Catalyst Paper posts net loss of $9.8 million in first quarter 2013
Before specific items, the loss was $11.6 million.
In the previous quarter, the company posted a loss of $35.2 million.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in the first quarter were $11.2 million, up from $7.2 million in the final quarter of 2012. Adjusted EBITDA was not impacted by restructuring costs in either quarter.
“The Chinese economic rebound has driven pulp shipments and prices up,” said Catalyst President and CEO Kevin J. Clarke. “But we had much tougher conditions on the paper side of the business, with a 10% drop in North American demand for newsprint and a 15% decrease in directory paper. Labour costs also tipped up due to unforeseen maintenance requirements. The fact that we improved EBITDA indicates how much better positioned we are after last year’s restructuring.”
Catalyst Paper reported today that the company’s second quarter maintenance costs will be impacted by a total mill outage at Crofton. The number one paper machine at that operation will remain indefinitely curtailed.
To read Catalyst Paper’s quarterly release, visit:
Catalyst Paper cuts loss despite weak markets
- Crofton Pulp and Paper to revote
- Crofton workers continue negotiations with Catalyst Paper
- Crofton ratification vote scheduled for Saturday
- Crofton PPWC Local 2 votes 'no' to tentative agreement
- Catalyst Paper's reaction to Crofton 'no' vote
- Unions and Catalyst Paper reach 5 year contract agreement
- Catalyst Paper threatens to sell all its mills if restructuring plan isn't accepted this time
- Water supply low for Catalyst Paper's Crofton mill