Clearwater Paper Corporation today reported financial results for the fourth quarter and full year of 2011.

The company reported net earnings of $11.5 million, or $0.48 per diluted share, for the fourth quarter of 2011, compared to net earnings of $37.8 million, or $1.60 per diluted share, for the fourth quarter of 2010. Excluding $1.8 million in after-tax charges related to the sale of our Lewiston, Idaho sawmill on November 28, 2011, fourth quarter 2011 net earnings were $13.3 million, or $0.55 per diluted common share. Fourth quarter 2010 results included $10.5 million in after-tax costs related to the Cellu Tissue acquisition and a $27.1 million benefit from a Cellulosic Biofuel Producer Credit. Excluding these items, fourth quarter 2010 net earnings would have been $21.2 million, or $0.90 per diluted common share.

Fourth quarter 2011 earnings before interest, taxes, depreciation and amortization, or EBITDA, was $52.2 million, compared to $34.6 million in the fourth quarter of 2010. Fourth quarter 2011 Adjusted EBITDA, which excludes $2.9 million in pre-tax adjustments associated with the sale of the sawmill, was $55.1 million. Fourth quarter 2010 Adjusted EBITDA, which excludes $17.2 million in pre-tax Cellu Tissue acquisition related expenses, was $51.9 million.