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The Technical Products segment is an aggregation of the Company’s filtration and performance materials businesses which are similar in terms of economic characteristics, nature of products, processes, customer class and product distribution methods and is an international producer of fiber-formed, coated and/or saturated specialized media that delivers high performance benefits to customers. Included in this segment are transportation and other filtration media, tape and abrasives backings products, digital image transfer, durable label, and other specialty substrate products.

•	The Fine Paper and Packaging segment is a leading supplier of premium printing and other high-end specialty papers, premium packaging and specialty office papers, primarily in North America.

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The Other segment is composed of papers sold to converters for end uses such as covering materials for datebooks, diaries, yearbooks and traditional photo albums. These product lines represent an operating segment which does not meet the quantitative threshold for a reportable segment, however, due to the dissimilar nature of these products, they are not managed as part of either the Fine Paper and Packaging or Technical Products segments.

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•	Net sales in our technical products business increased $27.1 million (22%) from the prior year period. Revenue growth resulted from double-digit organic increases in filtration and other categories, acquired volume, as well as a higher-priced mix and favorable currency exchange effects due to a stronger euro.

•	Net sales in our fine paper and packaging business decreased $2.7 million (2%) from the prior year period. Volume declines primarily for marginal, non-branded grades, were partly offset by higher selling prices and double-digit volume increases in premium packaging.

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•	Operating income for our technical products business increased $5.0 million (40%) from the prior year period. Increased income resulted from higher sales volumes, a higher-value mix, lack of downtime costs incurred in Germany in 2017, and favorable currency effects. These items more than offset higher input and distribution costs.

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Operating income for our fine paper and packaging business decreased $7.5 million (37%) from the prior year period. The decrease was primarily due to higher distribution and input costs, as well as reduced operational efficiencies and lower sales volumes, partly offset by higher selling prices. Distribution costs increased significantly in the second half of 2017 as a result of a U.S. regulatory change that requires electronic logging devices to monitor miles and hours driven by freight carriers.

•	Unallocated corporate expenses for the three months ended March 31, 2018 of $6.2 million increased from prior year period due to an $0.8 million SERP settlement charge in 2018.

•	SG&A expense of $26.8 million for the three months ended March 31, 2018 was $2.2 million higher than SG&A expense of $24.6 million in the prior year period due to acquired SG&A from the Coldenhove Acquisition. For the three months ended March 31, 2018, SG&A expense as a percent of sales decreased to 10.1 percent from 10.2 percent in the prior year period.

•	For the three months ended March 31, 2018, we incurred net interest expense of $3.3 million which was slightly higher than the $3.2 million for prior year period, primarily due to higher debt to finance the acquisition of Coldenhove.

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Historically, our effective tax rate has differed from the U.S. statutory tax rate primarily due to the proportion of pre-tax income in jurisdictions with marginal tax rates that differ from the U.S. statutory tax rate, research and development and other tax credits and excess tax benefits from stock compensation. For the three months ended March 31, 2018 and 2017, we recorded an income tax provision of $4.6 million and $6.2 million, respectively. The effective income tax rate was 22 percent for the three months ended March 31, 2018 and 26 percent for the three months ended March 31, 2017. The decrease in income tax expense for the three months ended March 31, 2018 was primarily due to the Tax Cuts and Jobs Act of 2017 (the "Tax Act"), which reduced the U.S. federal statutory corporate tax rate from 35% to 21% effective January 1, 2018. The income tax expense for the three months ended March 31, 2017 was lower than the 35% statutory corporate tax rate primarily due to excess tax benefits which reduced the income tax expense. During the three months ended March 31, 2018, the Company recorded a measurement-period tax benefit of $0.5 million related to the effects of the statutory corporate tax rate reduction and a measurement-period tax expense of $0.8 million from the mandatory one-time U.S. federal tax on the accumulated earnings of its foreign subsidiaries and related state income tax impacts. As the Company analyzes any additional guidance issued by the U.S. Treasury Department, the IRS and other standard-setting bodies, adjustments to the provisional amounts may be required. In addition, adjustments to the provisional amounts may be needed to reflect legislative actions by the various U.S.- states related to application of the Tax Act provisions on 2017 state tax returns. These adjustments could significantly impact the Company’s provision for income taxes in the period in which the adjustments are made.

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Cash provided by operating activities of $8.1 million for the three months ended March 31, 2018 was $13.9 million lower than cash provided by operating activities of $22.0 million in the prior year period. The unfavorable comparison was due to improved payment terms with certain vendors that began in 2017, and in 2018, accelerated contributions for pension and postretirement benefit plans, a SERP payment and an increase in accounts receivable commensurate with higher sales.

•	For the three months ended March 31, 2018 and 2017, cash used by investing activities was $7.9 million and $11.7 million, respectively. For the full year 2018, we expect aggregate annual capital expenditures to be within our normal range of approximately 3 to 5 percent of net sales.

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•	For the three months ended March 31, 2018 and 2017, cash provided by (used in) financing activities was $1.5 million and $(7.9) million, respectively. Cash provided by (used in) financing activities consists primarily of net borrowings of long-term debt, dividends paid, and share repurchases.

•	Availability under our revolving credit facility varies over time depending on the value of our inventory, receivables and various capital assets. As of March 31, 2018, we had $91.5 million outstanding under our Global Revolving Credit Facilities and $79.2 million of available credit (based on exchange rates at March 31, 2018).

•	We have required debt principal payments through March 31, 2019 of $1.4 million for principal payments on the German loan agreement.

•	For the three months ended March 31, 2018, cash and cash equivalents increased $1.9 million to $6.4 million at March 31, 2018 from $4.5 million at December 31, 2017. Total debt increased $14.8 million to $270.3 million at March 31, 2018 from $255.5 million at December 31, 2017. Net debt (total debt minus cash and cash equivalents) increased by $12.9 million.

•	As of March 31, 2018, our cash balance of $6.4 million consists of $0.3 million in the U.S. and $6.1 million held at entities outside of the U.S. As of March 31, 2018, there were no restrictions regarding the repatriation of our non-U.S. cash.

•	In November 2017, our Board of Directors approved a 11 percent increase in the quarterly dividend on our common stock, to $0.41 per share, effective with the March 2018 dividend payment. For the three months ended March 31, 2018 and 2017, we paid cash dividends of $0.41 per common share or $7.0 million and $0.37 per common share or $6.3 million, respectively.

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Purchases under the 2018 Stock Purchase Plan will be made from time to time in the open market or in privately negotiated transactions in accordance with the requirements of applicable law. The timing and amount of any purchases will depend on share price, market conditions and other factors. The 2018 Stock Purchase Plan does not require us to purchase any specific number of shares and may be suspended or discontinued at any time. For the three months ended March 31, 2018 and 2017, we repurchased approximately 66,724 shares of Common Stock at a cost of $5.3 million and 85,400 shares of Common Stock at a cost of $6.8 million, respectively. For further details on our Stock Purchase Plans refer to Note 10, "Stockholders' Equity."

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As of March 31, 2018, we had $43.2 million of state net operating losses ("NOLs"). Our state NOLs may be used to offset approximately $2.6 million in state income taxes. If not used, substantially all of the state NOLs will expire in various amounts between 2018 and 2036. In addition, as of March 31, 2018, we had $16.1 million of U.S. federal and $6.9 million of U.S. state research and development tax credits ("R&D Credits") which, if not used, will expire between 2030 and 2038 for the U.S. federal R&D Credits and between 2020 and 2033 for the state R&D Credits.

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•	changes in market demand for our products due to global economic and political conditions;

•	the impact of competition, both domestic and international, changes in industry production capacity, including the construction of new mills or new machines, the closing of mills and incremental changes due to capital expenditures or productivity increases;

•	the loss of current customers or the inability to obtain new customers;

•	increases in commodity prices, (particularly for pulp, energy and latex) due to constrained global supplies or unexpected supply disruptions;

•	our ability to control costs, including transportation, and implement measures designed to enhance operating efficiencies;

•	the availability of raw materials and energy;

•	the enactment of adverse state, federal or foreign tax or other legislation or changes in government policy or regulation, including the recent Tax Act;

•	unanticipated expenditures related to the cost of compliance with environmental and other governmental regulations;

•	fluctuations in (i) exchange rates (in particular changes in the U.S. dollar/Euro currency exchange rates) and (ii) interest rates;

•	increases in the funding requirements for our pension and postretirement liabilities;

•	our ability to successfully integrate acquired businesses into our existing operations;

•	changes in asset valuations including write-downs of assets including property, plant and equipment; inventory, accounts receivable, deferred tax assets or other assets for impairment or other reasons;

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•	loss of key personnel;

•	strikes, labor stoppages and changes in our collective bargaining agreements and relations with our employees and unions;

•	capital and credit market volatility and fluctuations in global equity and fixed-income markets;

•	our existing and future indebtedness;

•	our net operating losses may not be available to offset our tax liability and other tax planning strategies may not be effective; and

•	other risks that are detailed from time to time in reports we file with the SEC.

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