	)		(1.0	)		(1.4	)
Total operating income (loss)		13.5		15.5		5.8		7.8		15.6		7.3		(5.3	)		(6.1	)		29.7			24.4
Non operating expense		—		—		—		—		—		—		(5.4	)		(4.8	)		(5.4	)		(4.8	)
Income (loss) before income taxes	$	13.5	$	15.5	$	5.8	$	7.8	$	15.6	$	7.3	$	(10.7	)	$	(10.9	)	$	24.3		$	19.6
Supplementary Data
Net tons sold (thousands)		37.8		35.7		23.6		23.7		201.6		198.6		0.1			—			263.0			257.9
Depreciation, depletion and amortization	$	7.0	$	7.1	$	2.2	$	2.3	$	7.2	$	8.1	$	0.6		$	0.5		$	17.0		$	18.0
Capital expenditures		7.2		7.9		3.5		1.8		7.6		5.9		0.7			1.3			19.0			17.0

Year ended December 31
Dollars in millions	Composite Fibers				Advanced Airlaid Materials				Specialty Papers				Other and Unallocated						Total
	2014		2013		2014		2013		2014		2013		2014			2013			2014			2013
Net sales	$	617.9	$	566.4	$	281.7	$	268.4	$	902.9	$	887.9	$	—		$	—		$	1,802.4		$	1,722.6
Energy and related sales, net		—		—		—		—		7.9		3.2		—			—			7.9			3.2
Total revenue		617.9		566.4		281.7		268.4		910.8		891.1		—			—			1,810.3			1,725.8
Costs of products sold		498.0		456.5		247.6		238.0		821.8		799.3		7.8			13.3			1,575.2			1,507.1
Gross profit (loss)		119.9		109.8		34.1		30.4		89.0		91.7		(7.8	)		(13.3	)		235.2			218.7
SG&A		51.6		47.4		8.8		8.9		50.4		52.0		22.4			25.5			133.2			133.9
Gains on dispositions of plant, equipment and timberlands, net		—		—		—		—		—		—		(4.9	)		(1.7	)		(4.9	)		(1.7	)
Total operating income (loss)		68.3		62.4		25.3		21.5		38.6		39.7		(25.3	)		(37.1	)		106.8			86.5
Non operating expense		—		—		—		—		—		—		(19.4	)		(17.3	)		(19.4	)		(17.3	)
Income (loss) before income taxes	$	68.3	$	62.4	$	25.3	$	21.5	$	38.6	$	39.7	$	(44.7	)	$	(54.4	)	$	87.4		$	69.2
Supplementary Data
Net tons sold (thousands)		157.3		133.6		99.7		96.1		802.9		800.2		—			—			1,059.9			1,029.8
Depreciation, depletion and amortization	$	29.7	$	24.8	$	9.1	$	8.9	$	29.9	$	33.2	$	1.9		$	1.3		$	70.6		$	68.2
Capital expenditures		23.9		56.9		7.6		6.7		32.1		33.8		2.4			5.7			66.0			103.0

The sum of individual amounts set forth above may not agree to the consolidated financial statements included herein due to rounding.

page 9

Selected Financial Information

(unaudited)

	Year ended December 31
In thousands	2014			2013
Cash Flow Data
Cash provided (used) by:
Operating activities	$	99,577		$	173,635
Investing activities		(69,589	)		(312,436	)
Financing activities		(50,881	)		163,175
Depreciation, depletion and amortization		70,555			68,196
Capital expenditures		66,046			103,047

	December 31
	2014		2013
Balance Sheet Data
Cash and cash equivalents	$	99,837	$	122,882
Total assets		1,561,504		1,678,410
Total debt		404,612		442,325
Shareholders’ equity		649,109		684,476

page 10

Reconciliation of GAAP Financial Information to Non-GAAP Financial Information

This press release includes a discussion of earnings before the effects of certain specifically identified items, which is referred to as adjusted earnings, a non-GAAP measure. The Company uses non-GAAP adjusted earnings to supplement the understanding of its consolidated financial statements presented in accordance with GAAP. Non-GAAP adjusted earnings is meant to present the financial performance of the Company’s core operations, which consists of the production and sale of specialty papers, composite fibers papers and airlaid non-woven materials. Management and the Company’s Board of Directors use non-GAAP adjusted earnings to evaluate the performance of the Company’s fundamental business in relation to prior periods. The performance of the Company’s operations is evaluated based upon numerous items such as tons sold, average selling prices, gross margins and overhead, among others. Gains on the sale of timberlands, acquisition and integration related costs, and impairment and workforce efficiency charges, among others, are excluded from the Company’s calculation of non-GAAP adjusted earnings because management believes each of these items is unique and not part of the Company’s core business, and will only impact the Company’s financial results for a limited period of time. Gains from timberland sales are distinct from revenues generated from product sales. Unlike items such as cost of raw materials and overhead costs, acquisition and integration related costs, and impairment and workforce efficiency charges, are unique items that do not represent direct costs incurred in the manufacture and sale of the Company’s products.

Unlike net income determined in accordance with GAAP, non-GAAP adjusted earnings does not reflect all charges and gains recorded by the Company for the applicable period and, therefore, does not present a complete picture of the Company’s results of operations for the respective period. However, non-GAAP adjusted earnings provides a measure of how the Company’s core operations are performing, which management believes is useful to investors because it allows comparison of such operations from period to period. Non-GAAP adjusted earnings should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with GAAP.

Calculation of Adjusted Free Cash Flow	Three months ended December 31						Year ended December 31
In thousands	2014			2013			2014			2013
Cash from operations	$	78,197		$	77,942		$	99,577		$	173,635
Less: Capital expenditures		(19,010	)		(16,958	)		(66,046	)		(103,047	)
Add back: BART/MACT environmental compliance		3,224			—			6,131			—
Add back: Composite Fibers capacity expansion		—			2,091			—			33,609
Exclude: Cellulosic biofuel/Alternative fuel mixture credits		(1,425	)		(442	)		(1,425	)		(9,848	)
Adjusted free cash flow	$	60,986		$	62,633		$	38,237		$	94,349

Net Debt	December 31
In thousands	2014			2013
Current portion of long-term debt	$	5,734		$	—
Long term debt		398,878			442,325
Total		404,612			442,325
Less: Cash		(99,837	)		(122,882	)
Net Debt	$	304,775		$	319,443

EX-99.2

Exhibit 99.2

Teleconference Transcript

February 5, 2015

CORPORATE PARTICIPANTS

John Jacunski P. H. Glatfelter & Company — EVP and CFO

Dante Parrini P. H. Glatfelter & Company — Chairman and CEO

CONFERENCE CALL PARTICIPANTS

Steve Chercover D.A. Davidson & Co. — Analyst

Dan Jacome Sidoti & Co. — Analyst

Alec Cummings Deutsche Bank — Analyst

Operator

Good morning. My name is Brandi, and I will be your conference operator today. At this time, I would like to welcome everyone to the 2014 fourth-quarter earnings conference call. All lines have been placed on mute to prevent any background noise. (Operator Instructions).

Mr. John Jacunski, you may begin your conference, sir.

John Jacunski — P. H. Glatfelter & Company — EVP and CFO

Thank you, Brandy. Good morning and welcome to Glatfelter’s 2014 fourth-quarter earnings conference call. This is John Jacunski. I am the Company’s CFO.

Before we begin our presentation, I have a few standard reminders. During our call this morning, we will be using the term “adjusted earnings”, as well as other non-GAAP financial measures. A reconciliation of these financial measures to our GAAP-based results is included in today’s earnings release and in the investor slides.

We will also make forward-looking statements today that are subject to risks and uncertainties. Our 2013 Form 10-K filed with the SEC and today’s release, both of which are available on our website, disclose factors that could cause our actual results to differ materially from these forward-looking statements. These forward-looking statements speak only as of today, and we undertake no obligation to update them.

And finally, we have made available a slide presentation to accompany our comments on this morning’s call. You may access the slides on our website or through this morning’s webcast provider.

I will now turn the call over to Dante Parrini, Glatfelter’s Chairman and Chief Executive Officer.

Dante Parrini — P. H. Glatfelter & Company — Chairman and CEO

Thank you, John. Good morning and thank you for joining us to discuss our full-year and fourth-quarter 2014 results.

Let me start with the full-year results on slide 3.

1

During 2014, we continued our track record of earnings growth with adjusted earnings per share up 11% to $1.55. Our earnings growth was driven by improved results from our growth businesses, as well as lower pension expense. We faced a number of challenges during the year, both from a macro, as well as business-specific perspective, and as a result, we did not meet our earnings expectations.

The bright spot for 2014 was our Advanced Airlaid Materials business where earnings were up 18% compared to 2013. We launched a new product for the adult incontinence market, which drove a 4% increase in shipping volume and led to improved profitability. Our Composite Fibers business faced increased pressure from the combined effects of competition directing more of their capacity towards our core markets and the weak economic conditions in Russia, Ukraine and more broadly speaking Europe.

In spite of these challenges, profitability for this business was up 9%, driven by a full-year impact from the Dresden acquisition. Our Specialty Papers business outperformed the broader uncoated free sheet market for the 10th consecutive year and realized higher selling prices. However, the impact of these items was offset by pulp production issues experienced early in the year, resulting in an operating profit declining slightly.

Free cash flow generation is shown on slide 4. During 2014 we generated free cash flow of $38 million, which was below the trend over the last few years. From 2009 to 2013, we generated $88 million of cash by reducing working capital. We lost some ground in 2014 using $31 million and negatively affecting our overall free cash flow. We expect to claw some of this use back in 2015.

We also used some of our free cash flow to return cash to investors by increasing our dividend by 10% and by repurchasing $12 million of our shares.

Turning to slide 5, our return on invested capital has dipped a bit over the last 24 months, reflecting the more difficult macro environment for Composite Fibers and lower profitability in Specialty Papers.

However, ROIC remains above our weighted average cost of capital, and we will focus on reversing this trend in 2015.

Turning now to the fourth quarter on slide 6, we saw adjusted earnings per share increase 32% compared to the year ago quarter with net sales increasing slightly. Revenue for Composite Fibers was down slightly in the quarter due to the impact of currency translation and lower pricing in most product segments but primarily wallcover and metallized products. This business was also impacted by downtime taken to manage year-end inventory levels.

Advanced Airlaid Materials had a solid quarter, although operating profit was slightly down due to the recognition of a full year of energy credits in the fourth quarter of 2013 and some down time taken this year to expand production capacity on a line in Germany.

Revenue for Specialty Papers increased 2%, reflecting an improved pricing environment and solid shipments. In addition, the fourth quarter of last year included costs penalties related to pulp production issues at our facility in Ohio. With the improved market environment and better operations, operating profit for this business more than doubled.

John will now provide a more in-depth review of our fourth-quarter results, and then I will close with some comments on our key focus areas for 2015. John?

John Jacunski — P. H. Glatfelter & Company — EVP and CFO

Thank you, Dante. For the fourth quarter, we reported net income of $19.6 million or $0.45 per share. After excluding non-core business items, we reported net income of $19.7 million, also $0.45 per share, an increase of 32% compared to $0.34 in 2013.

2

Slide 7 shows a bridge of adjusted earnings per share from the fourth quarter of last year to this year. Composite Fibers and Advanced Airlaid Materials’ results reduced earnings per share by $0.03 and $0.04 respectively. Specialty Papers results added $0.15 to earnings per share, and lower pension costs increased earnings per share by $0.03.

Slide 8 summarizes results for the Composite Fibers business. This business generated revenue of $148 million in the fourth quarter, down slightly compared to last year but up 4% in constant currency. Shipping volume increased 6% compared to the fourth quarter of last year, reflecting the acquisition of electrical paper producer, SPO, which we completed on October 1.

Shipments, excluding the acquisition, were up 1%. Selling prices declined during the quarter, primarily from non-woven wallcover and metallized products with a total impact to operating profit of $3.6 million.

Shipments of tea and single-serve coffee products declined 4% during the quarter. Shipments of coffee products were up 12% but were offset by lower tea shipments, which were down 11%. This reflected near-term inventory management by our tea customers in a more competitive market environment. We expect tea and coffee shipments to return to normal growth levels in the first quarter.

Shipments of nonwoven wallcover products increased 3% compared to the fourth quarter of 2013, but were down 19% on a sequential quarter basis due to seasonality and continued market volatility. Our wallcover products produced in Dresden are facing a combination of renewed competition and challenging markets in Russia and the Ukraine. The geopolitical situation, as well as the weakened concurrency in Russia, is creating uncertainty in our outlook.

In response to these challenges, our operations and product innovation teams have generated efficiency improvements and cost reductions that have allowed us to continue generating strong margins in this product segment.

Shipments of specialty products were up 3% year over year, excluding the impact of the acquisition, and composite laminate shipments were up 10%. We had a good operating quarter in Composite Fibers with improved productivity and efficiency, lower waste levels and less maintenance spending, which improved operating profit by $3.6 million.

In addition, in December we received notice from the German government that energy generating equipment we installed in 2013 qualifies for energy efficiency rebates. As a result, we recorded a cumulative catch up benefit for the rebates earned since startup, as well as other first-time energy rebates totaling $1.7 million.

In addition to its less costly operation, this new equipment will continue to generate an energy rebate over the next three years.

Offsetting some of these benefits was significant machine downtime in the quarter to manage inventory levels, which negatively impacted results by $2.9 million. So overall, operations added $2.4 million to operating income when compared to 2013. For the quarter, Composite Fibers operating profit was $13.6 million, down 12% compared to the year ago quarter.

For the first quarter of 2015, when compared to the fourth quarter, we expect shipping volumes to be approximately 5% higher, reflecting normal seasonality. Selling prices and raw material and energy prices are expected to be in line with the fourth quarter.

The benefit from lower downtime in the first quarter is expected to be largely offset by lower energy efficiency credits than we realized in the fourth quarter. While we remain confident in the long-term underlying fundamentals of our markets and our ability to continue improving operating performance, weaker currencies and geopolitical situations are causing headwinds for the business in the near term. We plan to closely manage costs in the Composite Fibers business and where possible take advantage of market opportunities due to the more competitive cost structure of our European assets to help offset these headwinds.

3

Advanced Airlaid Materials results are summarized on slide 9. Revenue during the quarter was $65.5 million, up 3.6% on a constant currency basis compared to last year with shipments flat in comparison. Growth in shipments of adult incontinence products was offset by lower shipments of feminine hygiene products. We continue to expect healthy market growth in these products, as well as specialty wipes as we go forward.

Operating income for this business was down $2 million to $5.8 million compared to last year. You may recall that during the fourth quarter of last year we recorded a full year of energy rebates during the quarter compared to recording these rebates ratably during the year in 2014. This negatively impacted the comparison by $1.4 million.

In addition, we took downtime in the fourth quarter to expand the capacity of aligning our German facility which negatively impacted results by $500,000.

As Dante mentioned, the airlaid business had another strong year with shipments increasing 4% and operating profit up 18%.

For the first quarter of 2015, we expect shipping volumes to be slightly higher than the fourth quarter. Average selling prices and raw material prices are expected to be in line with the fourth quarter.

Slide 10 provides a summary of results for Specialty Papers. Net sales for the quarter were up 2% with selling prices adding $5.7 million compared to the year ago quarter, reflecting the industry price increase announcements in late 2013 and early 2014. Shipments were up 1.5%, which again is much better than the broader uncoated free sheet market that was down 9% in the quarter.

Specialty Papers continues to develop new customers and grow key product lines to offset the impact of the broader uncoated free sheet market decline. During the quarter, our shipments of non-carbonless forms products were up 11%, engineer products increased 5% and shipments of envelope products were up 3%. Shipments of book publishing products were down 10%, and carbonless products were off 6%.

Specialty Papers operating performance and pulp production was much better this quarter than in 2013 when we had the evaporator issues. The pulp mill in Ohio produced 12,000 more tons of pulp, and the Spring Grove production was also higher than the fourth quarter of 2013.

Overall this performance drove a $4 million improvement to operating profit when compared to 2013. As a result, our operating profit for the quarter was $15.6 million, up 115% compared to the year ago quarter.

For this business, in the first quarter, we expect shipping volumes and selling prices to be in line with the fourth quarter and input costs are expected to decrease slightly. Both Specialty Papers mills had challenging starts to 2015. In Pennsylvania our mill experienced a significant power boiler outage due to tube leaks, which disrupted steam production and impacted our ability to generate electricity. We will complete repairs to the boiler next week and expect to have the boiler back online in mid-February.

In Ohio we had a costly operating protocol failure that disrupted production, resulting in lower pulp production and higher levels of purchase pulp use, as well as additional maintenance expense. The combination of these events will create a cost penalty of approximately $10 million in the first quarter.

Slide 11 shows corporate costs and other financial items for the quarter. During the quarter, we sold 723 acres of timberland in Pennsylvania, generating a pretax gain of $1 million.

We also incurred costs associated with the acquisition and integration of SPO and cost to reduce our workforce. These items were all excluded from adjusted earnings.

Corporate costs for the fourth quarter were generally in line with last year.

4

The status of our pension plans is shown on slide 12. Our full-year 2014 pension expense was $6.7 million compared to $14.2 million for 2013. The 2014 expense reduction reflects a higher discount rate and the improved funded status of our plan.

However, at the end of 2014, the discount rates dropped again, and we adopted new mortality assumptions, resulting in a balance sheet adjustment to our net benefit obligation of approximately $64 million and an expected $4.8 million increase to 2015’s pension expense.

However, our qualified plan remains overfunded. We’ve not had to make cash contributions to our qualified plan for quite some time, and we do not expect to for the foreseeable future.

Slide 13 shows our free cash flow. During the fourth quarter of 2014, we generated cash from operations of $78 million, which was in line with last year’s fourth quarter. For the full year of 2014, we generated cash flow from operations of $100 million versus $174 million in 2013. In 2014 we used $31 million of cash for working capital, primarily related to higher inventory levels. In 2013 we generated $27 million of cash from lowering working capital.

Over the last six years, we have substantially reduced working capital even as we have grown the Company, and we believe we will offset some of the recent working capital build in 2015.

Capital expenditures for the fourth quarter increased slightly compared to last year. For the full year, capital expenditures were $66 million compared to $103 million last year with the decrease primarily due to the completion of the Composite Fibers capacity expansion project in 2013.

Slide 14 provides a reminder of a few major events expected for 2015. In the second quarter of each year, Specialty Papers completes its annual maintenance outages. During the 2015 outage, we expect an elevated cost to complete the replacement of superheaters on our recovery boiler and spring growth. This equipment is 22-years-old, and our inspections show that these assets are at the end of their useful lives. With the extended downtime for the pulp mill to complete the replacement, we expect a total cost impact of $34 million. We expect the outage cost to return to more normalized levels in 2016.

Also, in order to meet new boiler emissions regulations, we will begin converting or-replacing former coal-fired boilers to natural gas and upgrading site infrastructure to accommodate the new boilers, including connecting to gas pipelines. The total cost of these projects is estimated at $85 million to $90 million with most of the spending taking place in 2015 and 2016.

Slide 15 shows some balance sheet and liquidity metrics. Our net debt totaled $305 million at December 31, down $15 million from the end of 2013. We finished the year with $100 million of cash and $247 million available on our revolving credit facility.

So our balance sheet remains in good shape with leverage on a net basis of 1.7 times at December 31. We believe this provides sufficient liquidity to meet our near-term investment needs and to continue to execute our growth strategies.

This concludes my comments. I will now turn the call back to Dante.

Dante Parrini — P. H. Glatfelter & Company — Chairman and CEO

Thanks, John. Glatfelter entered 2014 with a mixture of challenges and opportunities. In Specialty Papers, we faced the continuing decline of the uncoated free sheet market and substantially higher imports. We successfully delivered our 10th straight year of outperforming this market. We also entered the year with significant operating issues that we solved, and the team delivered record pulp production in the third quarter as well as for the second half of 2014.

5

In Composite Fibers we experienced an increase in competition from new and redirected capacity in our core markets. At the same time, the markets were a bit weak, and as a result, pricing suffered as we successfully defended our share.

Our innovation and operations teams responded well and delivered significant cost reductions to help offset this impact.

And in our airlaid business, we continue to grow. We found ways to meet the challenges of serving an oversold North American market, and at the same time we delivered on a key customer’s demand requirements to launch a new product into the market.

As we enter 2015, parts of our business are facing stiff headwinds, and we see new challenges and new opportunities.

Our Composite Fibers business is dealing with a significantly weakened euro, recessions in Russia and Ukraine, and weak economic growth in the Eurozone. Our Specialty Papers business encountered some very costly operating disruptions. These will be eliminated, and we will improve our back of the mill operating performance in this business.

On the positive side, the weakened euro was also providing new revenue opportunities in markets where we previously were not competitive. We have long believed that our product quality provides an advantage to customers, but exchange rates made it difficult for us to compete in certain regions around the world. With a more level playing field on the euro, we have already landed several opportunities, and we are pursuing others.

Our Composite Fibers business will also be introducing a new dispersible wipes product later this year that we believe is a better performing product than those currently on the market.

In Advanced Airlaid Materials, we continue to see growth opportunities in our core product categories, and we will focus on manufacturing excellence and continuous improvement techniques to generate incremental capacity from the assets we operate today. And we will continue to evaluate the North American market capacity and demand situation by partnering with our customers to find solutions to support our mutual growth. And in Specialty Papers, we expect to outperform the broader uncoated free sheet market for the 11th consecutive year by leveraging our new product development and customer service expertise.

Finally, we will be implementing a broad cost-reduction initiative to complement our ongoing continuous improvement activities. This initiative will include working closely with our suppliers to eliminate waste and reduce the costs of our purchased goods and services. Internally we have challenged our leaders to reduce costs associated with external consultants, travel and to critically evaluate any project that will not create a near-term return.

We will also implement a broad-based workforce reduction of 3% to 5% of our employee population. We expect these cost-reduction measures and our continuous improvement initiatives to generate savings of $25 million to $30 million in 2015. We expect these measures will help to offset much of the impact expected from lower euro and weak economic climates in many of the regions we serve and will position us well for when these conditions improve.

2015 will be a year of focused execution and adaptation as we respond to a weak Eurozone, fluctuating currencies and more aggressive competition. We will bring a high level of intensity to execute our near-term improvement plans with speed and precision.

From a bigger picture perspective, I firmly believe that our strategy is correct. Glatfelter’s leading share positions in segments with attractive long-term growth potential, ability to generate new and innovative products, track record of driving costs and efficiency improvements and strong balance sheet gives me confidence that we will continue to generate earnings growth and solid cash flows in the coming years.

6

At this point, I would like to open the call for questions.

Operator

(Operator Instructions). Steve Chercover, Davidson.

Steve Chercover — D.A. Davidson & Co. — Analyst

A couple of quick questions. First of all, with respect to the volumes in tea and coffee, did the Keurig recall have any impact on the business, or is this simply inventory adjustments?

Dante Parrini — P. H. Glatfelter & Company — Chairman and CEO

No. The recall had no impact on our business, and actually in the fourth quarter, our coffee shipments were up about 12% year over year.

Steve Chercover — D.A. Davidson & Co. — Analyst

Got it. Okay. And then what did you see the long-term growth in tea and coffee ought to be?

John Jacunski — P. H. Glatfelter & Company — EVP and CFO

We estimate that the tea market will continue to grow at a rate of about 2% and that single-serve coffee will grow at a rate of 7% and for us on a blended average about 4%.

Steve Chercover — D.A. Davidson & Co. — Analyst

Okay. Thanks. I was just taking notes. And the European products that you sell I presume are dominated in euros as opposed to dollars, so we are not going to see any margin expansion there?

John Jacunski — P. H. Glatfelter & Company — EVP and CFO

The products that we sell in Europe? Yes. They are predominantly sold in euro.

Steve Chercover — D.A. Davidson & Co. — Analyst

And do you have any cash to repatriate from Europe?

7

John Jacunski — P. H. Glatfelter & Company — EVP and CFO

We do have some cash in Europe. We have repatriated most of the cash. So most of the cash we had there today is predominantly just to run our normal operations. But we don’t have any significant buildup of cash in Europe itself.

Steve Chercover — D.A. Davidson & Co. — Analyst

Okay, that’s good. I guess it would be the wrong time to bring it home. And then could you please provide some examples of the new products initiatives in Specialty Papers that are helping you enjoy growth in a shrinking market?

Dante Parrini — P. H. Glatfelter & Company — Chairman and CEO

Sure. And this is a question we have been asked for a decade now, but that we’ve established a repeatable model whereby we are able to gain share in a declining market.

We have identified about a dozen subcategories or niches or underserved parts of the broader uncoated free sheet market in printing and writing papers that we have continued to focus our efforts on it. If you look at recently, we continue to see growth in high-speed inkjet type substrates. We have developed an expanded portfolio of colored papers that are used in packaging. We have expanded a portfolio of food grade type products that have some growth elements to them as well. And then we have also taken existing product and service programs that are well received by the market, by way of example our envelope business, and leveraged the Chillicothe assets to extend our reach to replicate the same basic service program, which is valued by the customers because it is quick service and the customers are able to manage their working capital more effectively.

We’ve also been successful at taking our engineered products portfolio, which historically had been produced solely in Spring Grove and starting to make efforts to produce some of these products in Chillicothe.

Steve Chercover — D.A. Davidson & Co. — Analyst

Thanks, Dante. And speaking of Chillicothe, did I see somewhere that there is a project to deal with chips or something?

Dante Parrini — P. H. Glatfelter & Company — Chairman and CEO

Well, we have a number of ongoing projects in both Pennsylvania and Ohio that focus on fiber more broadly speaking. So we are always working on ways to improve yields from chip piles, improve the components of all the different fiber-based materials that come into the mill for the pulping process, so that falls more broadly speaking under our continuous improvement initiatives, and wood is a big category for us. So yes, we have a number of initiatives going on.

Steve Chercover — D.A. Davidson & Co. — Analyst

Great. And final question, does your 2015 capital plan address the capacity constraints in airlaid?

8

John Jacunski — P. H. Glatfelter & Company — EVP and CFO

The numbers that we have in our investor presentation do not address a broad increase in airlaid capacity. It does address some capacity constraints we have in festooning, and it does include some incremental investments that will help de-bottleneck and create some incremental capacity. But it’s not a broad-based capacity expansion.

Steve Chercover — D.A. Davidson & Co. — Analyst

Great. Thank you both.

Operator

Dan Jacome, Sidoti.

Dan Jacome — Sidoti & Co. — Analyst

Just a quick question regarding the boiler conversion in Spring Grove, pretty hefty investment. Can you just provide some color on what sort of incremental energy or maybe freight cost benefits should we see from this over time? I imagine you will be using a lot less trucks when this is complete? Thanks.

John Jacunski — P. H. Glatfelter & Company — EVP and CFO

Sure. I think just when we think about the broader environmental compliance investment that we need to make, overall we do not expect a cost impact. There will be some favorable cost impacts, but there will be some negative cost impacts because the price of natural gas is more expensive than coal. We will see efficiency improvements that will offset that, but generally overall we don’t expect a cost benefit from these projects. We are doing these projects because of the change in the air emissions regulations we are required to meet. So unfortunately it is a large investment that does not have a return to it.

Dan Jacome — Sidoti & Co. — Analyst

Okay. Just checking. Appreciate it. Thank you very much.

Operator

(Operator Instructions). Alec Cummings, Deutsche Bank.

Alec Cummings — Deutsche Bank — Analyst

Can you just give a little bit more color on your participation in the uncoated free sheet dumping case and what the general merits of the argument are?

9

Dante Parrini — P. H. Glatfelter & Company — Chairman and CEO

Sure. For those who may not be conversant, the issue is that the United Steelworkers and a handful of American paper manufacturers filed a case against China, Indonesia, Australia, Brazil, Portugal and Hong Kong for illegal trade practices. And the driving force behind this is that imports from these targeted countries increased 44% from 2011 to 2013 and another 40% from January to September 2013 to January to September 2014, despite declining US demand. And the imports have forced cut-size pricing to levels that put North American producers at financial risk.

And so you have seen this play out in most recent years with coated free sheet. And so those are the merits of the case. We felt it was important. Although Glatfelter doesn’t have a large position in cut sheet, we do have a large exposure to the broader uncoated free sheet market in printing writing papers, and the knock-on effects of these imports was felt with our business as well. So we thought it was the right thing to do, and we felt that the merits of the case were rational enough that there was prior with coated free sheet that warranted our participation.

Alec Cummings — Deutsche Bank — Analyst

Okay. That’s helpful. And I would think imports wouldn’t really be affecting your volumes, but more just the broader industry supply demand dynamics. Is that a reasonable assumption?

Dante Parrini — P. H. Glatfelter & Company — Chairman and CEO

Right. If you go back a year ago, when all of the US producers announced substantial capacity closures that was culminated by the large one in Courtland, Alabama, most industry experts were forecasting domestic producers’ operating rates in the uncoated free sheet segment to be in the mid-90s%, 94%, 95%, which is very high, and would create a very strong pricing environment. And all of a sudden, you see a substantial increase in these imports change the dynamics of the capacity demand and lowering domestic producer operating rates back down to 91% or so.

So broadly speaking, I think those data are reflective of the knock-on effects that I described.

Alec Cummings — Deutsche Bank — Analyst

Okay. Thanks very much. And then last question and I will turn it over: do you have any sense as to when we should expect some incremental news or the next data point on the Fox River case?

John Jacunski — P. H. Glatfelter & Company — EVP and CFO

Really since our last quarterly call, there have been no significant developments. The discovery on the new case or the remanded case will begin here shortly. The trial has been scheduled for June of 2016, so we are a ways away from the actual trial. And there has really been no resolution on the interim funding of the remediation activities. So it’s a little bit difficult to predict how things might unfold and at what timeline they might unfold, but we know that the trial is scheduled for June of 2016.

Alec Cummings — Deutsche Bank — Analyst

10

Okay. Thanks very much, and good luck in the quarter.

Operator

And there are currently no additional questions at this time. I would like to turn things back over to Dante for any closing remarks.

Dante Parrini — P. H. Glatfelter & Company — Chairman and CEO

Well, thank you for joining our call today, and we look forward to speaking with you next quarter. Have a good day.

Operator

Thank you. Ladies and gentlemen, this does conclude today’s conference call. You may now disconnect your lines.

11