Catalyst
Paper reported a net loss of $28.0 million ($1.93 per common share) for the
second quarter of 2013, a period heavily impacted by maintenance downtime.
Before specific items, the net loss was $18.1 million. Specific items in Q2
included a $2.1 million gain on the sale of the Elk Falls industrial site, a
non-cash loss on the mandatory redemption of Exit Notes of $2.3 million and a
$9.6 million non-cash loss on the effect of foreign exchange on our US dollar denominated
debt. This compares with the Q1 net loss of $9.8 million ($0.89 per common
share) and $11.6 million net loss before specific items.
Adjusted
earnings before interest, taxes and depreciation (EBITDA) and EBITDA before
restructuring costs in the second quarter were negative $0.6 million and
negative $0.5 million respectively. Revenues of $263.4 million for the quarter were up from the prior quarter, reflecting higher sales volumes for specialty uncoated, newsprint and directory, higher transaction prices for newsprint and pulp, as well as the effect of the weaker Canadian dollar. Pulp sales volume was up over the same quarter of 2012 as was the transaction price.
