Catalyst Paper reports 4Q net loss of $26.3 million
4 March 2016
Catalyst Paper reported 4Q adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $15.1 million and EBITDA before specific items of $19.8 million. This compares to adjusted EBITDA of $38.8 million and adjusted EBITDA before specific items of $41.2 million in the 3Q 2015, as the company said in the press release received by Lesprom Network.
4Q results were impacted by the completion of major planned maintenance outages of $17.4 million in addition to the impact of the imposition of countervailing duties on exports to the United States of supercalendered paper including associated legal fees and duties of $4.5 million.
In the 4Q, the company incurred a net loss of $26.3 million and a net loss of $10 million before specific items. This compares to a net loss of $12.9 million and earnings of $8.4 million before specific items in the 3Q.
In the first half of 2015, the company reported negative EBITDA of $5.2 million compared to positive EBITDA of $53.9 million in the second half of the year.
Stronger second half results led to full year adjusted EBITDA before specific items of $86.7 million compared to adjusted EBITDA before specific items of $51.2 million in 2014. Adjusted EBITDA was $48.7 million in 2015 compared to $47.6 million in the previous year.
Adjusted EBITDA was negatively impacted by specific items of approximately $38 million, including the Rumford recovery boiler upgrade, the Crofton oxygen plant outage, significant 2Q market curtailments at our Rumford, Port Alberni and Powell River mills, as well as costs related to the imposition of countervailing duties on U.S. exports of supercalendered paper.
The company recorded a net loss of $49.4 million and a net loss before specific items of $28 million in 2015. This compared to a net loss of $72.3 million and a net loss before specific items of $28.3 million in 2014.
Catalyst Paper manufactures diverse printing papers such as coated freesheet, C1S, coated and uncoated groundwood, newsprint, directory, as well as market pulp.
Source: lesprom.com