Exhibit 99.1

GLATFELTER REPORTS FOURTH QUARTER AND FULL YEAR 2019 RESULTS

~Significant cash generated by settlement of qualified pension plan~

~Announces plan to relocate corporate headquarters to Charlotte, North Carolina~

YORK, Pennsylvania – February 6, 2020 – Glatfelter (NYSE: GLT), a leading global supplier of engineered materials, today reported its results for the fourth quarter of 2019.  Due to the divestiture of the Specialty Papers business in October 2018, its results are classified as discontinued operations for all periods presented in this release. During the quarter, the Company recorded a non-cash $75.3 million pre-tax charge in connection with the termination and settlement of the qualified pension plan.  The Company’s fourth quarter 2019 and 2018 results are summarized in the following table:

On an adjusted basis, earnings from continuing operations for the fourth quarter of 2019 were $7.7 million, or $0.17 per share, compared with $1.4 million, or $0.03 per share, for the same period a year ago.  Adjusted earnings is a non-GAAP financial measure for which a reconciliation to the nearest GAAP-based measure is provided within this release.  

Consolidated net sales totaled $231.0 million and $229.5 million for the three months ended December 31, 2019 and 2018, respectively.  On a constant currency basis, Airlaid Materials’ net sales increased by 1.7% and Composite Fibers’ net sales increased by 3.4%.

“Glatfelter continued to deliver solid performance in the fourth quarter and closed a remarkable year as we took several important steps toward transforming to a higher-margin, growth-oriented engineered materials company,” said Dante C. Parrini, Chairman and Chief Executive Officer. “This was a breakthrough year for our Airlaid Materials segment, delivering record EBITDA from increased shipments of 11% within its legacy business, above the targeted range, and reporting full-year operating profit from our Steinfurt acquisition at the high end of the projected range. We made major improvements to our corporate cost base and reduced interest expense by restructuring our debt.  In addition, we settled our legacy qualified pension liabilities and terminated the plan, creating the ability to revert surplus cash to the company, further improving our financial flexibility through a substantial reduction in leverage.”

“In Composite Fibers, we are pleased to see meaningful improvement in operating profit of 51% during the fourth quarter compared to the prior year despite market conditions putting pressure on our performance throughout the year.  This quarter’s improvement was due to ongoing cost reduction efforts and a recovery in volumes with growth of 2%, primarily from technical specialties and food and beverage products. In Airlaid Materials, shipments improved by 6% during the quarter compared to last year based on continued strong demand for adult incontinence and table top products.”

Mr. Parrini concluded, “We made substantial progress on our ongoing business transformation in 2019, with more to accomplish in 2020. Coming off a record year for Airlaid Materials, we expect the segment to grow in line with market levels. In Composite Fibers, we started 2020 by announcing a restructuring of our Gernsbach, Germany facility, including the discontinuation of its Metalized production, which will now be concentrated in the Caerphilly, UK facility.  We took these necessary steps for Glatfelter to remain

competitive as we continue to optimize our manufacturing footprint.  Ultimately, the combined actions we have taken across the enterprise to achieve a more growth-driven portfolio, leaner cost structure and new operating model have created significant shareholder value and positioned us well for continued success.”

Corporate Headquarters Relocation

Glatfelter plans to relocate the Company’s corporate headquarters from York, Pennsylvania, to Charlotte, North Carolina, in mid-2020. Following the sale of the Specialty Papers business in 2018, Glatfelter no longer has any manufacturing presence in York and reduced its Pennsylvania workforce by over 90%.  

Mr. Parrini said, “Our decision to move Glatfelter’s headquarters to a larger metropolitan area is another important step in our ongoing transformation. Charlotte provides enhanced access to a larger pool of critical resources and talent for future growth, and the Carolinas are a leading hub for the broader nonwovens industry. Additionally, being near a premier airport like Charlotte Douglas International allows for easier and more efficient business travel. Since the Company’s founding, Glatfelter has had a long and rich tradition in York County and benefitted from the positive impact on our history, culture and people.  We also value the strong relationships we have built with our local communities and business partners over the years and will continue to operate a satellite office in York to facilitate a more thoughtful and planned transition to our new headquarters.”

Fourth Quarter Results

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

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

A description of each of the adjustments presented above is included later in this release.

Composite Fibers

Composite Fibers’ net sales increased $1.5 million compared to the year-ago fourth quarter primarily driven by a 2.1% shipping volume increase, but partially offset by $3.0 million unfavorable currency translation.

Composite Fibers’ fourth quarter of 2019 operating income of $12.4 million was $4.2 million higher when compared to the fourth quarter of 2018.  Higher shipping volumes and selling prices were favorable by $0.5 million and $0.3 million, respectively.  Raw material and energy prices were $4.0 million lower.  Operating costs were $1.7 million unfavorable primarily driven by higher labor rates.  Currency favorably impacted results by $1.1 million compared to the year ago quarter reflecting hedging instruments that matured, more than offsetting the impact of the lower Euro translation rate.

Airlaid Materials

Airlaid Materials’ net sales were in line with the fourth quarter of the prior year.  Shipping volumes increased 6.4% compared to the prior year quarter and selling prices were $4.3 million lower, reflecting the contractual pass-through of lower raw material prices. Currency translation was $1.7 million unfavorable.

Airlaid Materials’ fourth quarter of 2019 operating income of $9.1 million was $0.5 million lower when compared to the fourth quarter of 2018.  Higher shipping volumes contributed $0.3 million while lower raw material and energy prices of $4.6 million more than offset price declines, adding net $0.3 million.  Operations were $1.5 million unfavorable driven by production mix and overall manufacturing performance in our Falkenhagen, Germany facility.  Currency translation was $0.3 million favorable.  

Other Financial Information

The amount of “Other and Unallocated” operating expense in the table of Segment Financial Information totaled $7.9 million in the fourth quarter of 2019 compared with $15.7 million in the fourth quarter of 2018.  Excluding the items identified to present “adjusted earnings,” unallocated expenses for the fourth quarter of 2019 declined $2.5 million compared to the fourth quarter of 2018, primarily reflecting the impact of corporate cost reduction initiatives following the divestiture of the Specialty Papers business.

The Company recorded a $75.3 million non-cash pension settlement charge in connection with the settlement of all obligations under its qualified pension plan.  During the quarter, the obligations were settled either through lump-sum payments using pension assets or the sale of liabilities to a third party in exchange for assets from the pension trust.  As of December 31, 2019, approximately $53.4 million remains in the trust and is included in cash and cash equivalents in the Company’s consolidated balance sheet. In 2020, after a portion of the pension assets are used to establish an account to fund 401(k) contributions for the next 7 years and pay excise taxes and fees, approximately $32 million will be reverted back to the Company and available for unrestricted general use.

Net interest expense totaled $1.7 million in the fourth quarter of 2019 compared with $4.0 million in the same quarter of 2018, reflecting the $6.8 million full-year 2019 savings generated from the Company’s debt refinancing completed in early 2019.

In the fourth quarter of 2019, the Company recorded an income tax benefit of $19.9 million on a loss from continuing operations of $64.6 million.  On adjusted pre-tax income of $11.2 million, income tax expense was $3.5 million in the fourth quarter of 2019.  The comparable amounts in the same quarter of 2018 were $3.1 million and $1.6 million, respectively.  The fourth quarter 2019 tax rate benefited by approximately $3.0 million due to the completion of tax audits and the release of certain state valuation allowances.

Full Year Results

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

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

A description of each of the adjustments presented above is included later in this release.

Balance Sheet and Other Information

Cash and cash equivalents totaled $126.2 million as of December 31, 2019, and net debt was $233.7 million compared with $269.1 million at the end of 2018.  Net Leverage at December 31, 2019 was 2.2 times compared with 3.0 times at December 31, 2018.  (Refer to the calculation of this measure provided in the tables at the end of this release.)  

Capital expenditures during the full year 2019 and 2018 totaled $27.8 million and $42.1 million, respectively.  Adjusted free cash flow for 2019 was $21.7 million compared with a use of $(34.6) million in 2018.  (Refer to the calculation of this measure provided in the tables at the end of this release.)

Discontinued Operations  

On October 31, 2018, we completed the previously announced sale of our Specialty Papers business unit on a cash-free and debt-free basis to Pixelle Specialty Solutions LLC, an affiliate of Lindsay Goldberg for $360 million.  

The results of operations for our Specialty Papers business unit have been classified as discontinued operations for all periods presented in the consolidated statements of income.

Conference Call

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

Interested persons who wish to hear the live webcast should go to the website prior to the starting time to register and ensure any necessary audio software is installed.

P. H. Glatfelter Company and subsidiaries

Consolidated Statements of Income

(unaudited)

Segment Financial Information

(unaudited)

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

Selected Financial Information

(unaudited)

Reconciliation of GAAP Financial Information to Non-GAAP Financial Information

This press release includes a measure 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 consist of the production and sale of 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 and established business plans.  For purposes of determining adjusted earnings, the following items are excluded:

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 provide 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.

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”, “plans”, “targets”, and similar expressions to identify forward-looking statements.  Any such statements are based on the Company’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, and economic conditions, demand for or pricing of its products, market growth rates and currency exchange rates.  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 leading global supplier of engineered materials.  The Company’s high-quality, innovative and customizable solutions are found in tea and single-serve coffee filtration, personal hygiene and packaging products as well as home improvement and industrial applications. Headquartered in York, PA, the Company’s annualized net sales approximate $925 million with customers in over 100 countries and approximately 2,600 employees worldwide.  Operations include eleven manufacturing facilities located in the United States, Canada, Germany, France, the United Kingdom and the Philippines.  Additional information about Glatfelter may be found at www.glatfelter.com.