Resolute Forest Products reports net loss of $2 million in 2012:
Resolute Forest Products reported its Q4 and 2012 results today.
The company reported a net loss of $2 million for 2012, compared to a net income of $41 million in 2011.
The net loss in the 4th quarter was $36 million on sales of $1.1 billion, compared to a net loss of $6 million on sales of $1.1 billion in the 4th quarter of 2011.
“We significantly improved the Company’s competitiveness by optimizing our asset base, reducing costs wherever possible and strengthening our financial position this year,” said Richard Garneau, president and chief executive officer. “We added pulp assets, committed to growth projects in lumber, invested in power cogeneration plants and further optimized our paper assets, steps that will position us well for the future. At the same time, we returned $67 million to our shareholders in share buybacks, reduced balance sheet working capital by a further $81 million from the end of 2011 and redeemed an additional $85 million of debt.”
